As we highlighted in our regional bank meltdown summary post, there was a common theme between the two banks that got hammered yesterday, ZION and WAL: a single bankrupt counterparty that led to bad debt impairments at both banks. Now, thanks to Bloomberg, we can identify who that counterparty was. 

According to BBG, the bad loans reported by Zions Bancorp and Western Alliance Bancorp can be traced back to the bankruptcy of one commercial real estate investment firm in Southern California earlier this year. In the lawsuit filed on Wednesday - which also spooked investors and sent the stock plunging - Zions listed 16 addresses of properties pledged as collateral to more than $60 million loaned to an investor group. And when the Newport Beach, California-based real estate firm MOM CA Investco LLC filed for bankruptcy in February, six of those properties were listed as investments. 

So what happened with the loans?

Well, as Bloomberg reports, back in 2016 and 2017, when bankers at Zions subsidiary California Bank & Trust underwrote the loans they made sure the usual cushion to protect the lender was in the contract: Zions should be first in line for repayment should the borrower default and liquidate its assets, according to this week’s complaint, filed in LA County Superior Court against defendants including Gerald Marcil, Andrew Stupin and Deba Shyam.

But two things went wrong simultaneously. First, MOM CA Investco filed for bankruptcy protection, leading to a planned sale of some its properties. Second, it turned out that, for those buildings that served as collateral for the loans Zions issued, other firms actually were ahead in line of the Salt Lake City-based bank to be paid should the real estate be liquidated.

A similar situation hit Western Alliance. The Phoenix-based bank sued an investor group including Marcil and Stupin, claimed they manipulated loan structures in a way that wrongly stopped the lender from receiving debt repayments before anyone else. 

Western Alliance said the investor group still owes it more than $98.6 million. Those loans were meant to be secured by real estate in Stupin and Marcil’s investment funds, but the properties were already in foreclosure, which wasn’t disclosed to the bank, according to a complaint filed in August in Los Angeles.

In response, Marcil and Stupin's lawyer said in a statement that "my clients vehemently deny all the allegations of wrongdoing... These claims are unfounded and misrepresent the facts. We are confident that once all the evidence is presented, our clients will be fully vindicated.”

Digging deeper we find that behind the bankruptcy of MOM CA Investco is a group of Southern California commercial real estate investors who were friends before they became foes in court. The firm’s portfolio included a hotel in the exclusive enclave of Laguna Beach and an apartment complex worth $65 million in the town of Redlands, according to the February bankruptcy filing. 

The MOM CA Chapter 11 was dismissed in August. In the weeks leading up to the dismissal, the federal judge overseeing the case warned the property investors that the inability to get a deal wasn’t in their interest. And throwing the case out of bankruptcy, said US Bankruptcy Judge Brendan Shannon said, wasn’t the best option.

That’s because, once the case was over, creditors would be free to file actions in state court to try seize various properties and sell them at fire-sale prices. After several court hearings in which the two main players in the real estate empire remained at odds, Shannon dismissed the Chapter 11.

Mohammad Honarkar and Mahender Makhijani founded MOM CA Investco in 2021 as a joint venture. At the time, Honarkar also ran a business selling mobile phones, while Makhijani acquired and managed distressed real estate for investors through an entity called Continuum Analytics. Among the largest investors in Continuum were Marcil and Stupin, and its legal owner is Shyam.

But the partnership soon went south, with Honarkar accusing his partners, who controlled the company, of fraud. At one point during their dispute, Makhijani used armed guards to take over some of the properties, and hired mobile billboards to drive around Laguna Beach displaying pictures of Honarkar and accusing him and two city employees of corruption, according to court filings.

It gets even more bizarre: the investors sued by Zions and Western Alliance, Marcil, Stupin and Shyam, have additional ties to a variety of investment vehicles linked to Makhijani, court filings show. The three were among the founding investors of Nano Banc, for which Makhijani is one of the largest referral sources.

Nano Banc had loaned the founders more than $100 million, according to a March arbitration filing. And Zions found that for one property it had a first lien on, a building in Laguna Beach, the deeds were assigned to Nano Banc.

And the piece de resistance: another asset, an apartment complex in Bellflower, had a deed assigned to the other bank suing the investors: Western Alliance.

In short: unprecedented chaos... but it wasn't just a busted bankruptcy and potential fraud on behalf of a shady investor group. It was also a bizarre absolute priority rule waterfall shitshow, in which nobody knew whose claims were subordinated or priority, and the result was a free-for-call collateral grab which was not quite rehypothecation, but was very close, and the result is that the secured lenders - Zions and Western Alliance - have now ended up chasing the assets pledged to their loans in court as the assets are, as the South Park cartoon puts it so well, gone... all gone.

The good news is that we now know what happened in this particular case. The question now is why did the banks not figure all of this ahead of time, and more importantly, how many more such instances of a manged absolute priority rule are there?

Authored by Aldgra Fredly via The Epoch Times (emphasis ours),

President Donald Trump on Oct. 16 refiled his $15 billion defamation lawsuit against The New York Times, book publisher Penguin Random House, and three NY Times reporters after a judge’s earlier rejection of the case.

In a 40-page amended complaint, Trump accused the defendants of defamation over two articles and a book published last year ahead of the presidential election, alleging they contained statements intended to “wrongly defame and disparage” his professional reputation.

The lawsuit named NY Times reporters Susanne Craig and Russ Buettner, as well as NY Times chief White House correspondent Peter Baker, among the defendants.

According to the filing, among the alleged defamatory statements are claims that Trump received more than $400 million from his father through “fraudulent tax evasion schemes.” The complaint also cited The New York Times’s coverage of his role in the TV series “The Apprentice” and its statements about his compliance with federal tax laws.

“Defendants individually and collectively published numerous false, malicious, and defamatory statements while realizing that these statements were false, or, at a minimum, with reckless disregard for the truth,” the lawsuit reads.

Trump is seeking $15 billion in compensatory damages—consistent with his original suit filed on Sept. 15—and an unspecified amount of punitive damages, which will be determined upon trial.

The Epoch Times reached out to The New York Times and Penguin Random House for comment, but did not receive a response by publication time.

U.S. District Judge Steven Merryday previously tossed the original complaint due to its length, saying that it “stands unmistakably and inexcusably athwart the requirements of Rule 8” of the Federal Rules of Civil Procedure. The judge then gave Trump 28 days to amend the lawsuit.

The first complaint amounted to 85 pages.

A spokesperson for The New York Times previously told The Epoch Times that Trump’s lawsuit was meritless and called it an attempt by the president to “stifle and discourage independent reporting.”

In a Truth Social post announcing the initial filing on Sept. 15, Trump said The New York Times was “a virtual mouthpiece for the radical left Democrat Party,” citing its endorsement of then-Democratic presidential candidate and Vice President Kamala Harris during the 2024 presidential election.

“The New York Times has been allowed to freely lie, smear, and defame me for far too long, and that stops, NOW,” the president said in his post.

Trump also filed a lawsuit against Paramount over CBS’s “60 Minutes” interview with Harris, alleging that CBS edited the interview to benefit Harris in the election. Paramount paid $16 million to settle the lawsuit. Trump said in July that he anticipated another $20 million from Paramount’s “new owners,” which he said would come in the form of “advertising, PSAs [public service announcements], or similar programming.”

New York City mayoral candidates Democratic nominee Zohran Mamdani, his primary opponent Andrew Cuomo, and Republican nominee Curtis Sliwa squared off on Oct. 16 in a bid for the seat that current Mayor Eric Adams is vacating in 2026.

Adams dropped out of the race on Sept. 28.

The debate, co-hosted by POLITICO, NBC 4 New York, and Telemundo 47, took place at 30 Rockefeller Center in Manhattan.

Socialist New York City mayoral candidate Zohran Mamdani denies being a "communist," yet his limited job track record and history of promoting Marxist ideology raise alarm bells. He has long pushed nation-destroying policies, echoing the globalist agenda pushed by dark-money-billionaire-funded NGOs such as all things 'woke', and of course, the “defund the police” movement, made famous by the Marxist rioters BLM that helped trigger a nationwide crime wave in recent years. That’s one of the key reasons President Trump has deployed federal officers and National Guard members to certain progressive cities plagued by out-of-control crime because of police shortages.

And yet, after left-wing Democrats pushed toxic social and criminal justice reforms that sparked nothing but chaos, the democratic socialist still has strong odds of becoming the next mayor of New York City.

Here are the top five moments from the debate (courtesy of Fox News):

1. Mamdani flips on Hamas

During the debate, Mamdani appeared to backtrack on his position about Hamas laying down their arms, saying, "Of course I believe that they should lay down their arms."

Mamdani was responding to a question from a moderator who said his previous answer, which was made to Fox News anchor Martha MacCallum, was "confusing," after he dodged questions when she asked if he believes Hamas should lay down their weapons and leave leadership in Gaza, according to the cease-fire agreement they entered into.

"I'm proud to be one of the first elected officials in the state who called for a ceasefire," Mamdani said.

"That means all parties have to ceasefire and put down their weapons. And the reason that we call for that is not only for the end of the genocide, but also an unimpeded access of humanitarian aid. I, like many New Yorkers, and I'm hopeful that this ceasefire will hold."

Mamdani was also pressed by Cuomo on his refusal to condemn the phrases "from the river to the sea" and "globalize the intifada," both of which are widely seen as calls for the extermination of Jews. Sliwa pressed on this issue as well,  telling Mamdani, "Jews don't trust that you will be there for them when they are victims of antisemitic attacks."

Mamdani answered that he will be a mayor for all New Yorkers, saying, "Jewish New Yorkers who have told me about their fear in living in this city, and I will be a mayor who finally addresses that, not through the theatrics of the politics on the stage, but through action."

2. National Guard not welcome

President Donald Trump’s deployment of National Guard troops to major American cities also loomed large over Thursday night’s New York City mayoral debate.

Candidates were asked about the "threat hanging over the city" of National Guard troops being sent to New York City. All three candidates indicated they would oppose troops being sent to the city.

Mamdani asserted that "What New Yorkers need is a mayor who can stand up to Donald Trump and actually deliver on that safety."

"When Donald Trump sent ICE agents on people in Los Angeles, Andrew Cuomo said that New Yorkers need not overreact. That is the furthest answer that New Yorkers are looking for. They are looking for someone who will lead, someone who will say that they will have their back, someone who will actually fight for the people of this city," said Mamdani.

Cuomo, meanwhile, said that "the answer in the subways is not more National Guard" but rather "more NYPD is the answer."

3. ‘Literally has never had a job’

Cuomo attacked Mamdani’s thin resume, saying, "He has no experience."

"This is not a job for someone who has no management experience, to run around 300,000 people, no financial experience to run a $115 billion budget," said the former governor.

"He literally has never had a job. On his resume, it says he interned for his mother. This is not a job for a first timer. Any day you could have a hurricane, God forbid, a 9-11, a health pandemic, if you don't know what you’re doing, people will die."

Mamdani immediately shot back, "If we have a health pandemic, then why would New Yorkers turn to the governor who sent seniors to their death in nursing homes? That’s the kind of experience that’s on offer here today."

"What I don’t have in experience I make up for in integrity, and what you don’t have in integrity you could never make up for in experience," he added.

Cuomo dismissed the nursing homes dig as a political investigation that "went nowhere."

4. Defund the police continues to haunt Mamdani

Cuomo also knocked Mamdani for previous calls to defund the police and statements denouncing law enforcement.

"Respect the police. They’re not racists as the assemblyman calls them, they’re not a threat to public safety as he says, they’re not anti-queer, they are here to protect New Yorkers, work with them, fortify them," said Cuomo.

Sliwa jumped in at this moment to deliver a jab to Cuomo, saying, "That’s ironic that you say that now … your parole board released 43 cop killers back into the street. Your father, when he was governor, released none. I knew Mario Cuomo; you’re no Mario Cuomo."

In response to Cuomo’s attack, Mamdani said, "As much as Andrew Cuomo wants to bring up tweets from 2020, which is around the same time that he was sending seniors to their death in nursing homes, I am looking to work with police officers, not to defund the NYPD."

Mamdani again touted his plan to have "dedicated teams of mental health outreach workers" deployed to the top 100 subway stations with the highest levels of mental health crises and homelessness.

5. No love for Hochul

In a debate filled with candidates interjecting and talking over each other constantly, the room suddenly went silent when a moderator asked, "Show of hands. Who supports [New York Gov.] Kathy Hochul for re-election?"

Not a single candidate raised their hand.

Cuomo, who picked Hochul as his lieutenant governor, said, "We have to know who’s running."

Mamdani said, "It’s a decision that should be made after this general election."

He noted, however, that he believes Hochul is "doing a good job, and not only delivering for New Yorkers but also standing up to Donald Trump."

"Then endorse her!" Cuomo interjected. "Why don’t you endorse her?"

Mamdani noted, "I appreciate her support, and I appreciate her work," but said, "I’m focusing on November."

Sliwa signaled his support for the gubernatorial campaign of Rep. Elise Stefanik, R-N.Y., saying, "a Republican Mayor Curtis, a Republican Governor Stefanik … save this city."

*  *  *

Astaxanthin // Peak Focus // Mushroom 10x

Hmm. 

10 hours and 28 minutes ago

Visualizing The Compute, Cash, & Contracts That Power OpenAI

Visualizing The Compute, Cash, & Contracts That Power OpenAI

In order to train and deploy cutting-edge AI models like ChatGPT, OpenAI relies on a sprawling infrastructure network involving multiple billion-dollar entities, intricate contracts, and vast capital commitments. A new visualization from Made Visual Daily maps this infrastructure pipeline using three flows—compute, cash, and contracts—highlighting the increasingly circular nature of AI development funding.

The map, via VisualCapitalist.com, synthesizes data from public financial reports, media disclosures, and filings in an attempt to show who builds what, who pays whom, and where potential risk may be accumulating in the system.

The biggest nodes in the diagram are familiar names: Nvidia ($4.6 trillion), Microsoft ($3.8 trillion), TSMC ($1.5 trillion), and Oracle ($0.8 trillion).

OpenAI itself, valued at around $500B in its most recent secondary sale, anchors the middle of the chart. Microsoft, in particular, plays a dual role—both providing compute (via Azure) and injecting capital and GPU credits back into OpenAI.

The GPU Supply Chain: Scarcity, Dominance, and Dependency

The engine behind OpenAI—and much of today’s generative AI—is the Nvidia GPU.

But these chips don’t come out of thin air. The GPU supply chain is global and fragile:

• Design: Nvidia designs the chips in-house.

• Fabrication: TSMC (Taiwan Semiconductor Manufacturing Company) fabricates the chips at its advanced 5nm and 4nm nodes.

• Assembly: The chips are then packaged and tested by firms like Quanta and Foxconn.

• Deployment: Server makers such as Supermicro integrate them into AI-optimized racks and clusters.

• Delivery: These clusters are shipped to cloud providers like Microsoft Azure and CoreWeave.

Any disruption along this chain—whether geopolitical, economic, or logistical—can send shockwaves through the entire AI sector. That’s why the U.S. has placed tight export controls on AI chips, and why countries like China are scrambling to develop domestic alternatives.

Demand for H100s has grown so intense that cloud firms and startups alike are reserving capacity months or even years in advance. In rare cases, some even use GPUs as collateral to secure financing, reinforcing their role as a new strategic commodity.

Closed-Loop Capital and the AI Bubble Risk

What makes the modern AI ecosystem remarkable isn’t just the number of players involved—it’s how deeply interwoven their financial and operational relationships have become.

Microsoft, for instance, has invested over $13 billion in OpenAI, while also serving as its primary cloud and compute partner through Azure. Much of OpenAI’s model training runs on clusters powered by Nvidia GPUs, procured via Microsoft’s cloud infrastructure.

At the same time, Microsoft is the primary customer of CoreWeave, a rapidly growing cloud provider that also buys large volumes of Nvidia hardware—often financed through credit arrangements with private investors and funds.

This creates an interdependent web of capital, compute, and contracts, where the same dollars and chips circulate between a handful of firms dominating AI’s supply chain. Analysts have noted that such tight coupling could magnify shocks if demand or funding conditions change abruptly.

To dig deeper into the relationship between OpenAI and its backers, explore our related post: OpenAI vs Big Tech.

Tyler Durden Fri, 10/17/2025 - 15:00

10 hours and 46 minutes ago

Zelensky Desperately Pitches Drones For Tomahawks At White House

Zelensky Desperately Pitches Drones For Tomahawks At White House

Update(1542ET): In a somewhat lengthy Q&A with the press, Presidents Trump and Zelensky fielded a variety of questions before starting a closed-door meeting at the White House, with each leader's full delegations present.

All eyes have been on the potential decision to transfer Tomahawks to Ukraine, but President Trump at every turn dodged the question, and did not offer anything clear on Tomahawks one way or the other. But he did say at one point when asked about concerns over the Pentagon's own dwindling missile stockpiles that "I have to make sure we're stocked up as a country."

That opened up an interesting moment where Zelensky offered "thousands" of Ukrainian drones in exchange for receiving Tomahawks, though Trump appeared cool toward the idea, and noted that the United States already possesses excellent and cutting-edge drone production. The moment unfolded below:

BREAKING: Just as Trump says "hopefully they won't need Tomahawks," Zelenskyy chimes in and begs for them and wants to trade for Ukrainian drones.

Zelenskyy isn't so focused on peace today.

President Trump is LASER FOCUSED: "We would much rather have the war be over." pic.twitter.com/U4h2pWwvYw

— Gunther Eagleman™ (@GuntherEagleman) October 17, 2025

*  *  *

Astaxanthin // Peak Focus // Mushroom 10x

Just ahead of Ukraine's Zelensky arriving at the White House to meet with President Trump, Russia announced Friday morning that its forces had seized three more villages in Ukraine’s Dnipropetrovsk and Kharkiv regions.

Russian troops captured Pishchane and Tykhe in Kharkiv and Pryvillia in Dnipropetrovsk, the Kremlin said. The development in the Kharkiv region is going be met with particular alarm among Kiev's backers in the West, given that the Ukrainian's military's 2022 counteroffensive had actually retaken much of Kharkiv.

But the Russian military is clearly pushing forward again, and is eyeing the capture of Kupiansk next, which is a crucial logistics hub in the region.

Russia's military command has at the same time tallied its forces have captured eight Ukrainian settlements in total over the course of the past week.

A statement in TASS says "In the Kharkov direction, Battlegroup North units liberated the settlement of Tikhoye in the Kharkov Region through decisive operations... Battlegroup West units liberated the settlements of Borovskaya Andreyevka and Peschanoye in the Kharkov Region in decisive operations...battlegroup Center units liberated the settlements of Moskovskoye, Balagan and Novopavlovka in the Donetsk People’s Republic through active and decisive operations."

The Defense Ministry continued listing out: "Over the past week, Battlegroup East units liberated the settlements of Alekseyevka and Privolye in the Dnepropetrovsk Region," it said.

Without doubt, Moscow has timed its "announcement" touting the capture of all these locations to correspond with Zelensky's visit to Washington, also coming after Thursday's Trump-Putin phone call.

The only 'leverage' that Ukraine might have is related to its stepped-up long-range drone offensive which has wreaked havoc on Russian oil.

Nobody waited for Zelensky in Washington. So, his PR crew organised a stunt.

They lined up Jermak, the head of Zelensky’s Presidential Office and the pilots of the plane.

The PR female introduces Jermak as if Zelensky did not know his comedy ex-manager.pic.twitter.com/NYFqTz95Q4

— Alternative News (@AlternatNews) October 17, 2025

Depot after depot has been hit over the past weeks and months, including also vital oil shipping terminals on the Crimean coast. If Ukraine received long-range missiles from the West and the United States, it will certainly train them on such vital targets.

Tyler Durden Fri, 10/17/2025 - 14:42

10 hours and 48 minutes ago

Bubble Trouble: The Contrarian's Curse...And Opportunity

Bubble Trouble: The Contrarian's Curse...And Opportunity

Authored by Riccardo Cumerlato via BondVigilantes.com,

"Once upon a time, a learned man watched his friends grow rich by investing in a company that promised to revolutionise trade. Attracted by the prospect of easy riches, he joined the party, but was cautious at first, investing only small amounts. He even sold his shares for a tidy profit when he felt their price could no longer be rationally justified.

But, as the mania grew and the share prices kept increasing, he couldn’t resist… he bought back in, this time with more money, more conviction, and more confidence.

The bubble popped. He lost a fortune. The man was so shaken that he declared he could ‘calculate the motions of the heavenly bodies, but not the madness of people."

This story of Sir Isaac Newton and the South Sea Bubble of 1720 offers a cautionary tale about speculative excess, even among the most brilliant minds.

But why is it so difficult, even for one of the smartest people ever to have lived, to resist the lure of financial bubbles?

Human nature fuels the hype

During periods market exuberance, it’s not just valuations that defy gravity, so does reason. As Keynes famously put it, ‘It is better for reputation to fail conventionally than to succeed unconventionally’. In other words, it’s easier to join the crowd and be wrong together than to stand alone and be right too early.

For example, during the dot-com boom, financial news channels gave extensive coverage to IPOs, reflecting the excitement of the time.. Analysts who dared to question valuations were labelled ‘out of touch’.

Fund managers and analysts are human too –  reading the same headlines, hearing the same chatter, and many will feel the same level of Fear Of Missing Out (FOMO). When everyone else is riding the rocket ship, sitting on the launchpad with a sceptical look and a clipboard isn’t just lonely, it can be career-threatening.

The bubble becomes a social phenomenon, not just a financial one.

Betting against a bubble is structurally hard

Even if a fund manager has the courage to go against the grain, the tools to do so are hardly user-friendly. Going long is simple: buy, hold, and enjoy the ride. Going short? That’s a different beast.

Shorting equities means borrowing stock, posting margin, and paying dividends to the lender. If the stock keeps rising, margin calls pile up. In fixed income, shorting often involves paying the bond’s coupon out of pocket; negative carry at its finest. All the while, the bubble may continue expanding while others enjoy a windfall .

As Keynes (again) warned, ‘markets can remain irrational longer than you can remain solvent’. And irrational markets tend to be very, very solvent.

Short sellers during the meme stock episode faced significant challenges, highlighting the risks of contrarian positioning in volatile markets. Hedge funds betting against GameStop found themselves squeezed by retail traders armed with Reddit threads and stimulus cheques. The stock soared, losses mounted, and some funds were forced to close positions at eye-watering losses. It was a masterclass in how expensive it can be to be right too early, and a reminder that the market doesn’t always reward rationality.

Contrarians need saintly patience (and patient saints)

To survive a bubble, a contrarian needs not just conviction, but also investors who are aligned with a long-term philosophy and understand the nature of contrarian strategies. Take Warren Buffett in the late 1990s. While dot-com darlings soared, Buffett stuck to his guns; no tech, no hype, just fundamentals. Critics said he didn’t ‘get it’. His returns lagged, but his investors stayed loyal.

When the bubble burst in 2000, Buffett emerged unscathed, vindicated, and wealthier. His story is a reminder that sometimes the tortoise really does beat the hare, if the tortoise has patient shareholders.

Buffett’s success wasn’t just about his investment philosophy, it was about the trust he had built with his investors over decades. They understood that his approach was long-term, even if the market wasn’t. Compared to investor that are more reactive to short-term performance , Buffett’s investor base acted more like partners than clients. That kind of long-term perspective is invaluable when swimming against the tide.

Source: Bloomberg

All told, the contrarian’s road can be lonely and often met with scepticism. You not only have to be right about the endgame, but also have to stay invested long enough to enjoy it. As one market wit quipped, contrarian investing can feel like ‘standing in front of an oncoming train and mumbling, ‘it will stop…’

History shows us that overheated markets cool down – bubbles tend to burst – but often not before testing the resolve of those who challenge prevailing market sentiment. Yet for the fund managers who can resist the rally, deploy the right tools, and manage patient capital, the rewards of contrarian courage can be substantial.

Going  against the crowd in a bubble isn’t just a test of conviction, it’s an opportunity to shine when the dust finally settles.

Tyler Durden Fri, 10/17/2025 - 14:40

11 hours and 8 minutes ago

Pentagon blasts new Netflix gay US military series

The US Department of War has accused Netflix of feeding “woke garbage to their audience and children” over a new gay military show
Read Full Article at RT.com

Army standards are “uniform and sex neutral,” a spokeswoman for the department of war has said

The Pentagon has accused Netflix of producing “woke garbage,” over the streaming service’s latest show centered around a gay man joining the US Marines. The series premiered amid a campaign by President Donald Trump and Secretary of War Pete Hegseth to end “woke culture” in the military.

US Department of War spokeswoman, Kingsley Wilson, told Entertainment Weekly, it does not support Netflix’s “ideological agenda.” The US military “will not compromise our standards, unlike Netflix whose leadership consistently produces and feeds woke garbage to their audience and children,” Kingsley said, adding that the Pentagon is currently focused on “restoring the warrior ethos.”

“Our standards across the board are elite, uniform, and sex neutral because the weight of a rucksack or a human being doesn't care if you're a man, a woman, gay, or straight,” the spokeswoman stated.

Read more

Last month, Hegseth announced new personnel standards for the military, insisting on “male-level” fitness requirements to be able to face “life and death” situations on the battlefield. “Standards must be uniform, gender-neutral, and high. If not, they’re not standards,” he said at the time, arguing that any other approach would “get our sons and daughters killed.”

Back in February, the secretary of war also dismissed the motto “diversity is our strength” as the “dumbest” in military history. The Pentagon has faced recruitment shortages for years. 2023 marked the military’s deepest recruitment gap – of 15,000 – since the abolishing of the draft in 1973, according to a June report.

Republican lawmakers have previously blamed the problem on the department’s prioritization of diversity over military readiness, which allegedly drove would-be recruits away. A 2021 report commissioned by Republicans on the Senate Armed Services Committee found that the US Navy was focusing more on “wokeness” and diversity than winning wars.

Netflix has not responded to the Entertainment Weekly’s request for comment.

11 hours and 8 minutes ago

Auto Loan Delinquencies Surge 50% As Cracks Deepen Across U.S. Credit Markets

Auto Loan Delinquencies Surge 50% As Cracks Deepen Across U.S. Credit Markets

A month after bankruptcies of subprime auto lender Tricolor and auto-parts supplier First Brands, new cracks emerged in U.S. credit markets. This week, Zions and Western Alliance disclosed they were victims of loan fraud tied to funds investing in distressed commercial real estate. The revelations come amid broader credit trouble, and shifting our focus back to autos, there's new data this morning about credit products tied to the riskiest consumers that have seen a 50% surge in delinquencies. 

Bloomberg cites data from the credit-scoring company, VantageScore, which reveals that delinquencies among the low-tier consumers have surged 50% since 2010. Fueling the delinquencies is a perfect storm of record-high car prices, elevated interest rates, longer loan terms, and monthly payments that average nearly as much as rent for some folks. 

Since 2019, new vehicle prices have jumped over 25% to $50,000, while average monthly payments reached $767, with 20% of borrowers paying over $1,000 per month. Loan rates now exceed 9%, worsening the affordability crisis.

Notably, prime and near-prime borrowers are now defaulting faster than subprime consumers, as lenders tightened standards for the lowest-credit segment, according to the report. The average auto loan balance has risen 57% since 2010, and many borrowers are "upside-down", owing more than their cars are worth.

"We're seeing the cost of cars and the cost related to car ownership increase enormously," VantageScore chief economist Rikard Bandebo said in an interview. "In the past five years, it has increased even faster."

Bandebo continued, "That's a double... You've been hit by the increased cost of the car and then the financing cost of the car."

"Consumers now are in a more precarious position than they've been since the last recession," Bandebo said. "We've seen this growing trend over the last several years of more and more consumers struggling to make ends meet, and it's looking like that trend is going to continue into next year."

Here's the sequence of alarming events unfolding in the credit markets in recent weeks:

• Subprime Crisis 2.0? Red Flags Fly As Alleged Fraud Triggers Billion-Dollar Auto-Lender Bankruptcy

• "Worst Thing I've Ever Seen"; Trickle-Down Terror Of Tricolor Trouble Hits Alts

• Creditors Of Bankrupt First Brands Say Billions "Simply Vanished" Amid Debt Rehypothecation Nightmare

• Probably More 'Cockroaches': Finger-Pointing Begins In Private Credit As Managers Fear More 'Late-Cycle Accidents'

• First Tricolor Subprime Meltdown, Now UBS Warns: Consumer Weakness Spreading From Low-Income To Middle-Class

• Morgan Stanley's 3 Lessons From The Shocking Collapse Of First Brands

• DOJ Opens Probe Into First Brands' Shocking Bankruptcy

And by late this week:

• Regional Banks Crash As More Credit "Cockroaches" Emerge

• "This Is Crazy": Goldman Stunned By Regional Bank Meltdown; Its Clients Demand Answers To These 3 Questions

UBS analyst Jolie Ho commented on the credit market cracks:

Two U.S. regional banks, Zions and Western Alliance, said they were the victims of fraud on loans to funds that invest in distressed commercial mortgages, fueling concern that more cracks are emerging in the credit markets. Zions sank 13% on Thursday after it disclosed a $50 mn charge-off for a loan underwritten by its wholly-owned subsidiary. Western Alliance shed almost 11% after it said it made loans to the same borrowers. Bloomberg reported that the disclosures add to recent loan blowups, including bankruptcies at subprime auto lender Tricolor and auto-parts supplier First Brands. JPMorgan and Fifth Third reported hundreds of millions in combined losses tied to Tricolor, while Jefferies revealed exposure to First Brands. While these hits can be easily absorbed by the biggest U.S. banks, the totals are worrisome for regional lenders. U.S. credit-risk gauges worsened on Thursday, with the spread on the Markit CDX North American Investment Grade Index widened as much as 1.69bp to 54.47, as reported. A similar gauge for junk bonds, which falls as credit risk climbs, dropped as much as 0.49 point to 106.87.

Meanwhile, rate traders have priced in two 25 bps cuts by year's end. 

Let's not forget about the government shutdown... All is troubling.

Tyler Durden Fri, 10/17/2025 - 14:20

11 hours and 16 minutes ago

Trump to discuss Putin call with Zelensky

US President Donald Trump has acknowledged that allowing Ukraine to conduct strikes deep into Russia would be an escalation
Read Full Article at RT.com

The US president has acknowledged that allowing Ukraine to conduct strikes deep into Russia would be an escalation

US President Donald Trump and Ukraine’s Vladimir Zelensky have begun talks at the White House. The meeting is taking place after Trump held a phone call with Russian President Vladimir Putin on Thursday, in which the two leaders agreed to have a summit meeting in Budapest, Hungary.

The Ukrainian leader arrived in Washington on Friday at the head of a large delegation. After welcoming Zelensky, Trump told reporters that his call with Putin will be high on the agenda: “We had a big call yesterday, as you know, with President Putin, and we’ll be talking about it.”

Trump added that the two will discuss providing Ukraine with new weapons, while acknowledging that this could escalate the conflict.

“We’re going to be talking about that… It’s an escalation, but we’ll be talking about that,” he said.

Read more

Zelensky earlier asked Trump to supply Kiev with Tomahawk cruise missiles capable of striking targets up to 2,500 kilometers (1,550 miles) away, meaning they could potentially reach Moscow and far beyond.

Russia earlier warned that supplying Tomahawks would “not change the situation on the battlefield,” but would “severely undermine the prospects of a peaceful settlement” and harm US-Russia relations.

Pivoting to a potential dialogue to end the conflict, Trump said there is a lot of “bad blood” between Putin and Zelensky, and this is holding up a settlement. He added that the Budapest summit would most likely be a “double meeting,” with Zelensky being in touch.

“[Putin] wants to get it [conflict] ended. President Zelensky wants it ended. Now we have to get it done,” Trump said.

Zelensky accused the Russian president of not wanting a ceasefire, adding that his goal in the negotiations with Trump is “to get what we need to push Putin” to negotiate. According to Zelensky, Ukraine is also seeking robust security guarantees. “NATO is the best, but weapon[s] [are] very important.”

Russia has denounced the Western weapons shipments to Ukraine, warning that they only prolong the conflict. It is also strongly opposed to Kiev’s bid to join NATO, describing it as one of the key reasons for the conflict.

11 hours and 28 minutes ago

US Regulators End Climate Oversight Framework For Big Banks

US Regulators End Climate Oversight Framework For Big Banks

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

Federal regulators will no longer require banks to spell out how they manage climate-related financial risk, following objections from officials in the Trump administration and Republican lawmakers, who said that climate policy was distorting financial regulation.

In a joint move announced on Oct. 16, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency rescinded a set of rules called the Principles for Climate-Related Financial Risk Management for Large Financial Institutions.

Introduced in 2023, the rules applied to banks with more than $100 billion in assets and were intended to incentivize institutions to integrate climate considerations into governance, scenario analysis, and risk oversight.

Regulators said the withdrawal reflects a return to long-standing safety and soundness standards that already require banks to manage all material risks—without singling out climate.

“The agencies do not believe principles for managing climate-related financial risk are necessary,” the notice stated, while a Federal Reserve memo further clarified that such guidance risked distracting banks from focusing on core vulnerabilities such as credit, liquidity, and operational risk.

“Existing safety and soundness standards require large financial institutions to have effective risk management processes commensurate with the size, complexity and risk of their activities,” the memo stated, adding that existing rules and guidelines “are sufficient to help ensure financial institutions are managing all material risks.”

Fed Governor Christopher Waller welcomed the move with a two-word statement: “Good riddance.”

Michelle Bowman, the Federal Reserve’s vice chair for supervision, also backed the rollback, saying in a statement that the climate framework had created “confusion about supervisory expectations” and imposed compliance costs and burdens without improving financial stability. She said banks should focus on “core risks” such as credit and liquidity rather than speculative long-term climate scenarios, and that the rules could reduce credit supply and raise borrowing costs for American households.

“One likely potential consequence could be to discourage banks from lending and providing financial services to certain industries, forcing them to seek credit outside of the banking system from non-bank lenders,” Bowman said. “This could result in decreasing or eliminating access to financial services and increasing the cost of credit to these industries. These costs will ultimately be borne by consumers.”

But the decision drew dissent from several other Fed officials. Federal Reserve Governor Michael Barr called the rescission “short-sighted” and said it would “make the financial system riskier even as climate-related financial risks grow.” He pointed to recent disasters such as Hurricane Helene and the California wildfires as evidence of mounting financial exposure.

“The rescission contains literally no evidence to support taking this step only two years after putting the principles into effect,” Barr said. “We owe the public a rational, evidence-based explanation for our actions, and this rescission fails that test.”

Federal Reserve Governor Lisa Cook, while accepting the board’s decision and noting the benefit of regulations that are clear and predictable, said that she expects banks to remain vigilant in assessing severe weather risks.

“My view has not changed since 2023: to the extent severe weather events could cause disruptions to specific firms or to the financial system, I would expect that large banks would seek to be proactive in monitoring, assessing, and appropriately addressing such risks,” Cook said. “I also believe it is advantageous for the banking industry to have stable, well-understood supervisory expectations.”

The rollback marks a broader effort by the Trump administration to unwind climate-related directives across financial agencies and limit the role of environmental, social, and governance factors in regulatory supervision.

That shift has extended beyond the banking regulators. In September, the U.S. Financial Stability Oversight Council, chaired by Treasury Secretary Scott Bessent, voted to disband two panels dedicated to analyzing climate-related systemic risks. Bessent said the decision was a necessary refocus on “core financial stability issues,” including bank safety, liquidity risks, and oversight of nonbank financial firms.

Climate advocates called the move a setback for efforts to prepare the financial system for extreme weather disruptions.

Tyler Durden Fri, 10/17/2025 - 14:00

11 hours and 40 minutes ago

UK communications watchdog to sanction BBC

An Ofcom investigation found the BBC to be “materially misleading” in its ‘Gaza: How to Survive a Warzone’ documentary
Read Full Article at RT.com

An Ofcom investigation found the British state broadcaster to have been “materially misleading” in a documentary film on Gaza earlier this year

British communications watchdog Ofcom has ruled that state broadcaster the BBC breached journalistic code for failing to disclose that the narrator of a Gaza documentary was the son of a Hamas official.

In a statement on Friday, the regulator announced that its probe into the BBC’s ‘Gaza: How to Survive a Warzone’ documentary found it to be “materially misleading.”

The film, which was originally released in February, was partly narrated by the 13-year-old son of the Hamas deputy agriculture minister. The Palestinian militant group is designated as a terrorist organization in the UK, US, and EU.

“The program’s failure to disclose that the narrator’s father held a position in the Hamas-run administration was materially misleading,” Ofcom said on Friday, adding that this could have eroded audience trust.

Read more

“This represents a serious breach of our rules,” it said.

The watchdog has directed the BBC to publish a statement on the investigation’s findings during evening primetime, with an exact date to be determined later.

The BBC apologized for the incident on Friday, and accepted the regulator’s decision.

The broadcaster has been under intense scrutiny over its coverage of the Gaza war. It has recently faced backlash for airing an anti-Israeli musical performance from Glastonbury Festival.

Read more

Last year, more than 100 staff members complained to Director General Tim Davie of insufficiently covering the Palestinian side of the conflict.

Ofcom sanctioned RT and revoked its broadcasting license over its coverage of the Ukraine conflict, soon after the escalation in 2022. RT and other Russian media outlets have faced sanctions and outright bans in many Western European nations since.

Despite this, they have expanded their reach, while Western networks have scaled back their activities amid budget cuts and shifting foreign policy concerns, the BBC reported in August.

11 hours and 48 minutes ago

Dear Mr. President, Americans Don't Care Who Owns Donetsk, So Why Risk WW3 By...

Dear Mr. President, Americans Don't Care Who Owns Donetsk, So Why Risk WW3 By Sending Tomahawks?

Poll after poll has shown that the overwhelming majority of Americans reject direct US military involvement in Ukraine - such as sending troops or other actions which could constitute the start of direct conflict with nuclear-armed Russia.

The reality also remains that most Americans can't find Donetsk, Kherson, Luhansk and Zaporizhzhia on a map. Does the American public really want to constantly poke the Russian bear over places they can barely pronounce? Do they really care who owns the Donbass? "Where!?..." - your average Joe sixpack is likely asking.

Why then, Mr. Trump, are you actually contemplating giving Zelensky, who you once dubbed the 'greatest salesman on Earth', America's own vital long-range Tomahawk missiles?

Why are you indulging yet a fourth in-person meeting with Zelensky (and specifically his third trip to the Oval Office) since you took office in January? Where is the pressure on Zelensky to cede territory and rapidly end this bloody and tragic war? Where are the loud assurances of no more NATO expansion to Russia's border?

Why can't the Ukrainian government, which has already received billions in US taxpayer funds, so much as admit that it has lost Crimea forever? Even this smallest of admissions and concessions would be a big something offered on the path to peace. And yet Kiev remains vocally against ever ceding Crimea, despite the obviously impossibility of ever getting it back (and absolutely everyone knows this).

Instead of any semblance of the ability to make compromise, even though it's obvious to pretty much all that Ukraine's military has been steadily losing a 'war of attrition', Zelensky is busy meeting with Raytheon executives before walking into the White House on Friday morning. 

This is all part of the pressure and pitch to persuade Trump to give Ukraine the sought after long-range missiles capable of reaching all main population centers in Russia.

"We discussed Raytheon's production capabilities, possible ways of our co-operation to strengthen air defence and increase Ukraine's long-range capabilities, and the prospects for Ukrainian-American production," Zelensky posted on Telegram early Friday.

Even mainstream, generally anti-Kremlin outlets like the BBC understand that this would open up a new phase in the war, where powerful American weapons are directly raining down on Russian cities:

We've been reporting that the possibility of the US sending Tomahawk missiles to Ukraine is causing "extreme concern" in the Kremlin. That's because these missiles could drastically increase Ukraine's range capabilities.

As the map below shows, Tomahawks can strike objects up to 1,600km (995 miles) away - putting dozens of Russian military bases, air defense sites and command centers in the range of fire.

There's also been much reporting saying that American contractors and personnel would have to themselves man the systems or oversee them, which is yet more 'boots on the ground' mission creep which Trump had earlier vowed to resist.

I met with representatives of the defense company Raytheon, which produces, in particular, Patriot systems.

I told them about the battlefield situation and Russia’s intensified attacks on our people and civilian infrastructure.

We discussed Raytheon’s production capacity,… pic.twitter.com/w5DgX3BkF2

— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) October 17, 2025

Again, will Washington risk WW3... all in the name of 'leverage' against Putin... while bowing down to yet another Zelensky demand - this time in the form of missiles that can reach 1,000 miles inside Russia? If roles were reversed, and a foreign entity were on our doorstep launching long-range missiles into the United States, we would without doubt immediately go to war and be put on nuclear alert.

Why risk all of this... again, for the question of who owns tiny Ukrainian oblasts halfway across the globe which most Americans could in reality care less about?

There's still hope that rational minds will prevail at the White House, based at least on some of Trump's sarcasm on display last night...

Trump:

I said to Putin: "would you mind if I gave a couple of thousand Tomahawks to your opposition? "

He didn’t like the idea. pic.twitter.com/upTnoOqvDW

— Clash Report (@clashreport) October 16, 2025

Below, a ZeroHedge reader and top commenter submitted this astute observation on the likely true state of things vis-a-vis Washington and Europe in the context of the Ukraine crisis.

* * *

The “Democracy vs. Autocracy” myth died in Ukraine’s trenches. What replaced it is far darker: the engineered deconstruction of Europe itself. Cheap Russian energy was severed (via Nord Stream sabotage), not to help Ukraine win — but to break Europe’s economic spine. Weapons stockpiles were drained into a black hole, and now the continent is left dependent on overpriced U.S. arms, powerless to forge its own peace.

NATO’s eastern expansion was never about defense — it was about destabilizing Russia and locking Europe into vassal status. Now, as Ukraine bleeds dry, the Empire smiles: the real target was never Moscow, but Brussels, Berlin, and Paris. This isn’t a blunder. It’s a controlled demolition.

Tyler Durden Fri, 10/17/2025 - 13:40

11 hours and 57 minutes ago

Trump renews lawsuit against New York Times

Donald Trump has refiled a $15 billion NYT defamation suit against in Florida after a judge dismissed the original complaint
Read Full Article at RT.com

The US President’s previous defamation claim against the newspaper was struck down for being “improper and impermissible”

US President Donald Trump has renewed his $15 billion defamation lawsuit against The New York Times, its reporters, and publisher Penguin Random House.

Trump initially submitted a 85-page-long lawsuit against the paper last month, accusing it of lying about him for decades and serving as a mouthpiece for the “Radical Left Democratic Party.” He claimed the outlet was “one of the worst and most degenerate newspapers in the history of our country” and described its endorsement of his Democratic rival in 2024, Kamala Harris, as “the single largest illegal campaign contribution, EVER.”

However, the original filing was dismissed as “decidedly improper and impermissible.” Judge Steven D. Merryday claimed it read more like a political attack than a legal argument and ordered Trump and his team to resubmit the complaint and make sure it does not exceed 40 pages.

Read more

The new complaint, filed on Thursday, is exactly 40 pages long and now lacks original passages on Trump’s 2024 election victory and the “Russia Collusion Hoax.” The name of a reporters listed in the original, Michael S. Schmidt, has also been dropped.

Trump’s attorneys allege that statements made in The New York Times and the 2024 book Lucky Loser, published by Penguin Random House, were “malicious, defamatory, and disparaging” toward his reputation and career achievements. The suit seeks both financial damages and formal retractions of the claims.
A spokesperson for Trump’s legal team has said the president is “continuing to hold the Fake News responsible through this powerhouse lawsuit.”

New York Times spokesperson Danielle Rhoades Ha responded by saying the paper “will not be deterred by intimidation tactics.”

12 hours and 3 minutes ago

If We Measured The Economy By Quality-Of-Life Instead Of GDP, We'd Be In A De...

If We Measured The Economy By Quality-Of-Life Instead Of GDP, We'd Be In A Depression

Authored by Charles Hugh Smith via OfTwoMinds blog,

GDP is like collecting data on passenger satisfaction with the dessert cart on the Titanic and declaring everyone is delighted as the great "unsinkable" ship settles into the icy waters of the Atlantic.

That Gross Domestic Product (GDP) is an outdated and misleading metric of the economy is widely accepted. The problem isn't an abstraction, as we manage what we measure and so policymakers and citizens alike make decisions on what's being measured. If what's being measured is misleading, then we're flying blind.

Economist Joseph Stiglitz has long advocated for an overhaul for what we measure economically, focusing on well-being rather than adding up transactions. A new book The Measure of Progress: Counting What Really Matters, explains the difficulty of the overhaul. A recent article on the topic addressed the urgency of the task (Foreign Affairs, May/June 2025, paywalled):

"For Americans, these are tumultuous times. Inequality in income and wealth is at historically high levels. Artificial intelligence is reshaping society at an unprecedented pace, prompting layoffs and putting entire professions at risk. According to an estimate by the Brookings Institution, up to 85 percent of current workers in the U.S. labor force could see their jobs affected by today's generative AI technology. In the future, that percentage could climb even higher.

At moments of danger and uncertainty, it is usually the task of governments to protect people and help them navigate change--to step in when markets cannot. Yet Americans seem to have little belief in Washington's capabilities. Over the past two decades, public trust in the U.S. government has plummeted by 40 percent. Some Americans believe the federal government has been absent. Others believe it has failed to meet pressing challenges, including the rising cost of living, and the potential disruptions of AI. Either way, Washington has its work cut out for it as the government tries to regain Americans' trust.

So where can it start? The Measure of Progress, meanwhile, takes aim at the economic data that states use. According to Coyle, analysts evaluate the economy using outdated, limited metrics, causing policymakers to misunderstand the challenges citizens face.

Coyle's book is focused on understanding the economy as it exists today. But her argument--that analysts and governments have failed to properly measure peoples' well-being--is equally essential. The metrics that economists use, Coyle insists, are inherently flawed and do not sufficiently represent the reality of economic activity and value. That poses an immense problem for policymakers and analysts, distorting their view of the world and potentially leading them to faulty conclusions and ineffective policies."

The problem is multi-faceted. GDP and other metrics were institutionalized in the industrial age, where agriculture and factory production were easy to measure. As these sectors' share of the economy has slipped, the "hard-to-measure" parts of the economy are now dominant--81.5% by one estimate.

There are many other critical wrinkles in measuring the economy as it is. The book raises the issue of unpaid work, such as families caring for elderly parents and the unpaid "shadow work" that we're required to do now to keep all of our technology functioning. All this activity occurs outside the traditional market.

Since our metrics don't put a price tag on clean air and functional ecosystems, these are left out of the calculations, as if they don't exist. Not only do they exist, they're critical to our well-being. The book discusses natural capital accounting as an alternative, but alternative measures like this are inherently more challenging than toting up transactions.

What if we decided to measure the economy by the quality of life of the citizenry? While there are endless possibilities of what goes into quality of life, we can start with these basics:

1. Our physical and mental health.

2. The health of our social order--our social contract, social trust, communities and trust in our key institutions

3. The security and stability of our livelihoods and financial future.

Defining health isn't that difficult. A healthy person doesn't need any medications because, well, they're healthy, so there's no need for any interventions. A healthy person has an HDL / triglyceride ratio (calculated by dividing your triglyceride level by your HDL cholesterol level) well under 2, can walk a mile without even noticing, can stand on each foot for an extended time, and so on.

As for mental health, numerous studies have found that social connections are critical to our overall health, along with what we might call sufficiency--enough financial resources to secure the basics of life, and enough opportunities to fulfill one's potential.

Let's go through some charts of what we already measure. Here is a chart of our metabolic health. Over 50% of adult Americans are diabetic or prediabetic. This is a serious disease that shortens our lives.

Only a quarter of the adult population is normal (i.e. healthy) weight, reflecting an unhealthy lifestyle of processed foods and inactivity.

As for mental health, consider teen depression rates. Teen suicide rates have also risen. There is no way to interpret this as healthy.

Loneliness--a measure of declining social connections--is also rising sharply.

I prepared this chart of our unhealthy lifestyle and built environment in 2008. Nothing has changed. We can try to sugarcoat all these, but sugarcoating doesn't change reality.

Turning to the social and economic sources of stability, security and opportunity, consider the astounding rise of student loan debt, as attending college / university went from being affordable to requiring lifetime debt serfdom.

Student loan delinquencies reflect precarity and insecurity, not prosperity and security.

As for opportunity in an economy and society that claims to be a "level playing field," the benchmarks of middle-class security are no longer within reach. The number of 30-year olds who are both married and homeowners has plummeted. Yes, we can quibble about statistics like this, but quibbles are apologists' favorite tools: it's not so bad. But this is just more sugarcoating.

This chart of spending by income group reveals an enormous wealth-income divide. The top 10% collect virtually all the unearned income (from investments), collect over 40% of all the earned income and account for half of consumer spending. The bottom 60%--200 million Americans--account for one-quarter of total spending--half of what the top 10% (34 million Americans) spend.

The chart of generational wealth indicates opportunities to build wealth were more accessible pre-2000. Those graduating from high school or university in 2008 or later experienced a much different economy than their parents.

The health of the society is a key element in stability, security and opportunity. Social trust is eroding.

Trust in elites and institutions reflects the wealth-income divide. The top 10% reckon everything's going great because they're doing great. Meanwhile, the bottom 90% live in a completely different world.

Being born into a wealthy household offers numerous advantages that are difficult for those without these advantages to match. Admissions to elite university reflect this divide. This reflects a neofeudal economy and social order.

The wealthy own the vast majority of income-generating assets. The majority depend on wages for their living. The decline of wages' share of the economy over the past 50 years is consequential, reflecting the cumulative transfer of $150 trillion from wage earners to capital over the past five decades.

Wealth and income inequality has reached levels that do not reflect a healthy economy or social order.

The share of income going to the bottom 90% has declined.

The bottom 50% of American households own a tiny slice of the nation's financial wealth. The vast expansion of central bank stimulus and the resulting asset bubbles haven't increased the wealth of the bottom 170 million Americans, which hovers at 2.6%--signal noise compared to the 31% owned by the top 1% and the 68% owned by the top 10%.

How would we rate the US economy in terms of quality of life? It's clear that we'd have to conclude it's in a deep Depression. Can we really sugarcoat all this with claims everything's going great because GDP is rising and AI is making some of us rich?

As for all the cheerleading about how great the economy is doing--GDP is like collecting data on passenger satisfaction with the dessert cart on the Titanic and declaring everyone is delighted as the great "unsinkable" ship settles into the icy waters of the Atlantic.

*  *  *

Check out my updated Books and Films. Become a $3/month patron of my work via patreon.com Subscribe to my Substack for free

Tyler Durden Fri, 10/17/2025 - 13:25

13 hours and 3 minutes ago

"Outraged" Trump Refuses To Adhere To Global Carbon Tax On Shipping

"Outraged" Trump Refuses To Adhere To Global Carbon Tax On Shipping

The United States will vote “no” to a global carbon tax proposed by the International Maritime Organization (IMO) on Oct. 17, President Donald Trump said on Truth Social.

“I am outraged that the International Maritime Organization is voting in London this week to pass a global Carbon Tax,” he said in the post on Oct. 16, urging others to reject the proposal.

“The United States will NOT stand for this Global Green New Scam Tax on Shipping, and will not adhere to it in any way, shape, or form.

“We will not tolerate increased prices on American Consumers OR the creation of a Green New Scam Bureaucracy to spend YOUR money on their Green dreams.”

The net-zero framework proposal that was put before the U.N. agency specializing in regulating marine transport would require ships to comply with a global fuel standard for large oceangoing vessels, 5,000 tons or larger, to force the shipping industry’s greenhouse gas emissions down to net zero by 2050.

As T.J.Muscaro reports via The Epoch Times, the president’s opposition to the tax proposal follows a statement his administration made on Aug. 12.

Signed by Secretary of State Marco Rubio, Secretary of Commerce Howard Lutnick, Secretary of Energy Chris Wright, and Secretary of Transportation Sean Duffy, the statement declared that the United States would retaliate against any of the member states of the IMO that backed it, stating it would be a global carbon tax that “harms the interests of the American people.”

“Under this framework, ships would have to pay fees for failing to meet unattainable fuel standards and emissions targets. These fees will drive up energy and transportation, and leisure cruise costs,” the statement read.

“Our fellow IMO members should be on notice that we will look for their support against this action and not hesitate to retaliate or explore remedies for our citizens should this endeavor fail,” it stated.

“We will fight hard to protect the American people and their economic interests.”

A vote would only occur at the IMO if member states do not agree upon a proposed regulation.

There are 176 member states of the IMO, but a passing vote would require a two-thirds majority of only the 108 member states that ratified previous legislation aiming to reduce shipping pollution.

If passed, the global emissions tax would take effect in 2027 and become “the first in the world” to impose greenhouse gas pricing and mandatory emission limits across an entire industry sector.

The Epoch Times has reached out to the IMO for a response to the U.S. president’s statement.

*  *  *

Astaxanthin // Peak Focus // Mushroom 10x

Tyler Durden Fri, 10/17/2025 - 12:25

13 hours and 23 minutes ago

"The World Is Changing More Rapidly Than Anyone Could Have Imagined A Few Mon...

"The World Is Changing More Rapidly Than Anyone Could Have Imagined A Few Months Ago"

By Elwin de Groot, head of macro strategy at Rabobank

Whatever...

US equity markets extended their losses yesterday as bond yields fell on the back of a decline in US regional bank shares. The S&P index lost 0.6%, the yield on 10y UST’s dropped more than 5 basis points. The market had the finger pointed at the collapse of the subprime auto lender Tricolor Holdings, underscoring the increased sensitivity of the equity market at these elevated levels. Meanwhile, the IMF said it sees “significant downside risks” to global growth following the renewed tensions between the US and China.

Bloomberg writes that Argentinians are dumping the peso, as they believe a devaluation is unavoidable. This potentially undermines the rescue package, including a $20bn swap line, put up by US Treasury Secretary Scott Bessent. Things likely got worse when, earlier this week, President Trump linked Argentinian leader Javier Milei’s success in the upcoming midterm elections to US support: “If he wins we’re staying with him, and if he doesn’t win we’re gone”, Trump said. That sounds more like a ‘whatever’ than a ‘whatever it takes’ US strategy …

French PM Lecornu can already buy himself an “I’m a survivor” t-shirt after surviving two confidence votes yesterday. Whether he survives the looming budget debate is another matter, as his fate now rests with MPs willing to back the budget. If the government sticks to its pledge not to invoke Article 49.3, a majority must actually vote for it.

Socialists leader Olivier Faure warned: “If parliament is not respected and the pension reform isn’t suspended, we would censure immediately.” Markets, meanwhile, are back at square one: the 10-year yield spread narrowed to 76bp from 86bp last week, and the CAC-40 erased October losses—though spreads remain wider than before Bayrou’s confidence vote announcement in August. MNI quoted EU officials saying the “New Fiscal Rules give Lecornu Budget leeway.” Where have we heard that before?

Macron and Lecornu have bought time, but France’s fiscal—and economic—challenges remain.

Beyond Paris, the global stage looks increasingly like an “eat or be eaten” arena where statecraft tools dominate. Wielding such tools successfully, however, is reserved for the ‘happy few,’ requiring economic heft, financial reach, strategic commodities, a strong bureaucracy, political agility, and military muscle.

That explains why small but wealthy economies like Switzerland drew the short straw: since August 7, Swiss goods face a 39% tariff—except generic drugs and Ticino-refined gold. It explains why weaker economies, especially in Africa, struggle against dumping practices due to weak frameworks and enforcement. It explains why several Asian nations agreed to lower tariffs on U.S. goods in exchange for still-high U.S. tariffs. And even the economically large but politically and militarily weaker EU faces limits. Meanwhile, if you have the commodities, you call the shots: Qatar warned yesterday it may halt business with the EU—including LNG supplies—unless Brussels revises its corporate sustainability rules, Reuters reported.

The US has demonstrated the clearest examples of applying such statecraft, as highlighted by our global strategist Michael Every. Presumably, also, because the US does hold the strongest cards (or at least thinks it holds them). This week and last, it was China’s turn to show it has such statecraft cards up its sleeve. It has introduced port fees for US ships (in response to the US port fees on Chinese built/operated ships coming into effect on 14 October) and underscored its dominance in critical raw materials, particularly rare earths, with a further tightening of its export controls regime.

Whether both players have a full grasp of their own and their opponent’s tools and power(s) remains an open question; uncertainty over that may actually be the strongest guardrail to prevent this power struggle from running completely out of control. That said, it’s even harder to see the spirit going back into the bottle. In other words, the world is changing more rapidly and profoundly than many would have imagined only a few months ago.

And the US keeps trying to drag its allies into its statecraft framework - “President Trump has instructed the ambassador and myself to tell our European allies that we would be in favour of whether you would call it a ‘Russian oil tariff’ on China or a ‘Ukrainian victory tariff’ on China,” Mr Bessent told reporters in Washington on Wednesday. “But our Ukrainian or European allies have to be willing to follow. We will respond if our European partners will join us.”

The strategy would introduce a 500 per cent levy on imports from China, with the money generated being used on weapons for Ukraine’s military. 500 is obviously Trump-style language, -and would effectively be counterproductive as it would halt most trade with tariff revenue close to nothing- but it does carry a serious undertone and the line of reasoning more fits ‘decoupling’ than ‘de-risking’.

For Europe de-coupling seems like no entry territory (unless China would truly block critical raw materials to European markets ?). It explains why Europe is often portrayed as the one being ‘squeezed’ in the middle. Whilst that remains a useful framing of the overall global picture, Europe is not standing still completely. The lack of key enabling factors such as military strength and political agility (read: unity) are visibly slowing things down, however.

For example, the EU has been slow with the implementation of its Competitiveness Compass agenda (a descendant from the 20204 Draghi and Letta reports); The ‘Draghi Observatory’ concluded in September that out of 383 recommendations, only 11.2% have been fully delivered.

That said, the European Commission (EC) is intensifying trade defense measures, making 2025 a record year for anti-dumping tariffs and protectionist actions. On 7 October, it proposed a new steel safeguard regime to replace the current system in July 2026, cutting tariff-free import volumes by 47% and doubling out-of-quota tariffs to 50%, a move partly influenced by the recent US-EU framework agreement. The EC is also considering pre-conditions for Chinese investments in Europe, such as mandatory technology transfers, signaling a strategic shift toward statecraft. Meanwhile, the EU announced it has achieved its €300 billion Global Gateway investment target two years early, focusing on sustainable infrastructure and strategic corridors, particularly in Africa, to rival China’s Belt and Road.

Energy independence remains a priority, with plans to ban Russian oil imports by early 2026 and gas by 2027, pending (final) parliamentary approval. At the Copenhagen summit (1–2 October), leaders debated strengthening EU defense capabilities, including a proposed “European Drone Wall,” though feasibility concerns persist. Discussions also revealed divisions over a €140 billion interest-free loan for Ukraine funded by frozen Russian assets, despite Germany softening its stance. A plan to “buy European” in public procurement - to boost domestic firms and counterbalance protectionist US trade policies as well as China’s weaponization of critical dependencies - is also in the works. But countries haggle about the definition of ‘European’. Overall, the EC’s actions underscore a more assertive and strategic EU posture globally, but it obviously cannot match the depth and speed of the US.

The EU yesterday unveiled a five-year defense roadmap aimed at closing critical capability gaps and modernizing its security architecture.

The plan introduces four flagship initiatives:

1. the European Drone Defence Initiative (operational by end-2027),
2. Eastern Flank Watch,
3. European Air Shield, and
4. European Space Shield.

It calls for coordinated defense spending, joint coalitions, and a target of 40% joint procurement by 2027. Member States are urged to collectively address shortfalls by 2030, accelerating production and strengthening defense industries while maintaining support for Ukraine.

The roadmap signals concrete ambition beyond bureaucracy and is expected to feature prominently at next week’s Brussels summit. This looks set to be the key event to watch next week.

Tyler Durden Fri, 10/17/2025 - 12:05

13 hours and 43 minutes ago

DEI Going Jobless: NBC Joins Media Trend And Cuts Diversity Journalists

DEI Going Jobless: NBC Joins Media Trend And Cuts Diversity Journalists

Layoffs hit NBC News this week with the network division facing cuts ahead of Comcast’s spinoff of Versant. About 150 jobs have been eliminated so far which only represents 7% of the total newsroom staff.  However, the company has been less forthcoming on where the jobs are being cut:  The majority of layoffs are targeting Diversity and Equity teams.

DEI staff from specialized verticals focus on culture and identity-based stories. These teams were reportedly eliminated in their entirety, with only a handful of staff (up to 5) potentially retained for freelance contributions.

NBC News eliminated the majority of teams dedicated to covering Black, Asian American, Latino and LGBTQ+ groups as part of its layoffs, according to two sources familiar with the matter, a significant culling as the Peacock network separates from its sister news network, MSNBC.  A number of media outlets have either refused to report these details or they have outright lied, claiming that the layoffs don't focus on specific teams. 

To admit that mass firings are now decapitating DEI related offices would be to admit that conservatives and the alternative media were right in their predictions over the past several years.  Woke hiring has been a disaster for progressive news companies.  

The latest layoffs follow a series of staff cuts in 2025, including those announced by CNN, Vox Media and HuffPost.  Many more are on the horizon. The pace of these announcements rivals the carnage of the winter of 2024, when at least 15 news organizations announced mass layoffs. At least 10,000 corporate  journalists have been laid off in the last three years - that’s more than 1 in 10 editors and reporters employed in the industry, according to Bureau of Labor Statistics data.

The firings are not unexpected given NBC News' dwindling audience numbers.  The majority of the outlet's programming lost 15% to 20% of viewers from 2020 to 2024.  This plunge runs in line with every other progressive media source; most Americans are fed up with establishment propaganda, political spin, the omission of facts and direct disinformation.  The public is well aware that corporate outlets function as a bullhorn for the far-left establishment, and they are walking away.

Mass layoffs reflect the media and entertainment industry’s larger retreat from the sham of diversity, equity and inclusion. Gannett, the nation’s largest newspaper chain, has removed mentions of diversity from its website and said it would stop publishing demographic data.

Disney has also rebranded its internal DEI efforts last week to “Opportunity & Inclusion" and cut a number of staff. 

NBC and its parent company, Comcast, have come under federal scrutiny for their diversity programs. Federal Communications Commission Chairman Brendan Carr sent a letter to Comcast in February saying he would investigate the company for its DEI propaganda, alleging the company has “executives specifically dedicated to promoting DEI across the TV and programming side of the business.”

Keep in mind, DEI is a widely organized agenda funded by western government, major banks, NGOs and corporations like BlackRock and Vanguard.  It is not a grassroots ideological movement, but a highly scripted creation - A Frankenstein's monster designed to saturate western programming with far-left messaging.  DEI layoffs are part of a much needed healing process.  Nothing of value has been lost. 

Tyler Durden Fri, 10/17/2025 - 11:45

13 hours and 43 minutes ago

Zelensky’s Desperate Plea for Tomahawks, Amid the Folly of U.S-NATO Military ...

As the Kiev junta frontman Volodymyr Zelensky stepped off his aircraft at the Andrews Air Force Base, eyes set on a mirage of US/NATO “salvation”, he still didn’t understand that he comes as not an equal, but a supplicant, clutching

…

The post Zelensky’s Desperate Plea for Tomahawks, Amid the Folly of U.S-NATO Military Escalation. Ukraine Settlement? The Trump-Putin Meeting in Budapest appeared first on Global Research.

14 hours and 3 minutes ago

Selected Articles: The Outstanding Criminality of Netanyahu, Blair and Trump ...

The Outstanding Criminality of Netanyahu, Blair and Trump Must End. Julian Rose

By Julian Rose, October 16, 2025

It is said that things come in three’s — well so do accomplices in deep crime. These three deep state operatives …

The post Selected Articles: The Outstanding Criminality of Netanyahu, Blair and Trump Must End appeared first on Global Research.

14 hours and 3 minutes ago

Sh*t Is Breaking... And It's Going To Get Worse

Sh*t Is Breaking... And It's Going To Get Worse

Submitted by QTR's Fringe Finance

Literally one day after I reiterated my extremely bearish outlook on regional banks — among other sectors — regionals went tits up today following a series of troubling disclosures from major players like Zions Bancorporation, Western Alliance, and Jefferies.

Reuters summarized today by noting Zions plunged roughly 12% after revealing it would take a $50 million charge tied to two underperforming commercial loans from its California division. Western Alliance dropped nearly 11% after it filed a lawsuit alleging fraud by a borrower, and Jefferies slid about 9% after admitting exposure to bankrupt auto parts maker First Brands.

Between the bankruptcies, lawsuits, and surprise losses, investors finally started to realize what I’ve been warning about for months: the toxic crap in regional banking isn’t isolated — it’s fucking everywhere.

The banks, analysts and the financial press tried to put a polite spin on it, calling the moves “unease over credit quality” or “idiosyncratic risk.” But let’s be honest — when multiple regional banks disclose major losses and lawsuits in the same breath, it’s not a coincidence. It’s contagion.

At the same time, a long-held prediction of mine that my podcast listeners and longtime Twitter followers will remember— that gold would eventually start moving more than $100 per ounce in a single session — has also come to fruition, as Zero Hedge pointed out this afternoon.

Chart: Zero Hedge

I made this call for $100 oz/day moves about five years ago, back when most of the coverage I received for being a “massive gold bull” came in the form of ridicule.

People told me, in all their hot shit modern monetary financial jargon, why I was wrong. Nevertheless, I persisted, drank 5 Moscow Mules before 10:30AM, took to a stage in front of a bunch of serious looking fucks in suits, and shrieked at the top of my lungs why buying gold (then at $1,319 an oz.) was the best way to, as my presentation was titled, “Short the Whole F*cking Thing”.

And now here we are. Both my bearish stance on banks and my bullish thesis on gold going apeshit are playing out— and together, they signal a much larger structural shift.

Or for lack of a hot shit modern monetary financial term: sh*t is breaking.

My longtime readers know I’ve said it repeatedly — when the fiat system breaks, or the stock market breaks, or the economy breaks, there’s going to be a “blow-off valve.” I’ve used this analogy for years, and that blow-off now appears to be happening in the metals. Just look at the charts — this is what a pressure release looks like.

As for the banks, make no mistake: there will probably be Federal Reserve intervention again at some point, maybe even full-blown bailouts. But things are going to get worse before they get better. As I pointed out just days ago with Jefferies — another firm now down double digits today — once confidence begins to erode in financial institutions, there’s no amount of PR spin or reassuring language that can stop the panic. I said this days ago when prepping my paid subscribers as to how I was dealing with the volatility that ended last week and what I was buying:

Then came the catastrophic headline that reminded me of Silicon Valley Bank: it was announced that Jefferies (JEF) was facing redemptions as banks look to shore things up after the First Brands bankruptcy (now with added off-balance-sheet debt goodness!)

This is exactly the type of news that can cause a run on a bank, and the timing couldn’t have been worse. It feels like Jefferies could be one of the first institutions under significant pressure as a result. Further, as I’ve been saying for the better part of the last year, regional banks were absolutely slaughtered today.

These are the banks with exposure to commercial real estate and subprime auto loans. I wouldn’t want to be in or near any of these banks anytime soon, as I think they’ll be the dominoes that wind up falling if this chaos continues into next week.

And — as I predicted, the dominos have kept falling.

Here’s the core issue: for years, these banks loaded their balance sheets with illiquid and risky assets, treating them as if nothing could ever go wrong. Losses weren’t even considered possible. Then suddenly, one or two of these loans blow up and rather than admitting that their underwriting standards are garbage and that they misjudged the collateral, banks hide behind fraud allegations against their counterparties. It’s a convenient narrative — one that plays well in the media but means nothing in reality. The jawboning and lawsuits are akin to PR stunts if you ask me, because it’s likely the borrowers are already wiped out.

As we saw recently with the bankruptcies of Tricolor and First Brands, the domino effect is simple. One counterparty scrambles for liquidity, which forces them to sell assets. Those assets are fire sold at actual bids well below marks, that pressure spreads, forcing other players to do the same. Before long, the entire sector is spiraling.

In my opinion, this is not “contained” or “idiosyncratic,” no matter how analysts try to frame it. Once this kind of contagion starts, it feeds on both liquidity risk and psychology. Investors and depositors lose confidence simultaneously, and before you know it, everyone’s racing for the exits.

Tricolor and First Brands may have set the spark, but what’s happening now is the fire. Real, tangible losses are surfacing, and there’s no stopping that process once it begins.

I’ve written many times before that banks — and most corporations, for that matter — never admit to losses until the absolute last minute. They stretch every accounting trick and narrative pivot they can before finally being forced to take charges. Any student of financial history knows this story. Companies will do anything to avoid acknowledging the consequences of their reckless decisions — until the numbers simply can’t be hidden anymore.

What we saw today in Zions and Western Alliance is exactly that very last option.

So here we are: a massive flight from fiat, reflected in gold’s surge and likely indicating the U.S. creditworthiness in jeopardy, combined with one of the stock market’s most fragile sectors — regional banking — finally cracking.

As for how it unfolds, no one can say precisely. But I expect the Fed to intervene at some point — maybe an emergency meeting, emergency cuts, or even behind-the-scenes liquidity operations. Bailouts are coming, but not before shit gets worse. Gold likely continues higher. Something is definitely already breaking in the silver market.

As I wrote earlier this week, regional banks were one of the ten areas of the market I said to avoid right now — and today’s carnage only reinforces that view. Here’s the other nine areas: 10 Areas Of The Market I'd Avoid Right Now

QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.

This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions. All positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullshit my way through things easier.

The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.

Tyler Durden Fri, 10/17/2025 - 11:25

14 hours and 17 minutes ago

Obama's $1 Billion Presidential Library Looks Like A Tower Of Doom

Obama's $1 Billion Presidential Library Looks Like A Tower Of Doom

After 10 years and nearly $1 billion in total project costs, the Barack Obama Presidential Center is finally nearing completion and has been opened for limited public tours.  The facility is set to officially go into operation in the spring of 2026, however, at least $230 million in construction costs still remain and the Obama Foundation simply doesn't have it.  Total reserve funds are $116 million and this does not take into account the cost of paying staff to maintain the center.

Not only is the future of the site in limbo, the building is also being called "the tomb" by many locals in the South Side of Chicago where it is located.  Though the media frequently refers to the design as "warm and inviting", it looks more like a concrete bunker nightmare that one might find in Soviet era Russia.   

The center's notably harsh aesthetics are oddly similar to many pieces of architecture constructed in Russia during the height of communism using methods that seem to suck the life out of the surrounding environment.  One cannot help but notice the dystopian similarities.  Some might ague that buildings can't really be "political", but these are people that don't understand architecture.  

Residents in the area reportedly describe the building as a "totalitarian command center dropped straight out of 1984."  Obama's adoring fans, though, say that the building is a beautiful symbol and tribute to the accomplishments of the Black American community.  They also claim that the center will be an "economic catalyst" for the neighborhood, which is suffering from fiscal decline.

Ironically, the site may indeed revamp the area, but in the process it is driving up property costs to the point that homes are unaffordable for current lower income residents. 

Alderwoman Jeanette Taylor of Ward 20, which is near where the center is being built, told the Daily Mail last month she has fought against some aspects of the building out of concern for her constituents. Families will be displaced because of higher rents, the tabloid quoted her as saying. 

“Every time large development comes to communities, they displace the very people they say they want to improve it for,” Taylor said.  Homes worth $400,000, which the lawmaker argues are unaffordable for South Side denizens, are popping up around the area.  Rents are also climbing, with some living in the South Side reporting that two bedroom apartments jumped from $800 per month to over $1800 per month. 

In May of this year, President Donald Trump criticized the project as a "disaster" that has come in many millions over budget.  Trump also warned about the DEI methods used to recruit construction contractors.

Obama did proudly proclaim that his library would be built with DEI initiatives and diverse contractors in mind (mostly black contractors).  Now his foundation is running out of funds.  Costs have ballooned due to terrible planning as well as lawsuits over "racial discrimination".  Black companies argue that they have been subjected to unfair scrutiny in their building methods, while the New York engineering firm in charge of the library argues that the builders exhibit low experience and poor performance.      

Get woke, go broke.   

Tyler Durden Fri, 10/17/2025 - 11:11

14 hours and 17 minutes ago

International Judicial Authority Declares mRNA Injections Are Biological And ...

Reiner Fuellmich is venerated for starting this process before he was kidnapped by German authorities and thrown in jail on October 14, 2023, convicted on trumped-up charges, and sentenced to 3 years and nine months in prison. Reiner and I participated in the nine-city "Crimes Against Humanity Tour" in 2022. Now you see why Germany feared and hated him.

Reiner Fuellmich is venerated for starting this process before he was kidnapped by German authorities and thrown in jail on October 14, 2023, convicted on trumped-up charges, and sentenced to 3 years and nine months in prison. Reiner and I participated in the nine-city “Crimes Against Humanity Tour” in 2022. Now you see why Germany feared and hated him.

Reiner talked with several indigenous bodies around the world, including New Zealand, South Africa, America and Canada. He was visionary. Now the fruit is hanging on vine for others to pick. So let me say this clearly for the world to hear and digest:  mRNA nanoparticle injections are biological and technological weapons of mass destruction perpetrated by companies like Pfizer-BioNTech and Moderna. 

Will they ever be held accountable? Not likely. ⁃ Patrick Wood Editor.

The Alliance of Indigenous Nations International Tribunal — recognized by Canada on a Nation-to-Nation basis — has issued a historic global Order intended to take immediate worldwide effect.

First reported by Dr. Joseph Sansone and Lisa Miron, in a stunning and historic move, the Alliance of Indigenous Nations International Tribunal has issued an ORDER and DECLARATION stating that “mRNA nanoparticle injections are in fact biological and technological weapons of mass destruction.”

“This Tribunal finds and hereby declares that the ‘COVID-19 nanoparticle injections’ or ‘mRNA nanoparticle injections’ or ‘COVID-19 injections‘ meet the criteria of biological weapons and weapons of mass destruction according to the Biological Weapons Anti-Terrorism Act, of 1989 18 USC § 175; Weapons and Firearms § 790.166 Fla. Stat.(2023), Canada‘s Biological and Toxin Weapons Convention Implementation Act, 2004, and the International Biological Weapons Convention. This Order and Declaration is intended to have immediate worldwide effect.”

This marks the first formal judicial declaration by any recognized international authority categorizing the COVID-19 mRNA products as biological weapons.

You can read entire Alliance of Indigenous Nations declaration here: Ain_Declaration_Of_Mrna_Bioweapons

Here it’s important to note that in December 2024, Canada’s Ministry of Crown–Indigenous Relations and Northern Affairs (CIRNAC) formally acknowledged the Alliance of Indigenous Nations, its Treaty, and its International Tribunal—a judicial body composed of judges from every continent. In its official letter dated December 13, 2024, Canada affirmed that its relationship with the A.I.N. exists on a Nation-to-Nation basis, thereby recognizing the Tribunal as a sovereign legal authority under Indigenous and international law:

This declaration aligns with our recent study by Zywiec et al, which demonstrated that the COVID-19 mRNA injections violate the Biological Weapons Convention, the Nuremberg Code, the Helsinki Declaration, and the U.S. Constitution.

It also aligns with Minnesota Bill HF3219, which classifies mRNA injections and related products as weapons of mass destruction under Section 609.712, prohibiting their possession or distribution within the state.

Whether this unprecedented declaration will trigger tangible legal or governmental action remains to be seen. But it sets a historic precedent: a recognized international tribunal has formally named the COVID-19 mRNA injections as weapons of mass destruction—placing the burden squarely on world governments, public health agencies, and courts of law to respond. In the wake of mounting scientific evidence, legislative movements like Minnesota’s HF3219, and now this sweeping international judgment, the dam is bursting open.

Read full story here…

14 hours and 18 minutes ago

Ten Hot Trends Shaping America's Convenience Stores - From Energy Drinks To...

Ten Hot Trends Shaping America's Convenience Stores - From Energy Drinks To...

Goldman Sachs analysts hosted their 12th annual guided tour of the National Association of Convenience Stores (NACS) Show in Chicago. Analysts met with executives from major beverage, food, and nicotine companies, including Coca-Cola (KO), PepsiCo (PEP), Constellation Brands (STZ), Boston Beer (SAM), AB InBev (ABI), Monster (MNST), Celsius (CELH), and Hershey (HSY), among others, providing clients with an unparalleled snapshot of current trends across the convenience retail channel.

The conference allowed analyst Bonnie Herzog and others to gauge real-time consumer behavior trends, assess category momentum, and understand corporate strategies across product innovation, pricing, and demand. This provided clients with an extremely valuable on-the-ground insight into how companies are adapting to shifting consumer preferences within the convenience space. 

Here are Herzog's ten key takeaways from the conference and sideline meetings:

1. It remains all about energy drinks again this year with MNST, CELH, Red Bull and several others stepping up their game (especially MNST) with even more innovation, LTOs and flavors as well as an increased focus on female consumers with MNST rolling out FLRT;

2. Energy drink category demand remains very robust with many players suggesting retailers will continue to add incremental space to the category next year (this is consistent with what we've heard from our retailer contacts);

3. MNST remains on track with a selective price adjustment (i.e. increase) in the US by packaging type and channel later this year and while not announced, both CELH and Red Bull seemed open to the possibility of pricing and highlighted pricing is warranted;

4. Many companies (esp the brewers) are leaning in on special product/package innovation and marketing around the World Cup, the United States' 250th anniversary and the Olympics next year;

5. Companies continue to focus on functionality with many highlighting new innovation including ingredients with probiotics, protein and fiber;

6. Most companies' booths were well-attended (esp MNST, CELH, KO, PEP, MO & ABI) and showcased stepped-up innovation (esp PEP) with a continued focus on flavors (both food & beverage);

7. Many companies are focused on value during a time when the consumer is under increased pressure - with a focus on driving volume & improved traffic trends;

8. Package innovation was front and center again this year from singles in alc/beer, variety packs to smaller/mini sizes - providing greater affordability options & catering to younger demographics;

9. Consumers continue to gravitate toward healthier beverage/food options – with zero sugar a big area of emphasis again this year; and

10. In alcohol, the big focus was on flavors and even higher ABV beverage innovation from many, with TAP pushing past their self-imposed 8% ABV cap and rolling out a new 12% ABV 7.5oz can. Lastly, we were pleasantly surprised to see how active PM & MO's booths were this year - as they both showcased their smoke-free products & technology. It's clear that the competitive environment for nicotine pouches has intensified with stepped up promos, more innovation and greater spend behind the category as all the players fight for share. 

Following the meetings, Herzog told clients, "Overall, we came away most impressed with PEP, MNST, ABI & HSY - all of which are focused on stepping up consumer-centric innovation." 

ZeroHedge Pro Subs can find the full note in the usual place, which provides much more insight into consumer trends across convenience stores.

Tyler Durden Fri, 10/17/2025 - 11:10

14 hours and 24 minutes ago

CDC Likely Concealing Measles Vaccine Failure

With >600,000 measles cases per year around the world it’s hard to get excited over a few hundred or a few thousand cases in the United States. Confidence in routine vaccines is plummeting with more attention given to vaccine side …

The post CDC Likely Concealing Measles Vaccine Failure appeared first on Global Research.

14 hours and 25 minutes ago

Nordic country to stockpile food for WW3

Sweden plans to restore strategic grain reserves, citing the supposed threat posed by Russia, which Moscow has dismissed as baseless
Read Full Article at RT.com

Sweden plans to refill food silos for first time since the Cold War, citing a potential conflict with Russia

Sweden has announced that it will begin stockpiling food and agricultural supplies for the first time since the Cold War, citing what officials describe as a growing threat from Russia. Moscow has rejected these claims, insisting that it poses no danger to any NATO or EU countries.

The Swedish Board of Agriculture stated on Tuesday that it will create emergency reserves of grain and other key supplies to ensure that citizens have access to sufficient food “in the event of a serious crisis and, in the extreme, war.” The government has allocated around $57 million in its 2026 budget to fund the program.

The first storage facilities will be established in the north of the country due to its “strategic military importance” and low level of self-sufficiency in grain, according to Civil Defense Minister Carl-Oskar Bohlin, who said “there is no time to lose.”

The new stockpiles will be built up over the period of 2026-2028. The Board of Agriculture said the goal is to guarantee food supplies equivalent to 3,000 calories per person per day during a state of heightened alert.

Lawmakers in neighboring Finland, meanwhile, have said they will conduct underground training exercises next month to practice working in wartime conditions, similarly citing a supposed threat from Russia.

Read more

Moscow has repeatedly denounced what it calls anti-Russian hysteria and fearmongering pushed by Western European leaders, stressing that it has no reason or intention to take hostile actions against any EU or NATO countries. Russian officials have dismissed the claims as nonsense meant to justify inflated military budgets and the bloc’s ongoing militarization.

Speaking at the Valdai Discussion Club earlier this month, Russian President Vladimir Putin called Finland and Sweden’s accession to NATO in 2023 “foolish,” adding that Moscow had not had any issues with either country and had long maintained friendly relations.

He said the two Nordic states “lost the benefits of their neutral status” by joining the US-led bloc and that the decision has needlessly undermined regional stability without enhancing their security.

14 hours and 25 minutes ago

Serbia’s President Vučić Flirtation with Erdoğan Fails as Turkey Continues to...

As Turkey has been arming Kosovo for years, its latest delivery of kamikaze drones, which pose one of the most serious military challenges to Serbia in the last 25 years, should not surprise Belgrade.

The post Serbia’s President Vučić Flirtation with Erdoğan Fails as Turkey Continues to Militarize Separatist Forces in Kosovo appeared first on Global Research.

14 hours and 27 minutes ago

The Budapest Putin-Trump Meeting Might Lead to Something Tangible This Time A...

The next Putin-Trump meeting will soon take place in Budapest. Prior to their last one in Anchorage, the vision that they were working towards was a resource-centric strategic partnership

The post The Budapest Putin-Trump Meeting Might Lead to Something Tangible This Time Around? appeared first on Global Research.

14 hours and 28 minutes ago

The Trump-Putin Meeting in Hungary Is the Last Chance for Peace

Gilbert Doctorow and I share the belief that unless Putin responds more firmly than he has been inclined to do to the West’s provocations, war is inevitable.

Hungary, led by the only intelligent leader in Europe, has arranged a meeting …

The post The Trump-Putin Meeting in Hungary Is the Last Chance for Peace appeared first on Global Research.

14 hours and 36 minutes ago

Intra-African Trade: NIDO-Africa’s Leadership Outlines Its Continental Plan

Professor Jude Osakwe, Continental Chairman of the Nigerians in Diaspora Organization (NIDO) Africa highlights the rapidly shifting global trade landscape and the renewed focus on intra-African trade.

The post Intra-African Trade: NIDO-Africa’s Leadership Outlines Its Continental Plan appeared first on Global Research.

14 hours and 38 minutes ago

The Psychology Of Investing In A Zero-Risk Illusion

The Psychology Of Investing In A Zero-Risk Illusion

Authored by Lance Roberts via RealInvestmentAdvice.com,

Every market cycle eventually changes investor psychology to believe risk has been conquered. The storylines may change, from “this time it’s different” to “the Fed has our back,” but the psychology does not. When markets rise steadily and volatility remains low, investors confuse stability with safety. That’s precisely the illusion forming in markets today. The S&P 500’s relentless climb, paired with suppressed volatility and ample liquidity, has given the impression that downside risk has somehow been engineered out of the system.

This is where the trap begins. Behavioral finance tells us that people respond more to “how” risk feels than to what the data shows. When investors no longer feel anxious, they begin to take risks they wouldn’t otherwise tolerate. Rising prices reinforce optimism, optimism drives more buying, and the cycle continues until the most minor shock shatters the illusion. Low volatility environments create the psychology for instability by suppressing the healthy corrections that usually reset investor expectations. The longer the calm lasts, the more fragile the market becomes beneath the surface.

“Hyman Minsky argued that financial markets have inherent instability. As we saw in 2020-2021, asymmetric risks rise in market speculation during an abnormally long bullish cycle. That speculation eventually results in market instability and collapse. We can visualize these periods of ‘instability’ by examining the daily price swings of the S&P 500 index. Note that long periods of “stability” with regularity lead to “instability.”

The illusion of safety doesn’t just emerge spontaneously; it’s nurtured by central bank policy. For nearly fifteen years, the Federal Reserve has acted as a stabilizer of last resort, flooding the system with liquidity at the first sign of stress.

Even though the Federal Reserve has withdrawn that monetary support, investors still believe that the Fed can and will always prevent pain. Over the last three years, investors have shifted their focus away from fundamentals and to each “Fed Meeting” for clues as to when the subsequent monetary intervention will arrive.

That shift in psychology is crucially important to understand.

The Fed and the Mirage of Control

The belief that the Federal Reserve can always come to the rescue carries its own danger: it encourages behavior that assumes the absence of consequence. Markets built on faith rather than fundamentals are inherently unstable, no matter how calm they appear.

The Federal Reserve’s well-intentioned interventions have created one of modern finance’s most powerful behavioral distortions: the conviction that there is always a safety net. After the Global Financial Crisis, zero interest rates and repeated rounds of quantitative easing conditioned investors to expect that policy support would always return during volatility. Over time, that conditioning hardened into a reflex: buy every dip, because the Fed will not allow markets to fail.

This is the concept of “moral hazard” in action.

What exactly is the definition of “moral hazard?” 

Noun – ECONOMICS: The lack of incentive to guard against risk where one is protected from its consequences, e.g., by insurance.

A good example of this is shown below.

For their survival, zombie companies depend on a speculative investment climate for bond issuance. As discussed in “Recessions Are A Good Thing:”

“‘Zombies’ are firms whose debt servicing costs are higher than their profits but are kept alive by relentless borrowing. Such is a macroeconomic problem. Zombie firms are less productive, and their existence lowers investment in, and employment at, more productive firms. In short, a side effect of central banks keeping rates low for a long time is it keeps unproductive firms alive. Ultimately, that lowers the long-run growth rate of the economy.” – Axios

We also see the same “moral hazard” in the spread between “junk bonds” and A-rated corporates. At a spread of just 1.9%, investors are not being “paid” for the default risk they take with “junk bonds.” The only reason those spreads exist is that investors believe, with almost absolute certainty, that companies will pay their obligations, if not on their own, then with the help of the Federal Reserve.

This mindset has reshaped corporate behavior as well. Companies, confident that credit will remain cheap and plentiful, used debt not to invest productively but to repurchase their shares, shrinking equity floats and boosting earnings per share. This financial engineering, which is currently running at a record pace, helps drive valuations higher, reinforcing the illusion that fundamentals were improving. In reality, liquidity is doing the heavy lifting. The absence of meaningful corrections gave investors an unbroken string of positive reinforcement, a psychological loop that made risk feel optional.

Liquidity, however, is not the same as stability. It masks fragility the way calm seas hide strong undercurrents. When liquidity recedes, even modest disruptions can become magnified. Consider 2018’s “Volmageddon,” when volatility-shorting strategies that had profited for years imploded in a single session. Investors mistook a quiet market for safety, believing their models had tamed uncertainty. In truth, they had only suppressed it.

That lesson is timeless: every era’s innovation eventually finds its limit when liquidity dries up and the illusion of control vanishes.

Behavioral Biases and the Return of Fear

If the Fed and liquidity conditions create the structure of the zero-risk illusion, human psychology provides its fuel. The psychology of investing, in particular, explains why investors underestimate danger when markets are calm. However, psychology is the most significant reason for underperformance by investors who participate in the financial markets over time. Behavioral biases leading to poor investment decision-making are the greatest contributor to underperformance over time. Dalbar defined nine of the irrational investment behavior biases specifically:

• Loss Aversion: The fear of loss leads to a withdrawal of capital at the worst possible time.  Also known as “panic selling.”

• Narrow Framing: Making decisions about on part of the portfolio without considering the effects on the total.

• Anchoring: The process of remaining focused on previous events and not adapting to a changing market.

• Mental Accounting: Separating the performance of investments mentally to justify success and failure.

• Lack of Diversification: Believing a portfolio is diversified when it is a highly correlated pool of assets.

• Herding: Following what everyone else is doing. Leads to “buy high/sell low.”

• Regret: Not performing a necessary action due to regret over a previous failure.

• Media Response: The media is biased towards optimism to sell products from advertisers and attract viewers/readership.

• Optimism: Overly optimistic assumptions lead to rather dramatic reversions when met with reality.

Recency bias also leads us to project the recent past into the future. When markets rise for months, we instinctively assume they will keep doing so. The longer an uptrend persists, the more investors become anchored to it emotionally, treating it as the new normal. Confirmation bias then compounds the problem. Bullish investors seek information that validates their optimism and dismiss data that challenges it. Financial media and social networks amplify this echo chamber, drowning out contrarian voices. Finally, reverse loss aversion, a flip of the classic behavioral rule, takes hold. When portfolios swell, investors become less sensitive to risk because the pain of potential loss feels abstract compared to the pleasure of ongoing gains.

As shown in the chart below, this behavioral trend contradicts the “buy low/sell high” investment rule.

These psychological patterns explain why market collapses often appear to come “out of nowhere.” In truth, the seeds of every downturn are sown during the good times, when caution fades and discipline erodes. A lack of volatility anesthetizes investors, dulling their instinct to manage risk. When the inevitable reversal comes, it is not just unprepared portfolios but mindsets that suffer. The speed with which optimism turns to panic reflects how thoroughly investors have internalized the belief that markets cannot fall.

In the end, we are just human. Despite the best of our intentions, it is nearly impossible for an individual to be devoid of the emotional biases that inevitably lead to poor investment decision-making over time. This is why all great investors follow strict investment disciplines to reduce the impact of human emotions.

Lastly, history offers endless proof. The dot-com mania, the housing bubble, and the “meme stock” frenzy shared the same behavioral DNA. Confidence became arrogance, diversification gave way to concentration, and the line between investing and speculation vanished.

The illusion of safety made investors their own most significant risk factor.

Breaking the Zero-Risk Illusion

The challenge for today’s investor is not merely spotting risk, but feeling it again. In a world where central banks have blurred the boundaries between market cycles, developing a healthy respect for uncertainty is an edge. Successful investors do not try to eliminate volatility; they prepare for it. They recognize that risk is not a variable to be avoided but a constant to be managed.

That starts with reframing risk awareness. Calm markets should not be a source of comfort but a warning sign that risk is being mispriced. Maintaining liquidity through cash or short-term instruments is not an act of fear but one of readiness. Cash provides optionality: the ability to act when an opportunity arises and others are forced to sell. Diversification should go beyond the surface level of asset classes; proper diversification comes from owning assets that respond differently to changes in inflation, liquidity, and interest-rate expectations.

Here are five practical steps to employ today before the next “event” occurs:

1. Reframe Risk as a Constant, Not a Variable: Risk doesn’t go away—it simply migrates from one part of the system to another. If volatility is low, it’s often being stored somewhere else, waiting to be released. Treat calm periods as warnings, not assurances.

2. Diversify by Source of Return, Not Label: Don’t just diversify across asset classes; diversify across drivers of return. Own assets that respond differently to inflation, liquidity, and policy shocks. Real diversification is behavioral, not cosmetic.

3. Maintain Cash as Optionality: Cash isn’t trash—it’s future opportunity. Holding liquidity during euphoric markets gives investors the flexibility to act when others panic.

4. Recognize the Fed Is Not Omnipotent: Monetary policy can influence liquidity, but it can’t repeal the business cycle. Believing otherwise is the foundation of the zero-risk illusion.

5. Measure Success by Time Horizon, Not Headlines: The best investors think in decades, not days. Their goal isn’t to beat the market every quarter; it’s to compound wealth across complete cycles by avoiding permanent losses.

Markets don’t punish greed; they punish complacency. The most dangerous words in investing are still “this time is different,” and the illusion of a risk-free market is just another version of that fallacy. As investors, our job isn’t to eliminate risk; it’s to respect it.

The irony of the zero-risk illusion is that it thrives precisely when markets are calmest. Lulled into comfort, investors stop hedging, questioning, and preparing. When volatility inevitably returns, the same psychology that fueled the rally becomes its undoing.

Just as important is recognizing that the Federal Reserve is not omnipotent. Policy can influence timing but not the laws of cycles or valuation. Believing otherwise invites the same complacency that precedes every correction.

Markets will always swing between fear and greed. The illusion of zero risk is simply the latest iteration of an old behavioral story; the belief that we’ve outgrown the past. But risk never disappears; it only hides until complacency pulls it back into view.

The best investors understand psychology deeply. They remain humble in good times, skeptical when everyone else is euphoric, and disciplined when the crowd forgets what real risk feels like.

Tyler Durden Fri, 10/17/2025 - 10:50

15 hours and 4 minutes ago

EU questions Tomahawk’s value for Ukraine – WaPo

The US missiles’ deployment in Ukraine would be symbolic rather than strategic, according to the Washington Post
Read Full Article at RT.com

The deployment of the missiles would be symbolic rather than strategic, the paper has reported, citing officials

Sending US-made Tomahawk missiles to Ukraine would carry more symbolic than practical value in Kiev’s conflict with Russia, the Washington Post has reported, citing EU officials.

In the article, published on Thursday, several sources suggested that Washington’s deliberations over Tomahawk deliveries could serve as a negotiating tool as Ukraine already has domestically produced drones capable of striking Moscow.

Additionally, the piece noted that it will take time to train Ukrainian military personnel to operate the long-range missiles, which are capable of striking targets up to 2,500 kilometers (1,550 miles) away.

US President Donald Trump previously said he was considering Ukrainian leader Vladimir Zelensky’s request for the missiles, citing stalled peace talks with Moscow, but has not given a definitive answer.

Read more

After a phone call with Russian President Vladimir Putin on Thursday, ahead of a meeting with Zelensky on Friday, he warned that the US must maintain enough Tomahawks in its arsenal to safeguard national security.

The EU and several member states have consistently urged Washington to provide Kiev with more advanced missile and air defense systems. Polish Foreign Minister Radoslaw Sikorski said this week that he hopes Trump would approve the deliveries, arguing they would boost Ukraine’s ability to hit Russian infrastructure.

Media reports have interpreted Trump’s renewed dialogue with Putin as a sign that Kiev is unlikely to receive the missiles. Trump acknowledged that Putin “didn’t like the idea” of Ukraine acquiring the nuclear-capable weapons.

READ MORE: Putin call could lead to peace – Trump

The potential delivery of Tomahawks would “not change the situation on the battlefield” but would “severely undermine the prospects of a peaceful settlement” and harm US-Russia relations, Putin said on Thursday, as cited by his foreign policy aide, Yury Ushakov. Moscow has maintained that it will not yield to external pressure and will pursue its goals in Ukraine by diplomatic or military means.

15 hours and 4 minutes ago

EU questions value of Tomahawk’s to Ukraine – WaPo

The US missiles’ deployment in Ukraine would be symbolic rather than strategic, according to the Washington Post
Read Full Article at RT.com

The deployment of the missiles would be symbolic rather than strategic, the paper has reported, citing officials

Sending US-made Tomahawk missiles to Ukraine would carry more symbolic than practical value in Kiev’s conflict with Russia, the Washington Post has reported, citing EU officials.

In the article, published on Thursday, several sources suggested that Washington’s deliberations over Tomahawk deliveries could serve as a negotiating tool as Ukraine already has domestically produced drones capable of striking Moscow.

Additionally, the piece noted that it will take time to train Ukrainian military personnel to operate the long-range missiles, which are capable of striking targets up to 2,500 kilometers (1,550 miles) away.

US President Donald Trump previously said he was considering Ukrainian leader Vladimir Zelensky’s request for the missiles, citing stalled peace talks with Moscow, but has not given a definitive answer.

Read more

After a phone call with Russian President Vladimir Putin on Thursday, ahead of a meeting with Zelensky on Friday, he warned that the US must maintain enough Tomahawks in its arsenal to safeguard national security.

The EU and several member states have consistently urged Washington to provide Kiev with more advanced missile and air defense systems. Polish Foreign Minister Radoslaw Sikorski said this week that he hopes Trump would approve the deliveries, arguing they would boost Ukraine’s ability to hit Russian infrastructure.

Media reports have interpreted Trump’s renewed dialogue with Putin as a sign that Kiev is unlikely to receive the missiles. Trump acknowledged that Putin “didn’t like the idea” of Ukraine acquiring the nuclear-capable weapons.

READ MORE: Putin call could lead to peace – Trump

The potential delivery of Tomahawks would “not change the situation on the battlefield” but would “severely undermine the prospects of a peaceful settlement” and harm US-Russia relations, Putin said on Thursday, as cited by his foreign policy aide, Yury Ushakov. Moscow has maintained that it will not yield to external pressure and will pursue its goals in Ukraine by diplomatic or military means.

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