Masked NIH Employees Storm Out Of Meeting After Director Bhattacharya Questions Agency's Role In COVID-19 Origins

Via American Greatness,

Dr. Jay Bhattacharya, Director of the National Institutes of Health (NIH), sparked a mass walkout of NIH employees after suggesting that COVID-19 may have originated from a Wuhan lab and that NIH helped fund it.

During a staff town hall meeting on Monday, Bhattacharya told NIH employees, “It’s possible that the pandemic was caused by research conducted by human beings, and it’s also possible that the NIH partly sponsored that research.”

That comment prompted dozens of NIH employees to walk out of the meeting.

NEW: NIH Director @DrJBhattacharya sparks mass walkout from NIH employees after suggesting COVID-19 may have originated from the Wuhan lab — and that NIH helped fund it.

"It's possible that the pandemic was caused by research conducted by human beings, and it's also possible… pic.twitter.com/r74gv0iqcw

— KanekoaTheGreat (@KanekoaTheGreat) May 20, 2025

As the NIH employees, some wearing masks, stormed out of the meeting, Bhattacharya called after them, “Nice to have free speech. You’re welcome, you guys.”

Bhattacharya told the remaining employees, “If it’s true that we sponsored research that caused the pandemic — and if you look at polls of the American people, that’s what most people believe, and I’ve looked at the scientific evidence and I believe it — [then] what we have to do is make sure that we don’t engage in research that is any risk…to human populations.”

The U.S. has faced growing scrutiny for the NIH’s participation in controversial virus manipulation experiments at the Wuhan Institute of Virology where the FBI and CIA both believe the COVID-19 virus originated.

As the new director of NIH, Bhattacharya has also faced a $2.7 billion cut in funding from the federal government as well as the layoffs of more than 1,200 staff members.

Bhattacharya has argued that the cuts are necessary since, “There’s been a line of research supported by the NIH that I don’t actually fundamentally believe is scientific and that is ideological in nature.”

The new NIH director became well known during the pandemic for his support of the Great Barrington Declaration, which called for ending lockdowns for all but the most vulnerable.

Tyler Durden Wed, 05/21/2025 - 16:20

Schiff: Strong Dollar Or Exports? Pick One...

Via SchiffGold.com,

Last week, Peter joined Glenn Diesen for an interview on the post-trade deal economy. Peter takes on the myths surrounding Trump’s trade war with China, the real impact of tariffs on Americans, and where he sees the dollar heading as the world’s reserve currency. He explains why the perceived victories of protectionist trade policy are little more than marketing stunts, and warns about the risks of continued US borrowing and a potential dollar crisis.

Peter opens with his signature candor, cutting through the narratives around Trump’s approach to China and the broader trade war. He stresses that Americans have been misled about the true causes of trade deficits and the effectiveness of tariffs:

Well, first of all, Trump declared war and then surrendered and called it a victory. You know, the victory is that he saved us from ourselves, although it’s not a complete save. I don’t think we’re out of the woods. But, you know, Trump never had the cards to win the war in the first place. In the first place, I think he assessed the situation backwards. The whole trade war was misguided anyway, because the trade deficits are not the result of foreigners cheating us or ripping us off or bad trade deals.

He explains how the president’s business acumen translated into a branding exercise in the White House, rather than substantive reform:

I know he’s a great promoter. He’s a great marketer. That I’ll give him. I mean, he won the White House twice, right, so he sold the country on himself as the product. So he did a great job. And, you know, he’s a showman. He had The Apprentice, he had his hotels, his golf courses, you know, some of his other businesses. It’s all about branding, right? He brands the Trump brand. He puts the big Trump on everything, right?… I was curious – what are the lessons for China? Was anything achieved?

Dispelling a common misconception, Peter clearly lays out the economic reality of tariffs—contrary to claims made by several politicians, these taxes are paid by Americans, not by foreign exporters:

But again, the tariffs weren’t even on China. They were an inconvenience for Chinese companies. But the tariffs were on Americans. You know, the Chinese tariffs were on the Chinese. I mean, Trump can only tax Americans, and tariffs are an indirect tax that consumers pay when they buy products that are subject to the tariff. The actual tariff is paid by the importer, which is an American company. Now, if you import directly, right, if you decide to go on some Chinese site and order a product and they mail it directly to you, then, you know, when the package comes through customs, they add the tariff and you’ve got to pay it. The Chinese don’t pay it. The tariffs are paid by Americans. So it’s always been a lie. I pointed that out during the campaign.

When it comes to reducing trade deficits, Peter argues that policy makers want to have their cake and eat it too— pushing for a strong dollar and lower trade deficits at the same time, despite the fact that these aims are fundamentally at odds:

They want both. But of course, you can’t have both. The reason our trade deficits are so big is because the dollar is so overvalued. And so the only real way to make a big dent in the trade deficit is to have a much weaker dollar. I mean, that’ll do it. That’ll just make imports so expensive that Americans won’t be able to afford them, and so the imports will come down. And it will make our stuff a lot cheaper, whatever we got, and so we’ll export more of it. So a weaker dollar would do the trick, but of course the weaker dollar means much higher inflation in the US, which is why they don’t want a weak dollar. 

Wrapping up, Peter warns that the current trajectory is unsustainable. With continued deficits, reliance on foreign creditors, and a dollar whose status as the world’s reserve currency is under threat, a reckoning is likely around the corner:

No, I think we’re going to have a dollar crisis and a sovereign debt crisis. I mean, that’s just how it’s going to end. We’re going to keep on living beyond our means until we can’t do it anymore. We’re going to keep on borrowing until the lenders stop lending to us. And I think we’re already on that path. The question is, how long does it take to really completely de-dollarize, to kind of sever this lifeline that we have? I don’t know. But, I mean, the process has started. And at some point, the pace is going to accelerate.  

For more of Peter’s analysis on the US-China tariff deal, check out Peter’s latest podcast!

Tyler Durden Wed, 05/21/2025 - 15:45

SBA Overhauling Biden-Era Loan Program Following High Default Rates

Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

The Small Business Administration (SBA) is overhauling a Biden-era lending initiative, citing its “alarmingly high rates” of loan default, the agency said in a May 19 statement.

Signage thanking customers for shopping at a small business. Tim Mossholder/Unsplash.com

The Community Advantage Small Business Lending Company program was designed to issue 7(a) loans to “underserved communities,” the SBA said. In the 7(a) loan program, the government offers loan guarantees to lenders, which allows the loan providers to advance credit to small businesses with special needs.

The SBA blamed Community Advantage’s high default rate on lax oversight of the program.

“Community Advantage generated a 7 percent default rate over the last 12 months—more than double that of the overall 7(a) loan portfolio,” it said.

“Additionally, the portfolio is disproportionately stressed, with multiple lenders generating early problem loan rates above 30 percent.”

A problem loan refers to any loan that cannot be recovered from borrowers quickly.

The SBA issued a moratorium prohibiting the expansion of the Community Advantage loan program effective immediately.

In addition, the agency also issued a new standard operating procedure that will mandate lenders taking part in the program to meet “prudent financial stability standards.”

Existing lenders have to “dramatically increase” their capital reserves to continue participating in the program.

SBA administrator Kelly Loeffler called Community Advantage an example of the weaponization of government programs to “tip the scale against deserving small businesses and toward preferred groups and political allies, even when it meant greater risk to American taxpayers.”

Overhauling the Community Advantage program is one of the latest steps the SBA has taken concerning its 7(a) initiative.

On April 22, the agency announced it was eliminating several policies that had resulted in compromise of the financial integrity of the 7(a) program.

The previous administration had eliminated lender fees under 7(a). It also adopted underwriting standards that ended up allowing lenders to approve loans for underqualified borrowers.

“Predictably, the program saw a massive rise in defaults and delinquencies—which the agency was unable to cover due to decreased fee income,” the SBA said.

“By 2024, the 7(a) loan program had a negative cash flow of about $397 million—the first instance of negative cash flow in 13 years.”

The SBA said it was restoring “robust rules” to end such “reckless lending” practices.

Despite changes announced by the SBA, the Small Business Optimism Index fell by 1.6 points in April, the National Federation of Independent Business (NFIB) said in a May 13 statement. This was the second consecutive month the index was below its 51-year average.

According to NFIB chief economist Bill Dunkelberg, “uncertainty continues to be a major impediment for small-business owners in operating their business in April, affecting everything from hiring plans to investment decisions.”

“While owners are still trying to fill a high number of current job openings, their outlook on business conditions is less supportive of future business investments,” he said.

SBA Loan Boom

While the SBA tightens policies regarding 7(a) loans, the issuance of these loans has skyrocketed under the Trump administration, the agency said in an April 17 statement.

“Since Jan. 20, 2025, SBA has approved over 1,120 7(a) loans for manufacturers with a total loan volume of $677 million,” the agency said.

“During the same period in 2021, SBA approved less than 650 7(a) loans for manufacturers with a total loan volume of $497 million. Nearly 99 percent of American manufacturers are considered to be small businesses.”

In the first 90 days of the Trump administration, 7(a) loans for manufacturers were up 74 percent from the same period during the Biden administration.

On March 10, the SBA announced a Made in America manufacturing initiative aimed at expanding access to capital for small businesses, cutting down $100 billion in regulations, and creating the necessary infrastructure to support the “blue-collar boom.”

This month, a group of bipartisan lawmakers introduced the Made in America Manufacturing Finance Act, aimed at strengthening small businesses in the country, the office of Sen. Joni Ernst (R-Iowa) said in a May 1 statement.

The bill seeks to raise the loan limit for 7(a) and 504 small-business manufacturing loans from the current $5 million to $10 million.

The act “provides small-business owners the capital they need to expand, modernize, and compete,” said Rep. Roger Williams (R-Texas).

“We must continue to support and empower the job creators who keep our communities thriving. Together, we will continue driving the America First agenda forward and creating an environment where the success of Main Street is a priority.”

Tyler Durden Wed, 05/21/2025 - 15:05

China Demands US Scrap Golden Dome Missile Defense System As It Will 'Turn Space Into A Battlefield'

China has reacted fiercely to President Trump's newly unveiled plans to develop a cutting edge massive missile defense system to cover the entire territory of the United States, dubbed the "Golden Dome" - and which would utilize space.

The plan is for space-based interceptors to be able to shoot down the most advanced missiles in the world. Trump touted that the hugely ambitious project would cost $175 billion and would be completed within three years; however, the Congressional Budget Office anticipates a price tag of $500 billion over 20 years. An allotted $25 billion for next year's budget will kick off the construction.

Chinese foreign ministry spokesperson Mao Ning reacted Wednesday saying China is "gravely concerned" as the Golden Dome will "exacerbate the risk of turning outer space into a battlefield" and likely start arms race which will redefine the global order and international security system.

Getty Images

"The US, by putting itself first and being obsessed with pursuing absolute security violates the principal diminish the security for all undermines global strategic balance and stability," Mao said. 

"China is gravely concerned about this," he continued. "We urge the US to give up developing and deploying the global anti-missile system at an early date and take concrete actions to enhance strategic mutual trust between countries and safeguard global strategic stability."

This is significant as it's a rare thing for Beijing to simply demand that Washington abandon an entire proposed defense system altogether.

But Trump's words from the Oval on Tuesday express the very thing China (and Russia too no doubt) is worried about:

"Once fully constructed, the Golden Dome will be capable of intercepting missiles even if they are launched from other sides of the world and even if they are launched from space," Trump told reporters.

The president had also said it was something prior President Reagan wanted "many years ago" in reference to the failed "Star Wars" program, which was long subject of headlines and become a famous non-fulfilled missile defense project.

Some have criticized Trump's plans as but doubling down on the "failed blunder" that was the 1980s era "Star Wars" program.

And again, it will certainly mean the race is on for China and Russia to get to space in terms of putting their own missile interceptors and systems, possibly even powerful lasers, into orbit.

The Kremlin has also weighed in on Wednesday, given it too has reportedly made advances regarding space-based military capabilities:

Golden Dome is America’s internal matter — Kremlin

'If the US believes there is a missile threat, then of course it will develop missile defense systems — as all capable nations do,' added Kremlin spox Peskov pic.twitter.com/BdT8OHUn9C

— RT (@RT_com) May 21, 2025

"This highly offensive system violates the principle of peaceful use of outer space," the Chinese foreign ministry had also added in the fresh comments.

But obviously with whole new branches of the US military such as Space Force, the United States (and other countries) envision that space is precisely where the future strategic edge lies. Without doubt, rivals are also worried about the 'edge' that Elon Musk's SpaceX gives the US, amid continued successes.

Tyler Durden Wed, 05/21/2025 - 14:45

FDA No Longer Recommends COVID Vaccine For Healthy Babies

Via Headline USA,

The U.S. government no longer recommends the COVID-19 vaccine for healthy babies thanks to new guidelines from the Trump administration, which said Tuesday it will limit approval for seasonal COVID-19 shots to seniors and others at high risk pending more data on everyone else.

Top officials for the Food and Drug Administration laid out new standards for updated COVID shots, saying they’d continue to use a streamlined approach to make them available to adults 65 and older as well as children and younger adults with at least one high-risk health problem.

But the FDA framework, published Tuesday in the New England Journal of Medicine, urges companies to conduct large, lengthy studies before tweaked vaccines can be approved for healthier people. 

Previously, federal policy recommended an annual COVID shot for all Americans six months and older. 

In the paper and a subsequent online webcast, the FDA’s top vaccine official said more than 100 million Americans still should qualify for what he termed a booster under the new guidance.

Dr. Vinay Prasad described the new approach as a “reasonable compromise” that will allow vaccinations in high-risk groups to continue while generating new data about whether they still benefit healthier people.

“For many Americans we simply do not know the answer as to whether or not they should be getting the seventh or eighth or ninth or tenth COVID-19 booster,” said Prasad, who joined the FDA earlier this month. He previously spent more than a decade in academia, frequently criticizing the FDA’s handling of drug and vaccine approvals.

It’s unclear what the upcoming changes mean for people who may still want a fall COVID-19 shot but don’t clearly fit into one of the categories.

Provisional data from the Centers for Disease Control and Prevention shows more than 47,000 Americans died from COVID-related causes last year. The virus was the underlying cause for two-thirds of those and it was a contributing factor for the rest.

Health experts say there are legitimate questions about how much everyone still benefits from yearly COVID vaccination or whether they should be recommended only for people at increased risk.

In June, an influential panel of advisers to the CDC is set to debate which vaccines should be recommended to which groups.

Tyler Durden Wed, 05/21/2025 - 14:25

Mercenary Firm Set To Oversee Gaza Aid For Israel Goes On LinkedIn Hiring Spree

Via Middle East Eye

The US private military contracting firm set to oversee Gaza aid distribution on Israel's behalf is actively hiring for positions on LinkedIn, according to job postings shared with Middle East Eye by current and former US officials.

The firm, Safe Reach Solutions, or SRS, says it is actively looking for "Humanitarian Liaison Officers" who will "serve as vital connectors between our operational teams and the broader humanitarian community," according to one job description.

Armed men stand guard at a checkpoint manned by US & Egyptian security at the Netzarim Corridor in central Gaza, January 2025. via AFP

Another position on offer a week ago but has since closed is for a “Team Deputy/Manager” to support “day-to-day management, planning, and mission execution”.

A liaison officer position appears to be analytically focused. It says that hires will “advise on best practices for engaging with affected populations, local authorities, and community-based organizations” while monitoring developments that could impact “operational posture”.

The team deputy position is geared towards recruits with a background in operations. One of the requirements is “field experience in the Middle East, especially in conflict-affected or post-crisis settings”.

The positions want applicants with at least seven years of experience. They require applicants to be US citizens and say fluency in Arabic is preferred. 

Ironically, SRS is seeking people with UN experience, but the plan to take over aid distribution seeks to supplant the United Nations, which is already capable of delivering aid in Gaza. "These mid- to senior-career professionals will help bridge communication, coordination, and trust with NGOs, international agencies, and UN bodies operating in complex environments."

Demand for the positions appears to be high. According to LinkedIn, more than 100 people applied for the humanitarian liaison officer position within two weeks.

The team deputy position also drew comments from interested users directed to "Ali Ali," SRS’s recruiting consultant. “Hi Ali I worked in Gaza last summer with the US army. I was in charge of the humanitarian aid delivery through the trident pier. Please reach out to me at your best convenience to talk more,” a LinkedIn user wrote.

The former Biden administration floated a costly pier project to bring aid into the Gaza Strip last year, but it was widely considered a failure.

American private military contractors have already started arriving in Israel, according to photos shared on social media of khaki-clad and bearded men at Ben Gurion airport in Tel Aviv. MEE couldn't independently verify the photos. 

Who is Phil Reilly and his firm SRS?

MEE couldn’t identify the recruiter, Ali Ali, who has 13 LinkedIn connections and no profile photo. However, SRS is headed by former CIA paramilitary officer Phil Reilly, who has served in Asia, Afghanistan and Iraq. 

Two former US officials told MEE that Reilly had won the trust of Israeli Prime Minister Benjamin Netanyahu and several Israeli businessmen close to him. His firm has long been the favourit to secure humanitarian aid into Gaza in a project that one Israeli businessman briefed on the plans said could amount to a contract worth "hundreds of millions of dollars".

SRS was one of the private military contractors responsible for securing Gaza’s Netzarim Corridor during a short-lived truce. Fighting in Gaza briefly stopped in January but resumed in March when Israel unilaterally resumed attacking the enclave.

According to a January Reuters report, US contractors were paid $1,100 a day to work in Gaza, with a $10,000 advance for veterans.

SRS’s work during the first ceasefire was paid for mainly by the US and Gulf states, one US official told MEE. The private military contractors' weapons and supplies are likely to be supplied by the US. One US official told MEE that the salary range exceeds what the former US security firm Blackwater once paid veterans.

SRS makes no secret of its connection to Gaza on LinkedIn. It posted a glowing article from ABC News in April, titled, “How a team of 'suburban dads' secured a key checkpoint in Gaza's 'death corridor'".

UN says no aid distributed in Gaza

SRS stepped up recruitment on LinkedIn just as the US was lobbying the UN and European states earlier in May to approve the Gaza Humanitarian Foundation, to oversee aid distribution. The foundation would largely supplant the UN’s role in distributing Gaza aid. It says it plans to be active by the end of May.

The SRS's job applications page reveals how Israel and the US are rapidly moving towards privatising and militarizing aid distribution in Gaza.

Another position SRS is actively hiring for is an imagery systems technician, who can analyze full-motion video. Israel says it plans to create “hubs” to distribute aid.

In the past, it has used checkpoints to separate Palestinian men and women. Earlier this month, the Israeli cabinet approved a plan that would require facial recognition technology to be applied to Palestinians before they receive any aid. It is seeking foreign funding for the plan.

This is what the coastal Rashida street in Gaza looked like before and after the ongoing war. pic.twitter.com/yc2lZYa1n7

— Sprinter Observer (@SprinterObserve) November 12, 2023

The operation has been slammed by aid groups across the aisle, and the UN says it will not take part in the foundation’s work. Israel announced on Monday that it would allow some humanitarian aid into the enclave.

The UN said on Tuesday that Israel had allowed four trucks with baby food to enter the enclave, and a few dozen other trucks with flour, medicine, and nutrition supplies. However, the UN has not been able to distribute the supplies.

"Israeli authorities are requiring us to offload supplies on the Palestinian side of Kerem Shalom crossing and reload them separately once they secure our team's access from inside the Gaza Strip,” UN spokesperson Stephane Dujarric said. "Today, one of our teams waited several hours for the Israeli green light to access the Kerem Shalom area and collect the nutrition supplies. Unfortunately, they were not able to bring those supplies into our warehouse," he said.

Humanitarian experts say Gaza is on the brink of mass starvation. UN humanitarian chief Tom Fletcher said on Tuesday that 14,000 babies could die in the next 48 hours if aid did not reach them in time.

Tyler Durden Wed, 05/21/2025 - 12:45

UnitedHealth Shares Drop After Report Alleges Secret Bonus Payments To Nursing Homes For Cutting Hospital Transfers

UnitedHealth Group shares dropped as much as 7.5% in premarket trading Wednesday in New York, following a Guardian investigation that revealed the health insurer shelled out "Premium Dividend" and "Shared Savings" bonuses to nursing homes that reduced hospital transfers for sick residents. 

The Guardian's investigation is based on thousands of confidential corporate and patient records obtained through sources, public records requests, and court filings, along with interviews with nearly two dozen current and former UnitedHealth and nursing home employees, as well as two whistleblower declarations submitted to Congress.

The report offers a new snapshot into UnitedHealth's daily operations at nearly 2,000 nursing homes across the country, where it manages Medicare Advantage coverage for more than 55,000 long-term residents. 

Here are some of the key findings from the report:

• UnitedHealth stationed in-house medical teams at nearly 2,000 nursing homes, incentivizing them to lower hospitalizations through financial rewards like "Premium Dividend" and "Shared Savings" payments tied to hospitalization rates.

• Internal records show UnitedHealth monitored nursing homes using "admits per thousand (APK)" metrics and set "budgets" for hospitalizations. Facilities with high APKs were denied bonuses.

• In multiple documented cases, patients were denied urgent hospital care, leading to serious harm, including permanent brain damage. Whistleblowers say these incidents were hidden or minimized.

• Nurse practitioners were pressured to push "Do Not Resuscitate" (DNR) orders, even when patients had previously expressed the desire for life-saving treatments.

• UnitedHealth also incentivized increased enrollment in its Institutional Special Needs Plans by offering large payments to nursing homes, which in some cases leaked confidential patient data to help sales teams directly solicit families—often bypassing consent rules.

The Guardian noted: 

In several cases identified by the Guardian, nursing home residents who needed immediate hospital care under the program failed to receive it, after interventions from UnitedHealth staffers. At least one lived with permanent brain damage following his delayed transfer, according to a confidential nursing home incident log, recordings and photo evidence.

A current UnitedHealth nurse practitioner, who recently submitted a congressional complaint regarding the nursing home program, stated:

"No one is truly investigating when a patient suffers harm. Absolutely no one.

"These incidents are hidden, downplayed and minimized. The sense is: 'Well, they're medically frail, and no one lives for ever.'"

A former national UnitedHealth executive said:

"APK drove everything. You gain profitability by denying care, and when profitability suffers for the shareholders, that's when people get crazy and do things that are not appropriate."

Two current and three former UnitedHealth nurse practitioners said that UnitedHealth managers pressured them to persuade Medicare Advantage members to change their "code status" to DNR, even when patients had clearly expressed a desire to receive all available life-saving treatments.

UnitedHealth responded to the Guardian's report, rejecting claims that its employees have prevented hospital transfers. 

The Guardian's report comes at a time of crisis for UnitedHealth. Last week, shares logged the worst weekly crash since 1998 after a Wall Street Journal report said the Department of Justice has been conducting a criminal investigation into the company's Medicare practices. In addition, UnitedHealth suspended its 2025 outlook, and its CEO abruptly exited. 

In the premarket session, shares fell as much as 7.5% after the Guardian's report. 

Only one Wall Street analyst—CFRA's Paige Meyer—had a "Sell" rating on UnitedHealth earlier this year, out of roughly 30 tracked by Bloomberg. Wall Street, it seems, was overly bullish on the insurer—now shares have imploded.

Tyler Durden Wed, 05/21/2025 - 12:15

US Senate Votes To Move Ahead With GENIUS Act; 'Legitimizing' Stablecoins For Global Institutional Adoption

The GENIUS Act moved through a procedural vote on Monday (66-32), and has just passed its latest hurdle (69-31) allowing Senate Republican leaders to bring the legislation to the floor for debate and a final vote, as soon as this week

A challenging amendment pricess awaits as the Senate bill, if passed, would need to be reconciled with a version approved by the House Financial Services Committee, and then both chambers of Congress must agree on a single bill before sending a final version to President Donald Trump for his signature.

"There are still a lot of moving pieces," said Jennifer Schulp, director of financial regulation studies at the Cato Institute, a libertarian think tank.

Republican Senator Cynthia Lummis, one of the bill’s key backers, said on May 15 that she thinks it’s a “fair target” to have the GENIUS Act passed by May 26 - Memorial Day in the US.

*  *  *

As CoinTelegraph's Zoltan Vardai detailed ahead of the vote, stablecoin adoption among institutions could surge as the United States Senate prepares to debate a key piece of legislation aimed at regulating the sector.

After failing to gain support from key Democrats on May 8, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed the US Senate in a 66–32 procedural vote on May 20 and is now heading to a debate on the Senate floor.

The bill seeks to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws.

“This act doesn’t just regulate stablecoins, it legitimizes them,” said Andrei Grachev, managing partner at DWF Labs and Falcon Finance.

“It sets clear rules, and with clarity comes confidence. That’s what institutions have been waiting for,” Grachev told Cointelegraph during the Chain Reaction daily X spaces show on May 20, adding:

“Stablecoins aren’t a crypto experiment anymore. They’re a better form of money. Faster, simpler, and more transparent than fiat. It’s only a matter of time before they become the default.”

Source: Cointelegraph

Senate bill seen as path to unified digital system

The GENIUS Act may be the “first step” toward establishing a “unified digital financial system which is borderless, programmable and efficient,” Grachev said, adding:

“When the US moves on stablecoin policy, the world watches.”

Republican Senator Cynthia Lummis, a co-sponsor of the bill, also pointed to Memorial Day as a “fair target” for its potential passage.

Grachev said regulatory clarity alone will not drive institutional adoption. Products offering stable and predictable yield will also be necessary. Falcon Finance is currently developing a synthetic yield-bearing dollar product designed for this market, he noted.

Yield-bearing stablecoins issuance. Source: Pendle

Yield-bearing stablecoins now represent 4.5% of the total stablecoin market after rising to $11 billion in total circulation, Cointelegraph reported on May 21.

GENIUS Act regulatory gaps don’t address offshore stablecoin issuers

Despite broad support for the GENIUS Act, some critics say the legislation does not go far enough.

Vugar Usi Zade, the chief operating officer at Bitget exchange, told Cointelegraph that “the bill doesn’t fully address offshore stablecoin issuers like Tether, which continue to play an outsized role in global liquidity.”

He added that US-based issuers will now face “steeper costs,” likely accelerating consolidation across the market and favoring well-resourced players that can meet the new thresholds.

Still, Zade acknowledged that the legislation could bring greater “stability” to regulated offerings, depending on how it is ultimately worded and enforced.

Tyler Durden Wed, 05/21/2025 - 12:15

Bitcoin Surges To New Record High, 'Trumping' Gold Since Election

Bitcoin just surge to a new record high, $109,500, extending its recent post-pause recovery and up over 60% since President Trump was elected...

BTC ETF inflows continue to build...

...and we suspect there is more to come, if the recent surge in global liquidity is anything to go by...

The aggregate open interest in Bitcoin futures surged to a record high on May 20, raising questions about whether bearish positions are now at risk.

Since Trump's Liberation Day (and now amid the 'One Big Beautiful Bill'), while gold has rallied solidly, Bitcoin appears to have been the preferred position for global uncertainty (after testing down to pre-election levels)...

As Bitcoin Magazine's Oscar Zarraga Perez reports, a new report from River reveals that the United States dominates Bitcoin ownership globally, holding about 40% of all available Bitcoin. 

With 14.3% of its population owning Bitcoin, the U.S. outpaces Europe, Oceania, and Asia combined.

Corporate America also leads in Bitcoin holdings. Thirty-two U.S. public companies, with a combined market cap of $1.26 trillion, hold Bitcoin as a treasury asset. These firms account for 94.8% of all Bitcoin owned by publicly traded companies worldwide. Major holders include Strategy with 569,000 BTC, U.S. mining companies with 96,000 BTC, and others with 68,000 BTC, totaling 733,000 BTC in the U.S., compared to 40,000 BTC held elsewhere.

Since China’s ban on Bitcoin mining in 2021, the United States has become the global leader in Bitcoin mining, responsible for 38% of all new Bitcoin mined since then. The U.S. attracts miners thanks to its stable regulatory environment, access to deep and liquid capital markets, and abundant energy resources. These advantages have helped the U.S. increase its share of the global Bitcoin mining hashrate by over 500% since 2020, solidifying its position as the center of the industry.

Bitcoin is also emerging as America’s preferred reserve asset, overtaking gold. Over 49.6 million Americans are in favor of holding Bitcoin, compared to 36.7 million who still prefer gold.

The US government’s bitcoin advantage is greater than that of gold, where the US accounts for just 29.9% of the world’s central bank gold reserves. 

“Because there is a fixed supply of BTC, there is a strategic advantage to being among the first nations to create a strategic bitcoin reserve,” said the White House on March 7, 2025.

Politically, support for Bitcoin is gaining significant momentum across the U.S. government. As of now, 59% of U.S. Senators and 66% of House Representatives openly support pro-Bitcoin policies, signaling a notable shift in political attitudes and greater acceptance of digital assets as key components of America’s economic future.

The study highlights that Bitcoin ownership is highest among American males aged 31-35 and 41-45, with ownership rates ranging from 3% to 41% within these age groups. 

Politically, those identifying as “very liberal” or “neutral” are more likely to own Bitcoin than conservatives, though conservatives still make up a significant portion of holders.

Finally, as we detailed yesterday, global sovereigns have been 'quietly' gathering exposure to the cryptocurrency with StanChart's Geoff Kendrick targeting $500k by the end of Trump's term in office for the largest cryptro currency.

Tyler Durden Wed, 05/21/2025 - 11:10

WTI Erases Israel-Iran Spike As Crude & Gasoline Stocks See Unexpected Build

Oil prices are modestly higher ahead of this morning's official energy inventory and supply data, but have come dramatically back off the overnight spike highs driven by CNN headlines suggesting Israel is ready to strike Iranian nuclear enriuchment sites.

“Either the impact on the oil market in case of an attack is assumed to be low, or the probability for an attack is assumed to be low,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. 

Wednesday’s gain “is not much when we are talking bombs in the Middle East major oil producing region.”

Overnight also saw API report another sizable crude inventory build, while products drewdown (again)...

API

• Crude +2.5mm

• Cushing -443k

• Gasoline -3.24mm

• Distillates -1.4mm

DOE

• Crude +1.33mm

• Cushing -457k

• Gasoline +816k - biggest build since January

• Distillates +579k

A smaller than expected crude build was offset by an unexpected build in Gasoline stocks according to the official DOE data...

Source: Bloomberg

Including a 843k barrel addition to SPR, total US crude stocks rose for the second week in a row...

Source: Bloomberg

US Crude production was up very modestly last week - hovering just below record highs - while the rig count continues to reject Trump's 'Drill, baby, drill' narrative...

Source: Bloomberg

Geopolitical concerns have for now overshadowed expectations of looser balances heading into the second half of the year, as OPEC and its allies bring back barrels to the market. 

Source: Bloomberg

US shale oil output hasn’t peaked and can still expand, but not if prices are near $50 a barrel, ConocoPhillips’ chief executive officer said Tuesday.

Meanwhile, Trump will not be best pleased if geopolitical tensions raise the price of oil and wreck his inflation-busting drill-baby-drill hopes of declining pump prices for the average American.

Tyler Durden Wed, 05/21/2025 - 10:39

Is Japan About To Hike Rates AND Restart Yield Curve Control?

By Elwin de Groot and Michael Every of Rabobank

Iran’s Khamenei said nuclear talks with US are unlikely to “lead to any outcome”… as US intel says Israel is preparing for a strike on Iran, seeing oil prices move higher. The Israeli press also says Iranian efforts to recruit Israeli agents have skyrocketed, Tehran trying to arrange high-profile assassinations inside Israel to mirror what Israel can do inside Iran, increasing the pressure further. That’s as President Trump is reportedly frustrated by Gaza war and wants PM Netanyahu to "wrap it up"; and the EU will review its association agreement with Israel, as their officials say diplomatic efforts stopped the EU from already halting the agreement; and the UK suspended trade talks with Jerusalem and attacked its ‘repellent’ extremism. Moreover, US Secretary of State Rubio said of Syria: “It is our assessment that, frankly, the transitional authority, given the challenges they’re facing, are maybe weeks —not many months— away from potential collapse and a full-scale civil war of epic proportions, basically the country splitting up,” which is justification for the US and EU removing sanctions on it. In short, the entire energy-rich region is in flux. And so is much else.

The IMF just asked the US to reduce its fiscal deficit as the Big Beautiful Bill will cut taxes and boost spending much further; and that’s as Reuters says the US ‘is preparing for a long war with China that could hit its bases and homeland’ and Trump is set to launch a "Golden Dome" missile defence system that will cost $175bn and almost certainly won’t be ready within his term of office, as promised. Trump reportedly also wants the UK to boost defense spending to 3% of GDP by 2029, so within the current parliament, increasing its fiscal deficit too.

Against that backdrop, the downgrade of the US by Moody’s last Friday may have not come as a huge surprise and its debt was already trading “as if” it no longer belonged to the AAA bucket. Still, the re-rating of US debt is having potential effects in corners of the market. Managers of Hong Kong’s Mandatory Provident Fund system are flagging they may be forced to sell their Treasury holdings, since the pension fund only allows them to invest more than 10% of their assets in Treasuries if the US has a AAA or equivalent rating from an approved rating agency. Japan’s Rating & Investment Information is the only approved agency left out there having the US at the highest rating level. The rating agency keeps the US’ rating on stable outlook and has indicated that the situation “hasn’t significantly changed” since it made its assessment in February.

But other scenarios could obviously play out. The US Congress is moving closer to endorsing Trump tax-cuts, leading to a significant increase in deficits and debt: with the IMF publicly calling for the US to reduce its deficit, such a scenario could lead to a gradual reduction in the share of Treasuries in various investment portfolios. Potentially, so could Trump considering an executive order to open US retirement plans to private equity, which would allow savers to access funds focused on “corporate buyouts and other high-octane deals” - so fewer US Treasuries(?)

Meanwhile, whereas European/German long-term yields are trading at levels that are still some 30-40bp lower than in early March --when the EU’s and Germany’s defence and infrastructure spending plans startled markets-- those in the US and Japan are trading close to or even higher than the levels seen in early March. A 20y bond auction in Japan saw the lowest demand since 2012 and this pushed the 30y Japanese yield to its highest level since its 1999 debut. It certainly doesn’t help when your own prime minister acknowledges the country’s fiscal situation is “extremely poor, and worse than Greece’s” – even if their intent is to signal opposition to fresh tax cuts financed by additional debt issuance.

Japan’s core inflation rate has come down from its peak levels of nearly 3% y/y in late-2023 to sit at just over 1.5%. That level, however, was only surpassed twice in the past thirty years: in 2014 and 1997. But in both instances the inflation spike was due to significant changes to the VAT system. If Japan has now entered (?) an episode of more ‘normal’ inflation, it could lead to more persistent upward pressures on (real) bond yields, which would raise interest costs.

And, like in the US and Europe, the central bank has been dialling down its bond purchases, which, next to weaker demand for bonds, could also be contributing to higher liquidity-risk premiums. Japan’s public debt ratio (214% in 2024) is the highest among developed economies. The BOJ still holds a staggering share (around 50%) of public debt on its balance sheet, but even if the central bank does not slow down its purchases, the ‘net’ amount of debt would still be in the 100%+ range and comparable to that of – indeed – Greece’s, back in 2007.

We want to avoid burning our fingers on the Japanese bond market – betting against it is commonly known as the widow-maker trade. But we ponder whether Japan could serve as an example for Europe or even, perhaps, the US – Japan, after all, has been the test case for many unconventional policies in recent (monetary) history.

First off, the country may be better placed than both of these peers to tackle bond market turbulence, and the impact of higher yields on governments’ financing costs. Only 12% of JGBs is owned by foreign parties. So, arguably, the government could introduce some form of wealth tax to claw back part of interest payments on its bonds. Note the similarities with the suggestions for a so-called Mar-a-Lago accord, in which the US could try to lessen its debt servicing costs by forcing its allies to term out their debt holdings at a below-market return, or by imposing some form of tax on foreign holders of Treasuries. The major difference is that Japan’s solutions could be less controversial, since domestic tax policies would suffice to achieve the desired outcome.

However, such a clawback only gets Japan so far. A wealth tax that offsets the higher debt servicing costs helps to contain the fiscal deficit and debt, but that does not provide the government with additional fiscal space to pursue its strategic goals, such as defence spending or reducing dependence on foreign inputs (note the similarities with the European situation here). Barring monetary support, more substantial tax increases or spending cuts in other areas would be required – and that could quickly erode support for the ruling party.

Alternatively, the BOJ could resume its government bond purchases. But this would arguably lead to higher inflation and would probably weaken the currency – at a time when the JPY is already under increased scrutiny of the US administration. Japanese finance minister Kato yesterday said that "[…] exchange rates should be set by markets, and that excessive volatility in currency moves has an adverse economic and financial impact." Weakness in the yen could undermine any trade agreement between the US and Japan. So, to mitigate this impact of quantitative easing, could the BOJ simultaneously raise its policy rates in an attempt to achieve a currency-neutral policy mix of higher rates and de facto yield curve control?

Meanwhile, in trade: China’s Xi stepped up calls for industrial self-sufficiency --so, no rebalancing then?-- and China said it will respond to US chip curbs; Malaysia is to press ahead with Huawei AI, testing the US position on that issue, as Nvidia’s CEO says US chip curbs on China are ‘a failure’; G7 countries are discussing tariffs on oversupplied, low-value Chinese products; the EU is considering a €2 de minimis charge on incoming Chinese packages; the EU is also expected to propose a quota for Russian gas, potentially offering companies a legal way to end their contracts; the US believes new sanctions on Russia may harm peace talks; India imposed restrictions targeting nearly 42% of inbound goods from Bangladesh; and Japan is taking a hardline position ahead of trade talks, demanding the US remove all reciprocal and sectoral tariffs on it.

So, yes, much is in flux.

Tyler Durden Wed, 05/21/2025 - 10:20

Republicans Race to Finalize 'Big Beautiful Bill' As Johnson Seeks Memorial Day Deadline

After weeks of turmoil and negotiations, House Republicans are inching closer to passing their sweeping domestic-policy package, anchored by a multi-trillion-dollar suite of tax cuts, as Speaker Mike Johnson races to finalize the legislation ahead of the Memorial Day recess.

ouse Speaker Mike Johnson, R-La., at the US Capitol on May 6. Graeme Sloan / Bloomberg via Getty Images file

Following a personal visit to Capitol Hill on Tuesday by President Donald Trump and a flurry of behind-the-scenes bargaining, House GOP leaders believe they are nearing a deal with key factions. The House Rules Committee convened late into the night and early morning hours Wednesday, preparing the reconciliation bill for floor action. The committee had only just concluded its first panel - which included the chairs and ranking members of the Oversight, Budget, Armed Services, and Financial Services Committees - shortly before 4:30 a.m. (and then returning to their coffins for a nap?).

The second panel will include top lawmakers from House Homeland Security, Judiciary, Natural Resources and Transportation and Infrastructure committees, while a third panel will include the chairs and ranking members from Agriculture, Energy and Commerce, Education and the Workforce & Ways and Means. 

In total, 537 amendments have been submitted to Rules - none yet from Democrats. Notably, GOP leadership has still not released its long-awaited manager’s amendment, which will incorporate many of the compromises Johnson negotiated to appease internal party divisions, including revisions to SALT, Medicaid work requirements, and clean-energy tax credits, Punchbowl News reports.

Despite the complexity, Johnson is moving aggressively. He hopes to pass a rule and hold a full floor vote as soon as today - a schedule driven by his desire to meet the Memorial Day deadline, avoid attendance issues later in the week, and capitalize on rare momentum.

The legislative sprint follows a dramatic shift in tone after Trump met Tuesday morning with warring GOP factions and urged unity. Several Republican holdouts publicly maintained opposition afterward, but six senior Republicans involved in the talks said many were privately seeking off-ramps - policy concessions that would let them support the bill while still claiming political victories.

As Just the News notes, a final push will require some conservatives to make a leap of faith, like Rep. August Pfluger (R-TX), the chairman of the House Republican Study Committee, is taking. 

"Look as a conservative, I want to save as much money as I can, and we have pushed for that in the Republican Study Committee," he told the outlet on Tuesday. "But the President was pretty clear that we've worked five or six months straight on this, and it is time to get it done.

"That doesn't mean that a guy like me doesn't want more. Yes, of course I do. But I also want to govern, which means you don't get 100% of everything you want every single time. You have to come back and do it again, and we will," he said during the John Solomon Reports podcast.

Currently included in the Bill...

Trump tax cuts; the largest in history with an average $5,000 decrease per household, and includes 'No Tax on Tips, Overtime or Social Security.'

Immigration and Border Security:

• “Big, Beautiful Deportations”: funding for 1 million deportations per year

• Completion of the border wall

• Expansion of border personnel - including 10,000 new ICE agents, 5,000 customs officers & 3,000 Border Patrol agents - and $10,000 bonuses for front-line border workers

Medicaid Reform:

• Remove 1.4 million illegal migrants from Medicaid

• Requires work for benefits starting January 2029

Spending Cuts and Fiscal Reform:

• $1.6 trillion in mandatory spending cuts - the largest deficit reduction in nearly 30 years - though the Penn Wharton Budget Model predicts deficits of nearly $3.3 trillion, even when accounting for "positive economic dynamics," while the Joint Committee on Taxation sees the House reconciliation bill increasing deficits by $3.8 trillion through 2034.

  • The White House Council of Economic Advisers projected that the bill would boost GDP by 4.2% to 5.2% in the short run — a staggering level of growth that goes far beyond the mainstream consensus, via Axios.

• Repeals all of Biden’s “Green New Scam” subsidies & ends electric vehicle mandates

Social and Cultural Measures:

• Ends taxpayer-funded sex reassignment procedures for minors

Infrastructure and Modernization:

• Major overhaul of air traffic control systems

Support for Families and Workers:

• Launch of "MAGA Accounts" for newborns (tax-advantaged savings)

• Increased child tax credit, strengthened paid family leave, and repeals IRS gig worker reporting rule (>$600 for Venmo/PayPal)

Support for Farmers:

• $10 billion+ in tax cuts & eliminates death tax to aid generational farm transfers

SALT

One of the most contentious sticking points has been the state and local tax deduction, or SALT. Republicans from high-tax states have demanded relief from the $10,000 cap implemented in 2017. After intense pressure, Johnson offered a revised framework: a $40,000 cap for households earning up to $500,000 (down from a Tuesday proposal for income up to $751,000), with the cap and income threshold escalating 1% annually for ten years. While it falls short of SALT advocates’ hopes - particularly in addressing the so-called marriage penalty - it’s more than many conservatives are comfortable with.

"This is purely a House play and designed to deal with the political challenge they have to get to 218," Senator John Thune (R-SD), a longtime opponent of expanding SALT, said in an interview Tuesday. "But, I mean, that seems like an incredibly generous offer."

Thune alluded to possible markups in Senate committees once the legislation arrives from the House. But that’ll be dictated by the House’s timing and what senators think of the proposal.

“I’m a regular order guy. I think you can improve the product,” Thune said. “But obviously, depending on what happens in the House and the timeline we have to work with, getting committees up and going and doing their thing takes a while - and how ready the product is for prime time… There are certain things the Senate wants to have its imprint on.” -Punchbowl

Meanwhile, to placate the House Freedom Caucus, Johnson has proposed accelerating the phase-out of clean-energy tax credits enacted under President Biden’s Inflation Reduction Act. Initially scheduled to begin after 2028, the new plan would start the phase-out in 2028, with a carveout for nuclear credits. Freedom Caucus Chair Andy Harris (R-Md.) signaled progress Tuesday evening, backing off prior demands to slash Medicaid funding and saying talks were “moving in the right direction.”

Still, not all conservatives are satisfied. Reps. Chip Roy (R-TX) and Thomas Massie (R-KY) are expected to vote no. Others are calling for the party to return to a two-bill strategy - a position rejected months ago by both House and Senate GOP leadership.

ROY just came out of confab with Johnson super sad. Says “we will see” if he still a “no” https://t.co/Xh3NuZULr5

— Erik Wasson (@elwasson) May 21, 2025

Despite those tensions, GOP leaders are betting on Trump’s endorsement and the pressure of a looming deadline to push the bill through. “Things don’t get better when you hold it out there,” one senior Republican said. Another added bluntly: “It’s easier to break up with someone from a basement over email. Harder to do it in person, face-to-face.”

Meanwhile, Democrats are preparing their messaging campaign. A memo from the House Majority Fund - a group aligned with Democratic leadership — advised lawmakers to focus on how the GOP legislation would raise prices for everyday Americans while benefiting the wealthy, rather than lean on technical deficit arguments or hyperbolic language.

The Congressional Budget Office (CBO) added fuel to the fire Tuesday night, estimating that the Republican bill would increase the deficit by $2.3 trillion over the next decade. The CBO projected automatic spending cuts to Medicare and other safety-net programs without congressional action and warned that the bill would boost the incomes of the wealthiest 10% of Americans while reducing incomes for the bottom 10%.

Rep. Brendan Boyle (D-PA), ranking member on the Budget Committee, called the legislation "absolutely devastating" for working Americans. Protesters gathered outside the Capitol on Wednesday morning, denouncing proposed cuts to Medicaid.

Despite the fierce opposition, House Republican leaders believe they are close. And if the manager’s amendment is released in time, Johnson may force the issue by calling a floor vote before lawmakers - including members of his own party - have had a full opportunity to digest the final terms.

For Johnson, the choice is strategic: act quickly or risk watching weeks of work fall apart under the weight of delay.

Tyler Durden Wed, 05/21/2025 - 10:05

Congress To Seize Control Of AI: States Stripped Of Regulatory Power

Via JonFleetwood.substack.com,

Buried deep in Congress’s 1,116-page “One Big Beautiful Bill Act” is a provision so sweeping, so dystopian, and so underreported that it’s hard to believe it was passed at all.

Section 43201 of the bill, blandly titled the “Artificial Intelligence and Information Technology Modernization Initiative,” doesn’t just fund the federal government’s full-scale AI expansion—it removes every state’s right to regulate artificial intelligence for the next decade.

Let that sink in: For the next ten years, no state in America—not even your state—will be allowed to create its own safeguards, protections, or liability standards for how AI is developed or deployed.

“No State or political subdivision thereof may enforce any law or regulation regulating artificial intelligence models… during the 10-year period beginning on the date of the enactment of this Act.”

- Sec. 43201(c)(1) of the bill

This is not a theoretical threat.

It’s a federal ban on local AI regulation—handing the reins to the very bureaucrats and corporate tech giants already embedding AI into military systems, healthcare, financial markets, education, and law enforcement.

This section of the bill is a preemptive strike against state sovereignty.

It neuters legislatures and governors from protecting their own citizens—just as powerful corporations and federal agencies rush to install AI systems into every layer of society.

It’s not just overreach.

It’s a federal power grab dressed as “modernization.”

And President Trump is now marching on Capitol Hill to personally demand the bill’s passage—pushing the very legislation that would shield his $500 billion Stargate AI surveillance grid from any state-level resistance.

The bill—developed by the House Budget Committee, which passed the legislation yesterday—still needs to be voted on in the House and Senate before it hits Trump’s desk, so if you want your senators and representatives to vote no on it, you can contact them here and tell them why.

The House is expected to vote on the One Big Beautiful Bill by the end of this week.

Tyler Durden Wed, 05/21/2025 - 09:50

GLAAD Claims Free Speech Surge On Social Media Undermines LGBT Safety

One of the most detrimental self-sabotage efforts of the woke movement was their rabid push to control public speech online.  In the case of gay and trans issues, any criticism no matter how factual or logical was met with Orwellian oversight.  For most major social media apps, simply engaging in debate with LGBT activists could mean your account would be flagged and silenced for days or weeks at a time.  Refusing to use a trans person's preferred pronouns could result in a permanent ban.  

Such policies were established hand-in-hand with federal government efforts to codify LGBT language and make gay and trans people a privileged class protected from any and all scrutiny. Governments and social media platforms partnered up to institute speech controls that might not be possible otherwise.  Under the guise of "protecting LGBT people" from discrimination, the door to arbitrary censorship was opened. 

This is why in the US there is no such thing as a legal definition for "hate speech".  Classifying any speech as "hate speech" would represent a clear violation of the 1st Amendment.  Yes, you can "yell fire" in a crowded theater, and yes you can call people whatever pejoratives you want to call them.  Hurt feelings are irrelevant to the law, and this is a good thing.

GLAAD, the gay and trans lobby group, thinks otherwise.

The organization issued an “alarming” Social Media Safety Index report this month, which found that, after significant rollbacks in protected speech, social media platforms are overwhelmingly "failing to protect" LGBTQ people.

The only major app that did not receive an "F" grade on LGBT safety was TikTok, which got a D+.  GLAAD has now changed it's grading system due to the lack of platforms meeting their standards.  For 2025, the platforms were rated numerically, with TikTok at 56/100; Facebook: 45/100; Instagram: 45/100; YouTube: 41/100; Threads: 40/100; and X the lowest at 30/100.

“At a time when real-world violence and harassment against LGBTQ people is on the rise, social media companies are profiting from the flames of anti-LGBTQ hate instead of ensuring the basic safety of LGBTQ users,” GLAAD President and CEO Sarah Kate Ellis said in a statement shared with TheWrap.  “These low scores should terrify anyone who cares about creating safer, more inclusive online spaces,” she added.

Taking into account the fact that woke activists consider mean words to be the same as an act of violence, it's difficult to take any warnings from GLAAD seriously. 

The report lists 14 indicators which address a range of issues affecting LGBTQ people online, including data privacy, moderation transparency, training of content moderators, and workforce diversity.  The factor that most interests GLAAD, however, is online censorship. 

Jenni Olson, senior director of social media at GLAAD, argues that “The terrible rollbacks from Meta and YouTube are the most important news this year,” referring to both company’s recent decisions to allow previously prohibited hate speech, such as references to LGBTQ people being “abnormal” and “mentally ill” as well as the use of pejorative terms such as “tranny” and “transgenderism.” 

“It is especially horrible that YouTube removed gender identity from its list of protected characteristics - and yet is continuing to state that the policy hasn’t changed, when it very clearly has …This is just unprecedented for a major platform. It is extremely concerning for a company to remove a protected characteristic group from a hate speech policy,” Olson said.

In other words, online speech policies are going back to normal and GLAAD doesn't like it.  Frankly the amount of social division and strife caused over protecting the fragile feelings of a tiny percentage of the total population isn't worth it.  LGBT groups are nothing more than a convenient minority vehicle which the establishment tried to use to inject thought control into the public consciousness.  The societal damage done has been immense and will take years to reverse.   

The popular anger over LGBT issues was created by the very activists crying about safety.  If they had left people alone instead of trying to force their ideological language on the masses, there would be no animosity today.  They earned public suspicion by trying to silence public discussion. 

Tyler Durden Wed, 05/21/2025 - 09:30

Breaking Down Global Military Spending By Country In 2024

In a world where superpowers are defined by economic and military stature, countries continue to invest hundreds of billions in military and defense every year.

In 2024, global military expenditure reached $2.7 trillion, hitting a record high - and just three countries made up more than half of the total.

This infographic, via Visual Capitalist's Niccolo Conte, breaks down global military spending by country in 2024, highlighting the top military spenders using data from the Stockholm International Peace Research Institute (SIPRI).

The World’s Biggest Military Spenders in 2024

America continues to dominate global military expenditure, spending nearly $1 trillion or 3.4% of its GDP on defense in 2024. U.S. military expenditure makes up over one-third of the global total, and it also has the world’s biggest defense budget.

Here’s a look at the top 20 countries by military spending in 2024:

China follows the U.S. with an estimated $314 billion in military expenditure, up 7% from 2023. Over the last decade (2015–2024), China’s military spending increased by 59%.

Meanwhile, Russia’s spending was up by 38% year over year at nearly $150 billion. Together, the United States, China, and Russia—often considered strategic competitors—made up 54% of global military expenditure in 2024.

Germany and India round out the top five, with both countries ramping up military spending in light of rising geopolitical tensions in recent years. India’s simmering tensions with Pakistan and China contribute to its defense budget.

Meanwhile, as a major NATO member, Germany’s spending is partly down to the conflict between Russia and Ukraine. Together, NATO countries made up 55% of global military expenditure in 2024.

In the eighth spot, Ukraine has seen the biggest jump in military spending in recent years—with its 2024 spending at nearly 10 times 2021 levels. It also has the highest military burden globally at 34.5% of its GDP in 2024. Although peace talks between Russia and Ukraine are ongoing, a complete ceasefire is yet to be achieved.

To see how global military expenditure has evolved in the 21st century, check out 20 Years of Global Military Spending on the Voronoi app.

Tyler Durden Wed, 05/21/2025 - 04:15

UK Space Ambitions Clash With NATO Airspace Concerns

Via CityAM,

• The UK’s new vertical launch spaceport at Saxa Vord poses risks to Icelandic airspace and territorial waters, potentially disrupting transatlantic flights and marine ecosystems.

• Exclusion zones for rocket launches could interfere with NATO's ability to effectively patrol the Greenland-Iceland-United Kingdom gap, an area of strategic importance for defense.

• While a memorandum of understanding exists between the UK and Iceland, it may not adequately address the full defense and military ramifications of frequent space launches in this critical region.

When I relocated to the UK from New York in 1984, the Cold War was at its peak. US nuclear and conventional forces were spread across Europe and fears of a Soviet invasion or nuclear exchange were ever-present. In the UK, another critical strategic concern was the Greenland-Iceland-United Kingdom (GIUK) gap, which are two stretches of the North Atlantic separating these three countries. During the Cold War, Soviet naval forces aimed to control this gap to access the broader North Atlantic and block NATO reinforcements to Europe, a scenario famously depicted in Tom Clancy’s Red Storm Rising.

After the Cold War ended and the so-called Peace Dividend reduced the gap’s significance, its strategic importance faded. However, since 2014, with Russia’s renewed assertiveness, the GIUK gap has regained prominence in NATO planning. The US reopened Keflavik Naval Air Station in Iceland in 2016, re-established its 2nd Fleet in 2018 to protect the gap and, as recently as March 2025, Standing NATO Maritime Group 1 increased its patrols in the region.

I warn of danger

While NATO has prepared for Russian threats, a new risk closer to home is now emerging: the UK’s and Europe’s first vertical launch spaceport at Saxa Vord, Shetland. Ironically, this site was once an RAF early warning and air defence base during the Cold War, bearing the motto Praemoneo de Periculis, or “I warn of danger”.

Commercial space launches are still in their infancy, but recent incidents such as SpaceX’s launch failures – spreading debris across Florida and the Caribbean and grounding flights – and a Norwegian test rocket explosion highlight the risks. Saxa Vord itself attempted a rocket launch last August, resulting in an engine explosion. The international nature of space launches means that countries near Saxa Vord, especially Iceland, are directly in the path of up to 30 planned launches per year, four a month at peak, with ambitions to increase to 40 or 50 annually.

These launches pose multiple risks to Iceland and the GIUK gap:

• Rockets may enter Icelandic airspace, with first-stage returns falling through Icelandic airspace and into territorial waters.

• Catastrophic failures could scatter debris, whilst hazardous chemicals from rocket propellants threaten marine ecosystems.

• Rerouted transatlantic flights of up to 76 a day, according to Icelandic air traffic control’s ‘anonymous’ response to the CAA’s Saxa Vord licence consultation.

• Even more importantly and less scrutinised – the presence of exclusion zones for launches could undermine NATO’s ability to patrol the gap effectively.

Memorandum of Misunderstanding 

These risks are partly managed by a memorandum of understanding (MoU) signed between the UK and Iceland in July 2021. The MoU mandates the closure of designated Icelandic sea and airspace areas before launches and outlines some procedures for debris recovery. However, while a handful of Icelandic officials are aware of the implications, the broader political and media discourse in both countries has yet to grapple with the full defence and military ramifications of the impact of such numbers of launches into NATO’s strategic sea and airspace.

The current trajectory of UK space ambitions – and planned rocket launch from the UK – means the UK’s space ambitions could inadvertently undermine the very security framework that underpins Western interests in the North Atlantic and the Arctic.

There is an urgent need for both the UK and Icelandic governments to reassess the risks from Saxa Vord, ensuring that existing bilateral agreements align the UK’s space programme with enduring geopolitical realities and the security needs of NATO and its allies. Saxa Vord has to be a success – but upon the present strategy security triumphs space whilst Iceland is developing its own space strategy – which might well consider how launch capability could be nationalised to give greater control over risk.

Tyler Durden Wed, 05/21/2025 - 03:30

Tea Or Coffee?

Today, May 21 marks International Tea Day. 

With a global market valued at nearly $50 billion in 2023, tea is said to be the second most consumed beverage in the world. 

As the United Nations notes, the tea industry provides "a major source of income and export earnings for some of the poorest countries and, thanks to its high labor requirements, generates numerous jobs, particularly in remote and economically disadvantaged areas."

As Statista's Anna Fleck reports, Statista Consumer Insights surveyed 23 countries around the world to find out more about global tea drinking habits. 

It found that while tea was a popular choice for many respondents, coffee proved to be consumed by a higher share of adults in almost every country surveyed, save for Turkey, Morocco and India. 

 

You will find more infographics at Statista

In the United States a comparatively lower share of people said they drank tea (46 percent) or coffee (53 percent) regularly, while soft drinks were more popular (56 percent).

Tyler Durden Wed, 05/21/2025 - 02:45

How Hackers Can Control Your Phone With "Zero-Click" Attack

Authored by Chris Summers via The Epoch Times (emphasis ours),

In 2025, most people are inseparable from their laptops and smartphones. With that familiarity has come a wariness of the dangers of clicking on unsolicited emails, SMS, or WhatsApp messages.

But there is a growing menace called zero-click attacks, which have previously targeted only VIPs or the very wealthy because of their cost and sophistication.

Illustration by The Epoch Times, Shutterstock

A zero-click attack is a cyberattack that hacks a device without the user clicking anything. It can happen just by receiving a message, call, or file. The attacker uses hidden flaws in apps or systems to take control of the device, with no action needed from the user and the user remains unaware of the attack.

“Although public awareness has increased recently, these attacks have steadily evolved over many years, becoming more frequent as smartphones and connected devices proliferated,” Nathan House, CEO of StationX, a UK-based cybersecurity training platform, told The Epoch Times.

“The key vulnerability is in the software, rather than the type of device, meaning any connected device with exploitable weaknesses could potentially be targeted,” he said.

Aras Nazarovas, an information security researcher at Cybernews, told The Epoch Times why zero-click attacks usually target VIPs, rather than ordinary individuals.

“Since finding such zero-click exploits is difficult and expensive, most of the time such exploits are used to gain access to information from key figures, such as politicians or journalists in authoritarian regimes,” he said.

“They are often used in targeted campaigns. Using such exploits to steal money is rare.”

In June 2024, the BBC reported that social media platform TikTok had admitted that a “very limited” number of accounts, including those of media outlet CNN, had been compromised.

While ByteDance, the owner of TikTok, did not confirm the nature of the hack, cybersecurity companies such as Kaspersky and Assured Intelligence suggested it stemmed from a zero-click exploit.

“The part that requires high levels of sophistication is finding bugs that allow such attacks and writing exploits for these bugs,” Nazarovas said.

“It has been a billion-dollar market for years, selling zero-click exploits and exploit chains. Some gray/dark market exploit brokers often offer $500,000 to $1 million for such exploit chains for popular devices and apps.”

An attendee inspects the new iPhone 16 Pro Max during event at the Apple headquarters in Cupertino, Calif., on Sept. 9, 2024. Experts warn of a rise in zero-click attacks—cyberattacks that compromise devices without any user interaction. Justin Sullivan/Getty Images

Nazarovas added that while ordinary users have been hit in the past by zero-click ‘drive-by’ attacks. These are attacks that emerge after the unintentional installation of malicious software onto a device, often without the user even realizing it. They have become more infrequent with the growing gray market for such exploits.

House said zero-click exploits often seek out vulnerabilities in software and apps that are expensive to discover, which means the perpetrators are usually “nation-state actors or highly-funded groups.”

Expanded Spyware Markets

Although there have been recent innovations in AI that have made certain cyber crimes, such as voice-cloning or vishing, more prevalent, Nazarovas says there is no evidence yet that it has increased the risk from zero-click attacks.

House said people could use AI to “write zero-click exploit chains for people who would have otherwise lacked the time, experience, or knowledge to be able to discover and write such exploits.”

But, he said, the increase in zero-click attacks in recent years, “stems mainly from expanded spyware markets and greater availability of sophisticated exploits, rather than directly from AI-driven techniques.”

He said zero-click attacks have existed for more than a decade, the most infamous of which was the Pegasus spyware affair.

In July 2021, The Guardian and 16 other media outlets published a series of articles, alleging that foreign governments used the Israeli-based NSO Group’s Pegasus software to surveil at least 180 journalists and numerous other targets around the world.

Alleged targets of Pegasus surveillance included French President Emmanuel Macron, Indian opposition leader Rahul Gandhi, and Washington Post writer Jamal Khashoggi, who was slain in Istanbul on Oct. 2, 2018.

A woman checks the website of Israel-made Pegasus spyware at an office in Nicosia, Cyprus, on July 21, 2021. Pegasus has been tied to several high-profile international zero-click attacks in recent years. Mario Goldman/AFP via Getty Images

In a statement at the time, NSO Group said, “As NSO has previously stated, our technology was not associated in any way with the heinous murder of Jamal Khashoggi.”

On May 6, a California jury awarded WhatsApp’s parent company, Meta, $444,719 in compensatory damages and $167.3 million in punitive damages, in a privacy case against NSO Group.

The WhatsApp complaint was focused on the Pegasus spyware, which, according to the lawsuit, was developed “to be remotely installed and enable the remote access and control of information—including calls, messages, and location—on mobile devices using the Android, iOS, and BlackBerry operating systems.”

“While ordinary users can occasionally become collateral targets, attackers generally reserve these costly exploits for individuals whose information is especially valuable or sensitive,” Nazarovas said.

According to Nazarovas, corporations offer hackers ‘bug bounties’ to incentivize them to find these exploits and report them to the company, rather than selling them to a broker who then sells them on to parties who use them illegally.

Read the rest here...

Tyler Durden Tue, 05/20/2025 - 20:55

David Sacks' Lieutenant Explains The Real Reason Why Trump's AI Deal With UAE Is A Yuge Win For America

Sriram Krishnan, Senior White House Policy Advisor on Artificial Intelligence, joined the Monday edition of TBPN to explain why the U.S.-UAE AI Partnership is a strategic victory for the United States in its race to lead AI development against China, a perspective largely (and unsurprisingly) overlooked by mainstream media.

EXCLUSIVE: we asked @sriramk to break down the $600B deal announced last week by @WhiteHouse.

"We signed the first AI acceleration partnership. There are 3 critical components to this deal."

"First, this represents a large investment in US data centers and US AI infrastructure.… https://t.co/cL4RUfgTRV pic.twitter.com/8MRimP0rMg

— TBPN (@tbpn) May 19, 2025

SRIRAM KRISHAN: We signed the first AI acceleration partnership. You guys probably read about in the press, but there are probably three important components that just, I wanted to have the technology brothers have the alpha and the have the first group on that. The most important part, the first part, is that this represents a large investment in U.S. data centers and U.S. AI infrastructure. So these countries will be investing in U.S. AI infrastructure. To make them as equal, if not larger, than the data centers and infrastructure they're building back home. So this means, obviously a large infusion of capital revenue to data centers here in America. 

JORDI HAYS: That story was kind of lost. Right? I feel like a lot of the focus was on localized investment and infrastructure. 

JOHN COOGAN: To break it down in language that a venture capitalist could understand. This is something like what we're seeing with Stargate where there's a ton of capital forming and that's coming from SoftBank, but it's also coming from Middle Eastern investment funds and sovereign nations investing in American infrastructure. And then there's a whole host of companies that might come in the stack to actually build a new data center. Is that right?

SRIRAM KRISHAN: Exactly. You should be doing our talking points. I would say, look, these countries have AI ambitions, right? They want to buy American AI. They wanna buy our semiconductors. They want to buy our large language model. They want to use us. And so as a part of this deal, they're agreeing to a few things. The most important thing they're gonna agree to is that capital, like you mentioned, right? Like, and, and this is, by the way, net new. This is not part of any existing project. Sure. These net new deals will mean infrastructure being built out physically in the US.

So for example, if they build out X megawatts of gigawatts of capacity, yep. This will mean the same X megawatts of gigawatts of capacity in the US, and this is an important point. Because some of the chatter has been, Hey, how does America maintain its lead? Well, one of the ways we maintain our lead is everything that is being built up by our allies. We get a matching deal back home. So that's probably the number one headline.

The second headline would be that the vast majority of the GPUs that are as a part of this deal, which is gonna be, say, hosted in the UAE, will be hosted, run, operated by American hyperscaler companies, right? And so, you probably know them all, right? These would be large American companies who. They will be running it, hosting it, maintaining, and this is actually important because this represents an expansion opportunity for all of our companies. This means they would get to win market share away from competition from other countries. And obviously there's a whole huge amount of revenue and ecosystem coming in. And so that's the second key point, the vast majority of the GPUs are going to be run by American companies, often by a lot of our friends in these large, uh, you know, hyperscaler companies.

And the third point, and this is, again, something just lost in the chatter, is I'm sure you've heard questions about, Hey, how do we make sure these GPUs, you know, don't get to somebody they don't need to be. So there are rigorous security protocols in place, so every GPU gets shipped over. We are gonna make sure that, a., they can't be physically diverted. These are really large boxes. You can't hide them under your t-shirt or your tux and kind of stick them out the door. You can't really go George Clooney Oceans 11 on them. So one is there's going to be a large amount of physical verification and physical security protocols.

The second is remote access. We are gonna make sure through these deals, through the framework that nobody who's not supposed to have access, especially from countries of concern, can get access.

And so these three kinds of the core pillars, and here's why this event, right? And I think everybody in your audience who's like a technology person, a technology brother, or in the software world, here's why they'll understand it. What has history taught as a software industry? The company with the biggest network effect, the biggest ecosystem wins, right? We've all grown up with Microsoft. How did Microsoft win with the Windows and Office ecosystem? Think about this as the American AI ecosystem.

We are getting these resource-rich countries who are critical allies in very interesting geopolitical places to basically adopt the American AI stack, right? Up and down. This means they are going to be part of our ecosystem for years and decades to come, and it essentially forms a shield from them ever adopting or using technology or working closely with some people that we don't want them to work with. In a way, I kind of think of this like a software ecosystem play, where we now have them tied to the American AI ecosystem.

 

Tyler Durden Tue, 05/20/2025 - 20:30

Trump Unveils $175 Billion Plan For "Golden Dome" Missile Defense System

By Ryan Morgan of Epoch Times

The Department of Defense has selected a design for President Donald Trump’s “Golden Dome” missile defense initiative, Trump announced on May 20.

“I’m pleased to announce that we have officially selected an architecture for this state-of-the-art system that will deploy next-generation technologies across the land, sea, and space, including space-based sensors and interceptors,” Trump told reporters at the White House.

In his first week in office, Trump signed an executive order directing the Department of Defense to devise a plan to implement his missile defense proposal.

“It should be fully operational before the end of my term. So we'll have it done in about three years,” the president said.

Trump said the plan the Department of Defense has selected should cost about $175 billion to complete.

The plan will meld new technologies with existing U.S. missile defense systems.

Canada may also partner with the United States to help develop the improved missile defense shield, the president said. “Canada wants to be a part of it, which would be a fairly small expansion, but we'll work with them on pricing.”

In addition to new and improved space-based sensors and interceptors, Trump’s January executive order called for the Department of Defense to consider non-kinetic missile interception technologies such as lasers.

The order also tasked the department with examining methods and technologies for intercepting missile threats before they can launch, or in their initial boost phase.

Standing beside Trump during the Oval Office announcement, Secretary of Defense Pete Hegseth noted the parallels between Trump’s missile defense proposal and the Strategic Defense Initiative put forth by President Ronald Reagan in the 1980s.

Reagan’s Strategic Defense Initiative included a number of aspirational missile defense concepts, and some critics referred to it as Reagan’s “Star Wars” proposal.

“President Reagan, 40 years ago, cast the vision for it. The technology wasn’t there. Now it is, and you’re following through,” Hegseth told the president.

Congressional Republicans have put forth a $150 billion supplemental military spending package, with about $25 billion set aside to kickstart the Golden Dome project. The $150 billion defense spending plan is one piece of a larger bill that Trump and his allies are hoping to pass through the reconciliation process, avoiding a potential Senate filibuster.

Trump expressed confidence that the reconciliation bill will pass.

“We’ve already spoken to everybody that we have to speak to,” he said.

“Everybody’s in line.”

Adding to his Golden Dome announcement on Tuesday, Trump named Gen. Michael Guetlein, vice chief of space operations for the U.S. Space Force, as the program manager for the project.

Trump said Guetlein is “one of the most respected people in the world, having to do with defense.”

Tyler Durden Tue, 05/20/2025 - 20:05