Individual Economists

Polar Blast Sweeps Across U.S. East, Unleashing First Snow Of Season

Zero Hedge -

Polar Blast Sweeps Across U.S. East, Unleashing First Snow Of Season

Global-warming alarmists and their Democratic Party allies, brainwashed by the globalist climate-hoax cult, are likely scratching their heads as Monday morning gets underway. 

A winter jacket is now a must-have today across two-thirds of the U.S., as an Arctic blast breaking off from the polar vortex over Canada pours frigid air deep into the Lower 48, blanketing parts of the Midwest in snow.

The latest from the National Weather Service shows more than 105 million people are under advisories, watches, and warnings on freezing conditions, winter weather, and lake effect snow.

By late Monday, early Tuesday, the cold blast could send parts of the Miami region into the 30s and 40s and feel even chillier. Record lows are expected across Birmingham, Tupelo, and several Tennessee cities, including Knoxville, Memphis, and Nashville. Afternoon highs throughout the region will run 10 to 25 degrees below normal.

Snow is forecast from the Great Lakes through New England and into northern New York, extending as far south as the mountains of eastern North Carolina by Monday morning and Tuesday. Some areas of Indiana, Wisconsin, Michigan, and West Virginia could see 12 to 18 inches of accumulation.

ZeroHedge readers have known about the incoming cold blast for nearly a week:

The cold blast even attracted the attention of Goldman analyst Ranald Falconer, who told clients:

White Christmas? I went down a bit of a rabbit hole this morning reading about the potential for a weakening Polar Vortex and its impact on winter weather this year. I had a handful of incoming questions last week about Henry Hub strength and really the main answer was weather related. Russell wrote about this last week on the back of cooler weekend forecasts that brought HDD count higher for the 6-10 day period, that brought the U.S. East briefly colder than their 30 year average. We are now mostly through that period, and the NOAA temperature forecast have the Eastern States above average for the next 2 weeks. Russell made note that the weekly progression forecasts are not overly accurate, so as much as the rally was reactive to this headline, it gives us an indication of what the market and investors want to do heading into winter, rally. This takes me back to my meteorological lesson. The Polar Vortex [PV] is made up of the higher stratospheric level (sitting about 10-30 miles about the earth's surface) and the lower tropospheric level (responsible for the weather events we experience). According to severe-weahter.eu, you can think of the PV as "...a "wall" spinning over and around the polar regions from the surface to the stratosphere, containing the cold polar air inside." When the PV is strong, polar circulation and the jet stream are strong, and the cold air within the vortex is contained. A breakdown or weakening of this vortex allows cold air to escape and have cooling effects on the mid hemisphere regions, Northern US States and North West Europe.

A disruption in the PV is forecast, with higher pressure building over Canada next week, we could see a Sudden Stratospheric Warming (SSW) trigger. Most SWW occur in mid to late winter, however this is early. The temperature forecast for early December indicates a potentially strong cold polar air outbreak across the northern, central, and eastern United States. Snowfall forecasts for early December also show a spread from Canada across to the north, north west and north east of the U.S. (The image below is the average long range temperature forecast). In Europe, the same snowfall pattern is being seen in the far north of the Scandis, however with the location of the low-pressure areas, the eastern side of Europe looks like a warmer anomaly. In terms of trading, Henry Hub is on its highs, the desk favour buying Dec puts as insurance if this weather does not materialise. If the cold does come, the market will need to price pulling storage harder and earlier, so front spreads should be in favour. Russell flags that if weather hits then "Z/F/G or Z/F vs H/J both look like they should carry well."

Meanwhile, the 40-day-plus government shutdown has thrown nationwide air travel into chaos, with government-imposed flight restrictions triggering widespread cancellations and delays at major airports. Heavy snow in Chicago is worsening the situation and could cause further disruptions today. The good news is that some Democrats have folded, allowing Republicans to secure the 60 votes needed to advance a bill to reopen the government.

On a personal level, amid the exploding power-bill crisis across the Mid-Atlantic and Northeast, thanks to Democrats and their failed climate agenda that retired stable fossil-fuel power generation and stripped critical capacity from the grid, we bought 1,000 pounds of coal to mix with our wood-burning stoves. We can only imagine Greta saying, "How dare you!" Well, how dare you and the climate-change cult create such instability in the power grid.

*  *  *

Tyler Durden Mon, 11/10/2025 - 18:50

Polar Blast Sweeps Across U.S. East, Unleashing First Snow Of Season

Zero Hedge -

Polar Blast Sweeps Across U.S. East, Unleashing First Snow Of Season

Global-warming alarmists and their Democratic Party allies, brainwashed by the globalist climate-hoax cult, are likely scratching their heads as Monday morning gets underway. 

A winter jacket is now a must-have today across two-thirds of the U.S., as an Arctic blast breaking off from the polar vortex over Canada pours frigid air deep into the Lower 48, blanketing parts of the Midwest in snow.

The latest from the National Weather Service shows more than 105 million people are under advisories, watches, and warnings on freezing conditions, winter weather, and lake effect snow.

By late Monday, early Tuesday, the cold blast could send parts of the Miami region into the 30s and 40s and feel even chillier. Record lows are expected across Birmingham, Tupelo, and several Tennessee cities, including Knoxville, Memphis, and Nashville. Afternoon highs throughout the region will run 10 to 25 degrees below normal.

Snow is forecast from the Great Lakes through New England and into northern New York, extending as far south as the mountains of eastern North Carolina by Monday morning and Tuesday. Some areas of Indiana, Wisconsin, Michigan, and West Virginia could see 12 to 18 inches of accumulation.

ZeroHedge readers have known about the incoming cold blast for nearly a week:

The cold blast even attracted the attention of Goldman analyst Ranald Falconer, who told clients:

White Christmas? I went down a bit of a rabbit hole this morning reading about the potential for a weakening Polar Vortex and its impact on winter weather this year. I had a handful of incoming questions last week about Henry Hub strength and really the main answer was weather related. Russell wrote about this last week on the back of cooler weekend forecasts that brought HDD count higher for the 6-10 day period, that brought the U.S. East briefly colder than their 30 year average. We are now mostly through that period, and the NOAA temperature forecast have the Eastern States above average for the next 2 weeks. Russell made note that the weekly progression forecasts are not overly accurate, so as much as the rally was reactive to this headline, it gives us an indication of what the market and investors want to do heading into winter, rally. This takes me back to my meteorological lesson. The Polar Vortex [PV] is made up of the higher stratospheric level (sitting about 10-30 miles about the earth's surface) and the lower tropospheric level (responsible for the weather events we experience). According to severe-weahter.eu, you can think of the PV as "...a "wall" spinning over and around the polar regions from the surface to the stratosphere, containing the cold polar air inside." When the PV is strong, polar circulation and the jet stream are strong, and the cold air within the vortex is contained. A breakdown or weakening of this vortex allows cold air to escape and have cooling effects on the mid hemisphere regions, Northern US States and North West Europe.

A disruption in the PV is forecast, with higher pressure building over Canada next week, we could see a Sudden Stratospheric Warming (SSW) trigger. Most SWW occur in mid to late winter, however this is early. The temperature forecast for early December indicates a potentially strong cold polar air outbreak across the northern, central, and eastern United States. Snowfall forecasts for early December also show a spread from Canada across to the north, north west and north east of the U.S. (The image below is the average long range temperature forecast). In Europe, the same snowfall pattern is being seen in the far north of the Scandis, however with the location of the low-pressure areas, the eastern side of Europe looks like a warmer anomaly. In terms of trading, Henry Hub is on its highs, the desk favour buying Dec puts as insurance if this weather does not materialise. If the cold does come, the market will need to price pulling storage harder and earlier, so front spreads should be in favour. Russell flags that if weather hits then "Z/F/G or Z/F vs H/J both look like they should carry well."

Meanwhile, the 40-day-plus government shutdown has thrown nationwide air travel into chaos, with government-imposed flight restrictions triggering widespread cancellations and delays at major airports. Heavy snow in Chicago is worsening the situation and could cause further disruptions today. The good news is that some Democrats have folded, allowing Republicans to secure the 60 votes needed to advance a bill to reopen the government.

On a personal level, amid the exploding power-bill crisis across the Mid-Atlantic and Northeast, thanks to Democrats and their failed climate agenda that retired stable fossil-fuel power generation and stripped critical capacity from the grid, we bought 1,000 pounds of coal to mix with our wood-burning stoves. We can only imagine Greta saying, "How dare you!" Well, how dare you and the climate-change cult create such instability in the power grid.

*  *  *

Tyler Durden Mon, 11/10/2025 - 18:50

The Race For The Trump Economy

Zero Hedge -

The Race For The Trump Economy

Authored by Victor Davis Hanson via American Greatness,

The current economic indicators, at least those attributable to the 10-month Trump administration, are strong.

Fourth-quarter GDP is estimated to grow between 2.7 and 4 percent, the robust latter figure according to the Atlanta Federal Reserve Bank.

Inflation from June to August ranged from 2.7 to 2.9 percent, significantly lower than the 5 percent annual average during Biden’s 2021-2025 term.

Gas prices now average $2.98 per gallon, compared to $3.46, the average cost during Biden’s four years.

In less than a year, Trump has increased oil production by one million barrels per day.

Unemployment in the second quarter of 2025 stayed steady at 4.2 percent, roughly the same as the 4.1 percent during the final month of Biden’s tenure.

The stock market has reached an all-time high. Foreign investment is pegged at record levels. Tariff revenue could reach $400 billion by the end of the year—vastly outpacing the $77 billion in all of last year, 2024.

In other words, the economy is rolling along.

To the extent the Trump administration has a problem with the economy, however, it is threefold.

One is public perceptions.

In 2021, Biden foolishly borrowed $7 trillion and infused it into the economy at precisely the wrong time. The economy had already been stimulated by Trump’s prior massive lockdown borrowing.

The COVID-19 pandemic was ending. The emerging public was eager to get out, splurge, and satisfy its two-year pent-up consumer demand. And yet supply chains were still disrupted and unable to supply sufficient goods or services.

That perfect storm would ensure that there were too few goods and services for too much cash-flush, inordinate consumer spending.

Despite warnings from even liberal economists that the “stimulus” was a recipe for hyperinflation, Biden—or whoever at that time ran the country—went ahead with his massive borrowing and ensured that inflation would peak at an annual rate of 9.1 percent in 2022.

The mess continued, however, since inflation still kept up in the next two years at 3-4 percent. And when Trump entered office in 2025, goods were over 21 percent higher than when Biden had been inaugurated—with even steeper prices on key staples like energy, groceries, automobiles, housing, and insurance.

Most prices have never gone down. The fact that they have remained high over the last ten months has been blamed on Trump, on the strange rationale that he was supposed to have engineered a deflationary economy in less than a year to lower what Biden recklessly had raised over four years.

The left-wing propaganda is Orwellian:

“Our four-year policies created hyperinflation. Your 10-month antithesis did not. But you are still responsible for not undoing in ten months what we did in 48 months. Therefore, we deserve to return to power to repeat the disaster that we made under Biden.”

Second, the administration and Republicans have rarely compared their own economic record with that of Biden’s dismal four years to explain how there is improvement in almost every area.

Trump’s circle understandably has emphasized its accomplishments on the border, reducing crime, curtailing DEI, restoring military recruitment, and especially in foreign affairs, such as the ruination of Iran’s nuclear facilities, the reenergizing of NATO, the oversight of Israel’s successful wars against Hamas and Hezbollah, and achieving ceasefires in conflicts across the globe. These are notable successes. Talk of a Trump Nobel Peace Prize is understandable and warranted.

But the recent off-year elections, albeit in blue states like California, New Jersey, New York, and Virginia, were decided mostly on perceptions of “affordability,” shorthand for the economy.

When independent voters heard little from Republican candidates about the good economic news or of the sharp contrast from the prior Democratic train wreck, they simply bought the left-wing line that the lack of “affordability” was due to the administration in power—that is, Trump.

Third, most of Trump’s key economic initiatives are long-term and will not be fully realized by the end of 2025 or in early to mid-2026.

No one yet knows what the full effects will be of record deregulation and tax cuts by 2026. No administration has ever prompted the deportation of 2 million illegal aliens, as will happen by 2025, with a likely 2 million more in 2026.

Nor does anyone yet know the positive effect on jobs and wages when there are fewer foreign workers undercutting American labor, and even fewer people receiving costly state and federal entitlements.

No one knows what will follow from a record production of nearly 14 million barrels of oil per day, which, with new federal leasing and fewer regulations, may still increase even more in 2026. More federal revenue from leasing and exports? Cheaper natural gas and gasoline for consumers?

No one knows the economic role of a rapidly advancing artificial intelligence industry, with likely huge breakthroughs from robotics to medicine. No one knows the impact of a new generation of smaller micro-nuclear generation stations or more natural-gas power-plants that should provide electricity far more cheaply than massive, state-subsidized wind and solar farms.

No one knows the effect of the massive promised foreign investment. Trump talks confidently of $15 trillion or more promised in foreign investments. If just a third of that sum were to be actualized by late 2026, together with trillions of dollars in new domestic investment, the effect on GDP, unemployment, and federal revenues would be enormous.

Tariffs have caused neither a trade war, stock collapse, nor recession. Instead, the use of tariff threats, jawboning, and deals has resulted so far in little additional inflation, at least if the courts do not intervene.

Again, even downwardly negotiated new tariffs could bring in $400 billion in additional revenue. Far from stuck in a destructive trade war, the U.S. is more likely in 2026 to be in the strongest and most advantageous commercial position with both America’s allies and rivals, like China, in the last half-century.

The left is certainly apprehensive about the prospect of a likely booming pre-midterm Trump economy by November 2026.

The current shutdown, preplanned by Democrats to synchronize with the recent elections, makes no sense given their prior damnation of minority-party shutdowns, their prior serial votes to approve continuing resolutions, and their prior incoherent claims about putting a sunset on massive Obamacare subsidies, which they also once insisted would never be necessary.

So the likely real purpose of the shutdowns is a nihilist effort to slow down or sidetrack the expanding Trump economy—a sort of smaller replay of what the purported “natural” disaster of COVID-19 did to the then-booming 2019 Trump economy that likely cost Trump the 2020 election.

In addition, there is no reason now for the Fed not to lower rates, and far more than the recent paltry 0.25 percent cut. There is neither wild growth nor high inflation, but most certainly a stagnant housing market, high mortgage rates, and natural uncertainty among builders.

For most of 2025, the media has tried to talk the U.S. into a recession—wrongly predicting a March stock market crash, wrongly assuring us of a mid-2025 recession, wrongly maintaining that tariff-borne hyperinflation would bury the economy by fall, and wrongly insisting a disastrous trade war was upon us, one that would crash both the U.S. and Chinese economies.

If the shutdown were quickly ended and the Fed steadily lowered interest rates by at least 2 percent, and if the media would just report the news rather than seek to create realities by falsification, then a strong, and soon to be even more robust, economy would likely determine the 2026 midterms, and with it the Trump presidency.

So the current Trump economy is in a race of sorts.

The challenge is not nature, not war, not the unpredictable, and certainly not wrong economic policies and agendas.

The rub is a failure to highlight the radical improvement from the Biden years in just a few months, to explain that novel policies are already in motion that may revolutionize the American economy within a year, and to recognize the destructive efforts of partisan shutdowns, partisan high interest rates, and partisan hysterical doom and gloom fake news.

If Trump meets these challenges, voters could see the economy take off as never before in 2026—just in time for the midterms.

Tyler Durden Mon, 11/10/2025 - 18:25

The Race For The Trump Economy

Zero Hedge -

The Race For The Trump Economy

Authored by Victor Davis Hanson via American Greatness,

The current economic indicators, at least those attributable to the 10-month Trump administration, are strong.

Fourth-quarter GDP is estimated to grow between 2.7 and 4 percent, the robust latter figure according to the Atlanta Federal Reserve Bank.

Inflation from June to August ranged from 2.7 to 2.9 percent, significantly lower than the 5 percent annual average during Biden’s 2021-2025 term.

Gas prices now average $2.98 per gallon, compared to $3.46, the average cost during Biden’s four years.

In less than a year, Trump has increased oil production by one million barrels per day.

Unemployment in the second quarter of 2025 stayed steady at 4.2 percent, roughly the same as the 4.1 percent during the final month of Biden’s tenure.

The stock market has reached an all-time high. Foreign investment is pegged at record levels. Tariff revenue could reach $400 billion by the end of the year—vastly outpacing the $77 billion in all of last year, 2024.

In other words, the economy is rolling along.

To the extent the Trump administration has a problem with the economy, however, it is threefold.

One is public perceptions.

In 2021, Biden foolishly borrowed $7 trillion and infused it into the economy at precisely the wrong time. The economy had already been stimulated by Trump’s prior massive lockdown borrowing.

The COVID-19 pandemic was ending. The emerging public was eager to get out, splurge, and satisfy its two-year pent-up consumer demand. And yet supply chains were still disrupted and unable to supply sufficient goods or services.

That perfect storm would ensure that there were too few goods and services for too much cash-flush, inordinate consumer spending.

Despite warnings from even liberal economists that the “stimulus” was a recipe for hyperinflation, Biden—or whoever at that time ran the country—went ahead with his massive borrowing and ensured that inflation would peak at an annual rate of 9.1 percent in 2022.

The mess continued, however, since inflation still kept up in the next two years at 3-4 percent. And when Trump entered office in 2025, goods were over 21 percent higher than when Biden had been inaugurated—with even steeper prices on key staples like energy, groceries, automobiles, housing, and insurance.

Most prices have never gone down. The fact that they have remained high over the last ten months has been blamed on Trump, on the strange rationale that he was supposed to have engineered a deflationary economy in less than a year to lower what Biden recklessly had raised over four years.

The left-wing propaganda is Orwellian:

“Our four-year policies created hyperinflation. Your 10-month antithesis did not. But you are still responsible for not undoing in ten months what we did in 48 months. Therefore, we deserve to return to power to repeat the disaster that we made under Biden.”

Second, the administration and Republicans have rarely compared their own economic record with that of Biden’s dismal four years to explain how there is improvement in almost every area.

Trump’s circle understandably has emphasized its accomplishments on the border, reducing crime, curtailing DEI, restoring military recruitment, and especially in foreign affairs, such as the ruination of Iran’s nuclear facilities, the reenergizing of NATO, the oversight of Israel’s successful wars against Hamas and Hezbollah, and achieving ceasefires in conflicts across the globe. These are notable successes. Talk of a Trump Nobel Peace Prize is understandable and warranted.

But the recent off-year elections, albeit in blue states like California, New Jersey, New York, and Virginia, were decided mostly on perceptions of “affordability,” shorthand for the economy.

When independent voters heard little from Republican candidates about the good economic news or of the sharp contrast from the prior Democratic train wreck, they simply bought the left-wing line that the lack of “affordability” was due to the administration in power—that is, Trump.

Third, most of Trump’s key economic initiatives are long-term and will not be fully realized by the end of 2025 or in early to mid-2026.

No one yet knows what the full effects will be of record deregulation and tax cuts by 2026. No administration has ever prompted the deportation of 2 million illegal aliens, as will happen by 2025, with a likely 2 million more in 2026.

Nor does anyone yet know the positive effect on jobs and wages when there are fewer foreign workers undercutting American labor, and even fewer people receiving costly state and federal entitlements.

No one knows what will follow from a record production of nearly 14 million barrels of oil per day, which, with new federal leasing and fewer regulations, may still increase even more in 2026. More federal revenue from leasing and exports? Cheaper natural gas and gasoline for consumers?

No one knows the economic role of a rapidly advancing artificial intelligence industry, with likely huge breakthroughs from robotics to medicine. No one knows the impact of a new generation of smaller micro-nuclear generation stations or more natural-gas power-plants that should provide electricity far more cheaply than massive, state-subsidized wind and solar farms.

No one knows the effect of the massive promised foreign investment. Trump talks confidently of $15 trillion or more promised in foreign investments. If just a third of that sum were to be actualized by late 2026, together with trillions of dollars in new domestic investment, the effect on GDP, unemployment, and federal revenues would be enormous.

Tariffs have caused neither a trade war, stock collapse, nor recession. Instead, the use of tariff threats, jawboning, and deals has resulted so far in little additional inflation, at least if the courts do not intervene.

Again, even downwardly negotiated new tariffs could bring in $400 billion in additional revenue. Far from stuck in a destructive trade war, the U.S. is more likely in 2026 to be in the strongest and most advantageous commercial position with both America’s allies and rivals, like China, in the last half-century.

The left is certainly apprehensive about the prospect of a likely booming pre-midterm Trump economy by November 2026.

The current shutdown, preplanned by Democrats to synchronize with the recent elections, makes no sense given their prior damnation of minority-party shutdowns, their prior serial votes to approve continuing resolutions, and their prior incoherent claims about putting a sunset on massive Obamacare subsidies, which they also once insisted would never be necessary.

So the likely real purpose of the shutdowns is a nihilist effort to slow down or sidetrack the expanding Trump economy—a sort of smaller replay of what the purported “natural” disaster of COVID-19 did to the then-booming 2019 Trump economy that likely cost Trump the 2020 election.

In addition, there is no reason now for the Fed not to lower rates, and far more than the recent paltry 0.25 percent cut. There is neither wild growth nor high inflation, but most certainly a stagnant housing market, high mortgage rates, and natural uncertainty among builders.

For most of 2025, the media has tried to talk the U.S. into a recession—wrongly predicting a March stock market crash, wrongly assuring us of a mid-2025 recession, wrongly maintaining that tariff-borne hyperinflation would bury the economy by fall, and wrongly insisting a disastrous trade war was upon us, one that would crash both the U.S. and Chinese economies.

If the shutdown were quickly ended and the Fed steadily lowered interest rates by at least 2 percent, and if the media would just report the news rather than seek to create realities by falsification, then a strong, and soon to be even more robust, economy would likely determine the 2026 midterms, and with it the Trump presidency.

So the current Trump economy is in a race of sorts.

The challenge is not nature, not war, not the unpredictable, and certainly not wrong economic policies and agendas.

The rub is a failure to highlight the radical improvement from the Biden years in just a few months, to explain that novel policies are already in motion that may revolutionize the American economy within a year, and to recognize the destructive efforts of partisan shutdowns, partisan high interest rates, and partisan hysterical doom and gloom fake news.

If Trump meets these challenges, voters could see the economy take off as never before in 2026—just in time for the midterms.

Tyler Durden Mon, 11/10/2025 - 18:25

Microsoft Can't Power All Its AI Chips, Says CEO Satya Nadella

Zero Hedge -

Microsoft Can't Power All Its AI Chips, Says CEO Satya Nadella

Microsoft CEO Satya Nadella says the company doesn’t have enough electricity to power all its AI GPUs, underscoring one of the biggest challenges in the current AI boom: energy supply. Speaking on the Bg2 Pod with OpenAI CEO Sam Altman, Nadella explained that the problem isn’t too many chips but too little power to run them, according to Tom's Hardware, who summarized the interview.

“The biggest issue we are now having is not a compute glut, but it’s power,” Nadella said. “If you can’t do that, you may actually have a bunch of chips sitting in inventory that I can’t plug in. In fact, that is my problem today. It’s not a supply issue of chips; it’s actually the fact that I don’t have warm shells to plug into.”

By “shells,” Nadella was referring to unfinished data center buildings — empty facilities that lack the necessary infrastructure, such as power and cooling, to host and run GPUs at scale. The shortage of available power has become a growing concern across the tech industry as companies like Microsoft, Google, and OpenAI race to expand AI infrastructure.

Tom's Hardware writes that Altman added that future consumer devices could one day run advanced AI models locally. “Someday, we will make a[n] incredible consumer device that can run a GPT-5 or GPT-6-capable model completely locally at a low power draw,” he said.

Their comments highlight a key tension in the AI sector: while hardware and model development are progressing rapidly, the physical and energy infrastructure needed to support them is lagging behind. Analysts warn that unless power generation and data center capacity scale up, the AI industry could face serious slowdowns — or even a correction — in the coming years.

Watch the full sitdown here:

Tyler Durden Mon, 11/10/2025 - 18:00

Microsoft Can't Power All Its AI Chips, Says CEO Satya Nadella

Zero Hedge -

Microsoft Can't Power All Its AI Chips, Says CEO Satya Nadella

Microsoft CEO Satya Nadella says the company doesn’t have enough electricity to power all its AI GPUs, underscoring one of the biggest challenges in the current AI boom: energy supply. Speaking on the Bg2 Pod with OpenAI CEO Sam Altman, Nadella explained that the problem isn’t too many chips but too little power to run them, according to Tom's Hardware, who summarized the interview.

“The biggest issue we are now having is not a compute glut, but it’s power,” Nadella said. “If you can’t do that, you may actually have a bunch of chips sitting in inventory that I can’t plug in. In fact, that is my problem today. It’s not a supply issue of chips; it’s actually the fact that I don’t have warm shells to plug into.”

By “shells,” Nadella was referring to unfinished data center buildings — empty facilities that lack the necessary infrastructure, such as power and cooling, to host and run GPUs at scale. The shortage of available power has become a growing concern across the tech industry as companies like Microsoft, Google, and OpenAI race to expand AI infrastructure.

Tom's Hardware writes that Altman added that future consumer devices could one day run advanced AI models locally. “Someday, we will make a[n] incredible consumer device that can run a GPT-5 or GPT-6-capable model completely locally at a low power draw,” he said.

Their comments highlight a key tension in the AI sector: while hardware and model development are progressing rapidly, the physical and energy infrastructure needed to support them is lagging behind. Analysts warn that unless power generation and data center capacity scale up, the AI industry could face serious slowdowns — or even a correction — in the coming years.

Watch the full sitdown here:

Tyler Durden Mon, 11/10/2025 - 18:00

"I'm Going Quiet": Warren Buffett Speeds Up Donations, Says 'Luck Has Its Limits'

Zero Hedge -

"I'm Going Quiet": Warren Buffett Speeds Up Donations, Says 'Luck Has Its Limits'

Authored by Jack Phillips via The Epoch Times,

Warren Buffett, CEO of Berkshire Hathaway, wrote in his annual letter to shareholders that he will be “going quiet” after he steps down as the company’s chief executive at the end of 2025.

In the letter, dated Monday, the 95-year-old said that he will no longer speak at the company’s annual meeting or write his yearly letter. Buffett added that he is now the longest-lived member of his family.

Buffett also said he would be hastening the pace at which he hands over his Berkshire Hathaway shares to family foundations, including ones runs by his family.

The famed investor converted 1,800 of his Class A shares into 2.7 million Class B shares on Monday, a move worth approximately $1.35 billion. Of the shares, 1.5 million was sent to the Susan Thompson Buffett Foundation, and The Sherwood Foundation, The Howard G. Buffett Foundation, and the NoVo Foundation each received 400,000 shares.

“The acceleration of my lifetime gifts to my children’s foundations in no way reflects any change in my views about Berkshire’s prospects,” he wrote.

“Greg Abel has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO.”

Greg Abel, who will replace him as Berkshire Hathaway’s next CEO, is the vice chairman of non-insurance operations at Berkshire and was named as Buffett’s successor in 2021.

“He is a great manager, a tireless worker, and an honest communicator. Wish him an extended tenure,” he wrote.

As he has in the past several letters, Buffett also praised the U.S. economic system and told the Berkshire shareholders to “remember to thank America for maximizing your opportunities.”

He also provided an update on his health, saying, “I generally feel good. Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people.”

Since the start of the year, Berkshire Hathaway’s shares have risen more than 10 percent to $498.65 per share. As of Monday, the company had a market capitalization of $1.08 trillion.

Berkshire, which Buffett acquired in 1965, owns a number of other businesses, including Benjamin Moore & Co., BNSF Railway, Business Wire, Dairy Queen, Fruit of the Loom, Geico, Pilot Flying J, and See’s Candies. The company also has significant investments in major companies such as Apple, Bank of America, and Coca-Cola.

Last week, Berkshire warned that videos using AI-generated images of Buffett are circulating on YouTube, featuring comments he never made.

Berkshire said in its warning on Nov. 6. “Mr. Buffett is concerned that these types of fraudulent videos are becoming a spreading virus,” Berkshire said on Nov. 6. “Individuals who are less familiar with Mr. Buffett may believe these videos are real and be misled by the contents of these videos.”

Buffett in May announced he would be stepping down at the end of the year.

“Choose your heroes very carefully and then emulate them,” Buffett wrote to end his letter, adding, “You will never be perfect, but you can always be better.”

Read the whole letter below:

Tyler Durden Mon, 11/10/2025 - 17:40

"I'm Going Quiet": Warren Buffett Speeds Up Donations, Says 'Luck Has Its Limits'

Zero Hedge -

"I'm Going Quiet": Warren Buffett Speeds Up Donations, Says 'Luck Has Its Limits'

Authored by Jack Phillips via The Epoch Times,

Warren Buffett, CEO of Berkshire Hathaway, wrote in his annual letter to shareholders that he will be “going quiet” after he steps down as the company’s chief executive at the end of 2025.

In the letter, dated Monday, the 95-year-old said that he will no longer speak at the company’s annual meeting or write his yearly letter. Buffett added that he is now the longest-lived member of his family.

Buffett also said he would be hastening the pace at which he hands over his Berkshire Hathaway shares to family foundations, including ones runs by his family.

The famed investor converted 1,800 of his Class A shares into 2.7 million Class B shares on Monday, a move worth approximately $1.35 billion. Of the shares, 1.5 million was sent to the Susan Thompson Buffett Foundation, and The Sherwood Foundation, The Howard G. Buffett Foundation, and the NoVo Foundation each received 400,000 shares.

“The acceleration of my lifetime gifts to my children’s foundations in no way reflects any change in my views about Berkshire’s prospects,” he wrote.

“Greg Abel has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO.”

Greg Abel, who will replace him as Berkshire Hathaway’s next CEO, is the vice chairman of non-insurance operations at Berkshire and was named as Buffett’s successor in 2021.

“He is a great manager, a tireless worker, and an honest communicator. Wish him an extended tenure,” he wrote.

As he has in the past several letters, Buffett also praised the U.S. economic system and told the Berkshire shareholders to “remember to thank America for maximizing your opportunities.”

He also provided an update on his health, saying, “I generally feel good. Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people.”

Since the start of the year, Berkshire Hathaway’s shares have risen more than 10 percent to $498.65 per share. As of Monday, the company had a market capitalization of $1.08 trillion.

Berkshire, which Buffett acquired in 1965, owns a number of other businesses, including Benjamin Moore & Co., BNSF Railway, Business Wire, Dairy Queen, Fruit of the Loom, Geico, Pilot Flying J, and See’s Candies. The company also has significant investments in major companies such as Apple, Bank of America, and Coca-Cola.

Last week, Berkshire warned that videos using AI-generated images of Buffett are circulating on YouTube, featuring comments he never made.

Berkshire said in its warning on Nov. 6. “Mr. Buffett is concerned that these types of fraudulent videos are becoming a spreading virus,” Berkshire said on Nov. 6. “Individuals who are less familiar with Mr. Buffett may believe these videos are real and be misled by the contents of these videos.”

Buffett in May announced he would be stepping down at the end of the year.

“Choose your heroes very carefully and then emulate them,” Buffett wrote to end his letter, adding, “You will never be perfect, but you can always be better.”

Read the whole letter below:

Tyler Durden Mon, 11/10/2025 - 17:40

Stalemate? Zelensky In Denial As Russian Troops Press In On Pokrovsk

Zero Hedge -

Stalemate? Zelensky In Denial As Russian Troops Press In On Pokrovsk

As fighting has intensified in the eastern city of Pokrovsk, and with Russian troops having already penetrated some districts of the key logistical hub in the Donbass region, President Volodymyr Zelensky appears to be in denial.

On Monday he issued a statement on X claiming that Putin and his forces are at a "stalemate" and that the Russian president is more unpopular within his own country than ever. And yet even Western pundits consider that the writing is on the wall when it comes to Ukrainians seeking to hold on to Pokrovsk.

Via X: Zelensky last week visited front line areas near Pokrovsk.

"Putin is in an impasse when it comes to real successes on the battlefield. The situation looks more like a stalemate for him," Zelensky wrote. He went on to say, "First, he has radicalized public opinion toward this issue through information. Second, he promised objectives he has not achieved, so he needs to show some gains."

But Kremlin spokesman Dmitry Peskov has responded by saying that while Russia wants Ukraine conflict to end as soon as possible, it is only the prospect of peace negotiations which have stalled, and that the situation "stalled not because of us."

Meanwhile the Amsterdam-based Moscow Times paints a dire picture for the Ukrainian side: "Western military analysts say Russian troops have steadily edged into Pokrovsk’s southern outskirts, wearing down Ukrainian defenses and using worsening late-autumn weather to move men and equipment closer to the front," the report says. "The fight, they note, has settled into a grinding contest of attrition that has stretched Ukrainian units thin."

One Ukrainian soldier in fresh statement described that "The main problem is logistics" as "The roads are completely choked by Russian drones. No vehicle can enter or leave the city without being immediately detected."

The man told The Moscow Times, "They send about ten armored vehicles at once toward our positions" and that "Normally, we can destroy them quickly, but with the fog, rain and low winter clouds, our reaction time is slower. We destroy most of them, but some still manage to break through and drop off troops inside the city."

While Zelensky is trying to offer Pokrovsk as a symbol of Ukrainian resistance, the reality is that it is being encircled. Kiev officials have over several weeks sought to deny this.

For the majority of the war Pokrovsk has acted as the logistical hub and rear operations base for Ukraine's eastern defensive lines. It sits astride both a key railroad juncture and the highway to Ukraine’s fourth-largest metro, Dnipro.

Another urgent appeal for the Western allies to "close the skies" over Ukraine:

The loss of the primary rail lines and highway routes in and out of Pokrovsk would cut resources to Ukrainian units across the Donbas and possibly force them to retreat before running out of supplies. This would mean an immediate and sweeping Russian advance all along the eastern lines. 

The city's defensive positions are a final obstacle to Russia's access to most of the region. If Pokrovsk falls Russian forces will indeed be able to more easily flank entrenched troops in the north and south of the country.

Tyler Durden Mon, 11/10/2025 - 16:40

"We Live In The Dumbest Of Times" As The Nation Hopscotches Towards Insolvency & Breakdown

Zero Hedge -

"We Live In The Dumbest Of Times" As The Nation Hopscotches Towards Insolvency & Breakdown

Authored by James Howard Kunstler,

Winter Storm Watch

“We live in the dumbest of times and Democrats are truly led by the dumbest of all of us.”

- Sean Davis, The Federalist

You can suppose the government will re-open this week, and then what?

It could close back down in January when the latest funding patch runs out. And then what?

Another shut-down and another continuing resolution?

The nation hopscotches toward insolvency and breakdown.

The sorrows of Mr. Trump mount as his enemies devise ever-novel punishments for the people of this land. The mutual animus of the two parties spirals upward like the vortex of a developing superstorm.

It’s the nature of crisis that the outcome is uncertain and the possibilities seem mostly dire. And so it is the nature of heroic action to overcome all that and stick a landing in some safe place out of harm’s way.

Can we convert the economy of financial chicanery to an economy of purposeful production without provoking a ruinous crash of assets and debt obligations?

The most thoughtful observers doubt it.

It’s really only a question of time when the floor you were standing on gives way and suddenly everything is in freefall.

The precious metals are sending out a distress signal in the futures charts this morning, even while the equities markets worldwide melt up. That’s got to be a bad combo. Something is going wrong with money everywhere. The overarching question is: will money continue to be money? (That is, will it be worth anything?) Money that is increasingly worthless leads to some of the worst social and political outcomes imaginable.

The authorities of the money world only pretend to be in control of the forces behind money and its movements. Money is subject to the laws of physics like everything else: actions and reactions. . . momentum / inertia . . . entropy. As economist Herb Stein sagely observed a half-century ago: “Things that can’t go on, stop.” An awful lot of things in our world need to stop if we want to continue the project of civilization. We can see, to our distress, that many things are actually stopping: Truck shipments of goods, idle freight trains, stores closing, closed down construction sites, restaurants empty. That tends toward rents, loans, mortgages not being paid. That leads to daisy-chains of broken obligations. Inflation reverses to deflation. Money starts to disappear.

In a deflation, money will stop losing its value. The catch is, people will have less money. There will be less of it around, chasing whatever goods get produced. Some people will have no money at all. The government will almost certainly attempt to counter that by giving them money created out of nothing. It will also give money to broke institutions like banks, and perhaps to businesses deemed “critical” to society. That will cycle back into money losing more value. We’ve been through this cycle a number of times in this young and turbulent century.

You’ve probably noticed that our country is seething with pissed-off citizens. All the machinations of the money authorities pretending to manage money have produced perversities, distortions, and spooky unintended consequences. Things manifest strangely. For instance, medical care is a godawful mess, namely, the ACA, Affordable Care Act. Got an acute problem like abdominal pain? We can give you an appointment three months from now, the HMO says when you call? Are they insane? Do they not hear themselves speaking? And you’re paying, like, $20-K-a-year for the family’s health insurance, so-called. (Hey, you can always go sit in the ER for eighteen hours with plenty of illegal aliens to keep you company.)

Mr. Trump just proffered a novel gambit: take away federal subsidies and tax credits from the ACA-linked insurance companies and send the money to US citizens to spend directly on doctors, drugs, and surgeries, or on private insurance outside the orbit of Obamacare.

Nobody really knows how that might work, but you could allow that sometimes horrible problems call for far-out responses. Make America Healthy Again (MAHA) was a major plank in the president’s campaign platform. Everybody knows that Obamacare functions as an obstacle to being healthy. The entire purpose of it was to make medicine both unaffordable and unavailable. It’s been operating for going on fifteen years, failing spectacularly in plain sight.

The Democratic Party proposed to fix it, via their shut-down stunt, by enrolling onto Obamacare the millions of illegal aliens they ushered into the country at the cost of a trillion-plus dollars.

Some fix.

This is why they are known as the Party of Chaos. You can depend on the Democratic Party to always make a bad situation worse.

The shut-down has even led to chaos within the Democratic Party itself as members now denounce their own leadership.

This would be a good time for President Trump to beat them with a stick as hard as possible. Ending the silent filibuster would be a good start — since the Democrats aim to do it anyway. Of course, that is up to Mr. Thune, the Senate Majority Leader. A fire needs to be lit under his well-tailored ass. Then, pass some really juicy legislation starting with election reform entailing proof-of-citizenship to vote, paper ballots, end of mail-in ballots (except for traditional absentee voting), and do away with the janky vote-counting machines. That would be an excellent start. Proceed from there.

As for those troubled financial markets and shaky money venues, they will do what they will do. If they wobble and crater, great opportunities will open up to decisively fix so much that has gone wrong in our country. You might not know it, considering the drift of recent years, but there are still a lot of capable people in this country ready to roll up their sleeves and go to work repairing what is broken.

*  *  *

Now live: JHK’s new novel, a comic romp set during the week of the tragic JFK Assassination, November 1963. Amusing excerpt from the book at this link.

Tyler Durden Mon, 11/10/2025 - 16:20

Energy Secretary: Trump's Reinvigoration & Expansion Of Coal Industry 'Critical To Our Country'

Zero Hedge -

Energy Secretary: Trump's Reinvigoration & Expansion Of Coal Industry 'Critical To Our Country'

Via American Greatness,

The Trump administration has announced the $625 million expansion of a number of programs to boost America’s coal industry by keeping coal-fired power plants open, lowering energy costs and keeping the U.S. competitive globally.

U.S. Energy Secretary Christopher Wright made the announcement last week on FOX Business’ “Mornings with Maria,” telling host Maria Bartiromo that the coal industry is “critical to America’s industrial might.”

Wright told Fox Business that the U.S. has “awesome coal reserves” that could be put to productive use.

Coal is the third largest source of electricity in the U.S.after natural gas and nuclear power, according to Wright.

The Energy Secretary also noted that coal is the “backbone of steel production” and that it’s critical for cement production as well.

“Coal just makes the world go round,” Wright told Fox Business, “And they’ve tried to strangle it, particularly the Biden administrations, starting with the Obama administration.”

Wright explained that the $625 million will be used to upgrade existing coal plants and to keep them open, while also providing some new pollution controls to ensure the power plants “run cleaner and better.”

Wright insisted that the coal industry has a long future despite the efforts of those who wish that it would go away, stating, “It’s critical to our country.”

“We’re going to export more of that coal, we’re going to use it for American industry, particularly as we reindustrialize, and it’s going to continue to provide 15%-16% of our electricity and enable us to reindustrialize and win the AI race,” Wright said.

The bulk of the $625 million spending will be used to modernize coal plants with reliable electric power and capacity, while another $175 million will be used to fund projects to bring cheaper, more reliable energy to rural communities.

According to Fox Business, $50 million will be used to upgrade wastewater management systems to extend the lifespan of coal plants and reduce operating costs with another $25 million to enable coal power plants to operate on dual fuel and $25 million more to support investments that will maintain boiler efficiency and reliability when utilizing 100% natural gas.

Wright told Fox Business that “President Trump got elected to bring back common sense” and that “coal is a huge part of our electricity grid today” and that pledged to “stop closing” all the coal plants that the Biden administration and some Democratic governors had decided to mothball.

Tyler Durden Mon, 11/10/2025 - 15:40

Transgender Virginia Teacher Posts Rainbow 'Gun' Pointed At Person's Head, Demands Pronouns Be 'Put Back In Emails'

Zero Hedge -

Transgender Virginia Teacher Posts Rainbow 'Gun' Pointed At Person's Head, Demands Pronouns Be 'Put Back In Emails'

Authored by Dave Huber via TheCollegeFix.com,

A reportedly transgender high school history teacher in Virginia is on leave after posting an image to his Instagram of a “rainbow gun” pointed at a person’s head and the demand “PUT THE PRONOUNS BACK IN THE EMAIL.”

The image, posted on X by Libs of TikTok, depicts an arm holding a pistol (both colored as a rainbow) held at the back of a man’s head, with the “pronoun” demand written directly above.

According to WSET, Sabrina Morris (pictured) teaches at George Washington High School in the Danville Public Schools (Virginia) district. A district spokesperson said local police are involved in the matter, and that Morris “will not be present on school grounds while this matter is under investigation.”

Sabrina Morris; Libs of TikTok/X

“We are aware of a recent social media post involving one of our employees that has caused concern within our school community. We take such matters very seriously, as the content shared does not reflect the values or expectations of professionalism that guide our division,” the spokesperson said.

“Danville Public Schools remains committed to providing a safe and respectful environment for all students and staff. Due to this being a personnel matter, no additional information can be shared at this time.”

Libs of TikTok/X

The school district appears to have scrubbed Morris’ information for the George Washington HS website, and his Instagram — which notes he uses “she/her/hers” pronouns and describes himself as a “PhD / teacher / millennial / kinda cute” — has been set to private.

Based on text posted alongside the gun image (below, highlight circle added), it appears Morris got it from the Dream for America Instagram account, which purports to “inspir[e] young Americans to defend democracy & fight fascism online, on-campus, & across the country.”

Libs of TikTok/X

The College Fix asked Dream for America chief William He via email if the image indeed originated from his organization’s social media, and he replied that it indeed was “briefly shared” on the Dream for America account “but it was intended as comedic commentary on recent events — not as an endorsement of violence or hostility toward any group.”

He added “Once we realized how the image could be interpreted, it was immediately removed” and that his group “stands firmly for inclusion, empathy, and respect […] never to mock, threaten, or devalue others.”

Tyler Durden Mon, 11/10/2025 - 15:00

Leading Index for Commercial Real Estate Decreased 7% in October

Calculated Risk -

From Dodge Data Analytics: Dodge Momentum Index Falls Back 7% in October
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, decreased 7.1% in October to 283.3 (2000=100) from the upwardly revised reading of 304.8. Over the month, commercial planning declined 2.9% and institutional planning slowed by 15.2%. Year-to-date, the DMI is up 35% from the average reading over the same period in 2024.

“After several months of record-breaking levels, planning momentum slowed in October,” stated Sarah Martin, Associate Director of Forecasting at Dodge Construction Network. “Activity remains solid across the board, especially for data centers and hospitals. However, recent growth should not solely be attributed to gains in real activity. Anticipated increases in labor and material costs are also driving up project expenses and are inflating the overall trend in the DMI. In the coming months, Dodge anticipates activity to continue to decelerate on average, especially as macroeconomic risks continue to mount.”

On the commercial side, activity slowed down for warehouses and hotels, while planning momentum was sustained for data centers, traditional office buildings and retail stores. On the institutional side, education and healthcare planning have slowed down, after strong activity in recent months. Meanwhile, recreational and public planning continued to grow. Year-over-year, the DMI was up 52% when compared to October 2024. The commercial segment was up 54% (+43% when data centers are removed) and the institutional segment was up 49% over the same period.
...
The DMI is a monthly measure of the value of nonresidential building projects going into planning, shown to lead construction spending for nonresidential buildings by a full year.
emphasis added
Dodge Momentum Index Click on graph for larger image.

This graph shows the Dodge Momentum Index since 2002. The index was at 283.3 in October, down from 304.8 the previous month.

According to Dodge, this index leads "construction spending for nonresidential buildings by a full year".  This index suggests a pickup in mid-2025, however, uncertainty might impact these projects.  
Commercial construction is typically a lagging economic indicator.

Big Government Is The Problem, Not The Solution

Zero Hedge -

Big Government Is The Problem, Not The Solution

Authored by Daniel Lacalle,

Socialism has never reduced prices or improved affordability. Never. Interventionism is the root of all inflationary and scarcity problems. Only competition, open markets and technology can reduce prices and ease the bottlenecks created by governments through asphyxiating regulations and taxes.

Zohran Mamdani stated that “there is no problem big enough that the government cannot solve.” The evidence is the opposite. There is no problem that government intervention does not make worse. Government intervention is the cause of inflationary crises, not the cure.

Uncontrolled spending is printing money and inevitably leads to the destruction of the purchasing power of the currency, lower real wages and higher inflation. Add to it regulations that limit competition and affordable supply and taxes that make small business uncompetitive and the distortions created by governments playing God led to chronic inflation.

The explanation is simple. Economic challenges require competition, creative destruction and open markets to generate benefits for all citizens. Giving increasing economic power to bureaucrats that have no skin in the game and always resort to higher taxes and more spending is the recipe for stagnation and a debt crisis.

Mamdami fails to explain that socialist France has the biggest government in the OECD, the highest taxes, and a hugely intervened economy. It is in stagnation; it has a deep debt crisis, a high cost of living, and soaring social discontent. Not only France. The evidence of the failure of the “social state” is clear in Germany, the UK, Canada and many other developed economies that forgot that wealth is not a cake to divide. You either create wealth or destroy it.

Many cite China as an example of socialism that works. However, China does not prove that socialism works; it proves that abandoning socialism works. China’s economic system is what many socialists, like Mamdani, Sanders or AOC, call “rampant capitalism”. In fact, some of China’s most complicated challenges, like overcapacity, come from state central planning.

At the core of the problem is the idea that the government is a better allocator of wealth and prosperity than the market. The evidence is overwhelming. An interventionist government will always overspend, malinvest and pass the cost to taxpayers and citizens because the politicians do not suffer the consequences of their mistakes. Socialism is always justified based on its alleged good intentions, while capitalism is criticised for its worst results. The trick? Once you try socialism, you cannot get it out when it fails, as it always does.

Interventionism always erodes prosperity, undermines freedom, and destabilises the very foundations that politicians claim to defend. However, by the time citizens realise they have been tricked, the politicians’ power is too large.

Mamdani’s sentence rests on the view that bureaucratic action can overcome any obstacle by sheer will and allegedly unlimited resources. However, history repeatedly shows that attempts at imposing big government control led to negative consequences. Government spending is out of control and interventionist administrations refuse to cut expenditures or balance budgets. Instead, they increase bureaucratic power, betting on limitless spending, knowing the long-term costs are passed down to citizens rather than politicians.

Politicians benefit from increasing state power; this incentive perpetuates cycles of intervention that leave a trail of debt while politicians reap the benefits.

Socialism has only one objective: control. The goal is to create dependent citizens that must bow down to politicians and keep quiet because they have no power. Only the few politically connected thrive at the expense of the middle class, small businesses, and workers, who suffer the costs of inflation, taxation, and lost opportunity.

Socialist politicians always blame the rich, but the wealthy are not their objective, as they know they can leave the country and settle elsewhere. What socialist politicians really want is to destroy the middle class, because independent and economically free citizens are critical and do not want more government intervention. The middle class must be obliterated and create a dependent subclass.

The easiest way to end the middle class is with massive state spending on so-called “stimulus plans” that bleed small businesses dry and destroy the middle class via inflation, taxes, and bureaucracy, leaving only debt and stagnation.

One of the most destructive outcomes of government intervention is chronic inflation. Rothbard explains how the government, by issuing currency to pay for rising deficits, imposes a “hidden tax” on everyone who holds money or earns wages. Politicians are never concerned about debts and deficits because inflation stealthily erodes obligations by devaluing currency, shifting the financial burden to working families. This constant debasement is not a fatality but a deliberate policy choice that allows states to live far beyond their means, become larger, and create a dependent subclass through the erosion of purchasing power and the impoverishment of society.

Governments in social democracies have exceeded their three limits:

  • Economic Limit: Government interventionism distorts prices, weakens real wages, and perverts incentives. Rothbard shows that state intervention necessarily misallocates resources because it cannot rationally price goods or services absent market signals. The result is inefficiency, waste, and lost opportunities for innovation and prosperity.

  • Fiscal Limit: Interventionists operate under the illusion of unlimited fiscal resources, running chronic deficits, and claiming they can “stimulate” economies without cost. But as government liabilities rise, interest expenses soar, limiting growth and crowding out private investment. Tax increases are not a tool to reduce debt but to justify it, and the end result is stagnation and a debt crisis.

  • Inflationary Limit: To finance their ambitions, states print ever more money, perpetuating inflation. No interventionist government voluntarily reduces spending or cuts debt; they simply debase their currency, eroding savings and wages. Thus, they undermine confidence in money itself, destroying the economy in a short period of time.

Instead of enhancing equality, opportunity, or prosperity, state interventionism erodes them. Socialism, under the disguise of protecting the most vulnerable, destroys the middle class and makes the poor even poorer. Policies to force equality via intervention only “level down”; bureaucracies grow while innovation and productivity slump.

Government control does not lead to progress but to stagnation and currency destruction.

Chronic inflation, fiscal imbalances and economic stagnation are not solved by government intervention; they are created by it. Furthermore, when citizens find that socialism fails, they cannot escape from it.

Tyler Durden Mon, 11/10/2025 - 14:20

Jewish FDNY Commissioner Resigned Just Hours After Mamdani's Election Victory

Zero Hedge -

Jewish FDNY Commissioner Resigned Just Hours After Mamdani's Election Victory

FDNY Commissioner Robert Tucker resigned last Wednesday morning, less than 12 hours after Zohran Mamdani’s victory in the New York City mayoral race over Andrew Cuomo and Curtis Sliwa, according to the Daily News and Firehouse.

In a letter to Mayor Eric Adams, Tucker said his final day will be Dec. 19. “Between now and then, I will continue to lead the greatest fire department in the world and will ensure an orderly transition,” he wrote.

A department source said Tucker has had no discussions with Mamdani’s team about remaining in his post.

The source added that Tucker, who is Jewish and a Zionist, believed he wouldn’t align well with Mamdani, a Democratic socialist who faced criticism during the campaign for remarks some viewed as anti-Semitic.

The report notes that Tucker, CEO of a private security firm and longtime member of the FDNY Foundation board, was appointed commissioner in August 2024, succeeding Laura Kavanagh, the department’s first female commissioner.

Tucker’s resignation marks another major shift within city leadership following a heated election season that highlighted deep political divides. Mamdani, a Queens assemblyman known for his progressive stances on housing and policing, ran on a platform of redistributing city resources and increasing public investment in social services. His victory signaled a sharp turn from Adams’ more centrist approach to public safety and governance.

During his brief tenure, Tucker focused on strengthening the FDNY’s recruitment pipeline, modernizing training programs, and improving firefighter wellness and mental health resources.

He also oversaw initiatives to expand diversity within the department and enhance coordination during large-scale emergencies, earning praise from union leaders and city officials alike.

On Wednesday, Tucker was traveling to Israel to meet with the Israel Fire and Rescue Authority and is expected to comment on his resignation upon returning.

Mamdani is now set to become New York City’s first Muslim and youngest mayor in a century, having won 50% of the vote in Tuesday’s election.

Tyler Durden Mon, 11/10/2025 - 14:05

Government Shutdown Delayed Some $5BN In Weapons Transfers To Ukraine

Zero Hedge -

Government Shutdown Delayed Some $5BN In Weapons Transfers To Ukraine

Via The Libertarian Institute

The government shutdown has slowed arms transfers to NATO allies and Ukraine. Some State Department officials involved in ensuring weapons sales are completed have been furloughed. 

Axios reports the words of officials who explained AMRAAM and HIMARS missile shipments to Denmark, Croatia, and Poland have been delayed. Many of these arms will then be transferred to Ukraine. 

Via Reuters

"This is actually really harming both our allies and partners and US industry to actually deliver a lot of these critical capabilities overseas," a senior State Department official told Axios.

The White House blamed Democrats for the slowdown in a statement to Axios: "Democrats are holding up critical weapons sales, including to our NATO allies, which harms the U.S. industrial base and puts our and our partners’ security at risk," State Department spokesperson Tommy Pigott said. 

And the Ukrainian publication Kyiv Post noted:

Even as the Senate moved toward reopening the government, the shutdown’s ripple effects continued to reverberate across national security circles.

Alarming reports indicated the funding lapse had frozen more than $5 billion in US weapons exports intended for NATO allies and Ukraine.

After taking office, President Donald Trump canceled Joe Biden’s policy of shipping billions of dollars in weapons every month to Ukraine. Trump has authorized NATO states to buy US weapons for Ukraine. 

While Trump has ended direct weapon transfers to Ukraine, he has continued to fuel the war by providing Kiev with intelligence for long-range strikes inside Russia and ramped up sanctions on Moscow. 

Russian media taking note: "Even routine arms deals are struck."

On the campaign trail, Trump pledged to end the war on his first day in office. Trump has failed to make progress towards that promise as the White House recently called off a summit with Russian President Vladimir Putin in Hungary.

Tyler Durden Mon, 11/10/2025 - 12:20

Supreme Court Rejects Challenge To Its 2015 Gay Marriage Ruling

Zero Hedge -

Supreme Court Rejects Challenge To Its 2015 Gay Marriage Ruling

Authored by Matthew Vadum via The Epoch Times,

The U.S. Supreme Court on Nov. 10 rejected a challenge to its landmark 2015 ruling that requires all states to grant licenses for same-sex marriages.

The nation’s highest court declined to grant the petition in Davis v. Ermold in an unsigned order. The court did not explain its decision.

The petition was filed by former Rowan County, Kentucky, clerk Kim Davis, who, a decade ago, would not sign marriage licenses for same-sex couples.

Davis declined to sign the licenses after the Supreme Court ruled 5–4 in June 2015 in a case called Obergefell v. Hodges that the 14th Amendment to the Constitution requires all states to grant licenses for same-sex marriages and recognize same-sex marriages carried out in other states.

Days after the Obergefell decision, David Moore and David Ermold sought a marriage license from Davis. She declined, saying she was acting “under God’s authority” and advised the couple to seek a marriage license in another county.

The men sued for civil rights violations, seeking damages. A federal district court issued an order in a separate case directing Davis to issue marriage licenses.

Not long after the Obergefell decision, Kentucky’s then-governor, Steve Beshear, directed all county clerks, including Davis, to “license and recognize the marriages of same-sex couples,” the U.S. Court of Appeals for the Sixth Circuit recounted in its March 6 ruling that upheld a civil judgment against Davis.

Davis took the position at the time that her office would not issue any marriage licenses “until the state passed legislation to grant her an accommodation,” the ruling said.

While Davis’s appeal of the court order was pending, Kentucky enacted a law allowing clerks’ names to be left off marriage licenses. Davis accepted this and asked for her appeal to be dismissed.

The Sixth Circuit declined to dismiss the appeal because the plaintiffs were seeking damages.

The legal proceeding went on for years before a federal jury awarded $100,000 in total compensatory damages to Moore and Ermold.

The Sixth Circuit did not disturb the jury verdict and held that Davis was not entitled to immunity from suit as a government official, the ruling said.

Tyler Durden Mon, 11/10/2025 - 11:40

Samantha McLemore on MiB Live at the Phillips Collection

The Big Picture -

 

I am very excited about an upcoming MiB Live interview with Samantha McLemore. She may not be a household name, but she is a rock star in the finance world.

She succeeded the legendary fund manager Bill Miller, with whom she collaborated for two decades. Miller famously beat the market for 15 consecutive years, until the GFC ended his streak.

McLemore has taken over the stewardship of the Opportunity Equity strategy, which she now manages solely following Miller’s retirement. She is also Chief Investment Officer of Patient Capital Management, and a recognized leader in value investing.

McLemore has received multiple Sauren Gold medals for outstanding fund management (2019–2021).​ She was included in Baltimore’s “40 Under 40” in 2017, She has outperformed the S&P 500 YTD, and over 1-Year, 3-Years and since the funds inception (12/30/1999).

Recognized for her disciplined, opportunistic approach and her work/life balance as a fund manager and mother of three, this promises to be a wonderful conversation.

A few free tickets are still available. Here are the details:

What: Bloomberg City Spotlight: DC

When: November 18th, 5:00 pm

Format: Podcast Taping in front of a Live Audience

Location: Phillips Collection

For those people interested in learning about how RWM works with clients or information about the event, reach out to us at Info AT RitholtzWealth.com.

 

Can’t wait to see you in D.C.

 

The post Samantha McLemore on MiB Live at the Phillips Collection appeared first on The Big Picture.

100 Christian Leaders Urge Trump To Save Syria's Christians As He Hosts President Sharaa

Zero Hedge -

100 Christian Leaders Urge Trump To Save Syria's Christians As He Hosts President Sharaa

Syian President Ahmed al-Sharaa, whose al-Qaeda name is Abu Mohammad al-Julani, is being welcomed in Washington Monday where he's meeting President Trump at the White House, which is a first for any Syrian head of state in history.

But just before this, some 100 influential Christian leaders sent a letter to President Trump calling on him to raise the issue of minority rights and protection of Syria's ancient Christian community.

Syrian church in the heart of Damascus' walled 'Old City' district.

The letter was led by Dede Laugesen, president of Save the Persecuted Christians. The letter, submitted to the White House Friday, highlighted that Trump has made the protection of persecuted Christians in foreign lands like the Middle East and Africa a priority, and that the issue must be pressed firmly with Sharaa. Former member of Trump's cabinet, Dr. Ben Carson, was among those who signed the urgent letter.

The Syrian leader who overthrew longtime secular Baathist President Bashar al-Assad (who fled to Russia) last December has overseen a campaign of mass killings and kidnappings targeting non-Sunnis, including Druze, Alawites, and Christians - particularly along the Syrian coast and in the south.

Sharaa/Jolani's Hayat Tahrir al-Sham (HTS, an AQ spin-off) had starting in 2015 cleansed Idlib city of its Christians, and St. Mary Orthodox Church was destroyed and taken over. Chechens and other foreign fighters took over the homes of Christian families as well. It's a disgusting reality that this was all done with the tacit support of the CIA to these radical jihadi groups in the north, for the sake of pursuing regime change in Damascus.

The Christian leaders wrote, "We urge you to address directly the massacre of Christians, Kurds, Druze, and Alawites in Syria, notably in the greater Suwayda area. These religious minorities face ongoing violence, death, displacement, starvation, and water and medical deprivation—all while innocent women and children are held hostage by ISIS terrorists."

Syria Crucified: Stories of Modern Martyrdom in an Ancient Christian Land

"Mr. President, we respectfully request that you secure President al-Sharaa’s commitment to opening a secure humanitarian corridor from Hader to Suwayda in southern Syria. This corridor will enable safe and secure aid delivery and civilian evacuation, signaling the new government’s commitment to minority rights and stability," the letter stated.

Conservative commentator Laura Loomer, who has in the recent past demonstrated a significant degree of influence at the Trump White House, speaks bluntly in a fresh social media post while addressing Trump:

As I have reported, under Julani’s direction as the new President of Syria, he and his militant jihadist forces have been massacring religious minorities and he has blocked a humanitarian corridor from being opened between Israel and Syria in the Golan Heights for the sake of delivering emergency and life saving aid to the persecuted religious minorities. Julani is an ISIS terrorist.

If President Trump is going to normalize him on US soil at the White House of all places, he must demand that Julani stop killing religious minorities.

I spent the entire week in Israel and on the Syrian border speaking with members of the Druze community in Majdal Shams, who told me how they and their families have been negatively impacted by Julani’s Islamic terrorism.

It wasn't long ago that Sharaa had a $10 million US bounty on his head, but his terrorism designation has recently been removed, also to facilitate his travel to the United States. This was also the case with his foreign minister Asaad al-Shaibani, literally a founder of al-Qaeda in Syria.

Already, since Jolani came to power at least dozens of primarily Orthodox Christians have been slaughtered, including a bombing of a historic Damascus church which killed 25 and wounded over 60 more in June.

The fruits of CIA's Timber Sycamore program:

The U.S. State Dept.’s own numbers: read the full report HERE at STATE.GOV

Another irony is that these "former" terrorists are being hosted in the White House a mere day before Veteran's Day, and Jolani had even been at one point an emissary of the Islamic State's top leader. These are ISI (Islamic State in Iraq) militants who at one point were fighting and killing American soldiers. 

Tyler Durden Mon, 11/10/2025 - 11:20

November ICE Mortgage Monitor: Home Prices "Firmed" in October, Up 0.9% Year-over-year

Calculated Risk -

Today, in the Real Estate Newsletter: November ICE Mortgage Monitor: Home Prices "Firmed" in October, Up 0.9% Year-over-year

Brief excerpt:
Negative Equity Rates Have Increased

• Negative equity rates, after years at record lows, have risen slightly toward more typical levels

• As of Q4, 875K mortgage holders (1.6%) owe more on their homes than they are worth, the highest rate in three years but comparable to pre-COVID levels and long-term averages outside the Great Financial Crisis

• The share of borrowers with limited equity has also increased, reaching 6.9% in September ‒ the highest since mid-2020 but still below long-term averages
...
ICE Home Price Index• While overall negative equity rates remain low, certain markets are showing signs of concern, particularly in the Gulf Coast of Florida and Austin, Texas

• In Cape Coral, Fla., where home prices have dropped 15% from their peak, 11% of mortgages are underwater, including over one-third of those originated in 2023 and 2024

• In Austin, with prices down 21% from their highs, nearly 7% of mortgages are underwater, including about 25% of loans from 2022 and over 15% from 2023 and 2024

• Borrowers with low down payment FHA/VA loans in these areas face even higher negative equity rates, exceeding 60% in some cases

• In contrast, markets like Bridgeport, Hartford, New Haven (Conn.), San Jose, Los Angeles, Boston, and New York City, which have resilient home prices and larger down payments, have virtually no negative equity
emphasis added
There is much more in the article.

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