Flesh-Eating Screwworm Cases Rise To 15 After New Detections In Texas: USDA

Authored by Aldgra Fredly via The Epoch Times,

The U.S. Department of Agriculture (USDA) said on June 21 that three more cases of the flesh-eating New World screwworm have been detected in Texas, bringing the total in the United States to 15.

The latest cases involved a lamb in Crockett County and two calves in Edwards County, Texas. The USDA said in a post on X that it would immediately begin releasing sterile flies outside the affected areas in Crockett County following the new detection there.

According to the agency, the new cases in Edwards County were expected because they occurred within the current affected areas, where sterile flies were already being released.

“Because a fly’s life cycle is an average of 21 days, it takes multiple reproductive cycles for populations to die off following sterile fly releases,“ it stated.

”As such, we may continue to see cases occur in already affected zones—a sign that our surveillance is working.”

The USDA said it would continue carrying out “aggressive eradication efforts” alongside state partners, including deploying tens of millions of sterile flies each week in and around the infestation area.

On June 11, the Food and Drug Administration authorized the emergency use of generic nitenpyram for treating New World screwworm infestations in dogs and cats that weigh at least 2 pounds and are more than 3 weeks old. The drug is made by Felix Pharmaceuticals.

Acting FDA Commissioner Kyle Diamantas said in a June 11 statement that the agency has spent nearly a year preparing for the possible arrival of the screwworm in the country.

“As of today, under the Trump administration’s decisive leadership, the FDA has issued ten [emergency use authorizations] and three conditional approvals for drugs to combat this threat, and this count will continue to grow as we receive more animal drug submissions and unleash American regulatory speed,” Diamantas said.

New World screwworms are flesh-eating parasites that infect livestock, wildlife, and, in rarer cases, humans. Screwworm fly maggots burrow into the living tissue of animals, causing severe wounds that can be fatal.

According to the Centers for Disease Control and Prevention, at least seven people had died from screwworm infections in Central America and Mexico as of Jan. 20.

Texas Gov. Greg Abbott also deployed all available state resources earlier this month to eradicate screwworms after the first confirmed case in South Texas on June 3.

The screwworm fly was officially eradicated from the United States in 1966 through a strategy primarily involving the release of sterile males, which mated with females, resulting in infertile eggs.

Tyler Durden Mon, 06/22/2026 - 21:45

Iran Oil Exports Through Hormuz Hit Wartime High

While other countries line up on either side of Hormuz, hoping for clarity whether they actually can cross this time, Iran isn’t wasting any time moving its oil out of the Gulf via the Strait of Hormuz after the US lifted the naval blockade outside the chokepoint and the U.S. and Iran discuss a framework on a lasting peace deal.

Even as Western shippers and insurers remain wary of the conflicting signals about how open the Strait of Hormuz really is - after all it was opened once before just to close hours later and remain shut for over a month - Iran is rushing to evacuate barrels it wasn’t able to push past the U.S. blockade over the past two months.

At least three supertankers, carrying a total of 6 million barrels of Iranian crude, moved to transit the Strait of Hormuz early on Monday, in open AIS navigation showing Singaporean waters as a destination, vessel-tracking data compiled by Bloomberg showed.

That’s the most Iranian crude openly making its way out the key Iranian oil port at Kharg Island and into the Strait of Hormuz in a day since the war began on February 28, according to Bloomberg.

The three tankers seen entering the Strait of Hormuz outbound on Monday were signaling destinations offshore Singapore, a known ship-to-ship (STS) transfer area for Iranian crude before loading on the tankers mostly bound for China’s independent refiners, the so-called teapots.

The surge in Iranian shipments out of the Gulf and into waters near the Malacca and Singapore Straits would give Iran a lifeline to boost its exports that had suffered from the US blockade in the past few weeks.

Tyler Durden Mon, 06/22/2026 - 21:20

Chinese Grid Operators Resist Plans To Boost Renewables To Power AI

Authored by Charles Kennedy via OilPrice.com,

Grid operators are concerned that the Chinese drive to hike the share of renewable electricity powering AI would raise the risks for power firms as peak demand at data centers is difficult to forecast.

Industry analysts and officials have told Reuters that the Chinese strategic priority of having renewables power the majority of electricity demand at data centers by 2030 may not be feasible.

“From what we understand, they (data centers) cannot really adjust power consumption load much,” Reuters quoted Pei Shanpeng, a director of Chinese power firm State Power Investment Corporation, as telling attendees at a recent industry conference in Beijing.

“GPUs are very expensive, so once they are purchased, operators want to use them as quickly and as intensively as possible,” the official added.

China plans to use massively its renewable energy boom to power the data centers.

The country has just launched the world’s first offshore wind-powered underwater data center, using seawater cooling and renewable electricity to reduce energy, water, and land requirements. The 24 MW-capacity Shanghai Lingang undersea data center demonstration was developed by HiCloud Technology and the state-owned China Communications Construction.

A report from last year by the International Energy Agency (IEA) stated that the data center electricity supply in China was dominated by coal with a near 70% share as of 2025, followed by renewables with nearly 20%, nuclear close to 10%, and natural gas accounting for the remainder.

Solar PV and wind would add nearly 90 TWh of additional electricity for data centers by 2030, “supported by an increase in the share of renewables in the grid electricity mix, provincial co-location mandates and policies to prioritise the construction of data centres in renewables-rich western China,” the IEA said.

However, analysts and industry officials say the data center sector isn’t a good fit for renewable energy because of the lack of visibility about peak demand from these power-sucking centers.

Tyler Durden Mon, 06/22/2026 - 20:55

"Optimism Has Picked Up": Retail Operators See Consumer Relief After Gas Prices Tumble

As soon as the national average for 87-octane gasoline at the pump dipped below the politically sensitive $4-a-gallon level early last week, we observed multiple institutional desks begin to forecast that the light at the end of the tunnel was beginning to materialize for consumers, especially working-class households that have been financially battered by surging fuel prices over the past several months.

UBS analyst Mark Paski told clients about "early signs of a turn in U.S. consumer discretionary."

Then, Piper Sandler Chief Global Economist Nancy Lazar told clients, "If inflation has indeed peaked, that will boost real incomes (nominal incomes have been solid), a positive for both real consumer spending and housing, but don't expect robust growth in either."

Gathering more ground-level intelligence about possible consumer sentiment shifts, or at least the early chapters of it, Wolfe Research polled 270 industry contacts on the consumer outlook this summer.

"Optimism has picked-up a bit relative to April/May, but there are persistent concerns about higher gas prices, inflation reaccelerating & price competition in the 2H," Wolfe Research analyst Greg Badishkanian wrote.

Badishkanian continued, "Our checks occurred last week and at that point optimism hadn't reached pre-war levels yet. They were still concerned that if the conflict dragged on, it would hurt their respective industries."

He noted, "When we asked some of the operators within more discretionary segments about the impact of a potential lasting peace deal, they all thought it would boost sales and profitability in the coming quarter or two."

Where has operator optimism changed the most versus two months ago?

The read-through: Consumer sentiment is stabilizing, but the improvement is uneven. The weakest categories are RV dealers, home improvement, boat dealers, beer, auto dealers, fast food, and casual dining, all of which remain negative.

However, the strongest categories are Harley dealers, powersports, ag dealers, short-term rentals, convenience stores, and lodging.

The Harley outperformance is an outlier.

Operators expected that if the US-Iran conflict persisted into July, the impact would only be slightly negative.

Badishkanian and his team spoke with operators across various industries. Here is what they had to say

Leisure

We met with Harley's (HOG) investor relations to discuss trends in the business and conversation primarily focusing around retail sales, sustainability of the business, inventories, & new product launches. HOG highlighted that retail sales are accelerating, and dealer sentiment is improving for them, but there is still work to be done in order to maintain the momentum of the top-line. The team reiterated that inventories remain healthy worldwide, and mgm has prioritized destocking. The launches of the Sprint and Sportster models were brought up in the conversation as key initiatives for maintaining momentum into 2027. Mgmt highlighted that despite the newer, lower-priced bikes being lower margin they expect them to profitable and bring in a newer entry level customer to Harley.

We caught up with Norwegian's (NCLH) VP of Investor Relations & Corporate Communications this week when we talked through the 3Q yields pressure, revenue management, marketing strategy, the Great Stirrup Cay initiatives, and shore side cost management. NCLH still expects 3Q yields to be under the most pressure for the full year, and the company has started to shift towards getting 2027 on the right trajectory. The Great Stirrup Cay Water Park and Pier are set to open on September 4th, with an expectation for 25bps of yield lift in 2026 and 75bps for the full year '27. The team also highlighted a greater focus on marketing spend, & corporate costs shoreside.

Restaurants

Yum! Brands (YUM) has entered definitive agreements to sell Pizza Hut for $2.7B. Pizza Hut (excluding Pizza Hut China) will be acquired by LongRange capital for ~$1.5B. In addition, Pizza Hut China will be acquired by Yum! China for ~ $1.2B. The company will continue to provide Byte (its proprietary tech platform), as well as select corporate services to Pizza Hut ex-China. Yum! expects the fees from these services to offset corporate G&A expenses historically allocated to Pizza Hut. Both transactions are expected to close in 3Q26.

FAT Brands completed the final step of its bankruptcy restructuring, with FBG Bid Co. acquiring assets tied to 13 concepts for about $595 million and transferring more than 1,700 restaurants to a lender-backed group. The company filed for Chapter 11 in January under roughly $1.5 billion in debt. Twin Peaks was sold separately for $359.5 million, and Smokey Bones ceased operations after no buyer was found.

Food Retailers

Kroger (KR) reported roughly in-line 1Q results with expectations and reaffirmed its FY outlook. ID sales ex. fuel increased +1.0% (64bps headwind from egg deflation) vs consensus at +0.9% and decelerated 60bps on a 2-yr basis from the prior quarter. Adj EPS of $1.58 missed consensus at $1.59. Kroger continues to expect ID sales of +1.0-2.0% (including ~130 bps headwind from IRA) with the midpoint in line with consensus at +1.5%. Operating profit of $5.0-5.2bn is 3.4% above consensus of $4.93bn, as questions persist about the level of price investments to come. The EPS range of $5.10 to $5.30 is 3c below consensus.

Ahold Delhaize (Not Covered) announced the nomination of Claire Peters as the new CEO of Ahold Delhaize USA. Ahold Delhaize US operates Food Lion, Giant, Hannaford and Stop & Shop supermarket locations in the US. Claire most recently served as the VP fo Worldwide Fresh at Amazon, but has also held roles at Woolworth's Group & Tesco.

Broadlines & Hardlines

The Joint Center for Housing Studies released their 2026 State of Nation's Housing report this week. The report and webcast to follow were cautious as the affordability crisis continues to worsen, remodel spend is still above pre-COVID levels and pull forward remains a challenge for the industry. Median Home Prices remain elevated vs median household income, at nearly 2008 highs, and affordable units supply continues to be constrained. Click here for our full takeaways and data parsing.

Target (TGT) continues to accelerate the pace of change in the business. One of the best examples of this is fun 101, where Target is allowing merchants to have more runway in these categories to make changes. Recent announcements like the Issac Mizrahi partnership, Olivia Rodrigo's exclusive music launch, and even increased focus on Trading Cards are driving customers back to TGT. We think further leaning into Fun 101 and these cultural events will be an important part of Target's go-forward strategy and whether the business can maintain momentum. Read Spencer's full takeaways here.

La-Z-Boy (LZB; not covered), a furniture manufacturer, reported F'4Q results which beat Street estimates, with F'1Q guidance also ahead of consensus. Management believes they have levers to drive growth in their business, while the timing of a return to growth in the broader industry remains uncertain, but remain optimistic about an eventual rebound in furniture and home furnishings, which historically grew +3% to +4%

CarMax (KMX; not covered) posted F'1Q (ending May 31st) results ahead of expectations with EPS of $1.31 vs FC 97c. Sales were up +6.2% to $8.01bn vs FC for $7.42bn, led by higher wholesale revenue, which grew +14% (units: +8.4%; avg selling price: +5.1%). Used unit comps were also better than feared at -0.8% vs FC -2.7%

A consumer inflection point appears to be approaching, but the timing still largely hinges on fuel prices staying well below the $4 national average.

Tyler Durden Mon, 06/22/2026 - 20:30

No New Laws Required... Private Biometrics Are Building The Digital ID Prison

Authored by Patti Johnson via The Burning Platform blog,

That “black pill moment” is arriving faster than many realize. Not primarily through sweeping new government mandates, but through private companies quietly normalizing biometric data collection under the banners of “security,” “fraud prevention,” and “child protection.” They are erecting the infrastructure for a world where you cannot easily participate in daily life, commerce, or even basic online access without surrendering your face, your license scan, or other biometrics. Once the systems exist and the data flows, laws can simply ratify what private actors have already made routine.

In a recent commentary “Digital ID Black Pill Moment”, I highlighted a sobering reality: 186 out of 198 countries already have digital ID systems in place. Only a shrinking handful of nations lack foundational national digital IDs. As I wrote, “the global push for digital IDs is far advanced, likely past the point of no return, aligning with the UN’s 2030 goal of universal legal identity and enabling a globalist digital currency system that could control access to everything.”

Facebook/Meta: Selfie or Stay Locked Out

Government mandates are not required to finish building the digital surveillance prison. Citizens are willingly submitting their biometrics to access social media sites. For example, I am no longer on Facebook. They banned me during the Covid era after I began sharing information about the true contents of the shots and alternative treatments. A friend just sent me a Facebook post and I could not view it without taking a selfie and sending it to FB. No way was I going to comply.

Try viewing certain Facebook posts or recovering a flagged account, and you may hit this wall. Users are increasingly prompted to submit a video selfie turning their head in different directions so the system can map facial geometry to “prove you’re a real person” or restore access. The company states it uses this to combat scams and compromised accounts, and claims the video is deleted after verification.

Here is what the prompt looks like:

blogger.googleusercontent.com

about.fb.com

This is not a rare case. It is quickly becoming the normal way companies handle account recovery, new account setup, suspected suspicious activity, or even basic access to articles and information on many websites. Your facial biometric data is sent to a private company that already holds huge amounts of user information and is under constant pressure and often partners with governments and international standards organizations.

Uber: Selfie + Driver’s License Scan Just to Ride

My husband recently tried to order an Uber ride and was required to submit a selfie plus front and back photos of his driver’s license before the app would proceed. Uber’s official materials describe identity verification (including selfies matched via facial recognition) primarily for drivers to prevent account sharing, and for riders it is often framed as optional for a “verified badge.” Yet real users are encountering these hard prompts in practice.

Here are examples of the verification flows Uber and similar platforms use:

ktla.com

i.ytimg.com

The stated reason is safety and trust on the platform. The practical effect is another private company harvesting and cross-referencing your facial biometrics and government ID data.

Banking, Finance, Telecom, and Beyond

Major banks now routinely use facial recognition or selfie verification for mobile app logins, high-value transfers, account opening (a process known as KYC, or “Know Your Customer” identity verification required by banking regulations), and fraud checks. Telecom providers require selfies for SIM card swaps (replacing your phone’s Subscriber Identity Module card) or account modifications. Gig economy platforms (such as ride-sharing or delivery services like Uber, DoorDash, or similar) use third-party services that demand selfie plus ID document verification. Some retail and payment systems are piloting biometric checkout.

Here is the kind of selfie/biometric prompt users see in identity verification flows used by banks and fintechs:

veriff.com

verifynow.co.za

Proponents say this reduces identity theft, speeds up processes, and improves security compared to passwords or one-time codes. The result, however, is the same: your face becomes the key to your money and services.

Driver’s Licenses Already Contain Biometric Data

Every U.S. state requires a facial photograph on driver’s licenses and state IDs.

That photo is biometric data. Many states’ DMV databases feed into facial recognition systems used by law enforcement. REAL ID standards and emerging mobile driver’s licenses (mDLs) are digitizing and enhancing this further. Eighteen states already have biometric-enabled digital driver’s licenses.

Age Verification Laws Accelerate the Trend

Florida’s HB 3 (Online Protections for Minors) restricts social media access for children under 14 and requires parental consent for 14- and 15-year-olds. To comply, platforms must verify ages using government ID or biometric data. The result is that adults, too, will need to submit ID or facial biometrics simply to access platforms like TikTok, Instagram, and others. Similar requirements are advancing under the UK’s Online Safety Act, which mandates robust age verification, including facial age estimation, for sites hosting potentially harmful or pornographic content, with ripple effects across social media.

Parents Should be the Gatekeepers Not the Government

Proponents argue these measures protect children from predators, explicit content, and addictive algorithms, while giving parents better tools to manage access. I believe the real solution lies with parents themselves. Parents should be the primary gatekeepers, setting firm limits and supervising where their children go online.

Today’s children, immersed in cell phones from a young age, are losing the ability to communicate effectively on a normal, personal level. If I were raising children now, I would not give them a cell phone. We grew up with perfectly fulfilling childhoods without them. Instead of relying on government-mandated biometric checkpoints, we should return responsibility to families. Yet the architecture being built creates a universal biometric gateway for internet participation: one that affects everyone, not just minors.

The Bigger Picture: Agenda 2030 and the “Cannot Buy or Sell” Infrastructure

This is not happening in a vacuum. It aligns with the UN’s Sustainable Development Goal 16.9 push for universal legal identity by 2030 and the broader frameworks of the Great Reset / Agenda 2030. Private companies are doing the expensive, politically risky work of normalizing biometric surrender and building interoperable databases. Once the data exists at scale, faces linked to licenses, accounts, transactions, and online activity, adding legal requirements for purchases, services, or internet access becomes trivial.

We are told it is all for safety, convenience, fraud prevention, and protecting the vulnerable. Yet the cumulative effect is a world in which opting out becomes increasingly difficult, anonymity erodes, and every interaction can be tracked, verified, and potentially scored or restricted through biometric identifiers.

The infrastructure for systems in which you “cannot buy or sell without an ID” is being assembled one prompted selfie at a time by Meta, Uber, banks, app developers, and verification vendors. This often happens before governments even pass the final laws.

We have been warned. The question now is whether we will continue feeding the system our most personal biometric data in the name of convenience, or whether we will recognize the trap while there is still room to resist, opt out where possible, demand real privacy protections, and support alternatives that do not require surrendering our faces to participate in society.

Tyler Durden Mon, 06/22/2026 - 20:05

Biden Judge Sparkle Sooknanan Blocks Trump Admin SAVE Act Database

A Biden-appointed federal judge - who quit her previous job as partner at the Jones Day law firm because they did work for the 1st Trump administration - just ruled against the administration's plan to create a database to verify citizenship to be able to vote in US elections. 

Judge Sparkle Sooknanan ruled on Monday that officials across several government agencies "haphazardly combined and repurposed the private information of millions of Americans, including citizenship data that they knew to be unreliable," in order to comply with the Trump administration's attempts to implement election integrity measures. 

A March executive order directed the Social Security Administration (SSA) to create a “State Citizenship List” derived from its data, naturalization records and the Systematic Alien Verification for Entitlements (SAVE) database, an existing database maintained by the Department of Homeland Security (DHS) that is used to determine eligibility for federal programs.

Since the EO, said Sooknanan, "states have partnered with the federal government to access the database and are actively removing United States citizens from voter rolls based on inaccurate information," she wrote in her 75-page ruling. 

"All in all, the federal government has knowingly trampled on the privacy rights of American citizens in a manner that threatens the sacred right to vote. This Court cannot stand idly by while that happens," she continued. 

According to Sooknanan - ruling in favor of the League of Women voters, efforts to establish the database were unlawful - and violated the Social Security Act, Privacy Act and Administrative Procedure Act.

BREAKING: We just won a court order blocking the Trump-Vance admin’s attempt to haphazardly consolidate Americans’ sensitive data into a massive government database.

This protects millions from baseless investigations and unlawful voter roll purges – a critical win for voting… pic.twitter.com/cZxduqtqRi

— Democracy Forward (@DemocracyFwd) June 22, 2026

Reacting to the ruling, far-left organization Democracy Now wrote "This protects millions from baseless investigations and unlawful voter roll purges – a critical win for voting rights." 

Meanwhile, DHS general counsel James Percival said on X: "t’s amazing how hard the Left will fight to stop us from solving problems they insist do not exist. Judge Sparkle Soknanan’s latest ruling preventing DHS from addressing alien voting is just the latest example." 

It’s amazing how hard the Left will fight to stop us from solving problems they insist do not exist. Judge Sparkle Soknanan’s latest ruling preventing DHS from addressing alien voting is just the latest example!

— James Percival (@DHSGenCounsel) June 22, 2026

Tyler Durden Mon, 06/22/2026 - 19:40

Waymo Recalls Robotaxis After Cars Drive Into Construction Zones

Authored by Jill McLaughlin via The Epoch Times,

Waymo has recalled its entire fleet of vehicles after some of its driverless cars were caught speeding into freeway construction zones.

The voluntary recall on June 13 of the California-based tech company’s 3,871 vehicles is to fix its 5th-generation Automated Driving System (ADS) software so that it will recognize and avoid construction zones.

“Waymo’s mission is to be the world’s most trusted driver, and the data shows that we’re making roads safer in the communities in which we operate,” a Waymo spokesperson told The Epoch Times.

The National Highway Traffic Safety Administration’s (NHTSA) estimates that the entire fleet carries the software defect, according to the agency’s safety report.

“Under certain circumstances the [autonomous vehicles] may enter and drive at speed in freeway construction zones due to inappropriately prioritizing the avoidance of other freeway hazards and/or failing to recognize the construction zone,” NHTSA stated in the report.

Waymo investigated one such incident on April 11 and five on April 19 in which Waymo cars autonomously drove past ramp closure signs into freeway construction zones in Phoenix, Arizona, according to the report.

The company’s field safety committee implemented driving restrictions on April 20 until more improvements could be made, according to the report.

On May 18, seven Waymo vehicles in the San Francisco Bay Area entered freeway lanes in construction zones by driving between cones designating the lane’s closure. In this case, the software did not prioritize avoiding the other freeway hazards or failed to recognize the construction zone.

The safety committee put restrictions in place after the May incident, Waymo reported.

The recall is a notice of the company’s intent to improve its software and address the problems.

Waymo voluntarily restricted freeway operations in May while making improvements to the software to avoid other freeway hazards.

No collisions or injuries were reported as a result of the construction zone incidents. The company started offering public riders trips using freeways last November in the San Francisco, Los Angeles, and Phoenix areas.

The 5th-generation Waymo Driver on the all-electric Jaguar I-PACE. Waymo

This is Waymo’s second full-fleet recall this year.

In May, the U.S. Transportation Department issued a recall of Waymo’s 3,791 vehicles after one of its vehicles drove into a flooded and impassable road in San Antonio, Texas, and was swept away despite the car detecting that the road might be impassable.

The company notified federal and state regulators before filing a voluntary federal software recall that was published by the NHTSA, according to a company spokesperson.

New Ojai Rides

On May 28, Waymo rolled out its newest vehicle—the Ojai—featuring its 6th-generation technology serving riders in San Francisco, Los Angeles, and Phoenix.

The boxy, baby blue robotaxi is a fully electric and designed to be fully autonomous. The vehicle is designed for full accessibility with braille and screen readers.

The 6th-generation Waymo Driver is integrated into the all-electric Ojai. Waymo

The doors open like an elevator and the cabin is meant to feel like a “living room on wheels” with large LED screens and customizable temperatures and music, Waymo said.

Waymo plans to expand Ojai’s service area to include Denver, Las Vegas, and San Diego before opening it to more cities later this year, according to the company.

Tyler Durden Mon, 06/22/2026 - 19:15

China Gold Imports Soar To Two Year High, As Hong Kong Gold Bar Imports Surge Ahead Of Clearing System Launch

China’s monthly gold imports reached their highest in more than two years in May, showing the world’s biggest buyer’s appetite for bullion remained resilient as prices remained under pressure; the number prompted some to scratch their heads as to where all this gold is going in light of tepid official central bank purchases, coupled with the lowest gold withdrawals from the Shanghai Gold Exchange since the covid outbreak. 

As Bloomberg reports, imports were around 163 tons last month, the highest since March 2024, according to customs data released on Saturday. Volumes for the first five months of 2026 were about 692 tons, up by about 76% from a year earlier. 

Chinese demand for physical bullion bars, as well as metal linked to gold accumulation plans (low-barrier products that allow investors to buy gold incrementally), have been among the main drivers of the surge, said Song Jiangzhen, a researcher at the Guangzhou Southern Gold Market Academy. 

China also started implementing a new import licensing regime for gold from June 1, with certain banks facing fewer restrictions. But the change may have prompted some banks to use up their existing quotas before the new system began, Song said.

Curiously, in its latest official monthly update, China's central banb, the People’s Bank of China (PBoC) only increased its gold reserves by nearly 10 tonnes last month, its 19th consecutive month of bullion purchases. The State Administration of Foreign Exchange (SAFE) announced on Sunday that China's official gold reserves rose by 320,000 troy ounces or 9.95 tonnes in May to a total of 74.96 million troy ounces or 2331.52 tonnes.

China's total foreign exchange reserves rose to $3.4422 trillion at the end of May, increasing by $31.7 billion or 0.93% from April. This is the highest level for China’s FX reserves since November 2015; they have remained above $3.3 trillion for the past 10 months.

SAFE attributed the growth of reserves to a number of factors, including a firmer US Dollar Index and rising global asset prices, adding that China's sound economic momentum has underpinned the stability of its reserves.

Experts have noted that China's rising foreign exchange reserves are closely linked to the country’s export performance.  China's total foreign trade in the first four months of 2026 rose to $2.39 trillion, an increase of 14.9% year-on-year, with exports rising by 11.3% percent to $1.37 trillion and imports rising 20% percent to $1.01 trillion, according to the latest data from China's General Administration of Customs

According to the latest central bank gold purchase tracker from Goldman, of the 59 tonnes of gold purchased by central bank in April, China's PBOC was estimated to have bought 24 tonnes of gold, or well below the recent pace of imports which are about 5x greater. While the pace of central bank gold purchases has moderated to ~50 tonnes/month on a 3-month (seasonally adjusted) and 12-month moving average basis, Goldman views the ongoing diversification trend as structural.

Goldman remains bullish on gold, with continued central bank diversification the main structural driver of the bank's constructive base case for gold prices, contributing 9% to its forecast for appreciation by Dec26. As we highlighted last week, a recent World Gold Council survey supports Goldman's optimistic view: a record 45% of the 76 central banks surveyed between February and May expect to increase their own gold reserves over the next 12 months, while ~90% expect global reserves to rise with the remainder expecting broadly stable holdings. As a result, Goldman assumes continued central bank accumulation of 50t/month in 2026 and 40t/month in 2027.

Meanwhile, as Kitco notes, China’s domestic gold market has shown definite signs of cooling in recent weeks. 

“Amid heightened market uncertainty, gold ETFs have seen an overall reduction in assets under management, with several funds experiencing significant net outflows,” noted a report from Gelonghui Finance. “As of June 3, 14 gold ETFs recorded combined net outflows exceeding RMB 10 billion [$1.48 billion] over the past month.”

“The previously widely accepted investment view of 'buying on dips amid falling gold prices' has started to face divergence under current volatile market conditions,” they added.

Gold prices have retreated by about a quarter from the record highs reached in January, weighed down by EM selling (most notably Turkey in the early days of the Iran war), and global inflation fears amid the war in the Middle East which have pushed the US dollar sharply higher. While strong buying from Chinese consumers was a key catalyst for the January frenzy, domestic demand has since moderated, but without a major slump.

Adding to the mathematical mystery, the latest numbers from the Shanghai Gold Exchange (SGE) showed that gold withdrawals in May totaled only 63.5 tonnes – the lowest level since February of 2020 during the first wave of the COVID-19 outbreak, and around half of what they were in March of this year. Industry professionals told Gelonghui Finance that “while short-term gold price volatility may persist, the core rationale supporting gold’s strategic allocation value remains intact over the medium to long term.”

In other words, there appears to be a gap between near record imports, tepid official central bank demand, and muted gold withdrawals from the SGE. 

This is not a new development: as we documented previously, China is well known for indicating just modest central bank purchases, even as total Chinese purchases of gold on the London OTC market are orders of magnitude higher. 

China reported 5 tonnes of gold purchases in February (160k oz per PBOC).
China actually bought 50 tonnes of gold in February (per GS) pic.twitter.com/oQifGszNcQ

— zerohedge (@zerohedge) April 13, 2025

Separately, Bloomberg also reported that at least four of the 11 banks participating in Hong Kong’s new gold clearing system are importing large bullion bars in preparation for the mechanism’s planned launch in July.

Traders are receiving orders from some of the clearing banks to move 400-ounce gold bars into the city, Bloomberg reported citing people familiar with the matter. The bars meet the London Good Delivery industry standard.

The 400-ounce bars are typically traded by banks and sovereign entities in London, the world’s largest bullion trading hub, but are less common in the Asian market, which is dominated by much smaller kilobars. The banks need to build up inventories to allow for physical delivery when clearing begins next month.

By launching its gold clearing system, Hong Kong is securing first-mover advantage in a push to become Asia’s preeminent hub for bullion trading. Last week, Singapore announced its own plans to launch a clearing mechanism by the end of the year.

Both cities are aiming to capitalize on strong demand in Asia, where many investors remain bullish about the long-term prospects for the precious metal as an alternative store of wealth despite the recent drop in price as the war in the Middle East fanned concerns around inflation and higher interest rates.

In an emailed response to questions, a spokesperson for the government agency behind the system, known as the Financial Services and the Treasury Bureau, said the clearing company had been “working closely with the market to formulate the framework and rules of the clearing system” and that preparatory work had entered its final stage.

Eleven banks are on the board of the Hong Kong Precious Metals Central Clearing Company. Some of these lenders will become clearing banks from the launch, whereas others will take longer to build up their bullion capacity. While Hong Kong plans to start by using the London Good Delivery standard, its future plans are still to be decided, the people said.

In Singapore, the clearing system will be aligned with the London Good Delivery framework for large bars, as well as delivery and settlement standards for kilobars adopted by major exchanges in Chicago and Shanghai.

Tyler Durden Mon, 06/22/2026 - 18:50

Ron Paul: Trump's Attempt To End The Iran War Infuriates The Uniparty

Authored by Ron Paul

Against the odds, the Memorandum of Understanding signed by the US and Iran appears to be holding, after threats and counter-threats. It may collapse, but it has survived a first round of talks between the two sides in Switzerland over the weekend.

President Trump started a war on Iran against all sober guidance and in violation of the US Constitution's requirement that only Congress can declare war. There must be a reckoning for our elected leaders who violate their oath of office, the Constitution, and simple common sense.

However, what is more telling is the reaction when President Trump finally took the correct move and attempted to end the war. The neocons who had hailed him as a great leader – Levin, Bolton, Pompeo, etc. – suddenly turned against him when he turned against further escalation of the war.

via CNN

Even Trump’s top funder, Miriam Adelson, attacked Trump in her newspaper Israel Hayom. "You could have been the greatest president of all, but you failed," the newspaper wrote in an editorial.

Not much gratitude from the Israel-first crowd, even if the war was started to benefit Israel.

And more telling even than this was the reaction of the "opposition" party in Congress, the Democrats. They attacked him harder for ending – or at least pausing – the war more than for starting the war in the first place!

Sen. Adam Schiff (D-CA) called the MOU a "capitulation." Sen Chris Murphy (D-CT) called the MOU an "embarrassing document." Sen. Amy Klobuchar falsely claimed that President Trump was paying Iran $300 billion to re-open Hormuz.

This is more evidence – as if any is needed – that our foreign policy is run by the "uniparty." When it comes to wars, there is no Republican Party nor is there a Democratic Party. There is only the "yes!" party.

Congress remains silent in the run-up to war. Congress remains silent when the President launches a war. Congress even remains silent when the war begins going badly. It is only on those rare occasions that a president takes steps to correct his mistake that Congress finds its voice.

Yes, there is plenty to criticize. After weekend talks, the US side, led by Vice President JD Vance, is celebrating as a "breakthrough" that the Strait of Hormuz is open again and that Iran has reportedly agreed to the return of UN inspectors. But the Strait was open before this war and UN inspectors were in Iran before President Trump unilaterally pulled out of the JCPOA "Iran Deal" in his first term.

The only difference now is that we burned through likely several hundred billion dollars, we lost dozens of aircraft and other military equipment, and we likely lost more service members than the Pentagon is admitting.

It is a reminder of why the Founders intended to make sure that any war must be declared by the people’' Representatives before the first bullet is shot: it should be very hard to launch wars.

Nevertheless, those who are truly against the wars should, in my opinion, hold their fire for the time being in hope that a lasting resolution can be found. The President is being attacked from all sides by the war party. Now may not be the best time for the peace party to join in.

Tyler Durden Mon, 06/22/2026 - 18:25

JD CEO Warns 700,000 Delivery Workers Will Be Replaced By Robots "Sooner Or Later"

The founder of China's largest e-commerce and logistics companies fired off a warning shot to hundreds of thousands of delivery workers that the rise of automation and AI adoption in the last-mile will result in hundreds of thousands of job losses "sooner or later." 

Richard Liu, founder and chair of JD.com, told the audience at the Asia-Pacific Economic Cooperation CEO Forum in Beijing on Sunday, according to the Financial Times, that 700,000 delivery workers will be replaced by robots "sooner or later."

"In the future, when robots are delivering parcels, sooner or later, there will be a day when couriers are basically no longer needed," Liu said, adding, "It will definitely be robots delivering parcels. But I really do not want our 700,000 brothers to go without meals, without jobs."

Liu's timeline for the robotic takeover of last-mile delivery was vague and uncertain, but a number of robot delivery companies are already in pilot programs or commercialization across major Chinese cities.

He said JD has signed deals with 120 schools to retrain couriers for roles such as robot maintenance and repair, noting that the rise of robots will require new technical jobs. 

Liu elaborated on the shift of some couriers into robot repair jobs, saying "robots are machinery . . . they will always, at some point, have faults."

His comments come as China's gig economy continues to expand, with temporary and blue-collar platform workers expected to reach 320 million this year, or about 40% of urban employment. At the same time, youth unemployment remains elevated, raising concerns that robotics and AI could squeeze both blue-collar and white-collar workers.

The pace at which China adopts automation across its economy should outpace the U.S., given that development is happening at hyperspeed and many of the world's robotics supply chains are based in the world's second-largest economy.

You were promised robots that take the night shift.

The pitch writes itself. Machines that never tire, never quit, never ask for a raise. The end of human labor as we know it.
Here's what the money actually bought.

Figure is worth $39 billion. It has 40 robots loading parts at… pic.twitter.com/eeLXjHKp82

— Rand Group (@randgroup) June 22, 2026

Earlier this month, Barclays internet equity analyst Ross Sandler published a note titled "Autonomous Food Delivery Likely Hits Critical Mass By 2030," outlining how automation in last-mile delivery could push delivery costs down to as little as $1 per order in the US. 

"The promise of autonomous food delivery is still a few years out, but showing very positive signals in markets that have been quick to embrace it. AVs should reduce the cost of delivery for both marketplaces (currently $8-$10 per order) and for consumers (tipping, $5 per order) down to as low as $1 per order," Sandler wrote in the note.

He continued, "As witnessed already in select APAC geos with low delivery costs, when this kind of improvement happens to the cost curve, consumer adoption should go through the roof. China's online food delivery penetration is 40% of orders in tier one cities, well ahead of the US, with cost being the biggest delta." 

"UBER and DASH have a number of strategies in place in both SDR (sidewalk delivery robotics) and drones, but claim that these efforts are not likely to hit a material percentage of orders until 2030 and beyond."

The analyst sees "sidewalk delivery robots as the nearer-term opportunity. Current costs are around $5 to $7 per drop, but could fall toward $1 over time as utilization improves. Drones offer faster delivery and a larger "wow" factor, but regulatory hurdles, battery limitations and airspace approvals make the path more complicated."

A recent UBS note on forecasts for global shipments of humanoid robots suggests the surge will begin later this year or next and really erupt in the 2030s. 

There was also news earlier that Nvidia is pushing to develop software and chips to improve humanoid robot safety and enable closer human interaction, including physical collaboration in workplaces.

First signs:

• $150 Humanoid Robot House Cleaning Service Threatens To Undercut Maid Services

The next evolution of AI is robotics, displacing blue-collar jobs in the physical world. We suspect the adoption rate will be much slower in the U.S. than in China because supply chains are not as robust in the West. But for workers in jobs that can be easily replaced by robots, such as last-mile delivery or production-line work, it may be time to find a construction job as the historic data center buildout progresses.

Blue-collar or white-collar, no one is safe from the AI revolution, as Goldman analysts revealed the top 20 college degrees most exposed to AI job disruption (read here). 

We suspect that, just like data center buildouts and localized resistance, there will be public uproar when jobs are eliminated by robots later this decade.

Tyler Durden Mon, 06/22/2026 - 18:00

"F**k Around And Find Out": Philly DA's Campaign Slogan Comes Back To Bite Him

Authored by Jonathan Turley,

District Attorney Larry Krasner is something of a bargain for Philadelphia. According to the Pennsylvania Supreme Court, he has not only been serving as the city’s prosecutor but effectively as its top public defender.

Krasner’s record is the subject of a scathing new opinion, which accuses him of leading a dishonest effort to undermine major criminal cases to engineer new trials for defendants.

Krasner has long cultivated a reputation as the champion of the left. We were both liberal students in the same class at the University of Chicago. While I moved to the political center, Krasner moved even more dramatically to the far left. Funded by George Soros as part of his campaign to elect social justice warriors as prosecutors, Krasner has used his office to threaten to arrest FBI agents and to “hunt down” ICE officers, to the delight of the far left.

The chest-pounding has not resulted in any such roundups, but the press remains good for Krasner in cultivating his image as the avenging angel of the perpetually enraged.

That is why the recent opinion from Pennsylvania’s Democratic-controlled Supreme Court was so surprising. It appears that even these liberal justices have had enough.

In Commonwealth v. Brown, Justice Kevin Dougherty (joined by Justices Sallie Updyke Mundy, Kevin Brobson, and Daniel McCaffery) denounced Krasner and his office for a pattern of misleading and mendacious filings to undermine the criminal cases of murderers and other convicts.

These defendants filed for relief under Pennsylvania’s Post Conviction Relief Act.

The Act allowed for an adversarial process to determine whether defendants should receive new trials. However, the district attorney’s office routinely abandoned the field, leaving defendants essentially unopposed in their demands.

The Supreme Court wrote that such concessions robbed the public of “the benefits of opposing advocacy.”

It went even further in alluding to Krasner’s possible political and ideological motivations in pandering to the far left.

“When relief is not dictated by the record and law but merely advocated for personal, political, ideological, policy, or other non-legal reasons, a prosecutor’s concession does not minister justice,” the opinion states.

“It facilitates injustice.”

Then came the haymaker — a finding that Krasner’s concession was “not reliable” and that Krasner’s office had “violated its duty of candor,” “withheld material evidence from the court, opposed efforts by amici to gain access to this evidence, submitted a false stipulation of fact, misstated facts in its pleadings, failed to conduct a reasonable investigation, and opposed a required evidentiary hearing.” In this case, the justices wrote, the “predictable result was the erroneous grant of a new trial.”

The justices cited a pattern by which, since 2018, his office has conceded relief in roughly 100 murder cases like the one at issue. It found that his office engaged in “numerous instances of untrustworthy concessions, lack of candor, misrepresentations of fact, lack of adequate investigation, and avoidance of hearings. And the problems are poised to continue.”

The justices were clearly alarmed because there are more than a thousand cases still in the pipeline, and Krasner’s office is expected to continue what they called “its checkered concession program.”

To give you an idea of the cases where Krasner’s office struggled to undo the conviction of murderers, consider the facts of the 1984 case of Robert Wharton. Wharton was convicted of first-degree murder and sentenced to death for the 1984 strangulation and drowning deaths of Bradley and Ferne Hart. Wharton was upset about a debt, so he broke into their home, killed the Harts, and then turned off the heat, leaving their seven-month-old baby, Lisa, to freeze to death. The baby miraculously survived.

The court expressly cited Krasner’s prosecutors for making misrepresentations to the court. That included the claim by Krasner’s office that the family of the victims had bizarrely favored undoing the conviction. It was later discovered that Krasner’s staff had consulted only one relative, who was not the couple’s surviving daughter. The daughter, in fact, vehemently and understandably opposed the move. Krasner was ordered to write apology letters to the family.

Ultimately, the actions of Krasner’s office were so outrageous in this case that a panel of judges disbarred his supervisor for repeatedly lying in an effort to overturn the conviction. Krasner’s subordinate, Nancy Winkelman, was also barred from handling cases before the court for three years.

In response, Krasner did what he always does: He suggested that the criticism furthered racism and threatened democracy. He declared that the criticism of his office “undermines the value of a vote in Philadelphia” and defended his staff as merely furthering the work of racial justice: “On the eve of Juneteenth, we should all remember that reform is necessary in every era. And that those who bring needed reform sometimes are made to pay a price.”

This is vintage Krasner. His office was found to be both dishonest and negligent, but the district attorney cites his own misconduct as proof that his office is fighting hard for racial justice.

It did not matter that in 2021 a court admonished Krasner for creating what amounted to an unconstitutional blacklist of police officers whom he would not call as witnesses, even if their testimony was required to convict a criminal.

It did not matter that Krasner was admonished by a state Supreme Court justice in 2022 for abusing the grand jury process in an unhinged effort to charge a police officer with a crime.

Krasner feeds a rage addiction with uncut, pure criminal justice crack. It is a formula that has served him well with the media and the voters. Like Atlanta’s Fani Willis, he actually turns court sanctions into a badge of honor with voters who distrust the police and the criminal justice system.

In fact, the more the courts condemn him, the more he suggests that the criticism is just evidence of a prejudiced, unjust legal system.

None of this comes as a surprise for a candidate who expressly adopted “F— around and find out:” as his 2025 reelection slogan. But courts are finding out a bit too much about how Krasner himself has been … well … messing around with the legal system.

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, 06/22/2026 - 17:40

"I Want Guns": Bill Maher Blasts California's "Ridiculous" Self-Defense Laws

Bill Maher just cornered California Democratic Rep. Ro Khanna when he admitted he 'wants a gun,' - but that it makes "no sense" to own one in California because "you might be the one to go to jail" for using it.

Khanna's answer was some grade-A bullshit. As The Vigilant Fox notes: 

Bill Maher confronts Ro Khanna over California's "ridiculous" gun laws.

Maher caught Khanna off guard when he revealed he wanted a gun — but complained it makes "no sense" to own one in California, because "you might be the one to go to jail" for using it.

Khanna tried to sound... pic.twitter.com/cf0nmkcINf

— The Vigilant Fox ? (@VigilantFox) June 20, 2026

MAHER: "What does the panel think of the Supreme Court ruling that habitual marijuana users can't be banned from owning guns? Now you have my attention... That's awesome. That's fair. I want guns and I can't have them because I don't, because it's illegal."

KHANNA: "You don't strike me as a gun guy. You would want guns?"

MAHER: "Of course!"

KHANNA: "Okay, I didn't know that."

MAHER: "Why wouldn't you want a gun?"

KHANNA: "I don't know. I mean, I don't have a gun, but I mean, I respect the Second Amendment. I just, I wouldn't have thought that you had guns."

MAHER: "I mean, I don't because of that! But yes. I mean, I can't expect the police to be everywhere like that... And of course, another complaint I would have about California is it almost makes no sense to have one because you almost can't use it! Because if you do, you might be the one to go to jail. I mean, you can shoot an intruder in your house, but you better do it exactly right. He better be in your bedroom facing you... You shoot him on the lawn, you're going to go to jail. I mean, that's kind of ridiculous, isn't it?"

KHANNA: "I'm for investing in police. I'm for having public safety. I don't think the answer to crime should be everyone takes justice into their own hands."

MAHER: "Even if there's somebody in your house?!"

KHANNA: "Well, of course, if they're in the house. Self-defense."

MAHER: "Well, that's what we're talking about."

KHANNA: "Yeah, but... there are cases where people have taken the law in their own hands, shot folks who are innocent."

Tyler Durden Mon, 06/22/2026 - 17:20

Slouching Toward Peace With Washington In Good-Cop/Bad-Cop Mode

Authored by James Howard Kunstler,

". . .They are running the Accords logic to its conclusion: every adversary becomes a counterparty, every conflict becomes a deal, every closed economy becomes an investable market."

- Patrick Wood

That squawking you hear is Iran getting dragged kicking and screaming out of its jihad delirium into something that might look like reality-based relations with the rest of the world. They have to loudly declare that it’s not happening, even as it’s happening, to gaslight their own home folks, who might be getting a little sick of economic free-fall — and probably sick of the IRGC regime itself. And, of course, they know that the Lefty-left half of the USA is rooting for this whole business to fail so they can get their mitts back on the levers of power to avoid prison.

Things are at a pretty pass, all righty. The sticking point of the moment is Lebanon. Everybody is twanging on Israel to quit fighting Hezbollah. Okay, but does Hezbollah not have some obligation to quit its provocations? And is Iran, which controls Hezbollah, not responsibile to make Hezbollah stop?

Notice, you don’t hear any of the kibitzers calling for that. That’s because getting Hezbollah to poke Israel in the eye with a sharp stick is Iran’s favored device for dragging out negotiations which, they apparently hope, will put POTUS in fear of the looming midterm election. But time is running out on their playing for time. What they’re actually playing is pretend — pretending to be living large and in-charge. They’ve got nothing else, really. They’ve driven their country into a ditch.

The US is in a straight-up good-cop / bad-cop mode. VP Vance, on-the-ground in Switzerland, presents the very picture of a smooth, cool, rational figure where it counts: face-to-face with Iranian leaders, after all these years. He calmly tells the world news media that “encouraging progress” has been made the first day toward a ceasefire in poor, sore-beset Lebanon. As of Monday, Iran’s Foreign Minister Abbas Araghchi concurred on “X.”

Meanwhile, President Trump was going mad-dog on social media. Of his relations with irksome Israeli PM Bibi Netanyahu, POTUS said, “It’s good, but we have to keep him a little bit sane.” He added, “Iran must stop their highly-paid PROXIES in Lebanon from causing trouble. If they don’t, we’ll hit Iran very hard again. . . bomb the shit out of them.” He advised the Iranian negotiators that they “won’t even make if back” to their country if they keep playing games, and declared that the US will take over the Strait of Hormuz, if necessary. A bit harsh, admittedly. Any trouble parsing it out?

Ghastly as all that might sound, the American negotiating position offers as much carrot as stick. Patrick Wood laid it out nicely in this Substack post. It’s about rearranging the economic “architecture” of the region and, by extension, the rest of the world, which requires a stable, reliable, not-insane Iran and a peaceful Persian Gulf to sustain advanced civilization. The Abraham Accords are designed to induce all the players in the Middle East to act as sovereign nations conscious of, and seeking, their economic best interests — not blocs acting-out large-scale gang warfare based on age-old revenge scenarios. We are simply asking Iran to accept re-integration into real world of transactional nations by joining in the Abraham Accords.

It’s to no one’s benefit for Iran to become a failed state, and that’s what Iran’s leadership is flirting with as they bluster and thwart the peace process. Don’t forget, their clock is ticking, too, maybe even louder than America’s midterm election clock. There’s evidence that the over-full storage capacity for their oil has already caused damage to their oil wells — because shutting down wells degrades the geology of the underlying oil-bearing rock. Inflation has gone wild inside the country, estimated around 70-percent. Iran’s aquifers have lost 90-percent of their water volume as a years-long draught drags on. Iran has to import around 30-percent of its food. Do you suppose these conditions might make everyday life pretty uncomfortable for the Iranian people?

As of Monday morning, VP Vance reported that talks have moved on to the nuclear material question: Iran agreed to offer access to nuclear inspectors from the International Atomic Energy Agency, the U.N. watchdog. They likewise agreed to establish “coordinating mechanisms” aimed at clearing remaining mines from the Strait of Hormuz and solidifying the ceasefire in Lebanon. That looks like actual progress. This was never going to be easy. Expect more bumps on the road. Iran was so far-gone and for such a long time. Show a little patience.

Also, meanwhile, some real fabulous news as Keir Starmer has opted to vacate 10 Downing Street. Good career move! He’s nearly wrecked what’s left of his country. Nobody knows yet who the Labour Party might shove in to replace him, but it’s sure to be another short-timer because the party itself is burnt toast, based on its overwhelming loss in recent local council elections.

Starmer was in office for just over two years. His predecessor Rishi Sunak also lasted less than two years and, before him, PM Liz Truss (remember her?) was gone after 50 days. Procedural rigmarole might drag out the process to replace Starmer until September, when Parliament returns from its summer recess. “Old Blighty,” as the natives sometimes call the UK, is an exceedingly troubled place. With Starmer lingering in office as the lamest of lame ducks, it’s going to be a long summer, and possibly a hot one.

Equally worrisome, at this fraught moment, are the EU’s efforts to start World War Three with Russia. The EU was behind the massive drone attacks against Moscow last week. Russian Foreign Minister Sergei Lavrov, announced plans for “massive group strikes” on Ukrainian targets on a regular basis. Getting spicey over there. All of this is a smokescreen to conceal the political death throes of virtually all the EU member-nation’s leaders — the feckless Merz in Germany, the wobbling Macron in France, the commie PM Pedro Sánchez in Spain, and Giorgia Meloni in Italy, who double-crossed her voters on ending illegal immigration.

Europe’s got nothing. . . but trouble ahead.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.

Tyler Durden Mon, 06/22/2026 - 16:20

Definium Soars As Much As 50% After LSD-Based Depression Drug Meets Late-Stage Clinical Trial Goal

Definium Therapeutics shares surged as much as 54% on Monday, reaching $37.90 in morning trading as investors reacted positively to developments in the biotech company's research pipeline and potential strategic opportunities.

Definium Therapeutics said its LSD-based depression drug, DT120, met the main goal of a mid-stage trial, reducing depression scores by 8.1 points more than placebo after six weeks, according to Reuters.

Patients showed improvement within one week after a single dose, with benefits remaining at 12 weeks. Analysts had said a 4–5 point placebo-adjusted improvement would be a strong result.

DT120, a psychedelic that activates serotonin receptors, was generally well tolerated, with mostly mild side effects occurring on dosing day and no serious safety concerns.

The trial included 149 adults with major depressive disorder, a condition affecting about 21 million U.S. adults. Recent U.S. policy has also encouraged faster development of psychedelic-based mental health treatments.

We noted back in April that psychedelic stocks were going "mainstream", pointing them out as one of the more interesting policy-driven biotech themes, arguing that a supportive regulatory backdrop could become a meaningful catalyst for the sector.

Since then, momentum has accelerated. The FDA unveiled new measures to speed research into psychedelic treatments for serious mental health conditions, while President Trump signed an executive order directing federal agencies to expand access to promising emerging therapies. The moves could accelerate development timelines for treatments targeting depression, PTSD, addiction, and other difficult-to-treat disorders. 

Tyler Durden Mon, 06/22/2026 - 15:45

Nadella's Hedge: Microsoft Wants To Make AI Models Cheap - Then Own The Rails They Run On

The entire AI capital cycle - roughly $700 billion in hyperscaler capex this year, an estimated $2 trillion-plus through 2028 - is collateralized by one belief: that intelligence is scarce, and therefore priceable. That belief is already under strain. Per-token inference prices have fallen on the order of 200× in a year, and the only thing holding revenue up is volume; the cost of intelligence is dropping even as the cost of deploying it climbs. Hyperscaler free cash flow is rolling over. The Fed has named AI capital spending a systemic risk. 

And after falling behind in the race to build the best AI, Microsoft is setting up for a massive hedge. The company is on track to spend north of $120 billion this fiscal year - most of it on GPUs and the data centers that house them, $37.5 billion in a single quarter alone, pushing free cash flow negative for the first time in a generation. That is a company betting intelligence is scarce. Yet to the Wall Street Journal last week, Nadella argued the opposite is coming - that intelligence is about to get cheap. The tell isn't a contradiction. It's a hedge: if you can't win the race to build the best model, you make the model worthless and own the road it runs on.

Microsoft is already executing on the hedge. In the weeks surrounding the interview, the company rolled out a new wave of lower-cost models and made Copilot Cowork generally available worldwide - an autonomous agent designed for long-running tasks that lets users (or the system) dynamically route work across multiple models, explicitly including cheaper options. Axios reported that Microsoft is also actively weighing whether to host a version of DeepSeek, the ultralow-cost Chinese model, directly inside Azure for Copilot customers. The model would be optional for users, fully hosted on Microsoft’s infrastructure, and wrapped in the company’s enterprise security, compliance, and data-residency controls.

These aren't side-quests, they are the product-level proof of the thesis: make intelligence abundant and interchangeable while keeping the customer, the data, and the workflow inside Microsoft’s perimeter.

Nadella believes intelligence is about to become abundant, interchangeable, and cheap, as a wave of agents routes work to the lowest bidder. And as the cost per unit of intelligence plummets, he wants Microsoft to own the rails it runs on.

Illustrative. Trend directions are schematic; the figures are point estimates drawn from 2026 hyperscaler capex guidance (~$700B) and reported per-token inference-price declines (~200× per year). Not a fitted data series.

In an interview last week with the Wall Street Journal, Nadella suggested that pitchforks would come out if just a few concentrated AI companies dominate the space, while using massive amounts of energy to do so. 

"You can’t say, hey, all white-collar jobs are gone and this could even be a weapon and we will use all the power to build data centers," he told the outlet, adding that the public wouldn't tolerate just a few models and companies "doing all of the learning for the world."

It's a clean argument. It's also the argument of a company under federal antitrust scrutiny, repositioning as the people's champion right before the regulators arrive. The civic case and the competitive case happen to point the same direction.

So it appears Microsoft has concluded it cannot win the model layer on raw capability. Instead, it intends to make that layer less decisive and relocate the moat to the layers it already owns. In Nadella’s framing, models become interchangeable commodities - “all hill-climbing inside a machine you control.” That machine is Azure + AI Foundry, the orchestration layer that decides which model (OpenAI, Anthropic, DeepSeek, open-source, or future Microsoft fine-tunes) handles which task at what price. Copilot becomes the persistent agentic interface that keeps the customer relationship. The real scarcity, and therefore the real moat, is the proprietary enterprise data and existing workflows that already live inside Microsoft 365, Dynamics, GitHub, and the company’s security and compliance boundary. Customers get the benefit of the cheapest or best model for the job without ever leaving Microsoft’s control plane or handing their data to a frontier lab. In short: as the model layer commoditizes, whoever owns the data gravity and the distribution layer gets to drink everyone else’s milkshake.

If Nadella is even directionally correct, the entire $700 billion-plus annual hyperscaler capex cycle - and the $2 trillion-plus cumulative spend projected through 2028 - faces a major structural problem. Per-token inference prices are collapsing far faster than volume is rising for many workloads. Free cash flow at the big spenders is already rolling over. The only way the math works is if intelligence becomes so cheap and abundant that total usage explodes, or if the hyperscalers successfully migrate margin upstream into orchestration, agent routing, fine-tuning on proprietary data, and enterprise distribution.

Microsoft is placing its bet on the second path. By pushing models toward commodity status while locking customers into Azure orchestration, Copilot agents, and their existing data estates, the company is trying to turn the very price collapse that threatens the capex thesis into a competitive advantage. The companies that spent the last two years preaching scarcity and hoarding frontier capability may discover they have built extremely expensive infrastructure whose primary output - raw intelligence - is rapidly losing pricing power.

Tyler Durden Mon, 06/22/2026 - 15:05

The Technical Backdrop: When Flows Meet A Hawkish Fed

Authored by Lance Roberts via RealInvestmentAdvice.com,

Here’s the setup most investors are underrating right now. Over the next two weeks, the tape will trade on plumbing rather than fundamentals. We just cleared the largest options expiration in history. Quarter-end pension selling comes next, and then July 1 reopens the passive-money firehose into a market that already routes forty cents of every S&P 500 dollar into ten stocks. The whole market technical backdrop points higher into July. But Kevin Warsh’s first meeting as Fed chair just put a rate HIKE back on the table, and that quietly changes the math underneath every one of those flows.

I want to give credit where it’s due. Scott Rubner, the chief equity and derivatives strategist at Citadel Securities, laid out the mechanical case in a note last week, and I agree with most of his map.1 Citadel sees about 35% of all US retail order flow, so when they describe positioning, I listen. The disagreement isn’t about the flows. It’s about what got armed underneath them on Wednesday afternoon.

The Setup: Two Weeks of Pure Mechanics

Three events are stacked on top of each other. First, Thursday’s quadruple witching, pulled forward a day because of the Juneteenth holiday, cleared roughly $8.3 trillion of US options exposure, about 28% of all listed open interest, and the biggest expiration ever recorded.1 That event strips a mountain of dealer gamma out of the market, which is the technical way of saying price gets less anchored and more sensitive to whatever flow shows up next. That’s the first piece of the technical backdrop heading into quarter-end.

Secondly, we are heading into the end of the second quarter. With the large surge in the financial markets, any allocation-based fund managers are now overweight equities and underweight bonds. As shown, the top 100 US pension funds are now roughly 110% funded, their healthiest position since 2001.1 

The reason that is important is that funded plans don’t press their luck; they de-risk. As noted, the “out of balance” mechanic suggests a risk of mechanical selling of equities and buying of bonds into the month-end. Any weakness that the “rebalancing” mechanic creates is a flow story, not a fundamental one. However, on July 1, that negative flow flips the switch the other way. Retirement contributions, target-date funds, passive allocations, and systematic strategies all reload at once.

The scale of that reload is the part worth sitting with. ETFs have already pulled in more than $1 trillion this year, running about 45% ahead of last year’s record pace.1 The average full year of ETF inflows through 2024 ran near $490 billion.

Read that again. Investors have committed twice as much as a normal year’s worth of money in under six months, and a growing slice of it is mechanical.

The Technical Backdrop Beneath the Headlines

Before we argue about flows, let’s anchor the technical backdrop in the actual price. The S&P 500 closed Wednesday at 7,420 after Warsh’s debut knocked 1.21% off the index, then rebounded roughly 1.2% Thursday to near 7,505 ahead of the long weekend.2,3 Even after the Fed scare, the index sits about 2% above its 50-day average, nearly 8% above its 200-day, and only a couple of percent under the all-time high it set this month at 7,620. The spring low of 6,344 is now seventeen percent below us.

That last point matters. As of Wednesday, only about 58% of S&P 500 members were trading above their own 50-day average.4 Healthy advances usually carry 70% to 80% of the index along for the ride. This one keeps making highs on the backs of a shrinking list of names. The index looks strong. The average stock inside it looks tired.

I won’t pretend the demand picture is anything but strong. Retail activity broke records in May and has pushed higher in June, with nine of the ten busiest retail trading days ever landing inside the last month.1 Corporations have authorized north of $925 billion in buybacks this year, the fastest pace on record through mid-year, and technology plus financials make up roughly 57% of it.1 When retail, passive, and the buyback machine all lean in the same direction, fighting that tape has been a losing game.

Here’s the problem buried inside the good news, and it’s the part of the technical backdrop that worries me most. All three of those buyers funnel into the same handful of stocks. Roughly 18 cents of every S&P dollar now chases semiconductors, 33 cents lands in the Magnificent 7, and close to 40 cents flows into the ten largest holdings.1 Leveraged ETFs have compounded it. Their assets hit a record $218 billion, up about 60% since the end of March, with semiconductor-linked leverage nearly tripling.1

Here’s Where I Part Ways With the Flow Note

Rubner’s call is that the path of least resistance stays higher into the back half of the year. On the mechanics alone, I’d struggle to argue with him. The seasonal record is genuinely strong, too. Since 1928, the S&P has risen 69% of the time in the first half of July, and the Nasdaq 100 has been positive in 17 of the last 18 years.1

So why am I not all-in on the bull case? Because the note was written one day before, the technical backdrop beneath it changed. The entire dip-buying reflex that Citadel documents rests on an unspoken belief that the Fed has investors’ backs. On Wednesday, Kevin Warsh quietly took that belief away. The committee held at 3.75%, but half the FOMC penciled in at least one rate increase this year, the easing bias vanished from the statement, and the S&P booked its worst first “Fed day” for a new chair since 1994.2,5 The ten-year yield jumped back toward 4.5%.3

Make no mistake about what that does to the math. Citadel’s own data shows the buy-the-dip behavior holds until the VIX climbs above 30. Today it’s nearly 17. That sounds reassuring. It isn’t. A 17 reading isn’t safety, it’s complacency, and complacency is precisely the condition Howard Marks warns about when he says the riskiest moment is the one that feels least risky. As Bob Farrell’s Rule #9 reminds us, when everyone agrees on the outcome, something else tends to happen.

And remember Farrell’s Rule #4: exponential moves go further than anyone expects, but they don’t resolve by going sideways. A market that runs on flows, leverage, and a shrinking group of leaders can absolutely melt up into July. It can also reverse hard the moment those same mechanical buyers turn into sellers. I’ve been writing for weeks that this is a tape driven by positioning more than fundamentals, and I covered the record retail ETF flows in a recent Daily Market Commentary. Strong flows are bullish until the catalyst arrives that makes them stop.

What the Technical Backdrop Means For Your Portfolio

None of this is a reason to sell everything and hide. It’s a reason to participate with discipline rather than abandon. The seasonal and flow tailwinds are real, and fighting them outright has cost investors dearly. We stay invested. But this is a tape to manage, not to chase.

In our portfolio models, we haven’t pressed our most extended winners, but trimmed the most stretched exposure back toward target weight. We also added to our defensive names and let our cash buffer continue to ride for now. As such, we keep participating without betting the account on a melt-up that depends on the Fed staying friendly. That’s the trade-off worth naming out loud. Carrying a little cash caps your upside if the market runs another leg. It also hands you dry powder if quarter-end selling or a Warsh follow-through gives you a better entry. I’ll take that asymmetry here.

Watch three things into the new quarter.

• The VIX. A move toward 30 is the level where, by Citadel’s own work, the reflexive dip-buyers go quiet.

• Breadth. If the percentage of stocks above their 50-day keeps fading while the index grinds higher, the divergence usually resolves the wrong way.

• Lastly, watch the long end of the curve. If Warsh’s signal keeps the ten-year climbing, the most expensive, most crowded, most rate-sensitive corner of this market, the same one soaking up forty cents of every dollar, is the corner that pays for it first.

The technical backdrop and the flows point higher into July. I won’t fight that into the new allocation cycle, but a tripwire just got armed underneath the whole thing. As such, the smart move is to keep one hand on the risk dial while you collect the seasonal tailwind.

Tyler Durden Mon, 06/22/2026 - 14:45

Another Ukrainian Drone Wave On Moscow Temporarily Shuts Down All Four Capital Airports

Yet another major Ukrainian drone attack wave on Moscow has shut down all regional airports, and sent parts of the capital city into temporary panic, and involved dozens of drones shot down overnight. Over 80 drones were intercepted in the past 24 hours, Moscow mayor Sergei Sobyanin announced Monday on Telegram.

He didn't offer numbers in terms of casualties or damage, but emergency services were dispatched to several areas, given there was debris fallout and key neighborhoods impacted.

Image source: Astra

Across Russia more broadly, hundreds of drones were reportedly downed overnigh, but most of the attacks seemed concentrated on the Moscow area.

The Moscow Times reports of the Moscow region's four commercial flight hubs, "Civil aviation authorities said operations at Sheremetyevo, Vnukovo, Domodedovo and Zhukovsky airports were suspended during the multi-hour attack for safety reasons. The flight restrictions were lifted later in the morning."

Much of the information on strike targets in Russia have come through Telegram and social media channels, and have remained unconfirmed on an official level, but various videos suggest a very large-scale attack.

For example, Sky News reports that "Another post claimed a factory producing electronics for Russian missiles had been struck in Voronezh, more than 100 miles from Ukraine."

All Moscow airports have been closed down due to drone attacks.

There are huge crowds as over 150 flights have been delayed or canceled. pic.twitter.com/lbngWIsBbw

— Anton Gerashchenko (@Gerashchenko_en) June 22, 2026

Meanwhile, Ukraine has also suffered significant damage and losses - including reports that a Russian drone killed three members of one family, among the victims ⁠a 13-year-old boy, in ⁠Ukraine’s northern ​Sumy ‌region, as cited in Reuters.

President Zelensky commented, "Yet today, Russia began this day not by honoring those who fell in World War II, and not with signals that could help bring the current war – Russia’s war against Ukraine – closer to an end. Instead, it began with more completely unjustifiable killings."

“This Russian war has no justifiable cause. Putin was driven by exactly the same motives as the aggressors who came before him. He shows the same contempt for human life. He is just as delusional about this absurd ‘empire’ of his that nobody needs. This war must be brought to an end.”

Ukraine has been escalating the aerial drone war - seeking to impose a high cost on Russia's industrial and military base - even as it continues to suffer serious manpower shortages along the front lines in the east...

What do you do when you are short of Patriots?
You do this to your enemy’s factory making electronics for ballistic missiles.
Hit the arrow-maker, not the arrow. Voronezh, Russia, today. pic.twitter.com/gqTp5QIMAd

— Yaroslav Trofimov (@yarotrof) June 22, 2026

Zelensky has also again vowed to bring the war to Russia - and in particular it has been rare massive attacks on Moscow which have been particularly devastating. Key energy sites have continued to be pummeled.

The end of last week saw one of the biggest single drone waves on Moscow, after which Russia has vowed to carry out frequent and "massive group strikes" against Ukraine.

Tyler Durden Mon, 06/22/2026 - 14:25

Nursing School Owner Pleads Guilty After Issuing Nearly 3,000 Fake Diplomas

Authored by Naveen Athrappully via The Epoch Times,

Carleen Noreus, who owned two nursing schools in South Florida, has pleaded guilty to her role in a scheme that sold nearly 3,000 fraudulent nursing diplomas, the Department of Justice (DOJ) said in a June 18 statement.

A person receives a vaccine in Los Angeles, in this file photograph. Robyn Beck/AFP via Getty Images

The defendant, 52, from Plantation, Florida, was president of the Carleen Home Health School Inc. in Plantation and vice president of Carleen Home Health School II Inc. in West Palm Beach.

"Noreus conspired with others to sell fraudulent nursing diplomas and educational transcripts to individuals who had not completed the required coursework or clinical training to earn Registered Nurse (RN), Licensed Practical Nurse/Vocational Nurse (LPN/VN), or Bachelor of Science in Nursing (BSN) credentials," the DOJ said.

"The fraudulent diplomas and transcripts falsely represented that purchasers had successfully completed the academic and clinical requirements of the schools when, in reality, they had not."

The documents allowed the buyers to take part in national nursing board examinations. Those who passed the exams obtained nursing licenses and employment in the healthcare sector.

In total, Noreus provided 2,956 fraudulent nursing diplomas through her two schools between April 17, 2018, and Oct. 8, 2025. Of the individuals who obtained fake credentials, roughly 2,274 passed the nursing exams, secured licenses, and gained employment in Florida and other parts of the United States. Both institutions have been shut down by state authorities.

The case is part of the second phase of Operation Nightingale, a multi-state law enforcement action launched in January 2023 to arrest individuals who sell fraudulent nursing degree diplomas and transcripts.

The operation led to 25 individuals being charged for the fraud scheme in January 2023. In a Jan. 25, 2023, statement, the DOJ said that more than 7,600 fake nursing diplomas were issued by three nursing schools in South Florida.

On Sept. 15, 2025, the DOJ said that 30 defendants were charged and convicted in 2023 as part of the operation. In addition, the department also announced charges against 12 people in phase two of Operation Nightingale.

Thirteen individuals have been charged in the second phase, including Noreus, the DOJ said in its latest statement. Noreus, who pleaded guilty to conspiracy to launder money and conspiracy to commit wire fraud, faces a maximum penalty of 20 years in prison for each count.

"Nursing licenses must be earned through education, training, and demonstrated competence, not purchased through fraud," said U.S. Attorney for the Southern District of Florida Jason A. Reding Quiñones.

"By selling thousands of fraudulent diplomas and transcripts, the defendant undermined the integrity of the nursing profession and our healthcare system. The Southern District of Florida remains committed to holding accountable those who profit by corrupting professional licensing processes and placing the public at risk."

Earlier this year, a Maryland man was sentenced to 21 months in federal prison in another case of nursing credential fraud, according to a DOJ statement issued on April 24.

The person sold fake documents in the name of a Virginia nursing school, which falsely affirmed that buyers had completed the required courses and training at the institution to secure nursing degrees. The individual also sold fraudulent nursing degrees from a Florida-based nursing school.

Nursing Shortage

The country's nursing workforce is projected to face a shortage in the coming years, according to a December 2025 report from the National Center for Health Workforce Analysis.

"At the national level, there are shortages projected until 2038. Specifically, there is a projected 8 percent shortage of registered nurses (RNs) in 2028. By 2038, the shortage is 3 percent (a shortage of 108,960 full-time equivalent [FTE] RNs)," the report stated.

"Nonmetro areas are projected to have a higher shortage of RNs than metro areas in each of the three interval years: 11 percent vs 2 percent in 2038, 18 percent vs 4 percent in 2033, and 24 percent vs 5 percent in 2028."

However, National Nurses United (NNU), a professional association of registered nurses with over 225,000 members nationwide, dismissed claims of shortages in a May 26 statement.

An analysis conducted by the group found that almost 1.15 million registered nurses in the country with active licenses were not working as nurses, the statement said.

NNU president Jamie Brown said the U.S. nursing sector is facing a "retention crisis" rather than a shortage, blaming "unsafe and unsustainable" working conditions for driving many nurses away from their jobs.

Tyler Durden Mon, 06/22/2026 - 14:05

Rep. Hunt: Racial Argument Against Voter ID Is 'Insulting'

Authored by Catherine Salgado via PJMedia.com,

Rep. Wesley Hunt (R-Texas) emphasized to Congress the importance of passing the election integrity SAVE America Act and rejected woke arguments against voter ID as racist and condescending.

Democrats’ idiotic arguments against requiring ID to vote include claiming that black Americans are somehow mysteriously unable to get IDs. Aside from the obvious elitism and racial prejudice of such a claim, it is practically impossible to live in America and not have identification. They are required at doctor’s offices, airports, bars, liquor stores, car rentals, welfare programs, and many more places. But somehow expecting IDs at polling places is unreasonable? 

Democrats claim requiring proof of citizenship to vote is racist and discriminatory.

I’ve been Black my entire life, and that’s one of the most insulting arguments I’ve ever heard.

✅ Black Americans can get IDs.
✅ Hispanic Americans can get IDs.
✅ Asian Americans can get… pic.twitter.com/x4HefeGKFE

— Wesley Hunt (@WesleyHuntTX) June 19, 2026

Hunt sarcastically said, “I've been black for my entire life. I had to bring up the most racist thing I've ever heard [which] is the insinuation by Democrats that black and brown Americans are too stupid to get an ID to vote, just like everybody else.”

The congressman continued, “I call this the soft bigotry of low expectations. Figuring out how to vote in this country is a very low bar, and we could all figure it out regard of your race, religion, color, or creed, and we should all want free and fair elections.” 

Except Democrats know they cannot win so many elections as they do without fraud, nor can they expand their control to new areas. They have no positive results to run on, no record of making any city or state more prosperous and more free. They need fraud to survive.

Hunt told Congress, “With me today — I'm not gonna pull mine out this time, but I have six forms of government-issued ID. How did I acquire that? Personal responsibility in this country. I've also heard a lot about Jim Crow here today. I'm here to tell you, Jim Crow is over, and I know it because my parents grew up in it.”

Democrats were the party of Jim Crow, ironically. But now they scream “racism” whenever anyone points out that they are pushing an awful policy.

Democrats cheapen and exploit the suffering their predecessors caused for political reasons.

As Hunt said, “And I think it's actually insulting to those that actually experienced the ills of Jim Crow” to compare getting an ID to that era.

“Having an ID to vote in our national election should be a requirement, which is why I stand [here] today, urging my colleagues on the left to support this bill. If you want secure elections, if you want your vote to count, vote for the Save Act.”

Unfortunately, that’s precisely what Democrats don’t want.

This debate was never about IDs, or about black Americans’ access to IDs, or about constitutionality.

It was always about one political party believing in our Republic’s system of elections, and the other party hating our Republic’s system of government and believing they should decide who our leaders are instead of We the People.

Tyler Durden Mon, 06/22/2026 - 12:45

Iran Tried To Bring IRGC-Linked Individuals Into US With World Cup Delegation: Homeland Security Chief

Via American Greatness,

Homeland Security Secretary Markwayne Mullin said Sunday that Iranian officials attempted to bring multiple individuals with alleged ties to the Islamic Revolutionary Guard Corps into the United States as part of the country’s World Cup soccer delegation.

Mullin made the remarks during an interview with Fox News as U.S.-Iran negotiations were

U.S. officials subjected members of Iran’s traveling delegation to heightened scrutiny after President Donald Trump directed the Department of Homeland Security to conduct extensive vetting of individuals seeking entry into the country.

Mullin said more than half of the additional representatives Iran sought to bring into the United States had connections to the IRGC, which U.S. officials view as a hostile military organization.

“When we started doing the research on him, he had only been put in place since 2022, and we didn’t allow him to board the plane,” Mullin told Fox News host Maria Bartiromo on Sunday, referring to the individual who had ties with the IRGC.

“The guy that tried to get on the plane yesterday had direct ties to the IRGC,” Mullin .

“We accepted 53 individuals coming in and the rest of the individuals that Iran had tried to bring in all also had direct ties to the IRGC and aren’t their normal traveling group,” he said.

Mullin said that the Iranian official who attempted to enter the United States was, according to Tehran, the president of the country’s soccer federation, noting that the Iranian soccer team playing World Cup games is based in Tijuana, Mexico. The team flies from Mexico into the United States when they need to play games.

The secretary said the administration anticipated that Iran could attempt to use the World Cup delegation to gain access to the United States and took additional precautions as a result.

According to Mullin, Trump authorized what he described as extreme vetting measures to screen members of the Iranian contingent.

“These games that Iran plays makes them an adversary that you can’t trust,” Mullin said.

Mullin did not provide additional details about the individuals who were denied entry or the nature of their alleged ties to the IRGC.

The Football Federation Islamic Republic of Iran called Mullin’s allegation “an outright lie.”

“The claim that an official representative of the Iranian football federation attempted to board a flight to enter the United States yesterday and was prevented from doing so is an outright and undeniable lie. This claim is so unfounded that those who made it are well aware that such an incident never occurred in the first place,” FFIRI said.

Tyler Durden Mon, 06/22/2026 - 12:05