Individual Economists

British Council Institutes Harsher Criminal Sentencing, But Only For White Men

Zero Hedge -

British Council Institutes Harsher Criminal Sentencing, But Only For White Men

The Sentencing Council of England And Wales, a non-departmental public body (faceless bureaucracy) which determines the guidelines for court punishments of convicted offenders, has recently made controversial changes and ignited a firestorm among the native British populace. 

The council has announced that special exceptions in sentencing will be made for ethnic minority offenders (the majority of violent crime in Britain) and religious minority offenders, as well as female offenders.  In other words, everyone except white males will enjoy reduced sentencing, creating a two tier justice system that targets white men for harsher treatment.

Conservative shadow justice minister Robert Jenrick has called the guidance "two-tier justice" and "blatant bias" against Christians and straight white men, as he said it would make "a custodial sentence less likely for those from an ethnic minority, cultural minority, and/or faith minority community".

Prime Minister Keir Starmer and Justice Secretary Shabana Mahmood claim they oppose the policy change and will take action to pass legislation against it.  However, such a process could take many months and both Starmer and Mahmood have expressed favoritism for migrants and Muslim groups in the past.  Their "opposition" could be purely theatrical and few Brits believe that they will actually make an effort to block the Sentencing Council's two-tier system. 

The legal development arrives on the heels of multiple government programs enforcing mass censorship of the British public.  Keir Starmer has expressed consistent hostility toward native Brits who oppose open immigration policies.  Numerous citizens have been fined and arrested for posting critical opinions on social media.  Some have been arrested simply for displaying British flags in the sight of migrants.  Others have been arrested for complaining online about local government officials.

The country has been spiraling into far-left authoritarianism and there doesn't seem to be a viable counter movement to correct the problem.  Mass immigration has been the most divisive crux, with rising violent crime over the past decade and cultural replacement becoming a legitimate concern.  Some areas of Britain including London are essentially unrecognizable compared to a decade ago.  

The use of unfair sentencing standards for white offenders is another clear attempt to silence native British citizens that speak out against the ongoing woke multicultural takeover of the country.  It is also an attempt to normalize far-left ideological prejudice against white people within the judicial system.  This was always the intended end game of the woke movement.

Tyler Durden Tue, 04/01/2025 - 02:45

Spain's Vox Party Spokesperson Faces Hate-Crime Probe After Calling Out Link Between Immigration & Crime

Zero Hedge -

Spain's Vox Party Spokesperson Faces Hate-Crime Probe After Calling Out Link Between Immigration & Crime

Authored by Thomas Brooke via Remix News,

A Spanish conservative lawmaker is facing a hate crime investigation after a press conference in which he highlighted the link between mass immigration and rising crime rates — a connection supported by official data but often ignored by Spain’s far-left administration.

José Antonio Fúster, national spokesman for the populist Vox party and member of the Madrid Assembly, addressed the media on July 29 last year, where he read out the forenames of several dozen individuals arrested during violent incidents in Barcelona that weekend.

“Sabar, Omar, Nassim, Abdelkader, Salah, Salah, Younes, Karim, Jamil, Amir, Ali, Oussama, Hassan… I can go on. Do you notice any patterns? Do you notice anything?” Fúster asked.

“We do, and this is what we have been denouncing for a long time, that the open-door policy of the Popular Party and the PSOE has direct consequences on the security of Spaniards,” he added.

Though the list he read had the surnames redacted and had already circulated online via party channels, his public use of it has led the National Police to file a report for alleged incitement to hatred. Fúster, protected by parliamentary immunity as a sitting deputy, expressed disbelief upon receiving the notification last week and doubled down on his comments.

“We’re constantly told that immigration and crime have no link,” Fúster said, as cited by Spanish digital newspaper The Objective

“But they’re not fooling anyone. The criminals that Spaniards endure in their neighborhoods have names — and we all know them.”

Vox maintains that spurious criminal complaints are part of a wider effort to silence those who raise valid security concerns. The party highlighted charges against MP Rocío de Meer last year for writing, “The future of this country is dark,” in response to the birth of a child named Ayoub in a rural Spanish village, and Jordi de la Fuente, another Vox figure, who is awaiting trial over a 2019 protest targeting an asylum center.

The party continues to call for reform of Article 510 of the Penal Code, which defines hate crimes, arguing it has been weaponized to censor uncomfortable conversations. In a recent interview, Vox leader Santiago Abascal remarked, “What they call ‘hate speech’ is often just speech they hate. We’re simply describing reality, and it’s backed by the government’s own data.”

Some of that government data was reported on by Remix News last month after an information request by La Gaceta online newspaper found a growing trend in violent crimes involving foreign nationals.

Between 2013 and 2023, for example, homicides involving foreign suspects soared by 69 percent compared to a 28 percent increase in total cases.

Similarly, the Spanish Interior Ministry’s own crime stats for 2023 revealed that the top 10 Spanish cities with the highest rates of violent robberies and intimidation were all located in Catalonia, with foreigners vastly overrepresented.

The data showed that there are 8,505 inmates in Catalan prisons and that 50.48 percent of them are foreigners.

When focusing on specific violent offenses like rape, 91 percent of those convicted in Catalonia are foreigners. When it comes to sexual assault and rape combined, 64.2 percent of all prisoners are foreigners.

Fúster received plenty of support from party colleagues following the news of the criminal complaint.

“Sabar, Omar, Nassim, Abdelkader, Salah, Salah, Younes, Karim, Jamil, Amir, Ali, Oussama, Hassan… they were the ones arrested. And yes, we could go on because it was a list of the first 50 arrested during a single night in Barcelona,” said Vox secretary general Ignacio Garriga.

“Let them denounce us all, we will continue to tell the truth regardless of who it may be,” he added.

“Let’s not forget that the surnames of the criminals who have condemned us to this are others: Sánchez, Bolaños, Marlaska, Montero, Díaz… and their bipartisan allies,” wrote party leader Santiago Abascal on X.

Read more here...

Tyler Durden Tue, 04/01/2025 - 02:00

US Must Be Ready For A 2027 Chinese Invasion Of Taiwan; Rep. Perry

Zero Hedge -

US Must Be Ready For A 2027 Chinese Invasion Of Taiwan; Rep. Perry

Authored by Lily Zhou via The Epoch Times,

The United States must act as if the Chinese regime’s ambition to annex Taiwan by 2027 is a “realistic potential,” Rep. Scott Perry (R-Pa.) said late last week.

It follows a recent remark by the commander of U.S. Strategic Command, Gen. Anthony J. Cotton, at an annual defense conference that Chinese leader Xi Jinping’s goal to invade Taiwan in 2027 has driven the Chinese Communist Party’s (CCP’s) investment “in land, sea, and air based nuclear delivery platforms, and infrastructure necessary to support a major buildup of their nuclear forces.”

Meanwhile, rumors of escalated purges within the People’s Liberation Army (PLA) in the past weeks have raised questions on how the CCP’s internal power struggle will impact the regime’s decision-making on Taiwan.

Speaking to The Epoch Times, Perry said taking Taiwan by 2027 has always been the CCP’s goal, and the world “needs to take that seriously” rather than assuming the CCP will be unable or unwilling to carry out the plan.

“We have to proceed in everything that we do and say, in every decision we make, as though that’s a realistic potential,” he said.

Perry, a member of the House Permanent Select Committee on Intelligence and a retired Army brigadier general, is among the 28 lawmakers who backed a resolution in February calling for normalized diplomatic relations between the United States and Taiwan.

“We ought to signal very loudly that we do not accept China’s narrative and China’s coercion to try and get—slowly—the rest of the world to just accept that China is going to take over Taiwan,” he said, adding that the United States should “publicly” recognize “the diplomatic efforts and the sovereignty of Taiwan.”

Taiwan’s official name, the Republic of China, was the name of mainland China between 1912 and 1949, before the Kuomintang government lost the civil war to the CCP and was forced to retreat to Taiwan.

The CCP has never ruled Taiwan, but it aims to “unify” with the island, by peaceful means or by force. The regime has sabotaged Taiwan’s diplomatic relations and blocked its participation in international organizations. It insists the world should follow its “One China” principle, which claims that the communist regime is the only legitimate government on both sides of the Taiwan Strait.

Washington holds an alternative “One China” policy that acknowledges but doesn’t endorse the CCP’s position.

Since Taiwan’s President Lai Ching-te took office last year, the Chinese regime has stepped up its rhetoric against so-called Taiwan separatists, and declared that “diehard” support of Taiwan independence can be punishable by death.

It has also ramped up military and patrol activities in the Taiwan Strait in recent years, sending PLA or coast guard aircraft and ships to the Strait nearly on a daily basis.

In 2023, then-CIA Director William Burns cited U.S. intelligence, saying Xi had ordered the PLA to be ready for invading Taiwan by 2027.

In an email interview with The Epoch Times, retired U.S. Army Reserve Colonel Lawrence Sellin said Beijing has so far “pursued a ‘salami-slice strategy’ using a series of many small actions to produce a much larger result.”

The regime appears to be reluctant to launch an attack or a blockade because such actions “would cause an immediate strong reaction from the United States and regional powers opposed to China’s unlawful expansionism, possibly provoking a major war,” he said, adding, “but that could change.”

Last year, Yuan Hongbing, a former law professor at China’s prestigious Peking University, who has connections in the CCP’s upper echelon, said party leaders were advised to establish a strategy to “solve the Taiwan issue by 2027” in a report penned by top PLA experts.

According to Yuan, the report described the goal as a “political guarantee” for the CCP’s 21st National Congress, which is set for 2027, to go smoothly, suggesting CCP elites have banked the party’s legitimacy on absorbing the self-ruled island.

Meanwhile, the recent disappearance of the PLA’s third in command, second-ranked vice chairman of the CCP’s Central Military Commission, Gen. He Weidong, has led to speculations on whether Xi is losing grip on power, and whether a coup would accelerate or hamper the CCP’s plan to invade Taiwan.

On how the United States should react, Perry said anything that hampers the CCP’s oppression of the Chinese people and slows the spread of communism around the world is “a good thing,” but the United States can’t “just sit back and hope that that occurs organically.”

Tyler Durden Mon, 03/31/2025 - 23:25

Here's The Salary You Need To Live The "American Dream" In The 50 Largest U.S. Cities

Zero Hedge -

Here's The Salary You Need To Live The "American Dream" In The 50 Largest U.S. Cities

You'll never guess what state has the highest income requirements in the U.S. -- and hint: it's not New York, California or Florida.

New data from GoBankingRates shows that earning at least $102,000 a year is needed to live comfortably and achieve the American dream in the 50 largest U.S. cities.

The study calculated this figure by analyzing average mortgage, grocery, and childcare costs, then doubling the total to reflect income needed for a comfortable lifestyle.

Washington, D.C. tops the list as the most expensive city to achieve the American dream, requiring an annual income of $189,306 a year to live comfortably, according to GoBankingRates.com

High child care costs—topping $51,000 annually—and a hefty $4,165 monthly mortgage help drive D.C.’s cost of living to nearly $95,000 a year.

Other high-cost metros include Boston ($175,628), New York ($173,006), San Francisco ($172,340), and San Jose ($167,958), each needing at least $167,000 for a comfortable lifestyle.

California dominates the list with nine cities in the top 50. In places like San Francisco, San Jose, Oakland, L.A., and San Diego, residents must earn at least $143,000 a year.

The GoBankingRates.com study shows that California dominates the upper tier of this list, with nine cities in the top 20. From Oakland to Bakersfield, residents need anywhere from $143,000 to nearly $168,000 annually to live the American dream.

Los Angeles, Long Beach, and San Diego also feature prominently, driven by inflated housing markets and uniform child care costs that hover around $35,000 a year.

Meanwhile, cities like Philadelphia, Phoenix, and Chicago offer relatively lower thresholds—about $132,000—to maintain a comfortable lifestyle, though still far from affordable for many Americans.


Even in these more “accessible” metros, the cost of groceries, child care, and housing adds up quickly, raising serious questions about whether the American dream remains attainable—or merely aspirational—in today’s urban landscape.

In the second half of the list, cities like Phoenix, Chicago, and Mesa still demand a steep income—just above $130,000—for families to live comfortably and achieve what’s commonly understood as the American Dream. While their overall costs are lower than coastal metros, expenses such as child care and housing remain substantial.

For example, in Phoenix, child care alone costs nearly $28,000 per year, with mortgage payments averaging over $2,400 a month.

As the list continues, more affordable cities begin to emerge. In places like Columbus, Miami, and Tucson, required household incomes drop closer to the $120,000 range.

But affordability is relative: Miami’s housing costs are high for its region, with monthly mortgage payments topping $3,800—among the highest outside of the top ten cities. In contrast, cities like Detroit and Jacksonville offer lower barriers, with required incomes under $120,000. Detroit stands out in particular, with a startlingly low average mortgage cost of just $421 per month.

Texas cities like Austin, Dallas, Houston, and Arlington cluster between $115,000 and $118,000 in required income. While Texas boasts relatively low mortgage and tax burdens, rising child care costs and growing population pressures are driving overall expenses upward. In Austin, for instance, housing costs are notably higher than in its peer cities, pushing up the overall cost of living.

At the bottom of the list, cities such as San Antonio, Raleigh, El Paso, and Louisville show the most accessible paths to the American Dream, requiring incomes around $100,000 to $110,000. Louisville is the most affordable among the 50 largest cities, with a household needing just $103,754 annually. 

Tyler Durden Mon, 03/31/2025 - 22:10

The Epidemic Beneath The Surface: Disconnection, Discomfort, & The Death Of Resilience

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The Epidemic Beneath The Surface: Disconnection, Discomfort, & The Death Of Resilience

Authored by Mollie Elngelhart via The Epoch Times,

The phone rang the other morning. It was my ex-husband, letting me know that a longtime friend of ours—someone I had dated in my 20s—had died of a heart attack related to drug use. My heart sank, but sadly, I wasn’t surprised. I get these calls multiple times a year now. Two of my three best friends from high school have lost their younger brothers. Countless kids I went to school with are gone. The amount of senseless death—whether from illegal drugs or legal pharmaceuticals—is staggering. And it’s heartbreaking.

What has happened to our ability to sit in discomfort? What has happened to our stamina for life, especially life when it gets hard?

As an employer of more than 350 people over the past decade, I’ve seen a shift in the younger generation. Many don’t seem to know how to tolerate even mild discomfort. There’s a deep urge to escape anything that doesn’t feel good—whether through substances, screens, sugar, or distractions. And I can’t help but trace this trend back to childhood: when we hand kids a screen so we can finish dinner in peace, when we give them sugar to soothe a meltdown, when we teach them—without ever saying it out loud—that the goal is to feel good all the time.

We’ve created a culture that treats discomfort like a pathology. If something is hard, we assume it must be wrong. But that’s not how life works. 

Humanity has been uncomfortable for most of its existence. 

Pain, struggle, and uncertainty are baked into the human experience. Maybe it’s not discomfort that’s the problem—but our inability to face it.

And maybe—just maybe—that inability is linked to something deeper than parenting, media, or education.

As a regenerative farmer, I look at the world through the lens of soil and microbiology, and I can’t help but wonder: Is part of our spiritual and emotional fragility rooted in the literal lack of microbiology in our bodies?

One in three children born today in the United States never passes through the vaginal canal, missing the crucial exposure to the mother’s microbiome. Rates of breastfeeding continue to drop, leaving babies without the microbial foundation that nature designed. Add to that a diet made up of sterile, processed food from nutrient-depleted soils, and we have a recipe for a generation physically and emotionally disconnected from the natural systems that support resilience.

Healthy soil and a healthy gut share over 70 percent of the same DNA. That’s not a coincidence. We are meant to be part of that living system. And when we separate ourselves from it—through our food, our birth practices, our lifestyles—we suffer.

Cultures that still live closely connected to nature—who cook over fire, grow and harvest their own food, and sleep on dirt floors—don’t experience the epidemic of suicide and overdose we see in modern society. Do they experience hardship? Of course. But their drive to live is still intact. They have a rootedness that protects them from the kind of existential despair we’re drowning in here.

And there’s science to back this up. Studies have shown that working with your hands in the soil can be as effective—or even more effective—than SSRIs in treating depression. The microbes in soil literally activate serotonin production in the brain. So why aren’t we prioritizing reconnection with nature in our solutions? Why isn’t getting kids outside, getting their hands dirty, and building real, physical resilience a national conversation?

Yes, we should limit screen time. Yes, we should cut back on sugar. But more importantly, we need to stop teaching our children that discomfort is something to be avoided at all costs. It’s okay to be bored. It’s okay to be hot, or tired, or challenged. Just because something feels bad doesn’t mean it is bad. Most worthwhile things—motherhood, entrepreneurship, marriage, community, growth—will feel hard at some point. That’s not a flaw. That’s the path.

Are we raising a generation of escape artists, or are we raising people who can stay present through difficulty, learn from it, and grow?

Our society turns to drugs, food, porn, social media, and endless forms of distraction to escape the simple reality of being human. But what if we taught our children—and reminded ourselves—that emotions are not emergencies? That pain is a teacher? That we don’t have to be ping-pong balls to our thoughts and feelings, believing every one of them as truth?

We can learn to sit in discomfort and listen. Sometimes, discomfort is just life asking us to change, to grow, to stretch, or to sharpen a skill. And sometimes, it’s just part of being alive.

I believe our disconnection from nature, from hard work, and from each other is at the root of the mental health and drug overdose epidemic. I, for one, am tired of getting phone calls letting me know someone else has died from escapism.

So how do we stop the cycle?

We start by embracing discomfort—not running from it. We model presence instead of avoidance. 

We raise kids who know how to work hard, wait, be bored, get dirty, and stay with what’s real. 

We reconnect with nature, with food grown in healthy soil, with people we trust, with rituals that remind us who we are.

We stop outsourcing our resilience and reclaim the tools that make us human.

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

Tyler Durden Mon, 03/31/2025 - 21:45

Netanyahu Names New Israeli Spy Chief Despite Court Blocking Ronen Bar Dismissal

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Netanyahu Names New Israeli Spy Chief Despite Court Blocking Ronen Bar Dismissal

Israeli Prime Minister Benjamin Netanyahu is pressing forward with replacing the fired head of Israeli Security Agency (Shin Bet) chief Ronen Bar, despite a temporary injunction against the dismissal issued by the country's supreme court.

Netanyahu has named retired Vice-Admiral Eli Sharvit, former head of the Israeli Navy, as the new security chief. The prime minister's office said Sharvit was chosen after "conducting in-depth interviews with seven worthy candidates."

Ronen Bar (right). via GPO

Adm. Sharvit served in the Israeli armed forces for 36 years, and had led "the maritime defense of the territorial waters and conducted complex operations against Hamas, Hezbollah and Iran."

Netanyahu's cabinet had approved the March 31 firing of Bar, citing "persistent personal and professional distrust" of him and his leadership over the security agency.

The dismissal of a Shin Bet was a first in Israel's history, and sparked massive street protests - given also a host of other controversial Netanyahu decisions related to resuming the Gaza war.

Critics say that Bar's firing is a politically motivated attempt to shield Netanyahu from investigation, given that Shin Bet and the police have been probing alleged unlawful ties between two of Netanyahu's aides and Qatar.

Attorney General Gali Baharav Miara is also in the crossfire, as Netanyahu is seeking her dismissal as well. She also has warned that the dismissal of the Shin Bet chief poses a conflict of interest.

Meanwhile Israeli media reports that pressure is also being put on Netanyahu from the AG's office. "Attorney General Gali Baharav-Miara instructs the police to summon Prime Minister Benjamin Netanyahu to give testimony in the ongoing investigation into his aides over their allegedly unlawful ties to Qatar," according to Channel 12.

"Netanyahu’s testimony would be given as someone with knowledge of the affair and not as a suspect at this stage," the report says.

As for Bar, he too has described his dismissal as ultimately motivated by Netanyahu’s "personal interests". In a letter he strongly suggested the problems which led to the security failures of Oct.7 originated from the top: "a policy of quiet had enabled Hamas to undergo massive military buildup" - he said of the lead-up to the terror attack on southern Israel. Netanyahu has in turn blamed Bar for massive security failures.

Eli Sharvit, a retired Israeli navy commander, named as new head of Shin Bet.

Bar added: "The dismissal of the head of the service at this time at the initiative of the Prime Minister sends a message to all those involved, a message that could put the optimal outcome of the investigation at risk. This is a direct danger to the security of the State of Israel."

His tenure was supposed to extend and end next year, and has been investigating Netanyahu’s close aides for alleged breaches of national security. In addition to the suspicious Qatar links and dealings, this includes allegations of selective leaks given to the media in order to improve the Netanyahu government's image.

Tyler Durden Mon, 03/31/2025 - 21:20

US Deports 17 Accused Terrorist Gang Members To El Salvador, Rubio Says

Zero Hedge -

US Deports 17 Accused Terrorist Gang Members To El Salvador, Rubio Says

Authored by Jack Phillips via The Epoch Times,

U.S. officials transferred 17 accused Tren de Aragua and MS-13 terrorist gang members to El Salvador on Sunday evening, U.S. Secretary of State Marco Rubio confirmed on Monday morning.

Both gangs were designated by the Department of State as foreign terrorist organizations in February, as the Trump administration attempts to target illegal immigrants with criminal records.

Describing it as a “successful counter-terrorism operation,” Rubio said the U.S. military transferred 17 individuals from Tren de Aragua, a Venezuelan-based gang, and MS-13, a Salvadoran gang, to the Central American country. U.S. officials worked alongside Salvadoran authorities to assist in the deportations, he added.

“These criminals will no longer terrorize our communities and citizens,” Rubio said. 

“Once again, we extend our gratitude to ... the government of El Salvador for their unparalleled partnership in making our countries safe against transnational crime and terrorism.”

Salvadoran President Nayib Bukele confirmed the U.S. action on social media platform X, writing that all those who were deported from the United States “are confirmed murderers and high-profile offenders, including six child rapists.”

In the social media post, Bukele included a video of what appears to be U.S. military officials handing over the individuals to Salvadoran custody before their heads were shaved and they were transferred to a prison.

The Trump administration is currently challenging a federal judge’s order to prevent U.S. officials from using the Alien Enemies Act of 1798 to implement deportations of alleged members of both gangs. 

Earlier in March, U.S. District Judge James Boasberg blocked the administration from using the law to implement the deportations and later sought details about why a deportation flight wasn’t turned around.

Last week, a U.S. appeals court declined to block Boasberg’s order that blocked the deportation of Venezuelan illegal immigrants to El Salvador, prompting the government to petition the U.S. Supreme Court to intervene.

“Here, the district court’s orders have rebuffed the President’s judgments as to how to protect the Nation against foreign terrorist organizations and risk debilitating effects for delicate foreign negotiations,” Acting Solicitor General Sarah Harris wrote in the court filing to the high court.

In the legal spat, attorneys from the American Civil Liberties Union initially filed their lawsuit on behalf of five Venezuelan illegal immigrants who were being held in Texas, hours after Trump invoked the Alien Enemies Act.

Aside from the appeals, the Trump administration has invoked a “state secrets privilege” and indicated it would not give Boasberg any additional information about the deportations. Meanwhile, President Donald Trump and some Republicans have called for Boasberg to be impeached and removed.

In a statement responding to those calls, Supreme Court Chief Justice John Roberts said earlier this month that he believes “impeachment is not an appropriate response to disagreement concerning a judicial decision.”

Trump has made mass deportations and imposing stricter border controls a priority under his second term. In the early days of his administration, the president signed a number of executive orders and issued directives relating to the border and the removal of illegal immigrants, including ending the Biden-era CPB One app, declaring a national emergency at the southern U.S. border, and ending birthright citizenship for children of illegal immigrant parents.

Tyler Durden Mon, 03/31/2025 - 20:05

Recycling Power: Rethinking Nuclear Waste

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Recycling Power: Rethinking Nuclear Waste

Authored by Rick Perry via RealClear Politics (emphasis ours),

The oral arguments before the Supreme Court earlier this month is a reminder that our nation has a 66-year-old nuclear energy problem—and there is a ready and available solution in recycling used nuclear fuel.

Empty nuclear waste shipping containers sit in front of a waste isolation plant near Carlsbad, N.M., on March 6, 2014. AP Photo/Susan Montoya Bryan The Problem

Nuclear energy produces nearly 20 percent of our electricity. The fuel used to run our reactor fleet loses its intensity over time. That used, but not yet depleted, fuel is called Used Nuclear Fuel (UNF). There are 90,000 metric tons of UNF currently stored at reactor sites across 39 states in America, including approximately 4,000 metric tons in my home State of Texas.

In 1982, the federal government was made responsible by an act of Congress for removal and disposal of UNF from reactor sites, and has collected over $20 billion from reactor owners to pay for disposal of UNF. To date, the government has not removed any significant quantity of UNF from any site anywhere in America, including Texas, nor is there a current plan to do so.

As Secretary of Energy under President Trump’s first term, it became clear that any plan to move tonnage of UNF required some practical consent of the receiving state and local community, even if legal consent was not required by the 1982 Act.

The consequence of not solving this problem results in a financial loss to America and leaves the UNF at the numerous reactor sites across America. There have been private efforts to establish UNF interim storage facilities in West Texas and New Mexico. Though there has been some local acceptance of an interim storage facility in Texas or New Mexico, there has also been significant opposition. Resistance to those private interim storage proposals led to the NRC v. Texas case currently before the Supreme Court.

The Solution

We should rethink our approach. There are options we should consider other than storage of UNF, either temporarily on an interim basis or permanently. Our country should explore taking an entirely different path to achieve our ultimate goal: the removal of UNF from reactor sites. Recycling UNF makes much more sense than permanent storage and creates an energy source that is needed and currently unused.

The technology for recycling was first developed in the United States and has been used in France, Japan, Russia, the Netherlands, Australia, Italy, China, Germany, Belgium and Switzerland. I have personally toured many of these reprocessing facilities in other countries during my term as Energy Secretary.

The United States should establish a recycling policy so that the 90,000 metric tons of UNF in the country can be recycled and fabricated into mixed oxide fuel (“MOX fuel”). The resulting MOX fuel can be used in nuclear reactors to create reliable and clean energy.

Through establishing a recycling policy, the following four problems would be solved, and create economic opportunities:

First, the United States can solve the national problem of moving UNF away from reactor sites as it is obligated to do. Second, the U.S. can restart the discontinued payment program of the nuclear utilities for the removal of the UNF so that the Treasury can be replenished at the rate of $2 billion annually. Third, the concern of interim or long-term storage of UNF near our population centers is also addressed. Finally, MOX fuel can replace the 20 percent of U.S. nuclear fuel currently purchased from Russia.

The adoption of such a policy will create jobs and much needed energy for the grid as demand for energy skyrockets. Today, MOX fuel is widely used in Europe and Japan in their nuclear reactor fleet. America is behind its industrial neighbors in the treatment of UNF and needs to catch up.

Sometimes the greatest problems have simple and already discovered solutions.

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

Tyler Durden Mon, 03/31/2025 - 19:15

Hegseth Circulated Secret Pentagon Memo On Preparing For War With China

Zero Hedge -

Hegseth Circulated Secret Pentagon Memo On Preparing For War With China

Over the weekend The Washington Post revealed that Secretary of Defense Pete Hegseth distributed a memo in mid-March which ordered the Pentagon to prioritize its war-planning focus on potential future conflict with China.

The memo, called the Interim National Defense Strategic Guidance "outlines, in broad and sometimes partisan detail, the execution of President Donald Trump’s vision to prepare for and win a potential war against Beijing and defend the United States from threats in the ‘near abroad,’ including Greenland and the Panama Canal."

Getty Images

It's nothing new that the Pentagon considers China a 'top pacing threat' - but it does confirm that the Trump administration would likely be willing to go to war in the event of a mainland invasion of the self-ruled island.

The memo interestingly presented a strategy of "assuming risk" in Europe and other parts of the world, to refocus efforts on top nuclear-armed rivals. 

The Pentagon’s force planning and new focus "will consider conflict only with Beijing when planning contingencies for a major power war" and leave the "threat from Moscow largely attended by European allies" - according to the report.

Hegseth wrote that China "is the Department’s sole pacing threat, and denial of a Chinese fait accompli seizure of Taiwan — while simultaneously defending the US homeland is the Department’s sole pacing scenario."

The memo urges NATO allies take on a "far greater" burden-sharing on defense, and puts Europe on notice in the event of greater threats from Russia:

Hegseth’s guidance acknowledges that the U.S. is unlikely to provide substantial, if any, support to Europe in the case of Russian military advances, noting that Washington intends to push NATO allies to take primary defense of the region. The U.S. will support Europe with nuclear deterrence of Russia, and NATO should only count on U.S. forces not required for homeland defense or China deterrence missions, the document says.

A significant increase in Europe sharing its defense burden, the document says, "will also ensure NATO can reliably deter or defeat Russian aggression even if deterrence fails and the United States is already engaged in, or must withhold forces to deter, a primary conflict in another region."

As for Taiwan specifically, it lays out ways the Pentagon intends to help its ally bolster defenses, short of outright entering any direct conflict.

WaPo and others have said the Heritage Foundation think tank is the driving force behind the strategic ideas presented in the memo.

Hegseth's plans specify a "denial defense" of Taiwan - according to the memo - which will include "increasing the troop presence through submarines, bombers, unmanned ships, and specialty units from the Army and Marine Corps, as well as a greater focus on bombs that destroy reinforced and subterranean targets."

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Top sellers at ZH Store last week:

Tyler Durden Mon, 03/31/2025 - 18:50

Waste Of The Day: Lawless Spending In California City

Zero Hedge -

Waste Of The Day: Lawless Spending In California City

Authored by Jeremy Portnoy via RealClearInvestigations,

Topline: The City of Bell, California faced several scandals in the 2010s, culminating in corruption convictions for City Administrator Robert Rizzo and six other officials.

The “Wastebook” reporting published by the late U.S. Senator Dr. Tom Coburn recounts a state audit that found $293,000 in possibly illegal spending by Rizzo and the city, but that was only the beginning. Rizzo and his colleagues were eventually charged with siphoning $5.5 million away from the city. That money would be worth $8.1 million today. 

Coburn, the legendary U.S. Senator from Oklahoma, earned the nickname "Dr. No" by stopping thousands of pork-barrel projects using the Senate rules. Projects that he couldn't stop, Coburn included in his oversight reports.   

Coburn's Wastebook 2010 included 100 examples of outrageous spending worth more than $11.5 billion, including the beginning of Bell’s years of controversy.

Key facts: California Controller John Chiang found that Rizzo spent $293,000 in federal grants without approval from Bell’s city council and without signing actual contracts.

The total included $100,000 from a federal oil recycling program that Rizzo gave to a local company owned by Bell’s director of planning services.

Later investigations found absurd salaries for Rizzo and other Bell employees. Rizzo was paying himself an annual salary and benefits package of $1.5 million. Prosecutors alleged that at one point, his total pay had reached $12 million. 

Four out of five city council members earned salaries above $100,000, even though the council met twice per year. The remaining councilman earned only $8,000.

At the time, a quarter of Bell’s population was living below the poverty line.

In 2014, Rizzo was sentenced to 10 to 12 years in prison and ordered to pay $8.8 million in restitution to the city. He got another 33 months in jail for federal tax fraud.

Summary: Today, Bell City Manager Michael Antwine II makes a salary of $205,000, while the poverty rate is still nearly 25%.

The #WasteOfTheDay is brought to you by the forensic auditors at OpenTheBooks.com

Tyler Durden Mon, 03/31/2025 - 18:25

Trade Options Like Wall Street Professionals With These Two New Tools

Zero Hedge -

Trade Options Like Wall Street Professionals With These Two New Tools

Trump's "Liberation Day" tariff deadline (April 2) is looming, with big implications for traders. This wildcard event could tip sector flows, shift hedging activity, and force institutions to adjust, fast. Yet this market catalyst comes with its own set of risks and opportunities. The difference comes down to how well you can see a setup before it happens. 

For those still trading based on valuation or headlines alone, that's like playing checkers on a chessboard. Successful traders have long known that there is much more behind market movements.

Just take a look at SPX, one of the most liquid market instruments in the world. What caused price to violently retract from intraday highs on March 19 and 20? And why did price suddenly become particularly stable on March 24 after a tumultuous prior two weeks? As our derivative expert friends from SpotGamma write, it’s clear that something else is behind this market — something we’ve been tracking for years: options flows.

So, as part of our ongoing partnership with SpotGamma, and ahead of SpotGamma's launch of their new and powerful tools - the Synthetic OI Lens and Compass Screener - both of which offer readers option-trading tools which until now were reserved only for Wall Street professionals, they present five options-driven trading insights to "weaponize" right now for those who want to stay sharp, trade with precision, and frontrun the herd.

1. Growth in Options Trading Isn’t Just a Fad. It’s the Market Now.

Next expiry options — better known as 0DTEs — aren’t just for a handful of meme stock speculators anymore. They make up more than 50% of all SPX options volume, up from just 17% in 2020. That means intraday flows are influencing price action more than ever.

And here’s the kicker: 88.5% of all options trading is happening on-exchange and retail

Translation? The pros are watching your moves. And if you don’t understand how your trades affect hedging flows, you’re the one getting played.

Trading Edge: Monitor 0DTE gamma positioning before the open. SpotGamma's HIRO and TRACE tools show where dealers are getting pinned, or forced to chase.

* * *

2. Fundamentals Light the Fuse, Options Flows Decide the Blast Radius

Netflix’s post-earnings jump in January? The market expected a 7% move. It ripped 14% higher, directly toward a $1,000 call wall SpotGamma flagged the day before.

“There are large positions up at $1,000… there is enough gamma that NFLX could move more than just 7%” – SpotGamma Founder Brent Kochuba, January 21, 2025

Why was this?

By reading the options market, it was clear that options flows could exacerbate any price movement — with no overhead resistance until the $1,000 strike for NFLX.

Trading Edge: Use SpotGamma’s Equity Hub to track support/resistance levels defined by options open interest — not lagging technicals. If there’s a wall of gamma, you’d better believe price will bounce or stall there.

* * *

3. Market Makers Are the Real Movers

Every option trade needs a hedge, and that hedge moves markets. If 100,000 calls are bought by traders for 0.50 delta contracts, the dealer has to buy 50,000 shares to stay neutral. This is why it’s a good idea to pay attention to monthly options expiration (OPEX). These market makers establish huge positions that often need to be unwound post-OPEX.

What does this mean? Pent-up volatility often is released – and by knowing where market makers are positioned, you can tell which names will be most impacted.

Just last week, we saw SPX reverse after hitting intraday highs on both March 19th and 20th – exactly where dealers had to sell to hedge. That Friday (March 21st) was OPEX, and these positions were closed out. This cleared significant overhead resistance and created room for a 1.7% rally in SPX on March 24th.

Trading Edge: SpotGamma's HIRO and TRACE tools visualize this in real-time. Learn to read delta and gamma pressure. If you see selling pressure building from dealer hedging, don’t go long into it blindly.

* * *

4. Correlations Are Breaking. So Where Are Trading Opportunity?

It used to be simple: VIX signaled fear, and traders paid attention when it jumped. But that era of tightly coupled movement is fading fast. Why? The predictable relationships that made sense in the past no longer hold true

Today, stocks are moving on their own terms. Sector-based trading is giving way to single-name volatility — and for traders who can spot the breakouts hiding under the surface, this is a major opportunity.

Why this matters for your trading? Volatility and direction are no longer synced across the board, and edge can be found in the names that are out of alignment. This makes it critical to check where your stock falls before you trade it to determine whether it is trading with the market or an outlier.

Trading Edge: When implied volatility is low, but sentiment or skew is shifting fast, it’s often a signal that the market is mispricing risk. And that’s where smart traders strike.

So how do you find these setups before they move?

* * *

5. You’re Not Fighting the Banks Anymore, They’re Coming to Us

For years, institutional desks had exclusive access to the kind of flow data that moves markets. That information edge is now at your fingertips.

SpotGamma's exciting new tools — the Synthetic Open Interest (OI) Lens and Compass — are leveling the playing field by exposing real positioning, market pressure, and hidden high-conviction setups ahead of each trading day.

Most open interest models assume dealers sell options and hedge passively. But in 2025’s flow-driven market, that’s not good enough.

The Synthetic OI Lens breaks the mold. It tracks actual order flow with enhanced data feeds and SpotGamma’s proprietary classification system, so you know if market makers are really getting long or short, and how market makers are likely to react.

In short, this lens shows whether pressure is building with or against your trade, so you’re not flying blind.

Trading Edge: Use Synthetic OI to spot when large long positions are building at key levels. That’s your cue to size up and ride the dealer flow.

Compass: Pinpoint High-Conviction Setups in Seconds

Compass is SpotGamma’s powerful new tool that maps directional skew vs. volatility across the entire market. You’ll instantly see where options are expensive or cheap and where directional sentiment resides — giving you a constant stream of high-probability setups.

Traders not only need the data, they need to be able to zero-in on opportunities amidst the noise. With Compass, you don’t need to flip through dozens of charts or data tables to access volatility and directional information. 

By adding your name to the chart, you can quickly see correlation between names and which stocks may be outliers, giving you critical information to inform your trades

Compass highlights names worth your attention with Guided Mode. Explorer Mode puts you in the driver’s seat to choose which stocks you want to watch.

Trading Tip: Scan for stocks in Compass’s low IV / high bullish skew quadrant. That combo often points to cheap upside trades before the crowd piles in.

See It in Action — Find Your Edge in Any Stock

So for those readers who want to find trades most traders miss, SpotGamma is offering a free webinar on April 2 (just in time for the day's market rollercoaster) that shows you how. Learn how to find trades others miss, using the Synthetic OI Lens and Compass.

SpotGamma will cover: 

  • How to uncover real support/resistance using actual positioning—not lagging charts
  • Where to find high-reward setups like bullish risk reversals
  • How to scan your entire watchlist for volatility shifts in seconds

So for those who want smarter entries, faster trade ideas, and the data edge institutions traditionally kept to themselve, this is one to watch.

Register here

Tyler Durden Mon, 03/31/2025 - 18:00

Stablecoins, Tokenized Assets Gain As Trump Tariffs Loom

Zero Hedge -

Stablecoins, Tokenized Assets Gain As Trump Tariffs Loom

Authored by Zoltan Vardai via CoinTelegraph.com,

Cryptocurrency investors are increasingly moving capital into stablecoins and tokenized real-world assets (RWAs) in a bid to avoid volatility ahead of US President Donald Trump’s widely anticipated tariff announcement on April 2.

Increasingly, more capital is flowing into stablecoins and the real-world asset (RWA) tokenization sector, which refers to financial products and tangible assets such as real estate and fine art minted on the blockchain.

“Stablecoins and RWAs continue to see steady inflows of capital as safe havens in the current uncertain market,” crypto intelligence platform IntoTheBlock wrote in a March 31 X post.

“However, because these assets reside on-chain, even slight shifts in sentiment can trigger significant price movements, driven by the lower barriers to reallocating capital in real time,” the firm noted.

Stablecoins, total market cap. Source: IntoTheBlock

The flight to safety is mainly attributed to geopolitical tensions and global trade concerns, according to Juan Pellicer, senior research analyst at IntoTheBlock:

“Many investors were expecting economic tailwinds following Trump's inauguration as president, but increased geopolitical tensions, tariffs and general political uncertainty are making investors more cautious.”

“This is not unreasonable, as even though global growth forecasts remain positive, growth expectations have decreased globally in recent months,” he added.

The prospect of a global trade war has heightened inflation-related concerns, causing a significant decline in both cryptocurrency and traditional equity markets.

S&P 500, BTC/USD, 1-day chart. Source: TradingView 

Bitcoin has fallen 19% and the S&P 500 (SPX) index has fallen over 7% in the two months since Trump announced import tariffs on Chinese goods on Jan. 20, the day of his inauguration as president.

The April 2 announcement is expected to detail reciprocal trade tariffs targeting top US trading partners. The measures aim to reduce the country’s estimated $1.2 trillion goods trade deficit and boost domestic manufacturing.

Investor sentiment pressured by April 2 Trump tariff announcement

Global tariff fears and uncertainty around the upcoming announcement continue to pressure investor sentiment in global markets.

“Risk appetite remains muted amid tariff threats from President Trump and ongoing macro uncertainty,” Iliya Kalchev, dispatch analyst at digital asset investment platform Nexo, told Cointelegraph.

Meanwhile, RWAs reached a new cumulative all-time high of over $17 billion on Feb. 3, and are currently less than 0.5% away from surpassing the $20 billion milestone, according to data from RWA.xyz.

RWA global market dashboard. Source: RWA.xyz

Some industry watchers said that Bitcoin’s lack of upside momentum may drive RWAs to a $50 billion all-time high before the end of 2025, as their increased liquidity will help RWAs attract a significant share of the $450 trillion global asset market.

Tyler Durden Mon, 03/31/2025 - 17:40

Anti-Trump Comedian Booted From Performing At White House Correspondent's Dinner

Zero Hedge -

Anti-Trump Comedian Booted From Performing At White House Correspondent's Dinner

It goes without saying, but Donald Trump is no stranger to being ambushed.  Beyond his unfortunate record of dodging bullets, the people involved in organizing Trump's public appearances tend to set him up in captive situations for political embarrassment, either knowingly or unknowingly. 

It happened when Trump attended his inaugural prayer service which was somehow led by a female Bishop (automatic red flag) who publicly chastised Trump for his campaign policies.  It was later revealed that Episcopal Bishop Mariann Budde is an LGBT and immigration activist that received millions of dollars in funding for helping illegal migrants enter the US. 

Who made the choice to put Trump in a passive position with such a person?   

Apparently learning from previous vetting errors, the Trump Administration has become far more careful.  Far-left comedian and queer activist Amber Ruffin has been canceled from hosting the White House Correspondent's Dinner's traditional comedic interlude.  The annual gala is an opportunity for journalists and media personalities to mingle with the Washington DC elite outside of the press room.

White House Correspondents Association President Eugene Daniels, who until recently was a reporter for Politico and is set to join MSNBC as a senior Washington correspondent, organized the speakers but ultimately cancelled Ruffin's invitation.

"At this consequential moment for journalism, I want to ensure the focus is not on the politics of division but entirely on awarding our colleagues for their outstanding work and providing scholarship and mentorship to the next generation of journalists," Daniels said in an email announcement.

Ruffin is a little known figure in comedy, yet, she was somehow chosen as a host for the WHCD, a position usually reserved for the top comedians of the day.  Her humor is painfully woke and decidedly unfunny - Try finding a single legitimate laugh in this skit from her failed Peacock show. 

Traditionally, the WHCD hires a comedic host to roast the crowd (and the president).  However, in recent years the trend has shifted into a political struggle session in which Trump is specifically targeted for most of the ridicule.  Even when Trump was not in the White House, he became the primary focus of guest comedian ire.   

Amber Ruffin works for Late Night with Seth Meyers, and it was Seth Meyers (and others) that famously tried to humiliate Trump at a WHCD in 2011 over talk that he would run for president as a Republican; an action which many believe drove Trump's desire to campaign in 2016.

Trump has not attended any of WHCD events during his time in office and some critics argue that he "can't handle jokes" due to ego.  But keep in mind that roasters are supposed to go after both political sides, not simply bash the people they disagree with. 

In an appearance on the Daily Beast podcast, Ruffin said she was told by the WHCA that "you need to be equal, and make sure that you give it to both sides and blah, blah, blah. And I was like, 'There's no way I'm going to be freaking doing that, dude, under no circumstances.'"

In other words, leftists view these events as opportunities for activism and propaganda, not as the fun and relaxed affairs they used to represent. 

* * *

You can support ZeroHedge with the purchase of a high-quality, sharp, ZeroHedge Multitool.

Click pic... add to cart... (buy 2 for free shipping)... enjoy Multitool! Satisfaction guaranteed or your money back. Tyler Durden Mon, 03/31/2025 - 17:20

Grifterism: The Economic Engine Of Democrats

Zero Hedge -

Grifterism: The Economic Engine Of Democrats

Authored by Cynical Publius via American Greatness,

I am a political junkie and a political conservative. Like so many conservative political junkies, I spend a good portion of my waking hours trying to understand what the words and actions of Democrats actually mean. Like the Politburo of the former Soviet Union, the words of Democrats often bear little resemblance to the actions their words embody. “Equity” is an excellent example, as when Democrats say “equity,” they really mean highly inequitable policy solutions. Sometimes, however, Democrats deliberately fail to coherently describe the meaning of their actions, and then it becomes even harder to ascertain meaning. Such is the case with the basic economic policies of Democrats. Many on the right like to say that Democrats support socialism, but that’s not wholly true given how many capitalist components exist inside Democrat economic policies. Similarly, it is inaccurate to describe Democrat economics as being purely capitalistic because wealth redistribution is one of their core competencies. Some say that the Democrats enjoy government control of capitalist entities, rendering their economic persuasion fascist in nature. Yet, even that is inaccurate, given that fascist states view their economies as a source of nationalistic pride and strength, while Democrats tend to abhor nationalistic pride in the United States.

It’s not socialism. It’s not capitalism. It’s not fascism. What, then, is the overarching label that explains the economic policies and priorities of Democrats and their leadership?

It’s Grifterism.

(I did not invent that word, or at least that’s what Google tells me. However, I believe I am the first author to ever use that term to describe a formal system of national economic governance, so I’m going to run with it.)

Grifterism is, as the name suggests, a system run by and for the benefit of grifters. Webster defines the verb “grift” as “to acquire money or property illicitly.” Grifters have always been a part of human society, but it took the 21st-century Democratic Party to turn the idea into a comprehensive economic system. The best way to understand this system is to analyze the four classes of citizens upon which Grifterism relies, and into which all American citizens are divided one way or another: Billionaires, Productives, Dependents and, of course, Grifters.

(Before I explain these classes, I realize that there are some readers who will jump all over these categories and tell me I am being too absolute in describing them. Yes, Elon Musk is a good Billionaire. Yes, there are bad Productives who exploit the powerless. Yes, there are many entirely productive people in government who are not Grifters. Yes, the nice old blind lady down the street deserves the support given to the Dependent class. Yet, as the saying goes, these are the exceptions that prove the rule.)

On to the four classes of Grifterism:

1. The Billionaires: The Billionaires are the capital creators upon which much of the system relies. While the top 1% of income earners pay 46% of all federal taxes, estimates suggest the Billionaire portion of that demographic alone pays for somewhere between 5% and 10% of all federal taxes. While this Billionaire class is defined by that 5% to 10%, realize, too, that the Billionaires create the businesses that pay the executive salaries of so much of the rest of the 46%, so in effect, Billionaire-related taxes fund nearly half of the federal government’s gross revenue and are the de facto economic sponsors of the Grifter class. (In addition to the punishing taxes they pay, Billionaires also enjoy the privileged punishment of being endlessly vilified by the “Tax the Rich” likes of Bernie Sanders, AOC, and their brainwashed acolytes.)

Ah, yes, those poor, poor Billionaires. They are taxed and vilified to an extraordinary degree, seemingly all as punishment for their riches. However, they are actually complicit with the Grifters by funding Grifterism in exchange for their existence being tolerated, and when it comes to economic policies, they are actually on the same side as the Bernies and the AOCs, it’s just not that obvious.

You see, the Grifters rely on a vast regulatory state that makes it very, very difficult to found new, Billionaire-creating businesses—unless you are already a Billionaire. Regulatory regimes like Dodd-Frank, the 1934 Act, the CFPB and a host of other business-harassing federal regulations and agencies mean that the greatest wealth-creating businesses can only exist when they hire legions of white-shoe law firms and high-priced accountants to ensure compliance with the regulatory burden. As such, only Billionaire-owned companies have the wherewithal to fund such compliance measures, effectively creating monopolies that shut out anyone else from ever joining their club.

As an example, Dodd-Frank has done little for America other than ensure that the big banks are bigger and the small banks are fewer, all by imposing massive regulatory burdens on an ever-dwindling population of small banks. A regulatory scheme that was purportedly designed to help “the little guy” only helped the Billionaires, purposely and deliberately suppressing the ability of the Productives (more on them later) from climbing higher and threatening to join the elite circle of the Billionaires.

The tryst between the Billionaires and the Grifters gets even worse when considering the concept of regulatory capture—i.e., the Billionaires are busy writing the Grifters’ regulations that will govern the Billionaires. Remember when the health insurance industry wrote the Obamacare legislation? THAT is “regulatory capture.”

Between Billionaire-friendly, compliance-driven monopolies and regulatory capture, the symbiotic relationship between the Billionaires and the Grifters becomes clear. Yes, the Billionaires pay far more than their fair share of taxes and face constant verbal abuse from the Grifter class, but they have a wink-wink acceptance of that because they sit secure on their wealth thanks to the Grifters’ penchant for regulatory entropy.

It’s pretty good to be a Billionaire—but not so much our next two classes.

2. The Productives:  The Productives are the most important class of Grifterism, and its most abused class. The Productives are the people who do and make the services and things upon which we all depend. They are doctors; they are farmers; they are the guys running the oil rig; they are long-haul truck drivers; they are your green grocer; they are your lawn guy; they are your dry cleaners; they are your plumber; they are basically the people who serve as the engine of a productive society. They create, and they rarely take. They are small business owners, but they are also the W-2 employees who work for those small businesses. Not only do the Productives serve as the essential lubricant for a functioning society, they also mostly pay that 56% of federal taxes not paid by the top 1%. America cannot survive without the Productives.

Many Productives are wealthy small business owners, while other Productives are hourly wage earners. But everyone in the Productive class knows this—it could all crash down at any moment. Productives live a life of insecurity—their business could fail, a recession could rob them of everything they ever worked for, and “at will” employees know that every day on the job could be their last. Being a Productive is stressful.

But the most stressful thing about being a Productive is that you lead your economic life at the mercy of the Grifters. If you are a Productive farmer, a Grifter might shut you down by forbidding you to grow crops or by making sure you cannot irrigate your land. If you invest your company’s worth in oil exploration equipment, a Grifter might bankrupt you with new regulations. Even that Productive dry cleaner you go to weekly has to worry about a Grifter destroying their business because they accepted a shirt with a bloodstain.

Examples like what I cite above are seemingly infinite and often totally opaque to a Productive, until such time as a Grifter arbitrarily decides to enforce one of the millions of regulatory laws few even are aware of and shuts the Productive down.

Thus, while Productives are the class that society cannot live without, all Productives live an economic life of uncertainty, constantly teetering on the razor’s edge of failure, knowing that they exist only because of the largesse of Grifters, and those same Grifters can destroy them at any time with the click of a pen.

It ain’t easy being a Productive.

3. The Dependents: This is a tricky one. It’s kind of self-explanatory—Dependents are people that depend on government handouts to live. In many ways, this is just fine—an important function of any decent government is to ensure that people who are wholly incapable of taking care of themselves enjoy a social safety net. The nice widow lady up the block with crippling rheumatoid arthritis deserves our help. Alternatively, some Dependents are temporary—the Productive who lost his job deserves a safety net for several weeks until he finds a new place to be productive. These types of people are not what make Dependents worthy of shame.

It’s the able-bodied Dependent who would rather live on the dole than become a Productive that is shameful. It’s the young man on disability who really isn’t disabled. It’s the mother who has more children because her government pay-out goes up with each kid she births. These are the shameful Dependents. Dependents pay no taxes, live on the fruits of the Billionaires and the Productives, and give only one thing back—their loyal votes for the Grifters. Dependents are actually part of the Grifters’ big con, and the Grifter class has a symbiotic relationship with Dependents, just as it has with the Billionaires.

However, it is actually no fun being a Dependent. It’s too easy to become addicted to an idle life just above the poverty line, and in that regard, Dependents are not doing any exploiting; they are being exploited—by the Grifters.

4. The Grifters: Well, we’re finally here. By now, you probably have a pretty good idea of what the Grifters are up to, but let’s be clear that this class consists of more than just government workers. The Grifter class includes all of the intelligentsia: the university professors, the traditional journalists, the lobbyists, the Hollywood elite, the “BigLaw” attorneys, and, most of all, the NGO crowd. Further, not every government worker is a Grifter—the military, the police, the justice system, and many other government offices that provide what economists call “Public Goods” all house highly necessary government employees. (Those employees are not Grifters—they are Productives, but unfortunately, the overwhelming majority of government workers are in fact Grifters.)

But let’s get back to the NGOs (a term I use in this article interchangeably with non-profit entities), as they reveal the true level of perfidy perpetuated by the Grifters. If you have been paying attention for the last two months, you are probably aware that DOGE and brilliantly relentless and patriotic volunteer data analysts like Data Republican have uncovered the widespread prevalence of U.S. federal agencies taking your tax dollars and using them to fund dubious efforts by various NGOs. This wicked grift cycle goes like this: (1) Taxpayers pay taxes required because Grifters establish programs that require funding; (2) Congress approves such funding in the vaguest possible terms of intent and appropriates those funds to a federal agency run by Grifters; (3) the Grifters in that agency interpret Congress’ intent in the broadest manner possible and provide funds to NGOs that employ other Grifters with six-figure salaries; and (4) that NGO then engages in some sort of woke cause such as training transgender farmers—a cause very few taxpaying voters would vote for if they only knew about it.

The cycle of grifting prospers beyond just NGOs: the universities receive taxpayer funding to indoctrinate our youth; the lobbyists curry favor with the Grifters to improve their business opportunities; the journalists cycle in and out of government, spreading the Grifter ethos as truth; Hollywood pays homage to it all, infecting American brains with woke ideas that Grifterism is noble; the BigLaw attorneys become rich navigating the vast regulatory schemes that are the lifeblood of Grifterism, and the members of the Grifter class constantly cycle in and out of the various organizations that benefit most from their economic parasitism.

The Grifters are the only class of Grifterism that fully benefits from the corrupt system; in fact, the system exists by, for, and because of the Grifters—almost all of whom are voting for Democrat candidates who themselves wallow in the pig trough of Grifterism. “But wait!” you may say, “Government workers are not Billionaires, they are not wealthy. How is that a grift?” Grifters in government generally enjoy wages in excess of the national median income; they are entitled to retirement plans largely unheard of in the private sector; they have healthcare and other benefits that far exceed those of equivalent private workers; and, most of all, they enjoy job security that is unmatched by any other sector of American society. Most Grifters are unfirable—they have life tenure. Finally, they have the power to pull the strings of the entire Grifter class for their own benefit—back-scratching and beak-wetting are their secret ways of communication.

It’s good to be a Grifter.

Grifterism exists by, for, and because of the Grifters. The Grifter class allows the Billionaires, the Productives, and the Dependents to exist, but only so long as they provide the resources necessary for the Grifters to thrive. Understanding this system—and the fact that the system is almost exclusively the province of Democrats—perfectly explains why Elon Musk and DOGE are treated as existential threats by Democrats. That is because Elon Musk and DOGE are, in fact, existential threats to Democrats. If Grifterism unravels, so do the lifestyle, beliefs, and lifelong motivations of most Democrats. Democrats treat DOGE as a life-or-death matter. Patriotic Americans should do the same. Unraveling Grifterism is the essential act in making America great again, and vocal, robust support for DOGE is a task all patriotic Americans should embrace. Grifterism must end if we are ever to be truly free, and if we are ever to have small, non-intrusive government and genuine economic opportunity, Grifterism must be extinguished as the metastasizing cancer that it is.

*  *  *

Cynical Publius is the nom de plume of a retired U.S. Army colonel, veteran of Iraq and Afghanistan, and reformed denizen of the Pentagon (where Grifterism still thrives) who is now a practicing corporate law attorney. You can follow Cynical Publius on X at @CynicalPublius.

Tyler Durden Mon, 03/31/2025 - 17:00

Jeffrey Epstein Victim Says She's In Renal Failure, Has 'Four Days To Live'

Zero Hedge -

Jeffrey Epstein Victim Says She's In Renal Failure, Has 'Four Days To Live'

Jeffrey Epstein victim Virginia Giuffre, 41, says she's got 'days to live' - writing on Instagram that she's in renal failure as a result of injuries sustained after a collision with a bus.

Virginia Giuffre via Instagram

"This year has been the worst start to a new year, but I won’t bore anyone with the details but I think it important to note that when a school bus driver comes at you driving 110km as we were slowing for a turn that no matter what your car is made of it might as well be a tin can," she wrote on Sunday.

"I’ve gone into kidney renal failure, they’ve given me four days to live, transferring me to a specialist hospital in urology. I’m ready to go, just not until I see my babies one last time, but you know what they say about wishes."

Her father, Sky Roberts, responded to her post: "Virginia my daughter, I love you and praying for you to get the correct treatment to live a long and healthy life. If there is anything in this world I can do to help you, please let me know. My spirit with you now and holding your hand."

According to Sky, a retired engineer living in Floriday, Virginia is "suffering."

Giuffre's representative, Dini von Meuffling, "Virginia has been in a serious accident and is receiving medical care in the hospital. She greatly appreciates the support and well wishes people are sending."

As one of the most prominent Epstein victims, Giuffre has been speaking out for years about her sexual abuse at the hands of Epstein and friends. In 2021, she filed a civil lawsuit in New York against Prince Andrew, who she accused of rape. She also said that Epstein's 'madam' Ghislaine Maxwell had trafficked her to London to have sex with Andrew when she was 17. She agreed to an out-of-court settlement with Andrew in 2022 - which is believed to be in the millions of dollars, while Andrew - who's denied all allegations, has been forced to step down from royal duties (since the rest of the royal family totally aren't longstanding uncaught pedophiles).

Prince Andrew, Virginia Giuffre, Ghislaine Maxwell

Maxwell is currently serving a 20-year sentence for sex trafficking following her 2021 conviction. Following the settlement, Giuffre retreated from public life and moved to Perth, Australia with her husband Robert and their three children - though recent reports suggest that she and her husband have become estranged.

*  *  *

Tyler Durden Mon, 03/31/2025 - 16:40

Too Many Uncomfortable Things Are Converging...

Zero Hedge -

Too Many Uncomfortable Things Are Converging...

Authored by James Howard Kunstler,

“The current conflict between Europe and America is not reducible towards contrasting approaches towards Russia’s invasion of Ukraine.” 

- Frank Furedi on Substack

“Contrary to Western media's trash talk, Russian military has not been degraded. If anything, it has been significantly upgraded.” 

- Alex Krainer

You’re going to see what a truly consequential span of weeks, looks like, as Western Civ goes into full churn on April’s doorstep. 

Remember, TS Eliot called it the “cruelest month.” 

Too many uncomfortable things are converging, too many ongoing operations are unwinding, too many tensions are breaking.

The conclusion of “Joe Biden’s” Ukraine War fiasco looms. You can tell because The New York Times published a gigantic piece Sunday detailing how the Pentagon and the CIA actually ran all of Ukraine’s tactical operations out of a base in Wiesbaden, Germany — after building a colossal Ukraine war machine post our 2014 color revolution in Kiev. Since the very start of the hot war in 2022, we did all the targeting for the weapons we gave them and planned their every move. What a surprise! (Not.)

The motive behind all that, as conceived by US neo-cons and NATO neo-morons, was to “weaken” Russia, bust it up, and seize its resources. All the sanctions piled on only induced Russia into an import-replacement campaign that actually strengthened its economy, while the war led to a revolution in Russian war-fighting tactics and advanced weaponry. Now, the whole thing is ending in Ukraine’s defeat and the West’s humiliation.

The Times could have published this in 2023-24, but it would have been a major embarrassment for “Joe Biden” and his shadow managers moving into the election. They put it out just now because the jig is up and the paper desperately needs to pretend that it’s ahead of events to preserve the last shreds of its credibility.

Mr. Trump, the uber-realist, knows that the Russians are going to roll up in Ukraine this spring and there is increasingly not much that can be done about that, except to try to put the best face on it — which is, that it wasn’t his war. As long as the coke freak Zelensky remains in charge, Ukraine will be negotiation-unworthy, as the Russian phrase goes. So, US-Russia peace talks were largely diplomatic showbiz. Both Putin and Mr. Trump were painfully aware of this, and hence, Mr. Trump’s latest performative bluster about “more sanctions” will probably not amount to anything.

And also hence, the synchronized idiocy on display in France, Germany, and the UK. They were all-in on the neo-con scheme that is now falling apart and its failure has driven them plumb crazy. As the US drops out of the stupid proxy war, they declare their intention to take it from here and go beat-up Russia. Their war-drums are teaspoons beating on so many quiches.

Soon-to-be chancellor Friedrich Merz proposes an 800-billion-Euro debt spree to finance the re-arming of Germany, which, just now, is utterly incapable of war. He is insane. 

German industry is collapsing from a lack of affordable natural gas (as arranged by “Joe Biden” blowing up the Nord Stream pipelines, danke schön). Turning Volkswagen factories to missile production will not help the German people one bit. It probably will remind them about the Weimar hyper-inflation, though.

Macron pledges to put French boots on the ground in Ukraine. Ain’t gonna happen. 

Today, his stooge judiciary found political rival Marine LePen guilty of a Mickey Mouse offense in order to bar her from running against him in the next election. Ain’t gonna work. He will provoke the biggest national uprising since the Bastille. His government will be too busy putting down French Revolution 2.0 to play war games in history’s graveyard of armies. Maybe he’ll try nukes. I’m sure that’ll work — if you’re eager to see Russian hypersonic “hazelnuts” rain down on the Île-de-France.

And then, there is the amazing idiot PM Keir Starmer in the UK, calling on his “coalition of the willing” to step up and intervene in the lost cause that is Ukraine.

How many hands went up on that call? For practical purposes, the Brits have no war-fighting capacity whatsoever, and no resources for generating such capacity. And, anyway, they are facing some dreadful combo of a civil war / internal jihad against their own indigenous population, plus an economic collapse cherry-on-top.

In short, Europe has so many incipient existential problems that the whole story is about to shift its focus from the already-sealed fate of Ukraine to the very dark prospects for the core nations of Old-World Western Civ. 

I wouldn’t plan a vacation there this year.

Meanwhile, expect a pile-up of consequence in our own sore-beset USA in the upcoming cruelest month. Today, the DOGE team visits the CIA. It could spell an end to decades of mad frolics emanating from that gigantic black box of black ops. Director John Ratcliffe has cordially invited Mr. Musk’s technicians and he is probably eager to discover exactly what mischief has been hidden from him by the immense, secretive, foul bureaucracy he lately assumed command over.

The Epstein materials recently recovered out of the FBI’s rogue New York offices of the agency are considered so critical by Director Patel that he assigned 1000 agents to review and process the docs full-time. That includes redacting names of many additional sex-trafficked children. Expect to see the release of a lot of that in the next thirty days with dire reverberations in the celebrity realms of politics, finance, and showbiz.

JudgeGate is moving toward its climax at the same time. Tuesday this week, Rep. Jim Jordan’s House Judiciary Committee will hold hearings on the DC circuit’s lawfare offensive against Mr. Trump’s executive authority. It would be nice to hear from DC district judges James Boasberg, Amy Berman Jackson, Tanya Chutkan, Beryl Howell, and Amir Ali, who have been zealously active in what looks like a coordinated lawfare campaign against the chief executive. Norm Eisen is not a judge, but he is the central conductor of the lawfare orchestra, and he has a bit of ‘splainin’ to do. One can even imagine something like a RICO referral emerge from that rather brazen operation. Anyway, the whole matter is going to land in the Supreme Court before April is out.

Also expect a lot of movement in the Covid-19 story coming out of the newly-reorganized CDC, NIH, FDA, NIAID, and other corners of the public health bureaucracy. Evidence is piling up fast of tragic and awful blowback from the Covid vaccine. There is too much to be ignored any longer and momentous decisions must follow, starting with taking the Pfizer and Moderna shots off-line. The entire regime of data collection, processing, and public release is about to change and the nation will be shocked by what gets disclosed.

Then there are the financial markets. 

They do not like the kind of shifts in public perception that return of consequence must bring. Gold alone is sending out a very vivid distress signal for everything else pretending to be an asset or a form of collateral. The equity markets have been wobbling for weeks. Look out below as the Easter eggs roll.

Tyler Durden Mon, 03/31/2025 - 16:20

META Accused Of Using Pirated Books To Train AI

Zero Hedge -

META Accused Of Using Pirated Books To Train AI

Mark Zuckerberg is back in the hot seat, this time facing explosive allegations that Meta deliberately swiped millions of books from notorious digital pirate sites LibGen and Anna's Archive to train its cutting-edge AI model, Llama 3.

According to recently filed court documents, Meta executives were allegedly openly discussing their desperate need for high-quality content, acknowledging in a damning email, "Books are actually more important than web data." To that end, the company allegedly turned straight to piracy hubs stacked high with stolen literary treasures - without a second thought or a single cent paid to their rightful owners, according to Forbes.

Meta staff turned to LibGen, home to more than 7.5 million pirated books and 81 million stolen research papers, to fill that gap. They did the same with Anna’s Archive.

...

In recently filed court documents, Meta, led by founder and CEO Mark Zuckerberg, is alleged to have deliberately and explicitly authorized a raid on LibGen—and Anna's Archive, another massive digital pirate haven—to train its latest AI model, Llama 3.

The fallout has infuriated authors worldwide whose life's work may have been quietly scooped up and fed into Zuckerberg’s latest technological brainchild without credit, consent, or compensation.

As the article notes, Meta’s 2024 financial statements showcase revenues topping a staggering $164 billion, with profits nearing $62 billion. Clearly, Meta had the means and muscle to fairly compensate creators, publishers, and researchers. Instead, they allegedly chose to steal that content for training purposes.

Critics argue this saga is more than just corporate greed;

They might even have acted as the leader in LLM input data and created licensed arrangements that respected an author’s rights. Imagine if the company had the corporate culture to be a leader on one of society’s latest and most important questions: Who owns content in the LLM?

Coincidentally, Meta's "focus on long-term impact" core value states: "We emphasize long-term thinking that encourages us to extend the timeline for the impact we have, rather than optimizing for near-term wins."

It seems very clear that Meta was indeed optimizing for near-term wins in this case, instead of outlining a corporate culture and leadership position of collaboration and authenticity.

Meta’s defense, meanwhile, leans on the "fair use" argument - suggesting their AI transforms stolen content into something sufficiently new. But legal experts stress fair use typically applies to educators, reviewers, and critics - not trillion-dollar tech giants profiteering off mass commercial data harvesting.

The author of the Forbes piece checked The Atlantic's Alex Reisner’s LibGen tracking tool and made a disturbing discovery: all five of their own published books were found pirated and included in Meta’s dataset.

A major class-action lawsuit has been filed alleging copyright infringement and unfair competition - while other firms "are likely guilty of similar sins," according to the author.

Ultimately, this saga goes beyond Meta alone. The entire AI industry’s insatiable thirst for data urgently needs clear ethical guardrails. Tech giants must form sustainable, fair partnerships with content creators or risk stifling creativity, undermining intellectual property rights, and eroding public trust.

Tyler Durden Mon, 03/31/2025 - 15:20

Trump Fires Hundreds Of Bureaucrats At Failed Institute Of Peace

Zero Hedge -

Trump Fires Hundreds Of Bureaucrats At Failed Institute Of Peace

Authored by Luis Cornelio via Headline USA,

The Trump administration has fired nearly half the bureaucrats at the obscure—and infamously named—U.S. Institute of Peace, as part of DOGE’s effort to cut government waste and reduce the size of the federal government. 

The mass firings, estimated to have affected between 200 and 300 workers and described by staffers as a “Friday night massacre,” came two weeks after President Donald Trump removed the agency’s president, Lise Grande. 

According to the liberal Washington Post, the Trump administration offered generous severance packages and an extra month of health insurance in exchange for workers signing agreements not to sue the government.  

The agreements are likely intended to avert additional lawsuits by bureaucrats attempting to force taxpayers to continue funding their salaries. 

What the U.S. Institute of Peace actually does was relatively unknown until it became a target of Trump’s downsizing efforts two weeks ago. 

Created by Congress in 1984, the self-described “nonpartisan” organization claimed via its Facebook page that it is “dedicated to protecting U.S. interests by helping to prevent violent conflicts and broker peace deals abroad.” 

It is unclear how USIP’s work differs from that of the already enormous Department of State and its global bureaucracy. 

“We put mediators in place to help stitch these communities back together,” an anonymous USIP employee told The Washington Post. 

“So it does have a dramatic effect on violence on the ground immediately by just pulling these assets out.” 

As recounted by the liberal newspaper, USIP attempted to challenge the White House’s authority to investigate its programs or fire workers, similar actions taken by the now-defunct U.S. Agency for International Development. 

USIP and members of the board filed a federal lawsuit, claiming that the executive branch lacks authority to shut down its operations because they were created by Congress. 

Tyler Durden Mon, 03/31/2025 - 15:00

Trump Warns Iran Of Unprecedented Bombing Campaign If Nuke Deal Not Reached

Zero Hedge -

Trump Warns Iran Of Unprecedented Bombing Campaign If Nuke Deal Not Reached

Sunday saw more threats directed at Iran by President Trump. He told NBC News in a phone interview, "If they don’t make a deal, there will be bombing. It will be bombing the likes of which they have never seen before." This is the most explicit and direct threat yet, after similar rhetoric from the White House last week. Three weeks ago President Trump sent a letter to Iran's Supreme Leader, urging fresh negotiations toward a new nuclear deal. 

In that letter, which the Iranians only much belatedly acknowledged, Trump had issued a two-month deadline for Iran to sign a new deal, warning that if not then Tehran could face military action. Axios and other outlets have highlighted the movement of B-2 stealth bombers in the Indian Ocean, connected with the warnings issued to Iran:

In recent days, the U.S. military sent several B-2 stealth bombers to the Diego Garcia military base in the Indian Ocean in a deployment a U.S. official said was "not disconnected" from Trump's two-month deadline.

Donald Trump & Masoud Pezeshkian, file images

The same report notes, "The B-2 bombers can carry huge bunker buster bombs that would be a key element in any possible military action against Iran's underground nuclear facilities."

But the Islamic Republic has also long maintained underground 'missile cities'. The immense size of these underground complexes would make it nearly impossible to take out all of Iran's ballistic missile capabilities without an intense, sustained war.

If a new major war in the Middle East kicked off under the Trump administration, it would become deeply unpopular even among the conservative base. The public is generally war-weary, which is also why Trump is pushing hard for peace in Ukraine.

Any new US bombing campaign in Iran could also complicate US efforts for peace in Ukraine, further as in parallel the US tries to keep the Abraham Accords in the Middle East alive.

Iranian President Masoud Pezeshkian has responded to these new Trump threats, saying Sunday that any future diplomatic discussion depends on Washington's behavior. 

"While Iran’s response rules out the possibility of direct talks between the two sides, it states that the path for indirect negotiations remains open," he said. "As we have stated before, Iran has never closed the channels of indirect communication. In its response, Iran reaffirmed that it has never shied away from engaging in negotiations, but rather, it has just been the United States’ repeated violations of agreements and commitments that have created problems on this path," Pezeshkian added.

That's when the Iranian leader emphasized, "It’s the behavior of the Americans that will determine whether the negotiations can move forward." Iran has distrusted the Americans ever since Trump pulled out of the 2015 JCPOA nuclear deal in April 2018. Currently Iran is only offering 'indirect' talks on the nuclear issue.

Lately the International Atomic Energy Agency (IAEA) has described that the Islamic Republic's current stockpile of 60% enriched uranium - if enriched to 90% - would be enough to produce six nuclear bombs.

Trump has recently brought back 'maximum pressure' on Iran, and has even this week advanced the possibility of cracking down on sanctions-busting Iranian oil exports on the high seas, using naval intervention. Clearly this is part of the big stick package of actions meant to push Tehran to the table. And now he's talking secondary tariffs on Iranian oil as well.

An earlier Fox News interview in February marked the point at which Trump first laid out that Iran has two choices. "Everybody thinks Israel with our help or our approval will go in and bomb the hell out of them," Trump had said at the time while discussing potential Israeli military action against Tehran.

"I would prefer that not happen. I'd much rather see a deal with Iran where we can do a deal, supervise, check it, inspect it," the president had emphasized.

Tyler Durden Mon, 03/31/2025 - 14:40

Economic Pain? Market Concerns About the US Economy May Be Exaggerated

Zero Hedge -

Economic Pain? Market Concerns About the US Economy May Be Exaggerated

Authored by Daniel Lacalle,

A correction in equity markets tends to generate an immediate negative reaction from citizens, citing political headlines about tariffs and trade as the reasons for equity volatility. However, if markets were scared about the US economy, German and Japanese sovereign bonds would not have declined. Furthermore, at the close of this article, 493 stocks in the S&P 500 are flat in the first quarter despite having reached all-time highs in 2024 and all the negative headlines of 2025.

The Bloomberg US Large Cap Index, excluding the magnificent seven, is flat year-to-date. It seems that we are living a normal correction after a massive bull run in the past five years, coming from expectations of persistent inflation and fewer rate cuts. That is why German and Japanese sovereign bonds, historically the beneficiaries in a risk-off scenario, are weak.

Consensus estimates of recession probability have risen to 30%, which is the same level reached in October 2024 and significantly below the 65% probability expected in April 2023. Furthermore, recession probability in the United States, according to Bloomberg, is currently the same as in the euro area. Deloitte and Coutts predict continued GDP growth in 2025, and the Federal Reserve states that the U.S. economy is expected to grow at around 1.8% this year. Understandably, many investors may be concerned about the headlines and believe that these estimates will be downgraded. However, if we look at leading indicators, the vast majority point to expansion.

The Chicago Fed National Activity Index (CFNAI), which measures U.S. economic activity and inflationary pressures, rose to +0.18 in February 2025, up from -0.08 in January, which indicates that economic activity is higher than its historical trend. Furthermore, the S&P Global U.S. Composite PMI, which measures private sector activity across manufacturing and services, signalled expansion and rose to 53.5 in March 2025, up from February’s 51.6, the strongest growth since December 2024. Not all is positive, because the Conference Board Consumer Confidence Index fell sharply in March 2025, dropping to 92.9, its lowest level in over four years, but far away from the levels seen in previous severe downturns, 87.1 during the pandemic and 26.9 in the 2008 crisis.

Job creation remains strong, and the U.S. March nonfarm payrolls are expected to increase by 133,000, with Bloomberg Economics increasing the estimate to 200,000. Furthermore, 2025 should bring a year of average real wage growth.

What are the main concerns from investors? Cutting spending and tariffs. However, reducing government spending is essential to reduce inflation and slash the deficit. In 2024, government spending rose by 10%, a completely abnormal figure that elevated the federal deficit to almost $2 trillion, leaving the U.S. economy with the worst GDP growth adjusted for debt accumulation since the 1930s. This unsustainable spending and indebtedness path was leading America to a debt and inflation crisis. Inflation was caused by elevated government spending leading to exceedingly high money supply growth and destruction of the purchasing power of the US dollar. The MIT concluded that federal spending was responsible for the 2022 spike in inflation and subsequent increases in government outlays and money supply growth perpetuated the inflationary pressures and created an unsustainable debt problem, with interest expenses rising to close to $1 trillion. With this trend, the US debt to GDP would rise from an alarming current 122.3% to 156% by 2055, according to the Congressional Budget Office. Thus, cutting government spending is essential to reduce inflation and avoid a debt crisis. A slowdown of GDP growth coming from a reduction in government spending is not a negative but a signal of strengthening of the productive economy.

Tariffs are a global concern. 

However, most investors seemed to be blissfully unaware of the enormous trade barriers and tariffs implemented by the European Union or China in recent years. Market participants seemed perfectly happy with rising tariffs and trade barriers against the United States from other nations. In the Trade Barrier Index, India, Russia, South Africa, Brazil and China appear as the worst nations in terms of barriers to trade. Furthermore, the European Union and China impose higher tariffs against the United States than the other way round, according to ING and Bank of America. Furthermore, markets reached all-time highs with Biden maintaining and increasing some of the tariffs that existed when he took office.

Tariffs do not cause inflation, as they do not generate an increase in the quantity of currency or the velocity of money. Tariffs are a tool to level the playing field and address the excessive trade deficit of the United States, which is not caused by competitive and open market means but due to all the barriers lifted against U.S. exporters in other nations. Many countries seem to have a view of free trade that means being able to sell as much as they want in the United States while, at the same time, placing increasingly tough trade barriers against U.S. exporters, including tariffs, legal limitations, and regulatory and fiscal burdens. The U.S. trade deficit has tripled from $43 billion in March 2020 to $131 billion in January 2025.

Markets may be spooked by tariffs, spending cuts and inflation concerns because those may mean less money supply and fewer rate cuts. However, tariffs are a negotiation tool aimed at improving the trade balance. Eliminating barriers and negotiating better terms is positive for all markets. Furthermore, the history of trade negotiations and the use of tariffs have proven to have a much smaller impact on the United States economy than initially feared. The 2016-2019 period also proves it. Furthermore, the United States economy is significantly more dynamic and powerful than many believe. Supply-side spending cuts and debt reduction, tax cuts and balancing trade are not negatives for the economy. They are all essential tools to recover real wages, financial strength, and a thriving productive sector.

Short-term pain for long-term gain.

Tyler Durden Mon, 03/31/2025 - 14:20

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