'Muslim Theme Park Experience' Sparks Fierce Backlash In 'Two-Tier' UK

Authored by Steve Watson via Modernity News,

A theme park in Britain has received intense backlash for marketing exclusive access, halal vendors and Islamic stalls, effectively sidelining non-Muslims.

Gulliver's Land in Milton Keynes is handing its rides and grounds to a day promoted as reserved exclusively for the Muslim community. Organisers described it as a "Muslim Theme Park experience" with unlimited rides, halal food vendors, Islamic stalls, kids' activities and limited tickets sold primarily to that group.

Promotional material from Mubarak Moments, the group behind the event, highlights "a theme park reserved exclusively for the Muslim community" and "exclusive access... for one evening only," effectively confirming the event is a faith-targeted buyout of a family theme park.

Another day in 2026 Britain: Gulliver's Land hosting a 'Muslim Theme Park Experience' with halal only vibes and Islamic stalls.

Faith, fun & family... for some. Where's the English family day?

Imagine the outrage if they had an English only day. pic.twitter.com/27zDtZJsb7

— British Bastard ?? (@BritishBastardX) June 29, 2026

A Milton Keynes local community hub post on Facebook stated "This event has been independently organised by a Muslim community group, so naturally its primary focus is on bringing the Muslim community together, just as any community group would when organising an event for its members."

The post continued, "That said, there is nothing to suggest that people of other faiths or backgrounds are unable to attend and enjoy the event. Everyone is welcome to attend in the spirit of mutual respect and understanding."

It added, "As with any community-led event, it is expected that those attending will be supportive of the organisers, respectful of the event's purpose, and considerate of everyone present."

Some suggested the event was fake, manufactured as rage bait, but the organiser's original post is here:

Note how the image on that post features a Muslim family, where as in the other image that element has been removed.

Responses poured in immediately. One user summed up the widespread frustration: "Two-tier Britain in full effect. While English culture gets sidelined and mocked, we're funding and celebrating parallel societies on our own soil. Gulliver's Land should be for British families, not imported theocracies."

Exactly.

Two-tier Britain in full effect.

While English culture gets sidelined and mocked, we're funding and celebrating parallel societies on our own soil.

Gulliver's Land should be for British families, not imported theocracies.

This nonsense ends when we take back...

— Harry Lines??????? (@HarryLines7) June 29, 2026

Others asked the obvious follow-up questions that never receive answers from officials or venue managers: when is the Christian family day, the English-only evening, or the Jewish community slot? Calls for boycott spread quickly. Several noted the hypocrisy directly: if the same marketing had read "reserved exclusively for the English community," every equality body, media outlet and politician would have descended within hours.

How does this support multiculturism – this is deeply divisive.
When will people be told to sit at the back of the bus for segregation! Wake up to Racism in all its guises!

— MPsFailPeople (@MPsFailPeople) June 29, 2026

When is the Christian, Jewish, Sikh Theme park experience day?

— Ben Graham (@BenGrahamUK) June 29, 2026

not very inclusive

— The Celtic Patriot (@Celticpatriot_) June 29, 2026

While Americans reading this might think it's another example of how far teh UK has fallen, this is also going on over there, in Texas of all places.

Earlier this year a taxpayer-funded indoor waterpark in Grand Prairie, Texas - the $88 million Epic Waters facility built with public sales tax money - advertised its 3rd Annual DFW Epic Eid celebration as a "Muslims only" event. Flyers specified modest dress rules including burkinis for women, halal-slaughtered meat, a private prayer room, and Islamic etiquette such as lowered gaze around the opposite sex.

Backlash forced organisers to edit the language to "modest dress only" and "all are welcome," yet the underlying restrictions remained visible in FAQs. Critics pointed out the obvious double standard: a publicly funded venue effectively closed to regular visitors for a faith-specific gathering.

The outrage was immediate and effective. Texas Governor Greg Abbott threatened to withhold $530,000 in state grants from the city if the discriminatory event proceeded. Grand Prairie officials canceled it.

Perhaps an even more disturbing development in Texas is the East Plano Islamic Community project, rebranded as The Meadow. This planned development of 1,000 homes, a mosque and schools has drawn concerns over potential Sharia enforcement inside what amounts to a parallel community.

NEW: 'Muslim City' in Texas gets legal win after a judge ordered that the state must comply with developers.

The East Plano Islamic Community (EPIC), which has now been rebranded to The Meadow, will feature 1,000 homes, a mosque, schools, and more.

Texas leaders are worried... pic.twitter.com/HoSvNeV307

— Collin Rugg (@CollinRugg) April 30, 2026

Governor Abbott has been clear that Sharia law, Sharia cities and no-go zones have no place in Texas. Developers still secured a legal win ordering state compliance.

Meanwhile, back in the UK, multiple landlords have advertised rental properties exclusively for Muslims in breach of the Equality Act 2010. Ads on Facebook, Gumtree and Telegram specified "Muslim only," "only for Muslims," or "for 2 Muslim boys or 2 Muslim girls." Some targeted Muslim students only. These are not fringe cases. Investigations found dozens of such listings operating in plain sight while authorities focus enforcement resources elsewhere.

Any native British landlord attempting the reverse - advertising "English only" or "Christian only" - would face immediate investigation, fines and media pile-ons. The asymmetry is the definition of two-tier treatment.

Britain's own institutions have tilted the field further. All members of the government's "anti-Muslim hostility" advisory group have documented links to Islamist organisations. The state effectively handed rule-writing power over "hostility" definitions to the very networks that benefit from reduced scrutiny.

Schools received official guidance urging staff and pupils to report perceived "anti-Muslim hostility," creating an Orwellian atmosphere where questioning Islamic practices or parallel societies risks being treated as thoughtcrime.

The same authorities that move swiftly against native dissent have shown remarkable tolerance for actual criminal networks. Sadiq Khan once claimed there were no grooming gangs in London. Police are currently investigating around 4,000 cases.

None of this is about preventing people from celebrating their faith. It is about whether public venues, taxpayer assets and the legal system treat every community by the same rules. When theme parks, waterparks and housing markets begin carving out faith-exclusive zones while the host population is told any reciprocal preference is bigotry, the social contract fractures.

Texas demonstrated that elected leaders can still draw a line against explicit religious discrimination in public facilities and win. Britain's trajectory has been the opposite: accommodation of separatism, institutional capture by one-sided "hostility" definitions, and native families left wondering why their own cultural continuity receives less protection than imported alternatives.

The Gulliver's Land episode is simply the latest visible symptom. It will not be the last unless the underlying policy of mass low-assimilation immigration and selective multiculturalism is reversed. Equal rights mean equal rules. Anything less is not tolerance - it is managed decline.

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Tyler Durden Tue, 06/30/2026 - 03:30

Latvia Unveils Joint Drone Plant With Ukraine, PM Touts Site's Closeness To Russian Border

Latvia has announced confirmation its government has inked a new deal for Ukraine to assist in a Ukrainian drone manufacturing plant on Latvian soil, right near the border with Russia, as well as close to the Belarusian border.

Latvian Prime Minister Andris Kulbergs said following an emergency cabinet meeting held in Latgale that his country will "accelerate plans to establish a joint drone manufacturing facility with Ukraine and aims to locate it near the country’s eastern border region," regional media reports.

Shahed-136 drone. Creative Commons

The small Baltic country has been a member of NATO since 2004, and along with other allies like Estonia and Lithuania (both of which also joined NATO during the mid-2000s expansion wave).

These Baltic states have remained outspoken in their anti-Moscow hawkishness, and this latest announced plan of Latvia to produce drones with Ukraine once again reveals that there's no heed being given to Russia's red lines.

The Kremlin has for years warned European states that constant NATO and military infrastructure expansion right up to Russia's borders could trigger major war. Of course, in Ukraine it has, but fears remain that some kind of major provocation could result in direct Russia-NATO conflict.

Regional media is really emphasizing the closeness of the planned facility to Russia:

Kulbergs said the agreement on cooperation in the field of unmanned systems, signed at the beginning of June, includes plans for joint production. In particular, a manufacturing facility is to be built rapidly near Latvia's border with Russia.

The prime minister said the government would do everything necessary to ensure the facility is located close to the border. He added that the region needs economic activity, investment and jobs.

So now these Baltic leaders are just openly prodding and provoking Russia, it seems.

The Latvian leader after saying all of this is still promoting the 'defensive' nature of such a joint drone program: "Kulbergs also said that new counter-drone systems are expected to become operational along Latvia's borders with Belarus and Russia in July and August, allowing the country to respond to aerial threats without deploying aircraft on every occasion."

"If there is a drone threat, we will not have to scramble aircraft every time. It is a very expensive and effective solution, but it is neither the best nor the most efficient one," he said further.

There's been a heightened spillover threat of UAVs from the context of the Russia-Ukraine theater, however, in some cases these have been reported to be errant Ukrainian drones, and not just Russian ones.

Russian media has really seized on this trend...

Latvia and Ukraine to build interceptor drones together — to defend Latvian airspace from drone incursions

Every drone that has breached Latvian airspace has been UKRAINIAN

Kiev now manufacturing drones in Latvia to shoot down drones from Kiev? pic.twitter.com/JJjU9jaaoU

— RT (@RT_com) June 29, 2026

Kulbergs is also saying he hopes to reach Ukraine's level of drone defense by the end of the year. The Zelensky government has over the past year been aggressively marketing its expertise to allied nations, and even in the Middle East in the context of the Iran war.

Tyler Durden Tue, 06/30/2026 - 02:45

Philippines Becomes World's Top Solar Panel Buyer

By Charles Kennedy of OilPrice.com

People in the Philippines are flocking to install solar power ​on rooftops and escape the burden of soaring electricity prices, making it the world's biggest spender on solar panels since ‌the war in Iran started. 

Top Philippines power distributor Meralco has raised prices by 10% since the Middle East conflict began in late February. Now, a median household spends around 12% of monthly income on electricity, assuming it consumes 200 kilowatt-hours, approximately the monthly average for three people. 

Amid record-beating electricity prices and a supply crunch in fossil fuels, many Filipinos have opted to install rooftop solar panels over the past three months.

The spending on solar panels in the Southeast Asian country, which has been one of the worst-hit Asian economies in the energy supply crisis triggered by the Middle East conflict, topped $407 million between March 1 and May 31, per China customs data compiled by Reuters.

The Netherlands was the biggest spender with $1.1 billion on solar panels but it is a major transshipment hub for solar equipment imports and re-exports, so it’s not really part of the analysis of which country has spent the most.

After the Philippines comes Pakistan, another Asian economy severely hit by the halt of LNG supply from the Middle East. Pakistan has managed to negotiate with Iran some LNG cargoes form Qatar to exit the Persian Gulf in recent weeks. But the energy crisis in Pakistan has also prompted a rush to solar power installations.

Pakistan’s solar boom was already evident before the Middle East crisis.

Distributed solar drove a 21% increase in Pakistan’s national electricity demand in two years, clean energy think tank Ember said in a report last week.

A total of 27 gigawatts (GW) of distributed solar was deployed in just two years, the same as all the operating coal, gas, and oil plants built in Pakistan ever, Ember said.

In the Philippines, rooftop solar has nearly doubled over the past 12 months, according to a separate Ember analysis from the end of May.

Philergy German Solar, a Manila-based ​installer, received more than 2-1/2 times the number of customer enquiries in the first five months of this year compared to last year. At one point it ‌fielded 3,000 ⁠inquiries a day, according to managing partner Jochen Staudter. Customers are deciding to buy "much faster than before," Staudter said. "Demand will continue to be driven by high electricity prices."

In two years, distributed solar capacity could nearly triple to 3,500 megawatts (MW), matching the current size of the Philippines' utility-scale solar fleet, as loan payback times shrink to 3.1 years from 4 years, said Alnie Demoral, analyst at energy think tank Ember. Solar accounts for under 4% of national ​power consumption, government data shows.

The Philippines is China’s second-largest solar panel export market in 2026, only behind the transshipment hub the Netherlands, suggesting significant rooftop pick-up in the Southeast Asian country. China exported over 3,000 MW of solar panels to the Philippines in March and April alone, according to Ember’s data.

Still, the solar boom in the Philippines faces challenges, including high upfront costs for Filipino households and supply chain issues.

Tyler Durden Mon, 06/29/2026 - 20:55

John Fetterman Warns Mamdani About Defying SCOTUS Immigration Order

The Supreme Court handed the Trump administration a pair of clean immigration wins last week, and New York City Mayor Zohran Mamdani responded by announcing he would ignore them. Now Sen. John Fetterman (D-PA) is sounding the alarm.

The Court ruled 6-3 Thursday in Mullin v. Doe to allow the Trump administration to end Temporary Protected Status (TPS) for hundreds of thousands of Haitian and Syrian migrants. This ruling set off predictable outrage from the progressive wing of the party. Mamdani was first out of the gate. In a video statement, he declared the decision "cruel" and invoked the specter of the Haitian Revolution to frame deportation enforcement as a betrayal of universal freedom.

"To have people who frankly taught the world about freedom have their own freedom put into jeopardy by the actions of a Supreme Court and federal administration - it is not only cruel, it's not something we will ever accept," Mamdani said. "The Supreme Court just sparked one of the largest attacks on immigrants in modern American history. In one fell swoop, thousands of Haitians and Syrians now risk losing the right to live and work in the country they call home."

He went on to reassure migrants that New York City would not comply with the ruling.

"To the tens of thousands of New Yorkers with TPS who are watching the news, frightened about what comes next, hear me clearly: New York City is your home. You belong here. We will not turn our backs on you," Mamdani said. "You will not face this cruelty alone. This administration will stand alongside immigrant New Yorkers today, tomorrow, and every day that follows."

These are not ambiguous rulings with room for creative local interpretation. The Supreme Court made its ruling, and Mamdani's position is that he can ignore it just because he doesn't like it.

On Fox News's Saturday in America on June 28, Sen. Fetterman sat down with host Kayleigh McEnany and walked through a glaring inconsistency, one his own party seems unwilling to acknowledge. He has spent years pushing back on Democrats who insisted Donald Trump was dragging the country toward a constitutional crisis. His response at the time was straightforward: the Trump administration had not defied a court order. The standard, as Fetterman understood it, was simple. You follow the courts, or you create a crisis.

Now the mayor of New York City is publicly refusing to follow the courts' rulings, and the party that ran years of constitutional-crisis programming has gone quiet.

"I haven't seen the freak-out now that the mayor of New York is now saying I'm going to defy the Supreme Court ruling," Fetterman told McEnany.

He then called out his fellow Democrats, who are either silent or actively defending Mamdani.

"Many of the members in my party are not calling him out... [or they are] defend[ing] him, or just say[ing] we really actually have to follow the court rulings because... that's a constitutional crisis, when you have the leader of the country's largest city [saying] we're not going to follow or honor what the Supreme Court says," Fetterman said.

Democrat Senator John Fetterman says he has not seen Donald Trump cause a Constitution crisis, but Fetterman says that when he heard Zohran Mamdani say he would defy the Supreme Court on the temporary protected status of Haitians, “That’s a Constitutional crisis”

“That's a… pic.twitter.com/Zq8nfW9SW9

— Wall Street Apes (@WallStreetApes) June 29, 2026

Fetterman has become a consistent, if lonely, Democratic voice against his party's leftward slide. He has cited progressive figures like Maine Senate candidate Graham Planter, Los Angeles mayoral candidate Nithya Raman, Washington, D.C., mayoral candidate Janeese Lewis George, and a wave of progressive candidates running across New York City as evidence that the party has lost touch with most Americans.

Tyler Durden Mon, 06/29/2026 - 20:30

Alaska Judge Overrules Election Officials, Lets 'Fake' Dan Sullivan Stay On Ballot

A retired elementary school teacher from Petersburg just punched his ticket back onto Alaska's Republican U.S. Senate primary ballot after he was accused of being a deliberate spoiler and struck from the ballot.

Dan Sullivan of Petersburg announced his campaign for the U.S. Senate on May 29 to challenge incumbent U.S. Sen. Dan Sullivan. (Photo courtesy of Dan Sullivan)

Superior Court Judge Thomas Matthews ruled late Friday that the Alaska Division of Elections had no legal right to disqualify Daniel J. Sullivan Jr. The Division had yanked him on June 15, calling his filing a sham designed to confuse voters and tilt the race toward Democrat Mary Peltola in November. Matthews said the state basically invented a "good faith" test that doesn't exist in the U.S. Constitution, Alaska statutes, or the Division's own rules - and that's a problem when you're talking about a federal office.

In the Friday night ruling, the judge determined Dan J. Sullivan, a retired teacher from Petersburg, is an eligible candidate for U.S. Senate and that the division shall include his name on the August 18 primary ballot. 

The division’s decision to disqualify Sullivan because it determined his candidacy was not filed in “good faith” was unconstitutional, Superior Court Judge Thomas Matthews ruled. “The director’s assertion that Mr. Sullivan seeks to confuse or misguide voters is not supported by a preponderance of evidence,” he wrote. -Alaska Beacon

The U.S. Constitution sets only three qualifications for senator: age, citizenship length, and state residency. States can't tack on extra hurdles, especially subjective ones about someone's motives. The judge noted the Division accepted Republican complaints at face value while brushing aside Sullivan's explanations, and he pointed out that practical fixes like printing middle initials (Dan J. versus Dan S.) exist if name similarity is the real worry.

What set this off

Sullivan, a former U.S. Forest Service employee who taught fifth grade in Petersburg, filed May 29 as a Republican. He shares the incumbent senator's first and last name - a coincidence he's called a "matter of fate." Election officials and GOP groups zeroed in on several red flags: he'd recently switched his registration to Republican, having spent decades with the now-defunct Alaskan Independence Party until it dissolved late last year; his campaign materials and website looked similar to the incumbent's; and he'd worked with a political consultant, Amber Lee, whom Republicans flagged as a longtime supporter of Democratic candidates. Officials also seized on the fact that he first emailed the Division asking to appear on the ballot as "Dan S. Sullivan" - the senator's exact name, down to the middle initial - before switching the request to "Dan J." They argued the whole package was meant to siphon votes in a primary that could decide whether Sen. Dan Sullivan faces a tougher general election.

The opposition came from the top: Lt. Gov. Nancy Dahlstrom opened an investigation, the Alaska Republican Party filed formal complaints, and the National Republican Senatorial Committee referred Sullivan to the Federal Election Commission, claiming his candidacy broke federal law.

Sullivan's response was straightforward: he's unhappy with the incumbent's record after 12 years and wants to give voters another choice. He says he followed every rule, paid the fees, and met the qualifications - and he flatly rejects the idea that he's a Democratic plant. Asked by the Associated Press whether he'd had any contact with Peltola's campaign, he said "zero, none, zilch." Peltola's camp and state Democrats have denied the spoiler accusation too, and when the Division actually pulled him, it didn't point to any proof of coordination - it rested the call on his supposed lack of "good faith." His small Southeast Alaska hometown has largely rallied behind him.

Matthews didn't buy the Division's claim that it had broad power to police "ballot fairness" by removing candidates it disliked. He ordered Sullivan's name on the August 18 primary ballot. The state immediately moved to appeal to the Alaska Supreme Court, which has until Tuesday to settle the matter - right up against the deadline for printing ballots.

For now, the "other" Dan Sullivan stays in. Alaskan voters might have to do a little extra homework to tell the two apart, but the judge made clear that's not grounds to disqualify someone who otherwise qualifies.

U.S. Sen. Dan Sullivan, NOT the retired teacher, at the Alaska State Capitol in February. Tyler Durden Mon, 06/29/2026 - 19:40

Builders Vs. Gatekeepers

Authored by Monty Donohew via American Thinker,

A viral X post by @r0ck3t23 featuring Marc Andreessen hopes to ignite fresh debate in tech and political circles. In the clip, Andreessen articulates a blunt frustration familiar to anyone who has tried to build anything substantial in modern America: "Right now, in many cases in many places, no you can't." The target is regulatory gridlock preventing factories, data centers, and, specifically the colocated nuclear microreactors many believe are needed to power the AI boom.

The post's thesis is provocative. The old left-right divide is "obsolete." The real conflict pits "builders" and "accelerators," those engineering abundance through atoms and computing power, against "gatekeepers" who would freeze progress. The gatekeepers are comprised of environmentalists on one side, armed with environmental regulation that has strangled nuclear power for decades. On the other are the populist skeptics of rapid AI rollout exemplified by Bernie Sanders and Tucker Carlson. They meet, the argument goes, in a horseshoe of fear opposing the physical infrastructure the future demands.

This framing deserves consideration. America's permitting regime is a national liability. Decades of NEPA reviews, endless environmental litigation, and bureaucratic risk aversion have delayed or killed projects that should be straightforward. Nuclear power offers a stark case study. France derives most of its electricity from nuclear, with a far cleaner grid and lower costs in key metrics. America, despite superior resources and early ambition (recall Nixon-era Project Independence targeting a thousand reactors), effectively built zero new plants for forty years after creating the Nuclear Regulatory Commission (NRC). Recent executive actions under President Trump aim to reform NRC licensing with deadlines and streamlined processes, reform that is both welcome and overdue.

Andreessen is right that colocated microreactors could elegantly solve the power demands of AI data centers, bypassing strained grids and delivering reliable, high-density energy. Tech leaders' interest in advanced nuclear aligns with broader national security goals: reducing dependence on adversarial supply chains, bolstering baseload power, and maintaining a technological edge against China. Regulatory gridlock has real costs in lost opportunity, higher energy prices, and strategic vulnerability.

Yet the post's sweeping narrative, that skeptics of unchecked acceleration are primarily "fighting physics" or the future, itself invites scrutiny. It risks collapsing into a Solvency Trap: a dynamic where solvable governance challenges are recast as permanent existential blockades, sustaining urgency and aligned interests while sidelining trade-offs, evidence of costs, and pragmatic safeguards. Real problems with hyperscale AI data centers exist beyond knee-jerk Luddism. They include grid reliability, massive water consumption (billions of gallons annually), localized electricity price spikes for residents and small businesses, community impacts, and job displacement in traditional sectors. These are not imaginary.

Sanders and Rep. Alexandria Ocasio-Cortez's Artificial Intelligence Data Center Moratorium Act proposes abandoning reason, planning, and problem-solving in favor of a potentially perpetual and unyielding pause on all new construction until broader safeguards address worker effects, privacy, civil rights, and environmental strain. One can reject the hysterical blanket moratorium as overreach while acknowledging that underlying concerns nonetheless merit consideration and debate. Sanders' equity-focused critique of Big Tech concentration, nonetheless, differs in motivation from Carlson's populist emphasis on taxpayer subsidies, rural community burdens, and skepticism of elite-driven disruption benefiting hyperscalers at ordinary Americans' expense. Their convergence on caution is emergent, not a secret "alliance." Presenting it as such adds conspiratorial flair but flattens distinct worldviews. It also unnecessarily sows division and invites dismissal of valid concerns by improperly linking them to those with invalid or meritless ideological axes to grind.

Populist wariness of taxpayer-backed incentives for private data centers, projects that can span tens of thousands of acres and consume city-scale power while delivering limited direct local jobs, echoes longstanding conservative skepticism of corporate welfare. Carlson's clashes with advocates like Kevin O'Leary highlight legitimate questions: Why should working families subsidize infrastructure primarily enriching coastal tech giants? Accelerationists rightly decry regulatory capture by legacy environmental interests. But dismissing all distributional and prudential concerns as mere "fear" risks its own form of capture by venture incentives and hype cycles.

Civilization is indeed atoms arranged by those who show up. But prudent stewardship demands more than velocity. The history of nuclear energy proves regulation can become abolition in disguise, yet safety, waste management, proliferation risks, and public confidence cannot simply be waved away with rhetoric about "deleting limits." Successful deployment requires reformed but serious oversight that is evidence-based, time-bound, and focused on outcomes rather than process theater. Trump's return to regulatory realism is the right step. The same applies to AI governance: rapid progress toward abundance is desirable, but experiments with alignment, security, and societal integration benefit from evidence- based and targeted guardrails rather than pure velocity.

The builders' energy is vital. America must reclaim its capacity to execute at scale, permitting reform, nuclear revival, and domestic manufacturing resurgence. Trump administration moves on NRC and energy dominance point the way. Yet the path forward is not a binary purge of gatekeepers but disciplined solvency: measurable progress on energy abundance, worker transitions, community buy-in, and risk mitigation that delivers broad-based flourishing, not concentrated gains amid diffuse costs.

Tyler Durden Mon, 06/29/2026 - 18:25

Rate On China's New Overnight Liquidity Tool Comes Below Estimates, Hints At Imminent Easing

Last week we showed four China-linked charts which made it very clear that, laughable flatlined 5% GDP notwithstanding, China's economy appears to be on the verge of yet another collapse (explaining the unprecedented drop in both Chinese oil imports and refining output): between autos, real estate, banks and overall consumption, the economy - as seen by the market - was in freefall.

China is fine pic.twitter.com/PFJzVCz9Ba

— zerohedge (@zerohedge) June 26, 2026

With sentiment collapsing, and amid growing speculation that Beijing will have no choice but to unleash another firehose of fiscal and monetary stimulus, it came as little surprise overnight when China’s central bank set the interest rate on its new overnight liquidity tool at a level that was below expectations, in what some economists see as a de facto rate cut that could push down market borrowing costs.

As Bloomberg reports, the People’s Bank of China said it conducted 300 billion yuan ($44 billion) of overnight reverse repo agreements in open market operations on Monday, according to a statement that didn’t disclose the rate of interest it charged on its new instrument. To avoid confusion, readers should always remember that a reverse repo in China is a repo in the US. And vice versa. The central bank uses the operation to funnel short-term funds to the market to influence borrowing costs, and it accepts eligible bonds as collateral.

The official rate of the facility - the first such overnight facility unlike the bank's traditional 7-day operations - came in at 1.25%, Reuters reported. Unlike other liquidity instruments, the PBOC did not announce the borrowing cost for the overnight reverse repos. That compared with the median forecast of 1.35% in a Bloomberg survey. 

The PBOC’s benchmark remained at 1.4%, 15bps higher than the facility rate, as it provided 157.5 billion yuan of seven-day reverse repo. 

The decision, which intentionally came in below well telegraphed estimates, now sets the stage for looser monetary policy including a possible cut in loan prime rates — China’s lending benchmarks — as early as next month, according to Citigroup and Standard Chartered.

"Today’s move is not an outright easing, in our view — but it likely opens the door to one,” Citigroup economists led by Xiangrong Yu said in a note. “The asymmetric move likely signals an easing bias, without a formal cut.”

That will come next.

The operation marked the first time that the PBOC deployed the tool to manage liquidity, and many traders said the move is a first step in a gradual shift toward a benchmark overnight rate. Such a transition is likely to bring China closer to the practice of its global peers such as the Federal Reserve, which relies heavily on its overnight target rate to manage the US economy.

“The People’s Bank of China appeared to signal that it wants borrowing costs to fall by setting the rate on its new overnight reverse repo 10 basis points lower than markets had expected. This backs our view that the PBOC will trim its policy rate to reduce financial burdens on businesses and households and support demand”, said Bloomberg's David Qu.

The new facility is expected to give the PBOC better control over short-end borrowing costs and allow it to smooth out any big swings in market liquidity. The cost of overnight borrowing in the interbank market has become more volatile since May, as the central bank sought to ease a glut of money in the financial system, with demand for cash typically rising at the end of each quarter.

The yield on China’s 10-year government bonds slipped one basis point to 1.71% after the announcement, extending its drop into a third session. Both the overnight and seven-day repo rates eased.

Still, despite the strong hint of easing policy, some analysts still believe the PBOC will be looking to maintain the policy status quo, for now, by keeping the seven-day benchmark steady while publicly omitting details about the new overnight rate.

“The overnight reverse repo is primarily a liquidity tool aimed at smoothing seasonal funding stress, rather than a tool to signal a particular policy stance,” said Frances Cheung, head of foreign exchange and rates strategy at Oversea-Chinese Banking Corp. “The timing of the operations today and tomorrow ahead of the half-year end — and the amount bigger than the seven-day reverse repo — both support this notion.”

Talk of a rate cut in China gained substantial traction as the Chinese economy slowed dramatically in the second quarter, with retail sales and investment falling at a pace unseen since the pandemic.

Still, most economists expect the PBOC to keep its policy rate unchanged throughout 2026, although Huang Yiping, an adviser to the central bank, said a rate cut still remains a possibility.

“The next step is to lower de facto lending rates, including a possible reduction of LPR rates” across both one- and five-year durations “to support a stabilization of credit growth,” said Becky Liu, head of Greater China macro strategy at Standard Chartered.

“We had long argued that China is firmly staying on an easing path, and will likely to take advantage of the interest rate framework reform to lower de facto rates,” she said.

Lynn Song, China economist at ING, said it’s possible the new rate may have been kept undisclosed to avoid “diluting” the significance of the seven-day benchmark.

“Given the overnight rate is still the most liquid and important rate for trading activity, it makes sense this will eventually be the level that policymakers seek to control,” Song said. “However, it probably will take some time. We probably need some track record and maturity for the overnight repo facility and how it affects market overnight rates before this shift is made.”

Tyler Durden Mon, 06/29/2026 - 18:00

The Party Of 'Our Democracy' Has Nothing Left But Chaos

Authored by James Howard Kunstler,

“. . . there is no saving the Left. Whatever happens to them, it will have to happen without people like you or me trying to get them to return to any place of sanity.”

- Sasha Stone on Substack

A punishing heat-dome creeps over the eastern half of the country just in time for the gala Fourth of July week.

The days are brutal, but anything and everything crawls out of the woodwork when that blazing sun goes down and the moon comes out.

Everyone’s on edge, but the edge of what?

I will tell you.

First, could there be a richer (or more obvious) target for bloody mischief than this year’s national holiday, the 250th birthday of a nation that millions lucky enough to live here have been trained-up to hate on?

Even the sons and daughters (including pretend “daughters”) of millionaires have gone mad-dog on America, the poster-boy being Marxist-jihadi New York City Mayor Zohran Mamdani, the Left’s new avatar-general.

Since no one is more hated than the, ahem, Celebrator-in-Chief, you might want to steer clear of conspicuous public celebrations this week. Antifa and even worse gangs are out there right now, making plans and laying traps. Maybe not so much in places like Texas, where eight Antifas were just sentenced collectively to 450 years in the slammer for shooting up the Prairieland ICE Detention Center in Alvarado. . . but here in the Empire State and other Blue-ish jurisdictions, all bets are off. Be careful ‘out there’ among the smokin’ ribs, the fireworks shows, and big music venues.

You can see how this summer, and the nauseating slide down to the midterm elections, are shaping up. The party of “Our Democracy” is desperate to an extreme now, all disfigured by a communist leprosy eating away at its public face (and a cancer of fraud metastasizing through its innards). It has become such an obvious monster, raging with its hair lit-up, that anyone with half a functioning brain is shying away, stealing off into the gloaming. The party has nothing left but chaos and, in the weeks ahead, anything that might be disrupted probably will be.

The objective is to create so much havoc and distress throughout the country - especially the big cities - that Mr. Trump will have to invoke the Insurrection Act, and by doing so, the Lefty-left hope to create conditions so adverse that an orderly Election Day cannot happen.

The Insurrection Act would be the Left’s cue to declare Mr. Trump the very “king” whose coronation they have busily rehearsed all year, and then, voila, you get a new French-style American Revolution 2.0, complete with guillotine and transgender Jacobins turning the country upside-down.

You might consider the theory that the nation actually needs to suffer a genuine nightmare to wake up from.

The Revolution 1.0 we celebrate this week was, after all, a nightmarish struggle rife with hardship and loss. Nine signers of the Declaration of Independence died from war-related tribulations. Five were imprisoned and tortured. Twelve had homes ransacked and burned. And then, of course, the military action itself, including travails such as the winter at Valley Forge, the disastrous New York Campaign, and the never-ending logistics crisis, no food, no clothing, no munitions.

In the present summer of travail we face, you can expect at least some major wake-up calls issued by the bloc in the country that has not gone insane — which happens to include many in Mr. Trump’s executive branch. I’m serenely confident that real evidence of 2020 election fraud will finally emerge, coincidental with indictments. Do you think that the Fulton County, GA, election records were seized last winter for no reason? Say goodbye to that old “baseless” talking point.

There are, of course, a whole lot of other seditious and treasonous Beltway villains nervously awaiting administration of the law. You know their names. It appears that the new supervising US Attorney in the Southern District of Florida, Joseph DiGenova, is reorganizing the so-called “grand conspiracy” case against this large cadre of coupsters into a folio of discrete cases — RussiaGate, Fake Impeachment #1, the Mar-a-Lago raid, etc. — to make them more manageable and move them more speedily forward. Don’t be surprised if one or more of these cases happens to drop before the midterms. (Democratic Party true-blue loyalists could be surprised, even shocked to their socks, since these indictments will refute everything that has become essential to their identities as the good and righteous people of this land.)

Just one more item for now in the wake-up folder, coming a little out of left-field: things are looking eerie in the region of the San Andreas fault that runs through California, and perhaps the Seattle fault as well.

The earth’s geology even seems to be manifesting a degree of chaos.

It’s been shaky along the Pacific Rim “Ring of Fire” for many months.

Significant earthquakes have struck Japan (7.4 offshore Honshu/Miyako area), Indonesia (7.4 near Bitung), the Philippines, Tonga, Vanuatu, Chile, Papua New Guinea.

The Venezuela “doublet” (June 24, Mag 7.2) occurred in a separate tectonic zone, but all zones are essentially connected by the movements of magma deep in the earth, solar activity (flares, etc), gravitational tidal forces, and so on.

On June 24, a Mag 5.6 shook Redwood Valley, in Mendocino California, a Mag 5.8 near Pistol River, Oregon, and a Mag 5.1 struck 40 miles west of Petrolia in Humboldt County, CA.

The east side of the Pacific rim (America’s West Coast) has been unusually quiet for some years now. Be alert. Things seem to be livening-up. Just sayin’.

Tyler Durden Mon, 06/29/2026 - 17:40

"Thanks For The Mammaries": Hooters Shutters Every Location In Four Blue States

Iconic chicken-wing chain Hooters, famous for buxom waitresses wearing skimpy orange and white uniforms, appears to be throwing in the towel on its 35-year struggle to stay politically incorrect.

As Ben Sellers writes for HeadlineUSA.com, while some restaurants, like Cracker Barrel, have successfully fought off the takeover of corporate wokeness, Hooters recently announced the closure of its last New York location, the New York Post reported.

“Thanks for the mammaries,” the paper wrote in a nod to the voluptuous waitresses who became a prominent marketing gimmick and, ultimately, a business model for the franchise.

In addition to shuttering its holdout location in Colonie, N.Y., just outside Albany, Hooters also recently closed its final three Massachusetts locations in Dedham, Saugus and West Springfield.

And in March it said goodbye to its final locations in Connecticut and Minnesota, the latter of which was located in the Mall of America.

Technically, it was not the prescriptive mandates of virtue-signaling womynists that drove the chain under, but rather a Chapter 11 bankruptcy filing last year.

It cited inflation and other issues as the reason for sagging sales.

However, after closing around 40 company-owned restaurants, the final nail in the coffin may have been a “family friendly” rebranding, with the company focused on retaining its beach-bar motif—along with more modest server outfits, the Post reported.

“I don’t think you’re going to see a bunch of butt cheeks hanging out,” said Neil Kiefer, the 73-year-old lawyer who took control of the brand after its default, according to the Wall Street Journal.

For decades, Hooters fought off outside attempts to reign in its “delightfully tacky” image, including a four-year fight with the Equal Employment Opportunity Commission over its refusal to hire men as servers.

In a 1997 case, the restaurant argued that it was safeguarding women’s rights under Title VII by designating womanhood a Bona Fide Occupational Qualification, meaning it was a necessity to the operation of the business.

(Hooters made no such distinction for its chefs and kitchen staff, who disproportionately were men.)

As the Obama era gave way to #MeToo grievances, the restaurant continued to weather a barrage of complaints including allegations of sexual harassment and objectification of women.

“It is time women spoke up and were not browbeaten into accepting places such as Hooters so they are not seen as prudish,” said former Cardiff University lecturer Gill Boden in a 2010 BBC article.

“Places such as this all contribute to the current climate where men see women’s bodies as available objects.”

In the Biden era, as identity politics blossomed into a giant turd, the restaurant not only fell victim to financial issues like pandemic restrictions, supply-chain shortages and increased poultry costs, but also new threats from cancel culture.

In 2023, Hooters was sued by Taria Daughtridge, a dark-skinned waitress at a North Carolina branch who claimed white and light-toned servers received preferential treatment.

In 2024 came the inevitable lawsuit attempt by a biologically male transgender individual, going by the name “Brandy Livingston,” who was banned from Hooters as a man for making lewd comments but went on to sue the restaurant for discrimination after undergoing a gender transition.

Mourners eulogized the outlet on Reddit, with one fan joking that it "went bust" while another wrote, "I just fell to my knees."

Tyler Durden Mon, 06/29/2026 - 17:20

DOJ Sues States Over Alleged Failure To Turn Over Food Stamp Data

Authored by Zachary Stieber via The Epoch Times,

The Trump administration has sued four states, accusing them of withholding crucial data on food stamp applicants.

Kentucky, Michigan, Minnesota, and Pennsylvania refused to turn over information to the U.S. Department of Agriculture (USDA) that would let federal officials identify fraud, Trump administration lawyers said in lawsuits filed on June 26 against the states.

Officials are asking judges to enter injunctions that would force state authorities to hand over the last five years of applications for the Supplemental Nutrition Assistance Program, the food stamp program known as SNAP.

The USDA requested the SNAP data in 2025, citing an executive order from President Donald Trump that directed agencies to stop waste, fraud, and abuse, and many states complied with the request.

Data from those states showed that states had enrolled some 186,000 people in SNAP despite those people being deceased, among the discrepancies that added up to $3 billion in wasteful spending, the department said in a report.

The government spends nearly $100 billion a year on SNAP.

Kentucky, Michigan, Minnesota, and Pennsylvania are among the states that did not comply with the request, which suggests fraud and abuse are likely going undetected, the filings say.

“The American people deserve a government that is transparent about how it spends their hard-earned tax dollars,” acting Attorney General Todd Blanche said in a statement.

“These four states are thwarting USDA’s efforts to ensure that the billions of dollars in SNAP benefits they distribute every year are not lost to fraud. It’s unacceptable, suspicious, and it will not stand under this Administration.”

Agriculture Secretary Brooke Rollins said she asked that the lawsuits be filed.

“If a State misguidedly stands between the federal government and the information needed to protect the generosity of the American taxpayer, the Trump Administration will take them to court,” Rollins said.

Kentucky, Michigan, Minnesota, and Pennsylvania were among the states that sued the Trump administration over the data demand, alleging in a July 2025 complaint that it violated privacy protection outlined in federal and state law and that federal officials could use the data to target illegal immigrants.

A federal judge in February ruled partially in the states’ favor, preventing the USDA from cutting off funding to the states for failing to comply with data demands. The case is ongoing.

“The Trump Administration tried to force us to turn over the personal, private information of 8 million Pennsylvania voters. We won in court to stop them,” Pennsylvania Gov. Josh Shapiro, a Democrat, said on X on Sunday.

“No matter what the Trump Administration tries next, we’re going to stand up to protect Pennsylvanians’ right to privacy—and our fundamental right to vote.”

Tyler Durden Mon, 06/29/2026 - 17:00

Johnson Says Reconciliation Is The Only Path For The SAVE Act

Speaker Mike Johnson returned to the Capitol this afternoon after several hours at the White House, telling reporters that the only viable path to enact the SAVE Act is to attach it to a reconciliation bill - and that work is already underway.

"The only way to get the SAVE Act to the president's desk, we've been shown many times, is to put it on a reconciliation bill, so that is in the process," Johnson said, adding that he believes a version of the measure would "clearly" comply with the Senate's Byrd Rule.

Earlier today, Punchbowl News' reported that House Republican leaders are considering a modified version of the bill structured as a $4 billion grant program. The grants would incentivize states to adopt citizenship verification and voter ID requirements for elections. The idea is still in its early stages, with no guarantee it will ultimately work or pass procedural hurdles.

Speaker Mike Johnson just got to the Capitol after “hours” at the White House.

Johnson said “the only way to get”
The SAVE Act to the president’s desk “we’ve been shown, many times, is to put it on a reconciliation bill, so that is in the process.”⁰
He says it would “clearly”…

— Em Luetkemeyer (@em_luetkemeyer) June 29, 2026

This approach aims to frame the policy as a budgetary/spending matter, which is more likely to survive the Senate parliamentarian's review under the Byrd Rule.

NEW — House GOP leaders are planning to vote on NDAA passage Wednesday, if they can pass the rule tomorrow amid a fight over the SAVE America Act, per sources

The House is also poised to vote on the @RepThomasMassie amendment to cut military aid to Israel Wednesday. GOP leaders…

— Meredith Lee Hill (@meredithllee) June 29, 2026

The SAVE Act (Safeguard American Voter Eligibility Act) requires documentary proof of U.S. citizenship to register to vote in federal elections and photo identification to cast a ballot. The House has passed versions of the bill multiple times, but it has repeatedly stalled in the Senate due to the 60-vote filibuster threshold.

Republicans argue the measure strengthens election integrity and closes potential loopholes. Critics contend it is unnecessary (federal law already prohibits non-citizens from voting in federal elections), could create barriers for eligible voters, and amounts to voter suppression.

Reconciliation allows the majority party to pass budget-related legislation with a simple majority in the Senate. However, the Byrd Rule limits what can be included - non-budgetary or "extraneous" provisions are generally prohibited.

Bottom line: House Republican leaders, aligned with the White House, are actively exploring a reconciliation vehicle for a revised SAVE Act. 

Tyler Durden Mon, 06/29/2026 - 16:40

Citizen Vigilante Should Terrify Western Governments

Authored by J.B. Shurk via American Thinker,

This movie is a warning to globalists...

Director Uwe Boll just released a movie that is ticking off all the right people.  Called Citizen Vigilante, it is an unapologetic rejection of globalism, mass migration, Islamic conquest, and “woke” leftism.  The movie bashes politicians, judges, NGOs, and law enforcement agencies that have bent over backwards to excuse inexcusable crimes committed by non-Western immigrants.  It unequivocally demands a return to law and order.  It urges viewers to seek justice.  It threatens the continuing survival of any Western government that continues to allow outsiders to prey on its nation’s citizens.  Boll’s movie is nothing less than a call for Westerners to revolt against the authorities who have refused to keep them safe.

The opening title cards warn Western governments: “All behavior can be traced back to instincts.  When justice is denied, instincts turn to vengeance.”  Think: the British government’s decades-long cover-up of Muslim rape gangs…or the French and Canadian governments’ cover-up of church arson and attacks on Christians…or the German government’s efforts to censor news stories of Muslim immigrants raping children at public pools and shoving young women onto train tracks.  Boll isn’t messing around.  He’s telling Western governments in the clearest terms: Your deliberate choice to sacrifice your citizens to raping, murdering outsiders is about to unleash the primal instincts of millions of Americans and Europeans who refuse to remain victims.  In other words, vengeance is coming.

Just in case his message was not sufficiently clear, Boll leaves the audience with these words before the end credits: “This film is dedicated to the thousands of rape and murder victims in Europe who were betrayed by our legal system.”  Without antiseptic apology, moral dithering, misplaced empathy, or two-faced whataboutism, Boll indicts Western “elites” for their many crimes against “the people” and suggests…nay, encourages…citizens to redress their grievances by seeking justice against the very public officials who have abused them for so long.

In between the opening and ending cards that acknowledge Western citizens as real victims of their respective governments, there is a vigilante tale about an American taking out the trash in Europe.  Why an American?  Maybe because President Trump is the only Western leader actually taking the threat of mass invasion seriously.  For what it’s worth, the vigilante’s only redeeming quality is that he recognizes European governments as monsters harming their citizens.  He’s a psychopath, but that’s also part of Boll’s message.  The director is telling viewers that they are behaving as “sheep” while their governments slaughter them.  The American vigilante, incapable of being brainwashed by politicians’ “woke” sermonizing and virtue-signaling, is the only one acting rationally.  He sees the whole European system as a threat to “the people” and decides to eliminate the threat.

Where in Europe does the story take place?  It doesn’t matter.  Boll’s movie begins with a depiction of an all-too-common murder of a young mother randomly stabbed in the neck by a young punk.  Boll then weaves in a number of tales of women who have been beaten, gang-raped, and left for dead.  He spares us from having to watch most of the details.  Instead, he shows us how these women have been broken and ignored by the government authorities entrusted to ensure their safety.

In separate scenes, the American vigilante asks two young survivors if the police, prosecutors, and courts had given them “justice.”  

The broken look in their eyes answers the question definitively.  Likewise, a resilient spirit washes over both of their faces once they learn that the vigilante has done what the authorities would never do: execute real justice.

What does real justice mean? 

 It means that Boll’s American vigilante doesn’t execute just the rapists and murderers.  He also executes the families who support those rapists and murderers.  “Are these the values you’re teaching your children?” he asks the father of a rapist.  Because if the “values” from the Quran teach that “women in America and Europe deserve to be raped because of a dress code,” then “I don’t think it was the good ones that got out of your country.  I think it was the bad ones.”

Boll’s vigilante also executes the judges who allow those rapists and murderers to escape punishment by inexcusably painting the evil perpetrators as misunderstood “victims” of “traumatic integration.”  “You really believe that?” the vigilante scoffs at a judge who found a way to blame Western culture and Western citizens for Islamic immigrants’ vile gang-raping of young girls.  “You let a gang of rapists go.  You know what that makes you?  Just as bad as the perpetrators.  Might as well have raped her yourself,” he says before slitting the judge’s wrists.

Boll’s vigilante, in other words, executes judgment on globalism, itself, and all of globalism’s enablers who prey on Western citizens’ empathy and slander anyone who objects to the mass importation of foreign rapists and murderers by calling them “nationalists,” right-wingers,” “fascists,” or “racists.”  Western society “is falling apart and dying,” the vigilante tells a judge.  “And you are the cancer that is killing it.”

This isn’t a Belgian, French, Spanish, Dutch, German, Swedish, or British story.  It’s the story of Europe, generally — and an equally applicable warning to the governments of Canada, Australia, and the United States: Either end this foreign invasion, or you will be punished for your complicity.  Aiding and abetting foreigners who commit horrific crimes will no longer be tolerated.

Lest you think that I am exaggerating Boll’s bluntness, allow me to quote the American vigilante as he speaks directly to two separate audiences: (1) Western governments and (2) Western citizens.

In one scene, he tells an Interpol chief (i.e., one of globalism’s top cops): “The people will not accept a takeover…They never voted for what’s happening.  This is an unfriendly takeover by the Islamist extremists and blindsided woke left.  And if this takeover is successful, it’ll destroy the democracy you say you love.  All the freedom, everything you enjoy and stand for.  There’s only one option.  You end this or we the people will end it ourselves.”  The vigilante then tells the Interpol chief to “take this message” to his government leaders.  Subtle?  Hardly.

The movie ends with an equally compelling video message from the vigilante to “the people.”  This is what he says: “I’m here to help you take that control back.  I’m here to show you that you’re no longer the victims.  I’m here to show you that it’s time to go out and show these fuckers that they aren’t getting away with it anymore.  Remember: I do this for you…until you learn to do it for yourselves.”

Holy moly, no wonder this movie has been banned across Europe.  In ninety minutes, it recognizes Europe’s rape and murder victims in a meaningful way; it excoriates third-world immigrants for having an “archaic value system” and a “commitment to religion over democracy and over anything else, including the rule of law”; and it warns Europe’s governing class that it will be overthrown and judged for crimes against humanity.  Boll tosses explosive truth after explosive truth at the audience, and it is impossible not to see this movie as the beginning…of something.  If European governments’ efforts to censor this movie and prevent citizens from receiving Boll’s message are any indication of how much they fear the public’s wrath, then it is clear that globalism’s “elites” are terrified of losing their heads one day soon.

Citizen Vigilante isn’t just a movie.  It’s a wakeup call for the ignorant, a call to arms for the fed-up, a promise to the victims, and an explicit warning to the West’s parasitic “elites.”  The message for Western governments is simple: Change your policies immediately, or you will be judged ruthlessly.  No justice?  No peace.

Tyler Durden Mon, 06/29/2026 - 16:20

Hormuz Tanker Traffic Plunges After Fresh US-Iran Strikes

Tanker traffic through the Strait of Hormuz tumbled since late last week, as ship owners and operators froze up amid the renewed hostilities between Iran and the US over the weekend.

The Thursday attack on the container ship Ever Lovely prompted some shipowners to pull back and wait for additional information about how safe transiting the Strait is. The U.S. military on Friday carried out strikes on Iran in response to the attack on the vessel.

Then, on Friday and Saturday, the US Central Command (CENTCOM) forces conducted strikes against multiple targets in Iran, in response to attacks on two vessels near the Strait of Hormuz. On Saturday, an Iranian attack on a Panama-flagged oil tanker, Kiku, while it was transiting the Strait of Hormuz prompted additional strikes by the U.S. forces. Kiku was carrying more than 2 million barrels of crude oil, the U.S. armed forces said.

“After yesterday’s U.S. strikes in response to the Iranian attack on M/V Ever Lovely, Iran was given a chance to honor the ceasefire agreement but elected not to when its forces launched a one-way attack drone that hit M/T Kiku this morning at 4:30 a.m. ET,” CENTCOM said on Saturday.

The attacks on commercial vessels and the U.S. retaliatory attacks on Iran continue to test not only the fragile ceasefire, but also the willingness of shipowners and operators to press on with transits through Hormuz.

Since a weekly peak of vessels transiting Hormuz on June 24, traffic has materially eased, both in the outbound and inbound directions, according to ship-tracking data by Kpler compiled by Bloomberg.

After the flare-up this weekend, the U.S. and Iran have reportedly agreed to cease attacks ahead of tentatively planned new talks this week.

Although traffic through the Strait of Hormuz has resumed and more vessels are openly broadcasting their position, a return to normality is far from certain and far from near amid persistently volatile operating conditions in the Middle East and its key shipping lane.

Tyler Durden Mon, 06/29/2026 - 15:40

"You're Next!": Democrats Discover The Mob Has A Mind Of Its Own

Authored by Jonathan Turley,

“You’re next!”

This chant, at the victory celebration of the Democratic Socialists this week, was a message not for the oligarchs or the billionaires, but for House Minority Leader Hakeem Jeffries (D-N.Y.) and the Democratic establishment. They were threatening that Jeffries would be the next to lose his House seat to a socialist candidate.

It was a scene that has recurred throughout history, as establishment leaders are overtaken by the very mobs they sought to use for their own purposes.

For years, Jeffries has joined other Democrats in fueling the rage on the left in the hopes of becoming the next House Speaker. Whether calling for supporters to “fight in the streets,” denouncing the Supreme Court as “illegitimate” or posting an image of himself brandishing a baseball bat, Jeffries sought to portray himself as a class warrior worthy of the mob’s support.

Other Democratic leaders followed suit — especially Senate Minority Leader Chuck Schumer. It was Schumer who yelled threats at conservative Supreme Court justices in front of the court. A deranged man triggered by such rhetoric in the media later attempted to assassinate Justice Brett Kavanaugh. Schumer and others portrayed their opponents as Nazis who threaten the very existence of democracy, and they stoked class conflict to inspire resentment for the wealthy.

Former Democratic National Committee deputy chair Keith Ellison — now Minnesota’s attorney general — celebrated that Antifa would “strike fear in the heart” of Trump and his supporters.

Figures like Rep. Ro Khanna (D-Calif.) (who is reportedly worth half a billion dollars due to his wife’s inherited fortune) have attempted to ride the rage wave by advocating a billionaire’s tax that is presumptively unconstitutional.

By the time these establishment figures realized their armchair-revolutionary rhetoric would not convince the mob, it was too late.

Jeffries and figures like former Speaker Nancy Pelosi (D-Calif.) had endorsed candidates such as Rep. Dan Goldman (D-N.Y.), who perhaps more than anyone else personified the problem. He was the attack dog of the establishment, fueling rage and promising a spate of impeachments. But what the left saw was a trust-fund baby who had inherited a fortune, owns three houses, and has publicly pledged to use his inheritance to fund his reelection. He came across as the Democratic Richie Rich, and he lost on Tuesday by more than 30 points.

In my book Rage and the Republic, I discuss how these Democratic leaders are following the same self-destructive pattern of prior establishment figures in history who thought that they could use mobs against their opponents while hoping that they would be overlooked.

The American and French Revolutions were contemporary movements based on Enlightenment principles. But whereas our Revolution went on to become the world’s oldest and most stable republic, the French Revolution became the blood-soaked Terror. The French Revolution was not some spontaneous uprising of the proletariat or underclass. It was led by relatively affluent figures on the left, from aristocrats to journalists to lawyers. Maximilien Robespierre, who would later declare terror a virtue, was a lawyer who helped organize the revolutionary Jacobins.

These educated and affluent figures turned to working-class radicals as their muscle to terrorize their opponents. And not long after executing aristocrats and clergy, the radicals turned on the Jacobins themselves. “Moderates” were sent to the guillotine by Robespierre and his henchmen as they clung to power. But eventually, the mob came for them, too.

After the Terror, French writer Jacques Mallet du Pan wrote, “Like Saturn, the Revolution devours its children.”

After candidates endorsed by socialist New York City Mayor Zohran Mamdani easily swept aside the establishment candidates in Jeffries and Schumer’s backyard, politicians and pundits began to panic. They never imagined the mob would turn on them.

Even liberal media figures such as Ezra Klein and pandering academic figures have become targets of the left. Berkeley Law Dean Erwin Chemerinsky, who has called for the effective trashing of the U.S. Constitution, had law students staging protests in his own home.

Others have sought to stay at the front of the mob. Rep. Rashida Tlaib (D-Mich.) denounced the lengthy sentences handed down to nine violent Antifa figures in Texas for their roles in the ambush and attempted murder of a police officer who had responded to the disturbance they were creating at an ICE facility. The officer, Alvarado Police Lt. Thomas Gross, barely survived a bullet to the neck.

In the meantime, the mob is continuing its rush toward socialism and communism. One of those elected in New York, Democratic Socialist Darializa Avila Chevalier, bragged about how she wiped her hands on the American flag as her fellow victors pledged to tear down core institutions, including the Supreme Court.

In Michigan, Democratic U.S. Senate candidate Abdul El-Sayed is soaring in popularity after campaigning with virulent anti-Semite and extremist Hasan Piker. Piker was on hand to celebrate the recent victories as speeding along the socialist agenda to end capitalism and has promised the mob that “the American empire is going to inevitably fall.”

For some of us who predicted the rise of the American Jacobin movement, there is little joy in seeing Democratic establishment figures consumed by their own mob. They have been feeding a rage addiction in this country. Now they express surprise as protesters celebrate the assassination of Charlie Kirk and display guillotines at protests for those deemed enemies of the people.

After starting a brush fire, they have found themselves engulfed in the same flames with their targets. With Democratic voters now expressing support for socialism in record numbers and politicians pledging radical changes to our political system, they have proven again to be what Soviet communists called the “useful idiots” of the American left.

If history is any measure, we may soon find ourselves in the same position as Abbé Emmanuel Joseph Sieyes, who was considered the Thomas Paine of the French Revolution. When asked what he had done during the Revolution, the old abbot pondered the question and answered:  “I survived.”

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

Tyler Durden Mon, 06/29/2026 - 15:25

Oil Markets Are Pricing A Supply Surge That Isn't Guaranteed

Authored by Irina Slav via OilPrice.com,

• Oil prices are tumbling as tankers stream out of the Strait of Hormuz, but most of that traffic is stranded vessels finally allowed to leave, not new supply heading in.

• Iran struck a commercial ship near Oman this week even as the 60-day U.S.-Iran ceasefire holds and markets keep pricing in a supply glut.

• The U.S. strategic petroleum reserve is at its lowest level in four decades, and China may resume buying once it stops selling off the cargoes it's offloading now.

Crude oil prices are in freefall after the United States and Iran agreed on a ceasefire, set to last 60 days. Traders expect the ceasefire to unleash an avalanche of crude, and indeed, tankers are leaving the Persian Gulf in growing numbers. And yet Iran just struck a commercial ship in Hormuz.

Bloomberg reported earlier this week that the ceasefire prompted huge discounts in available crude cargoes, noting how Angolan crude was selling at a $10 discount to dated Brent—for the first time in a decade. Not only this, but Chinese refiners were offering crude oil cargoes for sale, the publication wrote, citing unnamed traders.

“You actually get a discount to buy a barrel now versus a barrel tomorrow because of the weakness in the Asian pull on Middle Eastern grades,” Daan Struyven, co-head of global commodities at Goldman Sachs, told Bloomberg.

“Reopening is going well and quickly.”

This appears to be the general feeling in trading and analyst circles. Indeed, analysts were somewhat baffled by the speed with which oil prices dropped amid the reports of more tankers exiting the Strait of Hormuz loaded.

“The market has rebalanced through a meaningfully different mix of demand losses and inventory withdrawals than we initially assumed,” JP Morgan commodity analysts said, as quoted by the Wall Street Journal. 

ING, however, sounded a note of caution.

“The market is largely focused on the resumption of oil flows through the Strait of Hormuz, which continues to increase,” the Dutch bank’s commodity team wrote today.

“However, much of the increase reflects previously stranded vessels leaving the Persian Gulf. Vessel flows into the Gulf remain much more modest.”

Indeed, the Wall Street Journal also noted in its report that while there has been a strong rebound in tanker traffic out of Hormuz, it is made up of stranded vessels finally allowed to exit the chokepoint. Incoming tankers, however, are nowhere near outgoing numbers. The publication cited the chief executive of Phillips 66 as estimating some 90 to 100 million barrels set to leave the strait and adding, “Then the question is: Who will be brave enough to send ships back in? Will they be able to get insurance? How does that all play out?”

Interestingly, Bloomberg also focused on the stranded tankers now leaving the Strait of Hormuz as the basis for its prediction that a flood of crude is coming into the market. The suggestion here is that oil markets are about to flip from deficit to excess in a matter of days, which was immediately reflected in prices. “The market might be a little bit overenthusiastic of how quickly the supply side, particularly inventories, are going to stabilize,” TD Securities’ global head of commodity strategy Bart Melek told the Wall Street Journal.

The reported Iranian strike on a commercial vessel in Hormuz earlier this week could give those overenthusiastic market players a pause, but for now, there is nothing to suggest it. Oil benchmarks are set for a sharp weekly decline despite a slowdown in the price movement following the news.

“With the geopolitical risk premium once again creeping back into prices, markets will be watching intently to see if tanker traffic resumes or if these latest hurdles force producers to tap the brakes on planned production increases,” IG analyst Tony Sycamore said as quoted by Reuters.

There is also the matter of inventory refilling. As Bloomberg noted in its report, echoing analyst warnings, the world handled the Hormuz crisis by tapping oil in storage. China’s contribution to relative market balance was seen as particularly notable, since the world’s largest importer of crude could afford to reduce purchases by dipping into its massive oil inventory, reducing oil prices’ potential for skyrocketing. Yet with flows out of the Persian Gulf improving, Chinese refiners may start buying once again—presumably, after they sell all the cargoes they want to sell right now.

The U.S. also needs to refill, and rather urgently, because oil in storage is at levels low enough to start worrying some observers, with the strategic petroleum reserve sitting at the lowest level in four decades, lower than when it was in 2023, after the Biden administration released close to 200 million barrels. At the end of the week ending June 19, the SPR had 331.2 million barrels in it. The thing to remember about oil in storage, whether in the U.S. or anywhere else, is that not all of these barrels are actually available. There is a certain level of crude in the system that needs to be maintained in order for the system to keep working—the so-called minimum operational level.

So, it appears that a lot more oil is coming out of the Persian Gulf, and this is, naturally, weighing on prices. Yet there are doubts as to whether the rate of this outflow can be sustained over a longer period once the stranded ships clear out, which is potentially a booster for prices. The issue of insurance also looms large over the tanker market, as does the strength of the U.S.-Iran ceasefire.

Tyler Durden Mon, 06/29/2026 - 14:40

Meta Restricts Engineers' Use of Claude Code And Codex Over Model 'Distillation' Concerns

Meta Platforms has instructed engineers in its Applied AI division to limit or restrict their use of Anthropic's Claude Code and OpenAI's Codex coding and agent tools, according to internal documents reviewed by The Information. The policy, driven by concerns over inadvertent model distillation, aims to prevent outputs from rival AI systems from contaminating Meta's own training data and model development processes for its Llama family of models (which, quite frankly, could only help).

The move reflects the increasingly zero-sum nature of frontier AI development, where companies aggressively protect the provenance and purity of their training data while seeking to reduce reliance on competitor tools. Internal guidelines referencing the restrictions date back to at least May, with the policy actively in effect as of late June. Meta has not publicly confirmed or commented on the directive.

According to the internal documents, strict limits have been placed on how engineers in the applied AI division can use the rival tools. The stated goal is to block "inadvertent distillation" of competitor model outputs into Meta's AI development pipeline. The scope is targeted: it focuses on engineers working directly on model building and applied AI initiatives rather than the entire engineering organization.

Claude Code from Anthropic and Codex from OpenAI are basically the industry standard now for professional developers engaged in agentic coding workflows. These desktop and app-based interfaces can plan, write, debug, and iterate on complex codebases, offering powerful assistance at relatively low individual subscription costs. That accessibility, however, has increased the potential surface area for the risks Meta is now seeking to contain.

What "Distillation" Means

Model distillation is a well-established technique in which outputs from a larger or more capable "teacher" model are used to train or improve a "student" model. In this instance, Meta is concerned that high-quality code suggestions, architectural recommendations, debugging logic, and reasoning traces generated by Claude or Codex could be incorporated - whether intentionally for productivity or accidentally through copied artifacts - into internal codebases, documentation, or synthetic training data.

The result would be a subtle transfer of competitor capabilities into Llama models. Beyond intellectual property exposure, the risk includes contamination of Meta's carefully curated training data pipelines and the creation of unintended dependencies on rival model behaviors. Secondary concerns involve proprietary Meta code and context being transmitted to external Anthropic and OpenAI servers during routine usage.

The move comes as Meta is locked in a high-stakes competition to close the capability gap with OpenAI, Anthropic, and Google - while simultaneously constructing massive internal infrastructure. The company has publicly emphasized its desire to reduce dependence on third-party AI services for both cost and strategic autonomy reasons. Restricting these widely used coding tools sends a clear internal message: engineers should build with Meta tools and data wherever possible.

TestContributor Mon, 06/29/2026 - 14:20

Biden's Own Party Heckled Him During A Speech, And Then He Embarrassed Himself

Authored by Matt Margolis via PJMedia.com,

It's been two years since Joe Biden's catastrophic debate against President Donald Trump, which ultimately made his party realize they could no longer pretend he was fit for office and forced him out of the race.

Two years later, Biden is still proving how unfit he was, this time stumbling through a combative speech in front of the very people who used to cheer him on.

Biden showed up Saturday night at the Maryland Democrat Party's Fight Back & Win Summit at Live! Casino & Hotel in Hanover, Md., to deliver a teleprompter-fed attack against Trump.

The crowd was full of party activists, the kind of room that should have been the easiest audience of his career.

Instead, hecklers interrupted him mid-speech, and by the time it was over, he struggled just to make his way off the stage.

Protesters screamed “Genocide Joe” through Joe Biden’s speech tonight.

Why are Democrats still dragging him out like this.

It’s just sad at this point. pic.twitter.com/pRk7SwAgWm

— Benny Johnson (@bennyjohnson) June 28, 2026

If Biden wanted to use the event to prove that he still has some fight in him, what he delivered instead was a reminder of exactly why the Democrat establishment forced him out of the race two years ago.

Of course, Biden put on a show with his usual attack lines.

He accused the president of wrecking America's alliances, enriching himself in office, and tanking the country's standing both at home and abroad, calling it "corruption on a scale never seen before."

This is from the guy who literally tried to put Trump, his political rival, in prison. 

Then came the line that should embarrass every Democrat in that room.

"Have you noticed that Americans are saying the economy under the Biden administration is a hell of a lot better than under Trump?" Biden asked, and the crowd actually applauded.

It's not, of course.

Rampant inflation under Biden crushed American families and handed Trump the White House back in the first place.

Trump has since gotten inflation under control, something Biden apparently can't bring himself to acknowledge even now.

Biden kept swinging anyway. "It's simply stunning to me," he said of Trump's conduct.

"He has no shame, and frankly it's embarrassing for the country. But Trump? Trump could care less."

He also went after what he called Trump's "vanity projects," ticking off a list.

"It's not just his vanity projects — tearing down the East Wing of the White House making room for his ballroom. Putting his name on the Kennedy Center. Building an arch in his own honor. Even hiring his own pool guy to fix the reflecting pool," Biden said, before adding, "Whoa — what a loser."

And then he got lost trying to exit the stage.

Joe still can’t find his way off the stage. pic.twitter.com/zO9wSb3Ef8

— Benny Johnson (@bennyjohnson) June 28, 2026

Two years after that debate stage exposed him to the entire country that was pretending everything was okay, Biden refuses to go away, embarrassing himself repeatedly for speaking fees because now that he’s out of power (or at least his autopen is), he has no other way to make money

Tyler Durden Mon, 06/29/2026 - 14:00

Iran Contradicts Trump, Refuses Talks 'At Any Level' For Coming Days, While US Delegation Travels To Qatar Summary

• Iran Foreign Ministry contradicts Trump on Doha talks: "We will not hold any negotiation meetings at any level with the American side in the coming days."
• US-Iran talks may resume Tuesday in Doha, Trump declaring the plan in a Monday Truth Social, with Steve Witkoff and Jared Kushner traveling to Qatar, though Tehran denies technical negotiations are scheduled.
• Qatar suspended most maritime activity as security deteriorates, while shipping through the Strait of Hormuz remains disrupted & slowed.
• Recent US-Iran strikes have clouded diplomacy, despite reports both sides have paused military action.
• Iran warned it could halt negotiations and said further US involvement in Hormuz would escalate tensions and delay the waterway's reopening.

//--> //--> Strait of Hormuz traffic returns to normal by July 31?
Yes 40% · No 61%
View full market & trade on Polymarket

*  *  *

Iran Intends to Administer Strait With or Without Oman

A couple of late Monday statements, including a declaration by Tehran that it is ready to implement its Hormuz Strait passage protocol with or without Oman:

• Iran's Deputy Foreign Minister says if they do not reach an understanding with Oman on the routes and arrangements of the Strait of Hormuz, they will in any case implement Iran's new sovereignty and policy in the Strait of Hormuz
• Iran President Pezeshkian says "Understanding is a bilateral matter. If the American side adheres to the memorandum of understanding, we will also fulfill our obligations"

Iran Foreign Ministry Contradicts Trump: No Talks will be Held

Earlier Monday a White House official said the Witkoff-Kushner delegation was en route to Qatar for Iran talks, but it's looking like Tehran will give the US a cold shoulder. Iran state Tasnim is citing Iran's Foreign Ministry spokesperson, who says:

"We will not hold any negotiation meetings at any level with the American side in the coming days," directly contradicting prior reports coming out of Washington.

Bloomberg is also confirming the new statement out of the Iranian side. President Trump himself early Monday morning stated on Truth Social: "Iran has requested a meeting. It will take place tomorrow in Doha." Also Fars has separately stated within the last hours:

"No nuclear negotiations have been held with the US so far, and there will be no negotiations on nuclear issues until Iran's conditions are met."

More latest:

IRAN SAYS DELEGATION WILL VISIT QATAR BUT RULES OUT US TALKS

So it seems Witkoff and Kushner will merely meet with Qatari and Pakistani mediators? It remains an open question whether the Iranians will be present in Doha at all. It could be Tehran is issuing the contradictory messaging in order to keep leverage and pressure up, or else to try and humiliate the White House. The Islamic Republic has been warning that more US military action against Iranian territory and in the Hormuz Strait could result in Iran walking away from the negotiating process altogether.

Witkoff-Kushner Delegation En Route to Qatar, Iran Mum

Bloomberg reports Monday that Special Envoy Steve Witkoff and Jared Kushner will meet with Qatar's prime minister on Tuesday to discuss the talks with Iran, also citing Axios which spoke to a White House official. Will the Iranians actually be there?

• On Wednesday US and Iranian technical teams will meet separately with Qatari and Pakistani mediators, Axios says
• Witkoff and Kushner will travel to Doha today: Axios

So it seems the US delegation is in motion, even as Tehran has as yet offered no concrete public confirmation that an Iranian high level team is in route.

Qatar Halts Maritime Activity due to Unravelling Security Situation

A big move from Qatar to halt almost all shipping in its maritime territory on Monday:

Qatar has recommended a temporary halt to shipping and some maritime activities in the country until further notice, without providing a reason. The Qatari Ministry of Transport said the precautionary measure includes recreational and fishing boats, jet skis and other vessels. Although no reason was given for the unusual step, the decision was made after Doha announced last night that a Qatari citizen was killed by shrapnel hitting a vessel due to 'military operations in the area,' but did not provide further details.

The Qatari MOT suspends all maritime activities until further notice. https://t.co/FjXvico7QB

— barry with the NED (@bonzerbarry) June 29, 2026

Bloomberg reported earlier in the day: Just a handful of vessels made open transits over the weekend in the strait.

Trump: Talks Continue Tuesday in Doha

After some persisting Sunday reports, including in The Wall Street Journal, said that last week's renewed tit-for-tat fighting between the US and Iran in the Strait of Hormuz had 'stalled' the next round of talks, President Trump stated on Truth Social Monday that a meeting on Iran would be held in Doha Tuesday. He stipulated that Iran has requested the talks.

"Iran has requested a meeting. It will take place tomorrow in Doha," Trump wrote on his social media platform in all caps. Axios reported late Sunday, citing a senior US official, that "We decided to stop all the kinetic activity" and make way for renewed talks.

NBC notes in the immediate aftermath of the statement, "There was no immediate reaction from Tehran. Hours earlier, a senior Iranian official denied any technical discussions were scheduled to take place."

"Technical teams working on the implementation of the initial agreement between the two sides are scheduled to meet in Doha in the coming days, a source with knowledge of the talks," the report continues.

Growing Tit-for-Tat Strikes Clouding Talks

Abbas Aslani from the Center for Middle East Strategic Studies has contextualized, "In the past few days the two sides have been flexing their muscles on this strategic issue – meaning the Strait of Hormuz, which is a leverage for Iran that can create a balance in the negotiations with the United States." He added: "This has been clouding the atmosphere of the talks. The Iranian senior negotiator said they are not expecting those technical talks to be held this week."

As for how this may or may not impact vessel traffic through the Strait of Hormuz in the wake of the MoU deal signing, and start of Switzerland technical talks earlier this month, Bloomberg reports that "Commercial shipping continued to move through the Strait of Hormuz at a reduced level after recent attacks on two vessels. A handful of vessels made open transits over the weekend, according to tracking data."

Last Friday into the weekend saw the escalatory spiral go into overdrive, as red lines continue to be tested. By early Sunday morning, both Bahrain and Kuwait came under direct Iranian attacks. The strikes came just hours after the Pentagon proudly announced it had pounded multiple targets inside Iran  - a move Washington characterized as "retaliation" for Tehran's continued harassment of commercial shipping lanes.

A short time before Trump's latest Truth Social post proclaiming Doha talks set for Tuesday...

Iran denies reports of scheduled technical talks with US in Doha
——
Iran’s Deputy Foreign Minister Kazem Gharibabadi stated on Monday that “no technical talks” with the US are scheduled this week in the Qatari capital Doha, refuting recent western media assertions. IRNA reports… pic.twitter.com/pvAY6tYjxS

— The Cradle (@TheCradleMedia) June 29, 2026

Tehran Threatens 'Complete Halt' To US Negotiations

Tehran is now threatening a "complete halt" to all diplomatic negotiations, despite that Trump has been signaling that the gloves are completely off if things spill over into next year: "There may come a point when we are no longer able to be reasonable, and will be forced to militarily complete the job that we very successfully started," he had said Saturday.

But then Iranian Foreign Minister Abbas Araghchi said on Sunday, "Any interference in this matter and any attempt to adopt new or separate arrangements compared to what is underway by Iran will only lead to more complicated situations and delays in the reopening of the Strait of Hormuz, and will fuel tensions." But for now, at least the two sides have 'agreed' to halt strikes, it was widely reported Sunday evening.

Overnight, Weekend Latest Developments

via Newsquawk...

• US CENTCOM announced that it conducted strikes against multiple Iranian targets on Saturday, on the orders of US President Trump, "in direct response to continued Iranian aggression against commercial shipping." In retaliation, Iran's IRGC responded by hitting 8 US military installations at the Ali Al Salem air base in Kuwait and the US Navy's Fifth Fleet in Bahrain, according to IRNA. However, in the early hours of Monday, a US official said technical talks with Iran are slated to continue on all areas of the MoU, while the official added that both sides will stand down for now and that vessels can move freely.
• US official said Iranian drone and missile attacks on Kuwait and Bahrain failed and that all Iranian projectiles were intercepted or missed, according to ABC News.
• Iran cancelled technical talks with the US scheduled on Sunday and cited recent attacks on the country and a failure to meet conditions outlined in the MoU with the US. However, it was separately reported that the US and Iran agreed to halt strikes and meet this week, according to Axios citing a senior US official. Furthermore, US and Iran technical talks that were scheduled to be held on Tuesday in Switzerland, which would focus on nuclear and other issues, have reportedly been changed and will now be held in Doha on Tuesday and will focus on the Strait of Hormuz and recent escalation.
• Iran’s Foreign Minister Araghchi said the US and Israel have violated the MoU, particularly the first clause, which hinders the restoration of regional security, while he also stated that Iran seeks to implement the MoU in good faith in accordance with the principle of commitment for commitment and that they will act decisively against contract breaches.
• Mediators have reportedly set up communication channels to de-escalate any incidents with technical talks set to continue, according to reports.
• Iran's President said they will get USD 6bln from Qatar of the USD 12bln of Iranian funds that were frozen due to US restrictions within Qatar, journalist Mallick reported.
• Israeli army said it attacked 3 Hezbollah headquarters in southern Lebanon last night.
• Israeli military has received no orders to withdraw from Lebanon, according to Al-Jadeed and Haaretz, citing an Israeli military source.
• Instructions have been given to the Israeli army to reduce the destruction of homes and infrastructure in areas of southern Lebanon it controls, Al Hadath reported citing Israeli media.
• Israel destroyed a Hezbollah underground tunnel in southern Lebanon, while Israeli forces reportedly shelled a Syrian village near the Golan Heights.
• Israeli PM Netanyahu and Defence Minister Katz said the IDF will remain in the southern Lebanon "security zone" after destroying a Hezbollah underground facility.
• Iran and Oman held the first meeting on the Strait of Hormuz, within the framework of Article 5 of the MoU, Mehr reported.

Tyler Durden Mon, 06/29/2026 - 13:45

A $1,000 Playstation 6? Sony Won't Sell "At Significant Losses" Anymore

The PlayStation 6 is shaping up to launch during one of the most challenging periods in recent consumer electronics history. Soaring prices for key components - particularly RAM and high-speed SSDs - have pushed the estimated component cost for the next-generation console close to $1,000, according to recent analysis. Combined with Sony’s latest comments to investors, this suggests that a significantly higher launch price than many had hoped for is no longer out of the question.

In a recent investor Q&A session noted by Wccftech, Sony made its position clear: the company does not intend to sell hardware at a substantial loss. A representative stated that absorbing all recent component cost increases is “not realistic,” noting that Sony has already implemented selective price increases outside Japan, as detailed in Sony’s official investor briefing. Importantly, the company reported that these adjustments have not hurt demand so far.

"As for pricing, it is not realistic for us to absorb all component cost increases, and we have already implemented some price increases outside Japan. At present, however, sales are proceeding as planned, and we do not believe this has led to a decline in customer demand. As a principle, we do not intend to sell hardware at significant losses. At the same time, we are carefully monitoring the market and continuing to evaluate our approach. We believe it is important for us to make every effort to ensure that customers fully understand the value we provide in relation to pricing."

This is a notable shift - as Microsoft and Sony had effectively subsidized hardware for years in order to gain market share. But thanks to elevated component costs due to insane prices, Sony appears unwilling to do that with the PS6.

How the hell is an average family supposed to afford a $1,000 gaming console? Sony apparently thinks it can justify higher pricing by clearly communicating the value - performance, features, and ecosystem - that the PS6 will deliver.  

Last week we noted that Xbox Series X/S consoles are also set for another price hike. 

According to The Game Business: 

Xbox Chief Strategy Officer Matthew Ball told The Game Business earlier in the month that there are already supply issues.

"I can tell you definitively demand for our console exceeds the supply," he told us. "We are putting them in as many stores as possible. We are producing them as quickly as possible. There is a severe limitation to how quickly we can do that, but it's not a question of appetite. We need to do more, but there are constraints here. And so there are, unfortunately, a number of different markets in which we do not have supply. There are other markets in which we have inadequate supply. That is a privilege as a company it is a challenge for us to figure out."

The Verge, meanwhile, reported that Xbox prices will jump starting August 11, with 512GB models increasing by $100 and 1TB models rising by $150. The price hike now means the Xbox Series S starts at around $499.99, while the disc-less Xbox Series X starts at $749.99 and the disc-drive version at $799.99. 

Tyler Durden Mon, 06/29/2026 - 13:40

DOJ Grand Jury Probes Neville Roy Singham's Marxist NGO Empire: Report

Perhaps we are finally learning why President Trump has taken to Truth Social in recent days to blast the socialists and Marxists who are transforming the Democratic Party into an anti-American movement that seeks to end capitalism and the Western world.

The party's leftward drift became so glaring last week that even top Democrats were forced onto mainstream media to address the party's dangerous shift toward the far-left.

The timing of Trump's Truth Social posts suggests the president may have been briefed on a federal grand jury probe in Manhattan examining alleged financial crimes tied to far-left, China-based tech financier Neville Roy Singham, who has reportedly funneled hundreds of millions of dollars into left-wing nonprofits, media operations, and activist networks that seek to sow chaos and spread communism inside the US.

Interesting https://t.co/HHh8RcM3gI

— Elon Musk (@elonmusk) June 29, 2026

Fox News' Asra Nomani reports that on Monday, U.S. Attorney Jay Clayton for the Southern District of New York, authorized by Acting Attorney General Todd Blanche, is examining whether Singham, NGOs he funded, or their leaders committed wire fraud, bank fraud, money laundering, or other financial crimes.

FIRST ON FOX: A federal grand jury is investigating China-based tech tycoon Neville Roy Singham over alleged financial improprieties involving $278 million that investigators say moved through his financial network over the past decade.

Federal investigators are examining… pic.twitter.com/cqqt9QthU6

— Fox News (@FoxNews) June 29, 2026

Prosecutors have issued subpoenas seeking bank records and other financial documents, according to Nomani's sources.

Nomani's team recently reported that Singham pumped $285 million through a Goldman Sachs donor-advised philanthropy fund and shell entities before it flowed into US nonprofits, while a broader review showed that $591 million flowed across five continents from 2017 through 2025.

More color from the report:

Of that money, Fox News Digital established a documented $278 million flowed directly from Singham into organizations that "sow discord" in the U.S., as House Ways and Means Chair Jason Smith put it earlier this year at a hearing a dynamics called "foreign malign influence."

Singham, who resides in China, has a long track record of assisting far-left entities, such as Code Pink and the Party for Socialism and other socialist NGOs, that oppose U.S. interests and support U.S. adversaries.

According to investigative reports (e.g., New York Times, 2023), Singham has worked closely with pro-CCP propaganda networks targeting the US.

From NYT:

What is less known, and is hidden amid a tangle of nonprofit groups and shell companies, is that Mr. Singham works closely with the Chinese government media machine and is financing its propaganda worldwide.

From a think tank in Massachusetts to an event space in Manhattan, from a political party in South Africa to news organizations in India and Brazil, The Times tracked hundreds of millions of dollars to groups linked to Mr. Singham that mix progressive advocacy with Chinese government talking points.

Nomani's report also stated that Treasury Secretary Scott Bessent recently met with Goldman CEO David Solomon to discuss the bank's philanthropic arm and its role in facilitating some of the transactions.

Nomani detailed Singham's transactions:

Step 1: Alleged Placement

Singham allegedly funneled $278 million from Shanghai into the United States through three key channels — the philanthropic arm of Goldman Sachs and two shell corporations that have since gone defunct.

1. $164,040,000 to Mutod LLC, a now-defunct shell corporation established in 2017, based in Chicago.
2. $110,376,701 to GS Donor Advised Philanthropy Fund For Wealth Management Inc., a philanthropy arm of Goldman Sachs, based in New York City.
3. $3,500,000 to Likewise Conceptions LLC, a now-defunct shell corporation established in 2017, based in Crystal Lake, Ill.

Step. 2: Alleged Layering

The three entities then pumped the $278 million into six nonprofits:

1. $167,540,000 to People's Support Foundation Ltd., a 501(c)(3) nonprofit established with a hotel address in 2017 in Chicago and Singham's wife, Evans, on the board.
2. $68,748,701 to Justice and Education Fund Inc., a 501(c)(3) established with a UPS Store address in 2018 in New York City with self-avowed communists, including Manola De Los Santos, on the board.
3. $22,440,000 to People's Forum Inc., a 501(c)(3) established in 2017 on W. 37th Street in New York City with Evans and De Los Santos on the board.
4. $16,760,000 to Tricontinental Ltd., a 501(c)(3) established in North Hampton, Mass., in 2017 by Singham friend and fellow Marxist ideologue Vijay Prashad.
5. $1,330,000 to CodePink Women For Peace, a 501(c)(3) established in 2009 in Marina Del Ray, Calif., by Singham's wife, Evans, and her friend, Susan Medea Benjamin.
6. $1,098,000 to Breakthrough BT Media Inc., a 501(c)(3) established in New York City in 2020 at the People's Forum headquarters with longtime American communist leader Brian Becker's son, Ben Becker, as editor-in-chief of its pro-communist propaganda outlet, Breakthrough News.

Step 3: Alleged Integration

The six nonprofits then funneled at least $223 million and other forms of support into a global network of organizations including:

1. People's Welfare Association, a 501(c)(4) established in 2019 with the address of a UPS store in Madison, Wisc., today reporting about $12 million in revenues transformed into grants to undisclosed groups around the world.
2. Countless unidentified organizations in six regions around the world, including Subsaharan Africa, Central America and even North America, receiving tens of millions of dollars.
3. The ANSWER Coalition, a communist organization whose Chicago address has been listed as the location of the Green Mill Restaurant, a regular haunt for 20th century gangster Al Capone, whom federal prosecutor Elliott Ness prosecuted and convicted for tax evasion.
4. The Party for Socialism and Liberation, a loosely-structured organization with shared leadership from the House of Singham, like the Becker father-son duo.

Related:

1. Is There A "Cuba Connection" Behind The Radicalization Of America's Nonprofit Left

2. Troubling Pattern Of Left-Wing Revolutionaries Targeting "Capitalists" Raises Alarm Over Youth Radicalization

3. "Wants To Be More Political Than His Daddy": Alex Soros Plows $103 Million Into Unhinged Democrats Ahead Of Midterms

4. Trump Jokes "I'd Be The Greatest Communist In History" As Democratic Elites Panic Over Socialist Hijack

For the first time, the American people may soon learn why parts of the Democratic Party's left-wing NGO ecosystem have been pushing a socialist revolution and the end of capitalism. These ideas do not appear to have emerged organically. Instead, the grand jury probe into Singham's funding network could expose what appears to be a broader foreign-influence network, with possible financial links potentially stretching through China, Cuba, Europe, and other anti-Western networks.

Tyler Durden Mon, 06/29/2026 - 13:00