Individual Economists

Meet The Pro-Trump Billionaire Who Paid $40 Million For Fugly Ferrari EV

Zero Hedge -

Meet The Pro-Trump Billionaire Who Paid $40 Million For Fugly Ferrari EV

A Florida billionaire was revealed Tuesday as the deep-pocketed buyer who shelled out a jaw-dropping $40 million for Ferrari's one-of-a-kind Luce EV, the Italian supercar that critics mercilessly roasted for looking straight-up fugly.

The Ferrari Luce ‘Tailor Made’ on display at RM Sotheby's auction event. RM Sotheby’s

The buyer: Dr. Herbert Wertheim, an optometrist who founded Miami-based Brain Power, a firm that cooks up tech for the eyewear industry.

Herbert Wertheim Alicia Devine/USA TODAY Network/Reuters

The Journal reports:

Wertheim's unique model, dubbed "Chassis 0," has an estimated worth of $1.1 million, according to Sotheby's. The car has been shipped to Italy for modifications - although Wertheim didn't know what kind - and he will take possession of it next year. But much like with the Ferrari Daytona SP3 he bought last year for $26 million at the same auction, Wertheim's bigger plan for the Luce - or the Lucy, as he calls it - is to be a fundraising workhorse for the many charities he supports.

"It will not be my personal car to go to Publix to get bananas," said Wertheim. "I don't want to break the sound barrier, but you know, it's nice when you're trying to get on the highway quickly."

If you thought Wertheim might be woke, you would be mistaken. The 87-year-old regularly hits Mar-a-Lago, the private club owned by President Donald Trump, who he considers a friend. At a charity gala in Palm Beach, Wertheim dropped another $2 million for a private White House visit with Trump. The winning bid came during the bash at Mar-a-Lago estate, raising cash for educational scholarships for kids of Palm Beach cops and firefighters.Wertheim has an an estimated net worth of $4.6 billion.

Tyler Durden Wed, 08/19/2026 - 18:00

Meet The Pro-Trump Billionaire Who Paid $40 Million For Fugly Ferrari EV

Zero Hedge -

Meet The Pro-Trump Billionaire Who Paid $40 Million For Fugly Ferrari EV

A Florida billionaire was revealed Tuesday as the deep-pocketed buyer who shelled out a jaw-dropping $40 million for Ferrari's one-of-a-kind Luce EV, the Italian supercar that critics mercilessly roasted for looking straight-up fugly.

The Ferrari Luce ‘Tailor Made’ on display at RM Sotheby's auction event. RM Sotheby’s

The buyer: Dr. Herbert Wertheim, an optometrist who founded Miami-based Brain Power, a firm that cooks up tech for the eyewear industry.

Herbert Wertheim Alicia Devine/USA TODAY Network/Reuters

The Journal reports:

Wertheim's unique model, dubbed "Chassis 0," has an estimated worth of $1.1 million, according to Sotheby's. The car has been shipped to Italy for modifications - although Wertheim didn't know what kind - and he will take possession of it next year. But much like with the Ferrari Daytona SP3 he bought last year for $26 million at the same auction, Wertheim's bigger plan for the Luce - or the Lucy, as he calls it - is to be a fundraising workhorse for the many charities he supports.

"It will not be my personal car to go to Publix to get bananas," said Wertheim. "I don't want to break the sound barrier, but you know, it's nice when you're trying to get on the highway quickly."

If you thought Wertheim might be woke, you would be mistaken. The 87-year-old regularly hits Mar-a-Lago, the private club owned by President Donald Trump, who he considers a friend. At a charity gala in Palm Beach, Wertheim dropped another $2 million for a private White House visit with Trump. The winning bid came during the bash at Mar-a-Lago estate, raising cash for educational scholarships for kids of Palm Beach cops and firefighters.Wertheim has an an estimated net worth of $4.6 billion.

Tyler Durden Wed, 08/19/2026 - 18:00

Newsom's High Speed Train To Nowhere Is Not Arriving Anytime Soon

Zero Hedge -

Newsom's High Speed Train To Nowhere Is Not Arriving Anytime Soon

Authored by Jonathan Turley via jonathanturley.org,

California Gov. Gavin Newsom has been frantically trying to restart a presidential campaign that appears moribund, with polls showing him losing in some states to figures such as Pete Buttigieg and Alexandria Ocasio-Cortez.

In his absence, his multibillion-dollar high-speed train also seems to be going nowhere fast. A new report from the state inspector general revealed that the train will be delayed again and that the public is being kept in the dark about ongoing problems with Newsom's signature project. Oh, and one more thing: the project will run out of money by December 2027.

Benjamin Belnap's report revealed the project is again running out of money. It found missing details in the project's 2026 business plan, and concluded that the project will again be out of money by next year.

The state has already spent $18 billion, but it will need at least another $18 billion to finish the first segment. It could take roughly $200 billion more actually to complete the original San Francisco-to-Los Angeles line.

Even with billions more, the current segment will not be completed until 2034.

Voters approved a $9.95 billion bond issue in 2008 under Newsom's predecessor after absurdly low cost estimates. Newsom has been a champion of the project. Influential figures and companies stood to make a fortune, and the key was to secure a "buy-in" worth billions, so that it would become increasingly difficult to abandon the project as overruns and delays sent costs soaring.

Now the official estimate of future ridership has dropped by 25%, and it demands billions more to complete a project delayed by decades. Remember that this entire project was meant to create a rail line of only 171 miles.

One would think that the California voters would be marching to the capital with pitchforks and torches over such breathtaking incompetence and waste. However, they appear to have been conditioned to accept the lowest level of performance from their public officials.

The response of Democratic leaders is crushingly predictable: they are pledging to seek a federal bailout to cover their own incompetence. The Democratic nominee for governor, Xavier Becerra, is promising to fight to get back federal funds that were cut off by the Trump Administration. While promising to seriously review any problems in the project (as if they are not obvious), no one has been held accountable for this financial train wreck. Instead, all Democrats can do is demand that citizens around the country help bail out their boondoggle.

Yet, the Inspector General is describing a failure of leadership where no one is making any real decisions:

"Exploration of specific financing mechanisms is a positive step, but because the Authority might run out of funding as soon as December 2027, and the financing strategy the Authority uses has the potential to significantly affect the amount of interest it will need to repay, the Authority and state lawmakers have little time for delay in deciding upon a strategy and implementing it."

Belnap indicated that those in control are simply shrugging off the problem, noting that "[b]ecause the Authority has thus far not demonstrated a willingness to establish and reinforce a process that ensures accuracy and transparency in project reporting, we have directed our report recommendations to the Board."

In the meantime, the state will continue to creep along with a project that is sucking billions into a project that has become a national disgrace. Becerra's pledge to seek bailouts shows that the problem remains the political culture in California. There is little accountability left in a one-party state where companies and individuals have made fortunes off this debacle. The only people being taken for a ride are Californian citizens and it is not the ride that they bargained for.

Jonathan Turley is a law professor and the best-selling author of "Rage and the Republic: The Unfinished Story of the American Revolution."

Tyler Durden Wed, 08/19/2026 - 17:40

Newsom's High Speed Train To Nowhere Is Not Arriving Anytime Soon

Zero Hedge -

Newsom's High Speed Train To Nowhere Is Not Arriving Anytime Soon

Authored by Jonathan Turley via jonathanturley.org,

California Gov. Gavin Newsom has been frantically trying to restart a presidential campaign that appears moribund, with polls showing him losing in some states to figures such as Pete Buttigieg and Alexandria Ocasio-Cortez.

In his absence, his multibillion-dollar high-speed train also seems to be going nowhere fast. A new report from the state inspector general revealed that the train will be delayed again and that the public is being kept in the dark about ongoing problems with Newsom's signature project. Oh, and one more thing: the project will run out of money by December 2027.

Benjamin Belnap's report revealed the project is again running out of money. It found missing details in the project's 2026 business plan, and concluded that the project will again be out of money by next year.

The state has already spent $18 billion, but it will need at least another $18 billion to finish the first segment. It could take roughly $200 billion more actually to complete the original San Francisco-to-Los Angeles line.

Even with billions more, the current segment will not be completed until 2034.

Voters approved a $9.95 billion bond issue in 2008 under Newsom's predecessor after absurdly low cost estimates. Newsom has been a champion of the project. Influential figures and companies stood to make a fortune, and the key was to secure a "buy-in" worth billions, so that it would become increasingly difficult to abandon the project as overruns and delays sent costs soaring.

Now the official estimate of future ridership has dropped by 25%, and it demands billions more to complete a project delayed by decades. Remember that this entire project was meant to create a rail line of only 171 miles.

One would think that the California voters would be marching to the capital with pitchforks and torches over such breathtaking incompetence and waste. However, they appear to have been conditioned to accept the lowest level of performance from their public officials.

The response of Democratic leaders is crushingly predictable: they are pledging to seek a federal bailout to cover their own incompetence. The Democratic nominee for governor, Xavier Becerra, is promising to fight to get back federal funds that were cut off by the Trump Administration. While promising to seriously review any problems in the project (as if they are not obvious), no one has been held accountable for this financial train wreck. Instead, all Democrats can do is demand that citizens around the country help bail out their boondoggle.

Yet, the Inspector General is describing a failure of leadership where no one is making any real decisions:

"Exploration of specific financing mechanisms is a positive step, but because the Authority might run out of funding as soon as December 2027, and the financing strategy the Authority uses has the potential to significantly affect the amount of interest it will need to repay, the Authority and state lawmakers have little time for delay in deciding upon a strategy and implementing it."

Belnap indicated that those in control are simply shrugging off the problem, noting that "[b]ecause the Authority has thus far not demonstrated a willingness to establish and reinforce a process that ensures accuracy and transparency in project reporting, we have directed our report recommendations to the Board."

In the meantime, the state will continue to creep along with a project that is sucking billions into a project that has become a national disgrace. Becerra's pledge to seek bailouts shows that the problem remains the political culture in California. There is little accountability left in a one-party state where companies and individuals have made fortunes off this debacle. The only people being taken for a ride are Californian citizens and it is not the ride that they bargained for.

Jonathan Turley is a law professor and the best-selling author of "Rage and the Republic: The Unfinished Story of the American Revolution."

Tyler Durden Wed, 08/19/2026 - 17:40

California Retail Theft Blitz Leads To 97 Arrests And $1 Million In Stolen Merchandise

Zero Hedge -

California Retail Theft Blitz Leads To 97 Arrests And $1 Million In Stolen Merchandise

A coordinated crackdown on organized retail crime across California ended with 97 arrests and the recovery of thousands of stolen products, according to KTLA.

Over nine days in early August, California Highway Patrol investigators worked alongside more than 100 law enforcement agencies as part of the National Organized Retail Crime Blitz. The enforcement effort focused on suspected theft activity at retailers, shopping centers and other businesses throughout the state.

The KTLA report says that authorities ultimately recovered more than 8,500 items believed to have been stolen. CHP estimated the merchandise was worth roughly $1.05 million. Of the 97 people arrested during the operation, eight were taken into custody on felony charges.

The enforcement push included operations in several communities. In San Diego, authorities recovered a large quantity of stolen sneakers, while officers in Roseville, Lodi and Stockton carried out proactive operations that led to additional arrests.

CHP Commissioner Sean Duryee said retail theft can have lasting consequences for businesses and the communities they serve, and said the agency plans to continue committing resources to identifying and apprehending those involved.

The latest operation adds to several years of organized retail crime enforcement by the CHP. Since its Organized Retail Crime Task Force began operating in 2019, the agency has been involved in more than 4,700 investigations and over 5,300 arrests.

During that period, authorities have recovered more than 1.6 million stolen products with an estimated combined value exceeding $76.6 million, according to CHP.

Tyler Durden Wed, 08/19/2026 - 17:20

California Retail Theft Blitz Leads To 97 Arrests And $1 Million In Stolen Merchandise

Zero Hedge -

California Retail Theft Blitz Leads To 97 Arrests And $1 Million In Stolen Merchandise

A coordinated crackdown on organized retail crime across California ended with 97 arrests and the recovery of thousands of stolen products, according to KTLA.

Over nine days in early August, California Highway Patrol investigators worked alongside more than 100 law enforcement agencies as part of the National Organized Retail Crime Blitz. The enforcement effort focused on suspected theft activity at retailers, shopping centers and other businesses throughout the state.

The KTLA report says that authorities ultimately recovered more than 8,500 items believed to have been stolen. CHP estimated the merchandise was worth roughly $1.05 million. Of the 97 people arrested during the operation, eight were taken into custody on felony charges.

The enforcement push included operations in several communities. In San Diego, authorities recovered a large quantity of stolen sneakers, while officers in Roseville, Lodi and Stockton carried out proactive operations that led to additional arrests.

CHP Commissioner Sean Duryee said retail theft can have lasting consequences for businesses and the communities they serve, and said the agency plans to continue committing resources to identifying and apprehending those involved.

The latest operation adds to several years of organized retail crime enforcement by the CHP. Since its Organized Retail Crime Task Force began operating in 2019, the agency has been involved in more than 4,700 investigations and over 5,300 arrests.

During that period, authorities have recovered more than 1.6 million stolen products with an estimated combined value exceeding $76.6 million, according to CHP.

Tyler Durden Wed, 08/19/2026 - 17:20

Harvard To Pay $53 Million To Families Of Donors Whose Body Parts Were Sold Off

Zero Hedge -

Harvard To Pay $53 Million To Families Of Donors Whose Body Parts Were Sold Off

Authored by Chris Summers via The Epoch Times,

Harvard University has agreed to pay $53 million to resolve lawsuits brought by the families of those whose loved ones' body parts were donated to its medical school only to be sold on the black market by its morgue manager.

A flag hangs on campus at Harvard University in Cambridge, Mass., on Sept. 4, 2025. Shannon Stapleton/Reuters

A state court judge in Boston preliminarily approved a class action settlement on Aug. 18 that would resolve the lawsuits filed against the Ivy League institution eight months after Cedric Lodge, the former manager of Harvard Medical School's morgue, was jailed.

Dozens of relatives of individuals whose bodies were donated to Harvard filed lawsuits accusing the school of negligence, contending it turned a blind eye to Lodge's years-long misconduct until he was indicted in 2023.

On Dec. 16, 2025, Lodge, 58, pleaded guilty to charges related to the interstate transportation of stolen goods and was sentenced to eight years in prison.

He admitted to stealing body parts from cadavers donated to Harvard Medical School's Anatomical Gift Program and selling them to buyers across the country.

Morgue Manager Stole Brains, Skin, Bones

Prosecutors said that between 2018 and March 2020, Cedric Lodge stole and trafficked "heads, brains, skin, bones, and other human remains" after the donated bodies had been used for teaching and research.

His wife, Denise Lodge, 65, was also sentenced to 12 months and one day in prison.

Denise Lodge (L) covers her face with a printout of the indictment against her as she walks from the federal courthouse in Concord, N.H., on June 14, 2023. Steven Porter/The Boston Globe via AP

Cedric Lodge, who had worked in Harvard's morgue for almost three decades, smuggled the body parts from the morgue in Boston to his home in Goffstown, New Hampshire, where he and his wife sold them, prosecutors said.

A judge had initially dismissed the class action lawsuit against Harvard, but in October 2025, the Massachusetts Supreme Judicial Court overturned that decision, finding that the plaintiffs had sufficient claims that the institution had failed to act in good faith in handling the bodies.

"Instead of the dignified treatment and disposal of human remains required ... the donors' remains were ghoulishly dismembered and sold for profit under the most horrifying of circumstances," Justice Scott Kafker wrote in the court's opinion at the time. "This horrific and undignified treatment continued for years and involved numerous donors."

'Flagrant Betrayal of Our Values'

Harvard's dean of the faculty of medicine, George Daley, and the dean for medical education at Harvard Medical School, Bernard Chang, said in an Aug. 17 message to the school's community that Lodge's actions took place without the school's knowledge.

Harvard University campus in Cambridge, Mass., on April 22, 2020. Maddie Meyer/Getty Images

"His violations ... were despicable, abhorrent, and a flagrant betrayal of our values as a medical community," they wrote. "These events do not reflect the reverence we hold for the altruistic individuals who selflessly donate their bodies to our Anatomical Gift Program (AGP) to provide essential educational opportunities to medical and dental students, practicing surgeons, and allied health professionals."

Daley and Chang offered their "deep sorrow and empathy" to the families of the donors and said that, in addition to the financial payment, they will provide a statement to the families via a live webinar "confirming that Lodge's criminal acts were morally reprehensible" and inconsistent with the standards Harvard Medical School expects for the treatment of anatomical donors.

John Morgan, whose law firm Morgan & Morgan represented families in the litigation, said, "We hope that this resolution ensures that this never happens to another family ever again."

The remains were sold to, among others, Katrina MacLean, who ran Kat's Creepy Creations, a studio and store in Peabody, Massachusetts, the indictment stated. Payments were often made to Denise Lodge through her PayPal account.

On Aug. 18, MacLean, 47, was jailed for 24 months by Chief U.S. District Judge Matthew W. Brann for interstate transportation of stolen property.

Bill Pan and Reuters contributed to this report.

Tyler Durden Wed, 08/19/2026 - 17:00

Harvard To Pay $53 Million To Families Of Donors Whose Body Parts Were Sold Off

Zero Hedge -

Harvard To Pay $53 Million To Families Of Donors Whose Body Parts Were Sold Off

Authored by Chris Summers via The Epoch Times,

Harvard University has agreed to pay $53 million to resolve lawsuits brought by the families of those whose loved ones' body parts were donated to its medical school only to be sold on the black market by its morgue manager.

A flag hangs on campus at Harvard University in Cambridge, Mass., on Sept. 4, 2025. Shannon Stapleton/Reuters

A state court judge in Boston preliminarily approved a class action settlement on Aug. 18 that would resolve the lawsuits filed against the Ivy League institution eight months after Cedric Lodge, the former manager of Harvard Medical School's morgue, was jailed.

Dozens of relatives of individuals whose bodies were donated to Harvard filed lawsuits accusing the school of negligence, contending it turned a blind eye to Lodge's years-long misconduct until he was indicted in 2023.

On Dec. 16, 2025, Lodge, 58, pleaded guilty to charges related to the interstate transportation of stolen goods and was sentenced to eight years in prison.

He admitted to stealing body parts from cadavers donated to Harvard Medical School's Anatomical Gift Program and selling them to buyers across the country.

Morgue Manager Stole Brains, Skin, Bones

Prosecutors said that between 2018 and March 2020, Cedric Lodge stole and trafficked "heads, brains, skin, bones, and other human remains" after the donated bodies had been used for teaching and research.

His wife, Denise Lodge, 65, was also sentenced to 12 months and one day in prison.

Denise Lodge (L) covers her face with a printout of the indictment against her as she walks from the federal courthouse in Concord, N.H., on June 14, 2023. Steven Porter/The Boston Globe via AP

Cedric Lodge, who had worked in Harvard's morgue for almost three decades, smuggled the body parts from the morgue in Boston to his home in Goffstown, New Hampshire, where he and his wife sold them, prosecutors said.

A judge had initially dismissed the class action lawsuit against Harvard, but in October 2025, the Massachusetts Supreme Judicial Court overturned that decision, finding that the plaintiffs had sufficient claims that the institution had failed to act in good faith in handling the bodies.

"Instead of the dignified treatment and disposal of human remains required ... the donors' remains were ghoulishly dismembered and sold for profit under the most horrifying of circumstances," Justice Scott Kafker wrote in the court's opinion at the time. "This horrific and undignified treatment continued for years and involved numerous donors."

'Flagrant Betrayal of Our Values'

Harvard's dean of the faculty of medicine, George Daley, and the dean for medical education at Harvard Medical School, Bernard Chang, said in an Aug. 17 message to the school's community that Lodge's actions took place without the school's knowledge.

Harvard University campus in Cambridge, Mass., on April 22, 2020. Maddie Meyer/Getty Images

"His violations ... were despicable, abhorrent, and a flagrant betrayal of our values as a medical community," they wrote. "These events do not reflect the reverence we hold for the altruistic individuals who selflessly donate their bodies to our Anatomical Gift Program (AGP) to provide essential educational opportunities to medical and dental students, practicing surgeons, and allied health professionals."

Daley and Chang offered their "deep sorrow and empathy" to the families of the donors and said that, in addition to the financial payment, they will provide a statement to the families via a live webinar "confirming that Lodge's criminal acts were morally reprehensible" and inconsistent with the standards Harvard Medical School expects for the treatment of anatomical donors.

John Morgan, whose law firm Morgan & Morgan represented families in the litigation, said, "We hope that this resolution ensures that this never happens to another family ever again."

The remains were sold to, among others, Katrina MacLean, who ran Kat's Creepy Creations, a studio and store in Peabody, Massachusetts, the indictment stated. Payments were often made to Denise Lodge through her PayPal account.

On Aug. 18, MacLean, 47, was jailed for 24 months by Chief U.S. District Judge Matthew W. Brann for interstate transportation of stolen property.

Bill Pan and Reuters contributed to this report.

Tyler Durden Wed, 08/19/2026 - 17:00

The $1.5 Million Rich Kid Socialist: NYC-DSA Co-Chair Gustavo Gordillo Lives The Revolution From Daddy's Townhouse

Zero Hedge -

The $1.5 Million Rich Kid Socialist: NYC-DSA Co-Chair Gustavo Gordillo Lives The Revolution From Daddy's Townhouse

Gustavo Gordillo wants you to believe the system is broken. He wants landlords punished, private property redistributed "from landowners to the landless," and double-digit returns on investment declared unconstitutional. He wants New York City to stop being a "playground for the rich." He wants grocery stores that can't compete with government-run ones to simply close. And he wants you to see him as a blue-collar union electrician fighting for the working class. What he does not want you to notice is the $1.5 million Bed-Stuy row house his multimillionaire parents bought and renovated for him - the very kind of asset his politics treat as moral failure.

The New York Post reported this week that the 38-year-old co-chair of the New York City Democratic Socialists of America lives in a nearly 2,000-square-foot, two-story converted single-family home on a tree-lined block in historically Black Bedford-Stuyvesant. The property was purchased in 2019 by Chucuito LLC - controlled by his parents - for $935,000. Extensive renovations followed: new facade, landscaping, interior overhaul, roof decks. The fair-market value now sits around $1.5 million.

His father confirmed it on the record: "My son and my other son both live there. The LLC purchased the home, and then we did the renovations."

Via @nypost at x.com

This is not a modest starter apartment. It is a luxury single-family residence carved out of what had been multi-family housing stock - the exact reduction in units that DSA rhetoric claims to abhor when ordinary developers do it. Bed-Stuy has undergone intense gentrification. Gordillo's presence there, financed by parental capital, is textbook displacement by another name. The same organization that decries "greedy landlords" and "gentrifiers" has a co-chair living the outcome those forces produce.

The hypocrisy compounds. Gordillo has spent years presenting himself as a working-class union electrician. His X handle and bio still lean into the brand. He joined IBEW Local 3 in 2019. Yet there is no public record he completed the multi-year journeyman process. He told The New York Times earlier this year he is no longer an electrician. Before the union phase, he was a Yale graduate with an MFA in sculpture and video who worked in the art world - the same rarefied scene he later said was funded by "the very same people that we were fighting in DSA." The electrician persona appears to have been a political costume.

Immigrants from Peru, the family is a capitalist success story. Starting with low-wage work - Wendy's and house cleaning. His father founded Draftpros Inc., an engineering and consulting firm specializing in telecommunications infrastructure. The company operates multiple offices across Florida, plus Houston, Chicago, and Lima, Peru. The parents own two Florida properties valued at roughly $3 million each, including a sprawling Boca Raton home listed for $3.1 million. They previously paid $2,600 a month, through the same LLC, for Gordillo's Lower East Side apartment from 2016 to 2019. 

On Fox News in July, Gordillo called his parents "an exception." Most of his generation, he claimed, cannot afford families because the city has become a playground for the rich. The same interview produced his most revealing line: "We don't think that anybody should have the constitutional right to double-digit returns on their investment… No one has a right. That's not in the Constitution." Landlords, he said, were "crying" about rent freezes.

Yet the property his parents purchased for him has appreciated by roughly half a million dollars in seven years. The returns he declares illegitimate are the returns that house him.

The house itself has appeared on Mayor Zohran Mamdani's controversial "shame the rich" list of second homes potentially subject to the pied-à-terre tax - a list generated by an administration closely aligned with the DSA. The optics write themselves: a socialist leader's family property flagged under a policy designed to punish wealth concentration, while he continues to live there rent-free in all but name.

Gordillo's politics are not subtle. DSA rhetoric frames private landlords as extractive, profit as suspect, and land ownership as a system to be dismantled. He has argued that if city-run grocery stores drive private ones out of business, "maybe they shouldn't have been in that business in the first place." The consistency ends at his front door. The capital that bought and upgraded his home, the business success that produced it, and the intergenerational transfer that sustains him are precisely the mechanisms his ideology seeks to constrain or seize for others.

This is not an isolated personal story. It is a recurring pattern among certain progressive activists: elite credentials, family money, radical aesthetics, and zero willingness to apply the rules to themselves. Gordillo is not a tenant scraping by under a rent freeze. He is the beneficiary of successful immigrant capitalism, living in a renovated single-family home in a gentrifying neighborhood while demanding the rest of the city accept lower returns, fewer private options, and redistributed ownership.

The revolution, it turns out, comes with a $1.5 million roof and parental financing. Some animals remain more equal than others.

Tyler Durden Wed, 08/19/2026 - 16:40

The Cruelty Of DEI

Zero Hedge -

The Cruelty Of DEI

Authored by Jeffrey Tucker via The Epoch Times,

This past week ended with shock and sadness at the news that Jason Arday ended his own life in the midst of an investigation over his intellectual credibility. He was the vaunted education sociologist at Cambridge University, media darling and beneficiary of a big book contract, the toast of the town, and the subject of countless hagiographic profiles in media venues.

People walk past floral tributes to remember Jason Arday, attached to the railings outside Senate House in the University of Cambridge in Cambridge, eastern England, on Aug. 15, 2026. (Justine Gerardy/AFP via Getty Images)

Plenty of people had whispered for years that he nowhere near qualified for all this celebration. He was not a genius. He was a fabulist. Saying it, however, was dangerous to one's career. As a result, he kept getting away with it. His luck ran out when a U.S. academic pressed the issue. The tissue of lies collapsed.

The circumstances surrounding his absurd appointment to a full professorship with a named chair - the youngest black professor to enjoy such privilege - are hardly unique to him. When the full truth coming out about his plagiarism and autobiographical embellishments hit the international news, despair overwhelmed him in tragic ways.

It goes without saying that this young man had benefitted from what's called DEI, which is the new term for what used to be called "affirmative action" but mutated into rampant privilege based on raw identity politics. Reverse racism doesn't describe it fully. It is institutionalized discrimination that breeds deep resentment from those passed over and cultivates hidden contempt for those who ride this wave to unearned prestige and plaudits.

Something else has always bugged me about these systems that confer high titles and salaries on people solely on grounds of their race. It is deeply condescending and cruel to the point of being abusive of our fellow human beings. While it is easy to resent people who benefit from unearned exaltation, the plight of those who are its seeming beneficiaries also deserves some attention.

Years ago I had the opportunity to get to know a university administrator and his wife who occupied such a role. We met at a dinner party. He was the only black gentleman in the upper echelon of a major state university. His title was vice president for civil rights or some such made-up badge. It was a position invented to create the appearance of diversity. The position fell to him because he ticked all the boxes.

He was proud of his new position. But the more we spoke, the more he had doubts that he would express under his breath. He said that he has a large budget and staff but is rarely included as part of any serious planning team. He told me that he is mostly sent out on fundraising efforts to tell his story about how he grew up poor, overcame racism, and now has a prestigious position in university administration. But, he told me with frankness, he is tired of that story of himself.

We met up a few weeks later because I was curious to know more. He laid it all out to me. He came of age in an educational environment that was especially seeking blacks who performed above expectations which he always did. But instead of moving up a notch based on merit, he said he became aware early on that he was being accelerated and escalated beyond a level that was justified.

It became obvious in his college admissions, which pushed him into an institution far above that for which he was prepared. He found himself lost in a sea of high achievers. His privilege became a burden. He could not keep up in his classes and began to cut corners. It became obvious to him early that he was going to get away with this.

It seemed like the entire system was on his side. He tried to justify this to himself on grounds that every university has white kids on trust funds with legacy connections. They work less hard than a working-class kid who made it on his own so perhaps this is not unusual.

But, he said, he always felt burdened in multiple directions. It was sad enough that he grew up poor and black in the Deep South and was not expected to achieve. But it was far worse that he was given advancements beyond what he deserved when everyone knew it and considered him to be little more than a token of a compensatory system.

He described to me that choice he had to make. He could refuse the high grades, the advanced placements, the awards and attention that he knew were unmerited. But he was never sure what the point of that would be. Instead, he accepted them all as part of a game. He lost trust and respect in the system that he joined precisely because the system never really expected a high degree of performance from him.

He continued in this vein to tell me about graduate school and PhD studies which were more of the same. There was no point in this where he knew when to refuse, when to say no, when to call out the condescension and fakery of which he was presumably benefiting. In fact, he never saw himself as much of a beneficiary at all. He felt burdened by it all, and even robbed of what all the white kids faced: high expectations and the satisfaction of knowing that one climbed the ladder by virtue of his own efforts.

The story ends with his then appointment, which he knew to be fake at least on some level, though he believed that he truly did have something to contribute to university culture. It was that tag of having been marked by DEI that prevented it. He said he knew from childhood that in any endeavor in life, a title is easy but genuine respect from colleagues must be earned. He simply did not have that and did not know how to get it.

I was hardly in a position to give him advice so I did my best simply to be a sympathetic ear. I've thought about this case often through the years, knowing all the while that such cases were growing in academia to absurd extents.

What if the entire system of educational and professional achievement suddenly decided that white guys from Southwest Texas needed a boost through the ranks to make up for past wrongs? Everything I did and everywhere I went was read through my accidental identity and I was celebrated on the basis that I was from Southwest Texas, bypassing everyone else. How would this sit with me?

Absurd, right? Well, for my friend and by virtue of his race, whole degree programs were being manufactured as well as departments all designed to create the illusion of achievement without the reality. And who was doing this? For the most part, it was white left-liberals who were seeking some kind of propitiation for perceived social sins, using black people as pawns in their egalitarian gamesmanship.

And it wasn't just academia. DEI bled into corporate America, banking, media, the movies, arts institutions, publishing, and into every space and sector in modern life. Objecting to it at any point meant taking a huge risk of being called a racist. Whole systems of communication and enforcement have been invented to cover up all the ways in which meritocracy was being displaced by a new racial hierarchy.

Countless whistleblowers in academic and corporate life have faced brutal retaliation for calling this out. Everyone knows the rules: play along or face the purge. This is how Arday and so many others have gotten away with this for so long. The brave dissidents are smeared and broken. All that's left are the people willing to live with the lies.

None of this can end well. In the case of Jason Arday, it was not a case of Icarus who flew too closely to the sun and saw his wings melt before falling to earth. No. Instead he was catapulted by others at his previous schools and by Cambridge itself as high in the air as possible but given no parachute.

One day, seemingly out of the blue, the standards police came for him and revealed vast plagiarism and implausible biography. He tried the old tricks of calling them names but they would not stop their investigations. His entire life story was being upended and he was being made a laughingstock, merely for playing along with a system that everyone knew was fake to begin with.

The personal pain of this level of public humiliation is impossible to describe. It is worse than prison. Even when it is completely deserved - he had played the game all along, just as his critics had said - the suffering is unbearable for most mortals. What angers me most about this is not even that Arday played along with the racket that he knew was nothing more than that. It's that the racket was constructed to work exactly the way it did work, and then suddenly and without any warning, it stopped working.

Decades have gone by when such intellectual fakery has only grown and persisted. It's not that such systems have been abused by bad actors. It's that the systems themselves were built to baptize abuse and injustice as a fairness and compensation for past wrongs.

In reality, DEI is demeaning to everyone: the bypassed, the whistleblowers, and the seeming beneficiaries. It is a socially engineered scam created by guilt-ridden intellectuals that is exploitative even of those who seemingly win from its emoluments.

Jason Arday, despite all his failings, never deserved the indignity that comes with an unmerited promotion to the top. He knew this all along, just as my friend knew it. Any serious person with the capacity for self-examination knows it. We should stop these absurd games. They are unsustainable and can end in terrible tragedy.

Jeffrey A. Tucker is the founder and president of the Brownstone Institute and the author of many thousands of articles in the scholarly and popular press, as well as 10 books in five languages, most recently "Liberty or Lockdown." He is also the editor of "The Best of Ludwig von Mises." He writes a daily column on economics for The Epoch Times and speaks widely on the topics of economics, technology, social philosophy, and culture.

Tyler Durden Wed, 08/19/2026 - 16:20

China's Tungsten Chokehold Turns Almonty Into a Critical-Metal Lifeline

Zero Hedge -

China's Tungsten Chokehold Turns Almonty Into a Critical-Metal Lifeline

Almonty Industries has evolved from a junior miner into an established tungsten producer and a pure play on the China decoupling theme, the incoming defense rearmament supercycle in the West, AI infrastructure, and, of course, critical-mineral scarcity. As Western governments race to rebuild a tungsten supply chain outside China, Almonty's producing assets and the ramp-up of its Sangdong and Panasqueira mines position the miner as a potentially critical supplier to the Western world.

Let's begin with the catalyst. Beijing tightened tungsten export controls in February 2025, citing national security concerns, and has continued to subject the metal to strict controls. The restrictions have severely curbed available supply, triggering a squeeze in the physical market and driving prices above $3,125 a ton as of Wednesday morning.

Image via Cantor Fitzgerald: 

Earlier this year, an inquiry from the US Defense Logistics Agency about potential tungsten purchases unsettled an already tight market, according to industry commentary circulated by Almonty. The agency, which manages critical stockpiles of tungsten for the government, ultimately did not proceed after industry players raised alarm bells that a massive government purchase could drive prices even higher.

Tungsten supplies are certainly turning out to be a major chokepoint: much of the metal available outside China is already committed under long-term contracts, leaving very little supply for the US government to add to its national stockpile.

Meanwhile, Japan is facing a critical shortage. Shipments of Chinese APT, or ammonium paratungstate, a vital white-powder intermediate used to create tungsten products, have reportedly stopped entirely since the beginning of this year, placing immense pressure on Japanese hard-metal and tool manufacturers. Japan has since increased its imports of tungsten scrap, but the US Department of Commerce's Bureau of Industry and Security has issued a new rule requiring US suppliers to allocate 100% of their tungsten scrap to domestic buyers, not overseas ones.

The great tungsten squeeze has positioned Almonty as a pure play on ex-China supplies, especially as it advances its Sangdong Mine in South Korea toward full production. The project is expected to become a major source of non-Chinese tungsten for Western defense manufacturers and critical-mineral supply chains. The miner also operates one of the world's longest-producing tungsten mines in Portugal.

On the earnings front, the company's existing operations benefited from record tungsten prices during the second quarter. Revenue increased 498% from one year ago. Almonty reported net income of about $182 million, though most of that reflected a noncash accounting gain related to convertible securities.

Image via Cantor Fitzgerald: 

It's that very supply gap that shows why Almonty's mines in South Korea and Portugal are becoming extraordinarily important to the West, not just for defense industries facing a weapons-production supercycle because of depleted stockpiles and the urgent need to resupply, but also for the semiconductor industry, where tungsten hexafluoride is used to create microscopic connections inside advanced memory chips. The supply squeeze ties Almonty to Samsung, SK Hynix, other chipmakers, and the broader AI infrastructure boom.

At the start of the week, Almonty authorized a $300 million stock buyback, allowing it to purchase up to 5% of its outstanding shares over three years.

CEO Lewis Black wrote in a statement, "The Board authorized this program because we do not believe today's share price reflects the underlying value of this Company or the assets behind it."

"Almonty controls one of the largest and highest-grade tungsten deposits outside of China at precisely the moment Western governments and defense manufacturers are rebuilding their critical minerals supply chains around non-Chinese sources," Black said.

He added, "With Sangdong advancing toward full capacity, we believe our own shares are one of the most attractive investments available to us at current market pricing, and repurchasing them is a direct way to build value for the shareholders who own this business alongside us."

The buyback comes as Almonty's shares have diverged from tungsten prices since late April.

Almonty's story should be viewed within the broader China decoupling theme, a trend likely to accelerate as the Trump administration seeks to reindustrialize the US and secure critical supply chains. The underlying move here is to reduce exposure to Chinese supply chains before a potential invasion of Taiwan disrupts access to strategic minerals, semiconductors, and other materials essential to the Western defense-industrial base and now the entire AI data center buildout. 

Tyler Durden Wed, 08/19/2026 - 15:25

200,000 Fake AI 'Victims' Deployed To Scam-Bait Online Fraudsters

Zero Hedge -

200,000 Fake AI 'Victims' Deployed To Scam-Bait Online Fraudsters

Authored by Andrew Fenton via CoinTelegraph.com,

Australian tech firm Apate deploys a vast array of AI-bot characters worldwide that play the role of gullible scam victims to waste millions of hours of con artists’ time each month.

Hilariously, one of the company’s monthly performance metrics is how many times frustrated scammers swear at the idiot ‘victims’ who are playing dumb and stringing them along.

“I think we’re the only company in the world that is actually keeping as part of their KPIs the number of F-words that scammers are dropping at them,” Apate founder Dali Kaafar tells Magazine with a chuckle. 

The company has a stable of almost 200,000 AI characters that are able to hold convincing phone conversations and to chat on social media and messaging platforms.

”I can tell you that we’re basically servicing, as we call them, hundreds of thousands of calls a day, and pretty much hundreds of thousands of conversations on the other channels,” he says. 

Every hour of a con artist’s time they waste is another hour they’re not scamming a member of the public. In the six weeks up to the end of 2025, Apate’s bots engaged in 600,000 scam calls for a single telco called TPG in Australia. 

“Essentially, we wasted more than five hundred days of scammers’ time,” he explains. “That roughly equates to somewhere around thirteen million dollars being saved.”

The bots’ other goal is to elicit actionable intelligence for banks and telcos to combat scam rings across Australia, Asia, Africa and the UK and Europe.

Apate bots deal with scammers via chat. Source: Apate

Scam baiting at scale with AI victims

Kaafar says he got the idea when he received a scam call while having a picnic with his family in Sydney back in November 2021.

To his wife’s annoyance, but his kids’ delight, he strung the scammer along for 44 minutes by pretending to be a gullible rube falling for the scam. 

“What followed was really literally a full comedy show for my kids,” he says, adding that during the call he’d also learned a lot of potentially useful information about the mechanics of the scam and the tactics used.   

“As I hung up that call, I remember thinking very clearly: if I could do that just for fun, imagine what technology can do at scale.”

Working as a professor at Macquarie University at the time, he raised the idea with some of his doctoral students working on AI and security.

“I said, ‘Guys, there has to be a much better way of doing this. Let’s build something that is really automating this whole process of engaging scammers at scale, but also, perhaps most importantly, extracting all sorts of intelligence from these conversations.’ And that’s literally how it started.”

Within a few months they’d secured funding from the Office of National Intelligence to research the idea, and the project was spun off from the university into Apate in 2023. The company now works with most of the big banks in Australia, as well as numerous banks in the UK, South Africa and South East Asia. 

Apate is far from the only company scam baiting fraudsters using AI bots — though they are doing it on a greater scale than most. United Kingdom telco O2 rolled out an AI Granny campaign last year, which frustrates scammers by taking up hours of their time talking about her 28 cats. It was as much an ad campaign to warn the public about the dangers of scam calls as anything else.

O2’s highly entertaining AI Granny. Source: 02

Creating the perfect AI victims

Apate launched with 120 different personas across different genders, ages and personality types, and now have 197,000 personas with identifiable vocal tics, accents, and they make the same noises people make when they’re trying to think of what to say. 

“We spent a lot of time refining and building these AI bots that sound exactly like you and I and our neighbors,” he says. 

The AI models were trained on “hundreds and hundreds” of hours of recorded conversations between human scam baiters and scammers, so they can employ counter strategies.

“They know that they’re talking to bad guys, if you like, and they really navigate the conversations so that it sounds really very, very realistic to any scammer out there, even if a scammer is skeptical about things.”The bots get sent out on WhatsApp and Telegram to act as honeypots for scammers. While the old cliché that you can’t scam an honest man is not true, it’s still very possible to exploit the scammer’s desire for money. 

“They are cybercriminals, really. I think we just very often forget that they’re cybercriminals who are trying to get people’s life savings. And so that element of greed is sometimes what our bots also exploit.”

Bots collect valuable intel from each scam call

In the crypto industry, Apate works for “one of the leaders in blockchain analysis,” which may or may not be Chainalysis. They aren’t interested in wasting scammers’ time — they want intelligence on which wallets and methods scammers are using so they can track the flow of funds. 

“These bots, as they engage across different conversations, extract new crypto wallet addresses by the hundreds and by the thousands,” he says. “It’s data and intelligence that is coming literally before their damage happens.”

Scamming is big business, and the call centers are “pretty much corporate organizations,” Kaafar explains. 

“This data is very, very important because, literally, that’s the new account or the new wallet where you really need to pay extreme attention to. Because this is where these… scammer compounds are collecting their money or their funds with.”

“Think about it literally as being always ahead of the scammer’s tactics. And the more you know before the money gets transferred, the better it is.”

In July, Apate’s bots uncovered a marketplace for brokers soliciting verified bank accounts in India, offering commissions of up to 5% paid in USDT on the proceeds from scams passing through the accounts.

Apate’s human staff in Sydney. Source: Apate

AI arms race between good guys and bad guys

Scammers are increasingly using AI bots themselves, and it won’t be too long before AI scammers are as ubiquitous as spam emails. Scamming people is a $1.24 trillion business, so the industry can afford the compute required to scale up operations.
Apate’s research suggests that about 20% to 30% of scam text conversations employ AI already, but Kaafar isn’t too worried about the outcome of anti-scam bots fighting scam bots.
He says their researchers believe that AI bots playing defense have an advantage, according to game theory, because they’re trying to extract intelligence, while the scam bots are trying to get the other AI to perform an action.

“You can also demonstrate mathematically that that is to the advantage of a defender because it becomes easier to extract intelligence from the attacker’s AI model,” he says.

“We can imagine a world where scammers become a lot more sophisticated and deploy such technology. But that also means that if they do, they’re actually deemed to lose the game, which is great news in the fight against scams.”
Tyler Durden Wed, 08/19/2026 - 15:05

Media Accuses Hegseth Of Covering Up USS Lincoln Supply Crisis

Zero Hedge -

Media Accuses Hegseth Of Covering Up USS Lincoln Supply Crisis

The scandal and controversy over the USS Lincoln aircraft carrier continues, despite the Trump administration and top military brass reiterating this week that the issues have been hugely overblown. It's long been reported that the supercarrier which is front line in the war against Iran has suffered resupply problems, low morale, sub-standard conditions, and mental health problems given the over-extended deployment.

One prominent media outlet is now alleging that the crisis is largely due to War Secretary Pete Hegseth having "hid" a crucial piece of information - that amid Iran's retaliation during Operation Epic Fury, it had destroyed much of the main resupply base for the US Central Command region (CENTCOM).

via Stars & Stripes

MS Now senior national security reporter David Rohde made the claim, saying that when the logistics hub Naval Support Activity (NSA) Bahrain was struck by Iranian ballistic missiles at the start of the war, it effectively crippled Pentagon resupply and logistics for the Mideast region.

According to MS Now's reporting:

During a segment in MS Now discussing President Donald Trump's dismissal of reports of low morale and the mental health concerns of those aboard the carrier during an unusually long deployment, Rohde said the resupply issue was "because Pete Hegseth hid the fact that Iran destroyed the main resupply base that the United States has in the Gulf."

"He did not make that public in press conference after press conference, and that is, again, the way that they have mishandled this war," Rohde added. The full segment can be viewed here.

As a reminder, at the end of June the Wall Street Journal featured several satellite images which demonstrated the widespread destruction at the base. From there, the Pentagon was forced to only maintain a small staff there, and is said to be mulling abandoning it as an operations center altogether.

"When the Iranian missiles and drones came for the nerve center of America’s naval operations in the Middle East, some of them hit their mark," that prior WSJ reporting indicated. According to more:

The U.S. Navy base in Bahrain was repeatedly targeted between late February and June. Strikes that got through caused extensive damage, according to a Wall Street Journal analysis of satellite imagery, social-media footage and interviews with current and former servicemembers—damage that the Pentagon hasn’t publicly acknowledged. Hit hard were the command headquarters and at least a dozen other buildings, along with two satellite communications terminals

The military said no one was killed at the base, known as Naval Support Activity Bahrain, and that the strikes didn’t significantly impact operations. The U.S. evacuated most personnel but has kept a small staff on the ground. 

,,,The extensive damage done to America’s sole naval base in the Middle East—along with hits to at least 20 U.S. sites across the region, including military installations and diplomatic facilities—has the U.S. re-evaluating its entire footprint in the region, according to U.S. officials familiar with the deliberations.

All of this reportedly had significant impact on the USS Lincoln's ability to maintain standard supplies and conditions. Again, all of this is being downplayed or else outright denied by the Pentagon and US administration. 

Media headlines focused on the Lincoln have been growing over the summer...

We will quote one unnamed former national security insider who has offered the following...

"Bahrain NSA was critical to keeping carriers on station because it provided nearby supplies and you can't put the carriers in at ports within missile range of Iran as they will become sitting ducks (and sabotage targets). Bahrain NSA was a soft target (I've been there), and questions should be raised about why it wasn't hardened if we were going to use military force against Iran. Iran could not destroy a carrier so it did the next best thing and destroyed its logistics."

Tyler Durden Wed, 08/19/2026 - 14:45

Here Comes QE Lite: Yields, Dollar Tumble, Gold Spikes After Treasury Unexpectedly Doubles Size Of Long-End Treasury Buybacks

Zero Hedge -

Here Comes QE Lite: Yields, Dollar Tumble, Gold Spikes After Treasury Unexpectedly Doubles Size Of Long-End Treasury Buybacks

Over the past several years, one of the more amusing debates gripping the market's Fed-watchers was whether the Fed's treasury buyback auctions were a form of soft QE, with this website consistently arguing that - contrary to what washed out ex-Bridgewater traders with a newsletter to sell may tell you - Treasury buybacks were just that when it comes to what matters such as market reaction, to wit:

And moments ago, Scott Bessent finally resolved the debate when, with 30Y yields at 20 year highs and threatening to blow out higher, the US Treasury shocked markets, sparked a meltdown in yields and surge in equity futures and gold when it announced at 8:30am that they will be "increasing, by at least double, the size of liquidity support buyback operations for longer-dated nominal coupon securities (the 10-year to 20-year sector and the 20-year to 30-year sector). The current maximum size of $2 billion per operation will be at least $4 billion per operation."

This change will be effective September 9, 2026 and will be in effect for the remainder of this refunding quarter (through November 4, 2026). The releases noted that the Treasury will provide more information about future buyback sizes at the next Quarterly Refunding, scheduled for November 4, 2026, in other words it has the benefit of 3 months of "NOT QE" without having to even specify its thinking.

According to the statement, "this increase in buyback operation sizes reflects Treasury’s desire to provide greater liquidity support in longer-dated nominal sectors where there is consistent strong sponsorship from market participants, as evidenced by the significant volume of high-quality offers Treasury routinely receives in longer-dated buyback operations."

Translation: Bessent panicked and the justification that there is no liquidity is just a strawman, with the Treasury now freaking out that the demand for AI paper is crowding out demand for Treasuries as we have been warning for the past several weeks, and as we predicted a week ago when looking at the blowing out Treasury skew, "Bessent will be busy.:"

It took just one week for him to show just how busy he would be.

The market reaction was instant and violent, with 30y yields down 6bps in an instant on the headlines, having been down 2bp prior,  This brings Wednesday's yield decline to 8bp total

US 2s30s is 7bp flatter on the day and 10s30s 2bp flatter.

Naturally, with Bessent panicking, stock futures surged...

... but more importantly, gold is breaking out bigly....

... as the market realizes that with total US debt about to hit $40 trillion...

... it all gets much worse from here. 

Tyler Durden Wed, 08/19/2026 - 14:40

Texas Hits New Peak Demand Record, Faces 80% Supply Shortfall By 2030

Zero Hedge -

Texas Hits New Peak Demand Record, Faces 80% Supply Shortfall By 2030

By Marlene Wilden of UtilityDive

  • Peak demand in the Electric Reliability Council of Texas territory could reach 120 GW by 2030 – incredible growth of more than 30% above the new, unofficial all-time peak reached on July 22, but notably lower than ERCOT’s own forecasts, according to a market report from Ascend Analytics that was provided to Utility Dive.
  • The firm cites gas turbine shortages, multi-year development timelines and interconnection bottlenecks as limiting factors preventing enough new generation from coming online to serve proposed large loads. 
  • Ascend says ERCOT’s energy-only market no longer provides enough revenue certainty to finance the dispatchable generation needed to meet future demand, while persistent gaps between forward markets and actual outcomes weaken the market signals used to guide investment decisions. 

ERCOT’s large-load queue has grown by more than 200 GW since 2024, driven largely by data centers, manufacturing, cryptocurrency and industrial oil and gas development, but uncertainty remains over how much load can be safely interconnected. 

The grid operator said in April that the total 2030 load reported by transmission service providers, based on contracts and officer letters, was 208 GW. ERCOT’s adjusted load forecast put it at 138 GW.

Ascend’s estimate of 120 GW assumes delays and a 55.4% success rate for proposed loads. The firm says delays in energization and large-load attrition are making it increasingly difficult to forecast how much demand will actually materialize on ERCOT’s grid.

Even though that appetite is enormous, if it can’t get met, it’s not coming online,” Brent Nelson, senior managing director of market intelligence at Ascend, told Utility Dive in an interview.

“The ability of the grid to add new generation is much, much smaller than the demand of queued large-load facilities,” Robert LaFaso, Ascend’s director of market intelligence, told Utility Dive. 

Both executives identified generation availability as the primary constraint. 

Nelson said some transmission challenges can be mitigated by co-locating generation and load. Developers face significant supply chain hurdles in adding those resources, particularly dispatchable plants, according to Ascend.

Ascend cites the limited number of tier-one gas turbine manufacturers as a key factor contributing to project attrition among Texas Energy Fund applicants. The firm also identifies engineering, procurement and construction capacity, high-voltage equipment and permitting as growing bottlenecks to building new generation. 

Ascend expects ERCOT’s reserve margins will remain healthy through 2026 before tightening as load growth outpaces supply additions. That shift is prompting discussion of potential market reforms, including concepts such as a “bring-your-own-new-generation” requirement for large loads. 

Nelson said such a structure could help align new demand with new supply but warned it could undermine the economics of existing merchant generators and increase policy uncertainty for investors.

For storage, the challenge is squarely financial.

“We’ve seen pullbacks from a lot of the lenders expressing drastic concerns over the past several years, where [storage projects] have not met revenue expectations, and the lending community is starting to question whether or not merchant storage is investable without firmer revenue,” LaFaso said. 

Lenders increasingly require contracted revenues rather than relying on merchant market returns, he said. Those financing challenges are compounded by ERCOT’s energy-only market design, which relies on scarcity pricing to incentivize new generation.

Scarcity revenues alone are unlikely to support investment, particularly as developers face rising costs for natural gas equipment and other infrastructure. The problem, Nelson warned, is that there are only two realistic outcomes under that structure: Either scarcity pricing fails to provide enough revenue to support new entry — leaving the system short of dispatchable capacity — or it succeeds in doing so but creates an affordability crisis by forcing consumers to pay high, volatile prices to the entire supply stack.  

The firm also said a changing generation mix could make scarcity revenues more weather- and outage-dependent, adding volatility for generators and complicating financing. It identified September as an emerging risk period due to reduced solar output from earlier sunsets and lower evening wind generation than in August. 

Ascend expects wholesale prices to rise in the near term as demand grows before stabilizing over the longer term as additional renewable generation comes online. Natural gas plants are still expected to set prices during evening ramping periods when solar output declines.

Tyler Durden Wed, 08/19/2026 - 14:25

Prosecutors In Charlie Kirk Slaying Case Say Evidence Supports Death Penalty

Zero Hedge -

Prosecutors In Charlie Kirk Slaying Case Say Evidence Supports Death Penalty

Authored by Janice Hisle via The Epoch Times,

Prosecutors on Aug. 18 urged a Utah judge to uphold all charges, including one carrying a potential death sentence, in the case against Charlie Kirk’s accused killer.

In their 19-page filing in Utah County’s Fourth District Court, prosecutors rebutted an Aug. 11 memo from lawyers representing the defendant, Tyler James Robinson, 23.

Robinson’s defense team had argued that evidence presented during a preliminary hearing last month failed to support the death penalty. They said that the evidence also did not establish “probable cause”—a reasonable belief that their client committed the alleged offenses. Under Utah law, that standard must be met for the case to proceed to trial.

Prosecutors counter-argued that defense lawyers ignored important facts damning to their client while misconstruing legal standards to favor him.

Further, prosecutors said evidence clearly shows that others besides Kirk were at great risk of being killed—an “aggravating” circumstance that supports a death-penalty-level charge, they argued.

A gunman, alleged to be Robinson, fatally shot Kirk in the neck on Sept. 10, 2025, as he spoke to a crowd of about 3,000 people in a courtyard at Utah Valley University in Orem, Utah. Some attendees were “in the line of fire,” while other people were near Kirk, putting them in the “zone of danger,” prosecutors said.

Those basic facts show that other people’s lives were imperiled, they argued.

Defense lawyers had said, “The State has failed to show that the actual conduct created a ‘high probability’ that someone other than Mr. Kirk would be killed.”

However, prosecutors pointed out that defense lawyers made no challenge to evidence showing that Robinson “was the person who crawled to the sniper’s perch ... fired the fatal shot ... hid the rifle in a wooded area, got rid of some of the clothing he was wearing, and told his roommate to delete their texts about the shooting.”

Robinson is accused of aggravated murder, a capital offense, in the highly publicized assassination case.

Kirk was a 31-year-old father of two who founded Turning Point USA, a conservative youth political movement that spread internationally.

Prosecutors allege that Robinson targeted Kirk because he opposed Kirk’s political and religious stances.

The defendant also faces six other charges: two counts of obstructing justice, two counts of witness tampering, and a count each of causing serious bodily harm by discharging a firearm and committing violence in the presence of a child.

The next step in the case is set for Sept. 1, when the lawyers will make oral arguments to Judge Tony Graf Jr. in his courtroom in Provo, Utah.

Graf is tasked with deciding whether prosecutors provided sufficient evidence of probable cause.

In a July 28 court filing, prosecutors told the judge that a four-day preliminary hearing earlier that month produced clear-cut evidence against Robinson.

“This is likely as straight-forward a bind-over decision as this Court will ever see,” they wrote, adding: “This isn’t a close case. The State presented more than enough evidence to support a probable cause finding on all seven charges.”

Prosecutors said that the defendant admitted to “several friends, including his roommate and romantic partner, that he assassinated Charlie Kirk.”

Robinson surrendered to police following those alleged admissions, and DNA evidence links him to gun parts and other items found near the shooting site, in addition to eyewitness testimony and surveillance, they pointed out.

It is unclear whether Graf will rule immediately after the Sept. 1 hearing. Attorneys representing Kirk’s widow, Erika Kirk, requested that Graf issue his decision no later than that date.

If Graf finds probable cause, he must “bind over” the case for trial; otherwise, the judge is required to dismiss the charges—although prosecutors could resubmit the case.

Felony criminal cases may bypass a preliminary hearing when prosecutors present evidence directly to a grand jury and secure an indictment.

However, Robinson was charged under a prosecutor’s “information.” That requires prosecutors to present evidence at a preliminary hearing and obtain a judge’s probable-cause ruling unless the defendant waives that right.

Tyler Durden Wed, 08/19/2026 - 13:45

Ugly, Tailing 20Y Auction Prices At 2nd Highest Yield On Record; Would Have Been Highest If Bessent Hadn't Panicked

Zero Hedge -

Ugly, Tailing 20Y Auction Prices At 2nd Highest Yield On Record; Would Have Been Highest If Bessent Hadn't Panicked

After today's stunning announcement by the Treasury it was doubling the size of long-end buyback operations to boost liquidity in the space, many were closely watching today's 20Y auction - which is viewed as the proximal catalyst to trigger Bessent's panic as it was going to price at the highest yield in the history of the 20Y auction - to see how much demand there was for this key paper. As it turns out: not a whole lot.

The auction priced at a high yield of 5.204%, up materially from 5.163% a month ago, and like in July today's auction tailed the When Issued by 0.5bps which is the first red light: despite today's massive intervention by the Treasury, demand was still at best lackluster.

But looking closer at today's 20Y yield moves, we can see why Bessent panicked: had he done nothing, today's high yield would have been the highest in 20Y history... and following the recent ugly 30Y auction, this is not what the bond market would have wanted to see. So to make sure the August 2026 auction priced inside the record high set in October 2023 with a 5.245% yielding auction, Bessent announced the buyback boost, which was enough to send 20Y yields 8bps lower, or enough to make today's auction yield the second highest on record.

The bid to cover of today's 20Y auction was 2.53, down from 2.64 in July and down sharply from 2.75% in June. It was also the lowest since February and one of the lowest on record. 

The internals were also a mess: foreign buyers (Indirects) were awarded just 62.9%, down sharply from 69.1% and the lowest since February (also well below the recent average of 66.7%). And with Directs taking 24.6% of the auction, or the highest since February (oddly enough, Directs now surge whenever Indirects tumble and vice verse, almost as if they have a direct mandate from the Treasury), Dealers were left holding 12.5%, down from 14.7% but in line with the recent average of 11.5%.

Overall, this was a very lousy 20Y auction, but it could have been much worse had the Treasury not stepped in this morning. The flip side, of course, is that even with the Treasury's intervention, this was a barely passable auction and suggests that just like Bessent's yentervention, the half-life of his latest attempt to stabilize the bond market will be measured in weeks if not days.

Tyler Durden Wed, 08/19/2026 - 13:40

Another Top Zelensky Aide Fired Amid Corruption Probe, House Raid

Zero Hedge -

Another Top Zelensky Aide Fired Amid Corruption Probe, House Raid

Another top official has been dismissed in Ukraine's government, accompanied with the usual police raids on homes amid fresh corruption probes... but this time the scandal once again runs straight through Zelensky's office.

"Ukraine’s National Anti-Corruption Bureau said it had launched an operation linked to an alleged criminal organization involving current and former MPs and senior officials in the presidential administration," EuroNews reports.

"Ukraine's President Volodymyr Zelenskyy fired the deputy head of the presidential office Iryna Mudra on Wednesday, his office announced, on the same day the country's anti-corruption investigators launched a major operation targeting an alleged criminal organization involving politicians and senior government officials," the report adds. A presidential office statement confirmed: "Iryna Mudra shall be dismissed from the post of deputy head of the Office of the President of Ukraine."

Via Ukrinform

While no names have been disclosed as specifically part of the fresh ongoing actions and investigation by the NABU and the Specialized Anti-Corruption Prosecutor’s Office (SAPO), Ukrainian media has cited sources alleging that senior officials from the President’s Office of Ukraine also involved.

And so Iryna Mudra 'shock' dismissal on the very day of these raids and newly unveiled investigations is obviously more than just coincidence. 

Ukrainian and regional media says her properties are being searched

According to information from Ukrainian parliament member Oleksiy Honcharenko, investigators searched the premises of Iryna Mudra, deputy head of the President’s Office. He gave no further details about the case.

The outlet Zerkalo Nedeli reports that the NABU and SAPO operation also involves Vadym Stolar, a lawmaker from the former Opposition Platform — For Life party, and Maksym Mykytas, a former member of the Ukrainian parliament, in addition to Mudra. Officials from the Justice Ministry and representatives of Sense Bank (formerly Alfa-Bank Ukraine) also appear in the case.

The operation was code-named “Forrest Gump.” NABU released a fragment of an audio recording capturing conversations among people named in the case, in which they mention “four sacks” and the President’s Office. “Only a moron would register stolen money and tuition payments in his own children’s names,” a voice on the recording also says.

All of this follows on a series of prior investigations by NABU and SAPO into corruption at the highest levels of government, which has taken down many officials and been an ongoing source of embarrassment for Ukraine.

And as a reminder, back in May of this year:

Ukraine’s anti-corruption court Thursday ordered the arrest of Andriy Yermak, a close ally of President Volodymyr Zelenskyy and former head of his administration, on money-laundering charges.

The court also set bail at 140 million hryvnias ($3.19 million), which would allow Yermak, who has denied the allegations, to be released pending a final ruling in his case.

However, these investigations tended to get spun as if 'heroic' Zelensky is on a mission, destroying the rot from within...

And there's this from the same journalist, Mark Ames...

Every shocking Zelensky corruption scandal - and they keep getting worse - is PR’d away as “proof that Ukraine is a functioning western democracy fighting corruption”, as if it’s always one corruption scandal away from turning the corner & becoming Denmark.

Tyler Durden Wed, 08/19/2026 - 13:25

Why Are White Liberal Women Identifying With A Child Murderer?

Zero Hedge -

Why Are White Liberal Women Identifying With A Child Murderer?

Authored by Steve Watson via Modernity News,

Three innocent children are dead. Their mother has admitted killing them. And yet a growing chorus of white liberal women on TikTok and beyond is racing to cast her as the real victim, pouring money into her family's fundraiser and filming themselves relating to the confessed killer while cradling their own babies.

Lindsay Clancy strangled her three children - Cora, 5, Dawson, 3, and Callan, then 8 months - with exercise bands in the basement of the family's Duxbury, Massachusetts home on January 24, 2023. She then cut her wrists and neck and jumped from a second-story window, leaving herself paralyzed and wheelchair-bound.

Her defense does not dispute that she killed the children. Attorney Kevin Reddington has told the court she was suffering from postpartum psychosis and was not criminally responsible. Prosecutors maintain she acted intentionally, rationally, and with premeditation.

The trial is ongoing in Plymouth Superior Court; the prosecution recently rested after calling more than 70 witnesses, and the defense is now presenting its case, including testimony from Clancy's mother about her daughter's mental decline and pleas for help.

None of that has stopped the online transformation of a triple child murder into a cause for certain women. Clancy's parents, Mike and Paula Musgrove, have a GoFundMe that has rocketed past $900,000 - approaching $1M from more than 27,000 donors - with a $2 million goal.

The money is framed as covering the couple's travel, lodging, and living costs after they relocated from Connecticut to stand by their daughter through the proceedings. Supportive comments on the page frequently emphasize her mental-health struggles more than the three dead children. Funds are earmarked for the parents' ongoing costs during the trial.

Critics note that crowdfunding platforms have rules against funding criminal defense, and some have called for the campaign to be reported. Others see the outpouring as further evidence that large numbers of women are prioritizing gender solidarity over the basic reality that three children were murdered by their own mother.

That solidarity has spilled into TikTok in especially unsettling ways. Women have posted videos declaring Clancy the winner of a trial that is still underway, claiming she "proved" postpartum psychosis the moment she killed her children. The jury has not decided anything. The judge has not ruled on the central question of criminal responsibility. Yet creators speak as if the outcome is already settled in her favor.

Others go further, insisting Clancy is actually innocent despite her own admissions, her lawyer's opening statements, her husband's 911 call in which he screamed that she had killed the kids, and the civil lawsuit she filed against her therapists that explicitly acknowledges she killed her own children.

Some have hung out windows or filmed themselves in performative displays to argue her innocence. One widely circulated reaction asked whether these women are bored, lonely, or simply completely detached from reality.

The pattern is familiar to observers of recent high-profile cases: a refusal to accept female accountability when the facts are inconvenient. As one commentator noted, it does not matter to this cohort that Clancy admitted the murders, just as it did not matter that Amber Heard admitted lying about abuse. The priority is that women not be held fully responsible.

Even more alarming are the videos in which mothers film themselves relating to Clancy while holding their own infants. Women have recorded themselves discussing identification with the child killer while cradling babies.

Critics have called the decision to film such material with children an alarming one, with some arguing it should prompt child protective services involvement.

This disturbing AI video has been circulated widely on TikTok:

One single mother went further still, asserting that any man who believes Clancy should go to prison for murdering her children probably abuses his wife. She added that she is "just waiting for some man out there to prove to me that there are some good ones."

The response was swift and withering: the women who claim to be searching for good men are often the same ones who date the worst of them, and the demand that men prove themselves by refusing to call a child killer a child killer is a particularly inverted form of accountability.

Clancy's defense attorney admitted in opening statements that she killed her children. She has filed a lawsuit against her therapists that also admits the killings. Her husband testified about the night he discovered the bodies and about a later phone call in which she described hearing a man's voice telling her that if she did not act she would lose her chance.

None of this has deterred the conspiracy theories that the husband somehow framed her, or the broader insistence that the medical system alone is to blame and that Clancy herself bears no criminal responsibility that should result in prison.

Mental illness is real. Postpartum psychosis is real and can be considered at sentencing. But it does not erase what happened. Three children are dead because their mother killed them. That is the central, undisputed fact of the case.

The spectacle of women identifying with the killer, fundraising for her parents at near-million-dollar levels, and filming themselves relating to her while holding their own kids reveals something deeper than sympathy for mental illness. It reveals a cultural refusal, concentrated among a particular demographic of women, to prioritize murdered children over a narrative of female victimhood.

Tyler Durden Wed, 08/19/2026 - 13:05

Jeffrey Tucker Reveals The Insidious Reason For The Lockdowns

Zero Hedge -

Jeffrey Tucker Reveals The Insidious Reason For The Lockdowns

Jeffrey Tucker - founder and president of the Brownstone Institute, says top FDA and NIH officials told him that the purpose of the COVID-19 lockdowns were "to delay the onset of natural immunity… until after the shots were online."

Tucker sat down for an hour-long conversation with Dr. Jessica Rose, where he says that 'multiple sources' who were involved in the response confirmed the bombshell revelation "without a shadow of a doubt." 

As Vigilant Fox notes - 

The lockdowns that wiped out small businesses. The school closures that sent children's reading scores back to 1971. The plexiglass, the masking, the stay-at-home orders. None of it was about keeping us safe. “It was exactly the opposite,” as Tucker put it.

Watch:

TUCKER: “We all have what we consider to be the most shocking feature of the COVID response. But for me, I still can’t get over the fact that I was told by top FDA, NIH officials that a major reason for social distancing, lockdowns, masking, Plexiglas, stay-at-home orders, and everything else was to delay the onset of natural immunity, to delay rising seroprevalence levels, to delay endemicity until after the shots were online.

“So, it wasn’t just that all these tactics, these sort of social engineering tactics, were designed to keep us [safe]. Well, no, it was exactly the opposite. It was to keep us from gaining natural capacity to resist the virus.

“So that they could wait until the injection came along. So the injection could be deployed and experimented upon us and, and thereby get all the credit for having solved the issue.

That sounds like a wild conspiracy theory, but that’s what they meant by ‘flatten the curve.’ Flatten the curve meant to prolong the pain, delay the solution. And it sounds crazy until you hear it from people who were there on the ground, in the agencies, in the companies, watching all this unfold.

“And multiple sources have confirmed this without a shadow of doubt in their mind that was the real purpose of the school closures, the business shutdowns, the stay-at-home orders, the travel restrictions, and everything: to delay the point at which we would have solved, essentially solved, the problem through natural exposure and immune upgrades.”

h/t Vigilant Fox - give him a follow!

Tyler Durden Wed, 08/19/2026 - 12:25

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