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Take Two Plunges After "Grand Theft Auto VI" Delayed Again, To November 2026

Take Two Plunges After "Grand Theft Auto VI" Delayed Again, To November 2026

The stock of Take-Two Interactive plunged after the company announced it was delaying the release of Grand Theft Auto VI again, pushing back the much-anticipated video game by six months to November 2026.

In a statement that accompanied the company's quarterly results, Take-Two said it’s giving the Rockstar Games “team some additional time to finish the game with the high level of polish players expect and deserve.”

Unfortunately it is also the kind of repeated pummeling the company's bulls by now also expect and deserve. 

The delay to Nov. 19 of next year means costs to complete the game continue to mount. It’s the second public delay for Grand Theft Auto VI, which was originally slated for release in fall 2025 before it was pushed to May of next year. 

Grand Theft Auto VI, a crime story set in a fictional version of Miami, is expected to be one of the most lucrative video games of all time. The previous game, Grand Theft Auto V, has sold more than 220 million copies, making it the second-best-selling game ever, just below Minecraft.

Shares of Take-Two fell about 7% in extended trading after the delay was announced, overshadowing quarterly results that topped Wall Street estimates.

For the second quarter ended Sept. 30, Take-Two reported bookings of $1.96 billion, beating estimates of $1.72 billion. Adjusted earnings came to $1.46 a share, above estimates of 94 cents. 

“It’s always painful when we move a date,” Chief Executive Officer Strauss Zelnick said on a call with investors. “We’ve never regretted it in retrospect.” Zelnick added that rival game companies have released unfinished products in the past rather than delaying. “They did so at their peril,” he said.

Last week, Rockstar Games fired more than 30 staffers in a move that led British labor organizers to accuse the company of union busting. The company told Bloomberg that the fired employees were leaking confidential information

Tyler Durden Thu, 11/06/2025 - 18:49

"There Be A $hit-Storm A-Brewin'"

"There Be A $hit-Storm A-Brewin'"

Authored by Jim Quinn via The Burning Platform blog,

The chart below paints a disturbing picture for those not in the top 10%... 

And the accusations regarding who is responsible are predictable, endless, and mostly wrong.

“The top 10% of US households now hold 87% of all US stocks owned by households, with the top 1% alone owning 50%. By comparison, the remaining 90% hold just 13%, while the bottom 50% hold only 1%. The wealth gap has never been bigger.”

– Kobeissi Letter

The “tax the rich” crowd are loud and ignorant of facts, but that doesn’t stop them from bloviating and screaming shrilly on the left wing media channels.

The top 10% aren’t the problem.

They constitute the entrepreneurial class, who open new businesses and hire employees. Most of the top 1% are also hard working creators of wealth.

It’s the .01% globalist billionaire class who are mainly to blame for the economic shitstorm brewing on the horizon.

Young people now overwhelmingly see socialism as preferable to capitalism because they have been indoctrinated by left wing professors and the legacy left media mouthpieces, promoting the Mandamis, AOCs, Bernies and Pocahontases of the world. It doesn’t matter their socialist/commie agenda has a 100% proven record of being erroneous and economically disastrous anywhere on earth it has been implemented, with millions of dead bodies as proof. The truth is we have not experienced true free market capitalism since the unholy conception of the Federal Reserve and initiation of the Federal income tax in 1913. That was surely a bad year for humanity.

When the wealth data is presented in a fair and accurate way, it truly paints a picture of woe for the bottom 50%. Of course, those in the top 10%, who own all of the stocks and businesses, along with most of the real estate, feel little or no pity for the bottom 50%. They think they are lazy, ignorant and stupid. In many cases, that is an accurate assessment, but there are millions of hard working people in the bottom 50% who are there because the .01% like it that way. George Carlin’s famous rant captures the reality of their situation:

They want more for themselves and less for everybody else, but I’ll tell you what they don’t want: They don’t want a population of citizens capable of critical thinking. They don’t want well informed, well educated people capable of critical thinking. They’re not interested in that. That doesn’t help them. That’s against their interests. That’s right. They don’t want people who are smart enough to sit around a kitchen table to figure out how badly they’re getting fucked by a system that threw them overboard 30 fucking years ago. They don’t want that.

You know what they want? They want obedient workers. Obedient workers. People who are just smart enough to run the machines and do the paperwork, and just dumb enough to passively accept all these increasingly shittier jobs with the lower pay, the longer hours, the reduced benefits, the end of overtime and the vanishing pension that disappears the minute you go to collect it, and now they’re coming for your Social Security money.”

Carlin’s disturbingly accurate description of America from two decades ago is truer now than it was then. “They” have accumulated trillions more, while the rest of us have seen our standard of living relentlessly decline due to the Federal Reserve manufactured inflation – designed to accelerate stock market gains and leave the masses destitute. The USD has lost 97% of its purchasing power since the Creature from Jekyll Island slithered from the swamps of DC in 1913. Your 2% to 3% annual raise is consumed by the 5% to 10% increase in things you need to live (food, energy, medical care, education) every year. That is why the Bottom 50% has an average net worth of $54,300.

The real question is who are “THEY”? It is certainly not the top 10%, or even the top 1%. Whether you refer to them as the ruling elite, oligarchy, globalist cabal, or satanic psychopaths, they constitute only a fraction of the 1%. There are approximately 3,000 billionaires in the world, with about a third of them in the U.S. That means they make up about .0003% of the U.S. population and an even smaller percentage of the 8.2 billion global population. Many of these billionaires are just the children or spouses of men who accumulated that wealth. That leaves a few hundred men meeting  the criteria of psychopaths in suits, with totalitarian tendencies, ensconced with a heaping helping of greed, thirst for power, and desire to rule the world.

Let’s be honest, these psychopathic pedophile billionaires and their cadre of well compensated legions of apparatchiks placed within the government, media, universities, finance industry, “think” tanks and fake “charitable” foundations, believe the bottom 50% are nothing more than mouth breathing parasites. They are the ignorant lower class Proles in Orwell’s 1984 and the semi-literate Deltas in Huxley’s Brave New World. They have always been despised by the ruling class throughout history. The current crop of oligarchs truly believe they can replace the “worthless eaters” with robots and AI. Their de-population agenda of killing off the weak, poisoning the healthy, and imprisoning the remainder in a CBDC techno-gulag of their making, is in progress.

Most upper middle class people are trapped in the normalcy bias of ever growing stock market gains boosting their 401k wealth and thinking a doubling of their home’s value over the last five years makes sense. The level of cognitive dissonance among the masses is at all-time highs, as they can see our unsustainable Ponzi financial system is built on a mountain of unpayable debt, but they continue to go further into debt, assuming the overlords running this shitshow will just bail everyone out again when it collapses for the final time.

Maybe they are right, but I think the psychopaths in suits are getting ready to “pull” a Building 7 on our asses. When I bring up the Great Taking scheme to normies, I get nothing but blank stares because it is inconceivable to them that invisible forces who control the levers of our financial system would conduct a “bail in” operation to save the world from the very financial implosion they have engineered. The normies argue the rich would be hurt the worst because they have the most to lose. What they don’t realize is the overlords know what is going to happen and will position themselves and their devoted  minions to benefit from the financial collapse.

The likes of Gates, Soros, Theil, Altman, Musk, Buffett, and many other shadowy billionaires believe the planet would be far more efficient, productive, and profitable for them if it was occupied by a few billion less eaters. They believe their technological advancements and authoritarian mandates would create a world where they wield unquestioned power and control over our lives. They tested their plan using the Covid Plandemic and it convinced them the ignorant masses could be corralled and coerced in any direction they choose.

They used lies, propaganda, and misinformation to convince billions to shutdown the world, huddle in fear within their hovels, shun friends and relatives, inject themselves with an untested dangerous gene therapy that didn’t stop or diminish the virus, fear the annual flu, bow down to the totalitarian measures inflicted upon them by politicians and bureaucrats, and be happy with the pittance doled out to them by their government overlords. They “convinced” 5.6 billion people to get injected with their de-population serum, without a hint of outrage or push back.

Meanwhile, the net worth of the billionaire club grew from $8 trillion in 2019 to over $16 trillion today. Shockingly, the majority of that growth was in the technology and finance realms. Has your net worth doubled since the pandemic? Top 10 US billionaires’ collective wealth grew by $700 billion in the past year alone. These people rule the world, make the laws, siphon the profits through their control of the Federal Reserve, Washington DC, Wall Street, Big Pharma, Silicon Valley, and the Military Industrial Complex, while senior citizens have to decide between paying for their medicines or putting food on the table, and young people see no chance of ever owning a home.

Most cynical old codgers, like myself, have trouble visualizing enough people banding together and leading a revolution to overthrow the existing social order. And as long as the bread and circuses are sustained through their money printing debt to eternity scheme, revolution will be postponed. But, the arrogance and hubris of the billionaire psychopaths knows no bounds. Their wealth harvesting operation will reach a limit, unforeseen circumstances (natural disaster, war, massive fraud uncovered) will trigger a financial collapse. The bottom 50% are already destitute. When college educated upper middle class debt slaves lose 80% of their faux wealth in the blink of an eye, the opportunity for real revolution will present itself. Someone will need to stand up.

The ruling class will seek to implement their Digital ID/Digital Currency malicious plot as the solution to the financial collapse they created. This is where it should get interesting. Will the masses again fall for their fear propaganda, totalitarian dictates, lies about the true nature and causes of their purposely engineered crisis, or will someone stand up for truth, honesty, and allowing future generations to not grow up as slaves within a billionaire controlled techno-gulag? This conflict will likely arise within the next five or so years.

The causes of revolution are always the same:

1) A privileged elite class reap all the wealth while pissing on the lower classes;

2) The lower and middle classes are taxed to the point of poverty;

3) The government increases debt to an unsustainable, unpayable level;

4) wasteful military adventures drain the Treasury;

5) rampant government corruption;

6) societal discontent & chaos;

7) economic/financial crisis.

All the dominoes are lined up, just waiting for the trigger flick which will start the cascade of consequences.

Fourth Turnings never fizzle out. They build to a crescendo of violent upheaval with clear winners and losers.

“Those who make peaceful revolution impossible will make violent revolution inevitable.” 

- John F. Kennedy

We need to keep in mind there are only 3,000 billionaires on this planet and only a few hundred fall into the category of psychopaths in suits. Yes, they live in gated palaces with ample security forces, but the common folk of this country own over 300 million firearms. If or when they feel they have nothing left to lose, the protected privileged classes should start to worry. Their gates will protect them from the consequences of their actions. We may decide to Make Guillotines Great Again.

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

Tyler Durden Thu, 11/06/2025 - 18:25

Amazon's Power Shortage Makes The Case For Why AI Needs Nuclear

Amazon's Power Shortage Makes The Case For Why AI Needs Nuclear

As we have been consistently highlighting on Zero Hedge for the better part of the last two years, rapid growth in artificial intelligence and cloud computing is testing America’s electric grid and exposing the urgent need for new, always-available power.

The most recent example highlighted by Bloomberg was a case where Amazon has accused PacifiCorp, a Berkshire Hathaway–owned utility, of failing to deliver enough electricity for four planned data-center campuses in Oregon.

In a complaint to state regulators, the company said PacifiCorp provided too little power to one site, “no power” to a second, and “has refused to even complete its own standard contracting process for the third and fourth Data Center Campuses.” PacifiCorp argues it must protect “customer affordability,” saying: “We are open to ongoing discussions with Amazon to reach a resolution that achieves balanced outcomes for all customers.”

As President Donald Trump pushes to accelerate AI infrastructure, power demand from computing is forecast to more than double in the US by 2035, according to BloombergNEF. Utilities and tech giants now depend on each other — but utilities worry about straining the grid and raising bills if the AI boom falters.

That’s why new nuclear options are gaining attention. Another recent example highlighted by Bloomberg: First American Nuclear Co. plans to build self-sustaining reactors in Indiana to power data centers. The plant will begin with natural gas in 2028, then shift to a 240-megawatt liquid-metal fast reactor by 2032 that can reprocess its own spent fuel.

“Data centers are driving the demand for power,” said CEO Mike Reinboth.

The company aims to deploy six such systems, enough to power 1.5 million homes. Its technology uses lead-bismuth coolant — a design tested for years in Russian submarines. By recycling spent uranium, the reactors would slash waste costs and improve energy security. “The waste actually gives you energy,” said founder Bill Stokes.

From Oregon to Indiana, the message is consistent: digital growth is outpacing the grid. To keep AI running — and keep consumer costs stable — the U.S. will need reliable, scalable power. Nuclear is increasingly stepping in as the only technology that can provide it.

Tyler Durden Thu, 11/06/2025 - 18:00

Senators Say Bondi And Patel Are Being 'Sabotaged' On Epstein Files; Massie Isn't Buying It

Senators Say Bondi And Patel Are Being 'Sabotaged' On Epstein Files; Massie Isn't Buying It

Authored by Jose Nino via Headline USA,

Rep. Thomas Massie, R-Ky., is challenging explanations that FBI Director Kash Patel and Attorney General Pam Bondi lack full control of their agencies nearly a year into the Trump administration, particularly when it comes to their handling of Jeffrey Epstein investigation files.

Sen. Ron Johnson recently suggested that Patel and Bondi face significant internal resistance. While discussing newly released Arctic Frost investigation documents late last month, Johnson emphasized that records came from whistleblowers rather than official channels.

“We need to do everything we can to assist Director Patel and AG Bondi in making sure they have the staff to take control over these agencies,” Johnson said per a report by Blaze Media. “I think they’re being sabotaged within.”

Johnson added that partisan actors remain embedded in both agencies. “Right now I think Kash Patel and Pam Bondi are overwhelmed by all the mess they’re trying to clean up,” he stated. “There’s still partisan actors burrowed in, trying to sabotage their efforts.”

Sen. Mike Lee, R-Utah., echoed these concerns, writing that Patel and Deputy FBI Director Dan Bongino are “undoubtedly being sabotaged from within the FBI.”

However, Massie questions whether internal sabotage explains the administration’s reversal on releasing Epstein files. “I also wonder why they flipped on the Epstein files,” Massie said. “We can’t chalk that up to sabotage or lack of resources.”

In February, Bondi publicly promised transparency, telling Fox News that the Epstein files were sitting on her desk and that she would release them, including what she described as a client list. But in July, the DOJ and FBI released an unsigned memorandum concluding their review and stating that no incriminating client list existed and no further files would be released.

The reversal sparked outrage among Trump supporters. During September congressional hearings. Massie confronted Patel about FBI documents detailing at least 20 men named by Epstein survivors, including high profile individuals in business, entertainment and politics. 

Patel claimed three separate U.S. Attorneys had assessed these allegations as not credible.

Massie and Rep. Ro Khanna, D-Calif., recently launched a discharge petition to force a vote on releasing all Epstein files. The petition gathered 217 signatures as of early November, one short of the 218 needed for a floor vote.

José Niño is the deputy editor of Headline USA. Follow him at x.com/JoseAlNino 

Tyler Durden Thu, 11/06/2025 - 17:40

These Are The 40 Airports That Will Reduce Flights Due To Shutdown

These Are The 40 Airports That Will Reduce Flights Due To Shutdown

The world’s busiest airport and 39 others across the United States were forced to decrease flights by 10 percent starting on Nov. 7.

The Federal Aviation Administration (FAA) announced the decision on Nov. 4, as it struggles with personnel shortages due to the ongoing government shutdown. Those flight controllers who stay on continue to work without pay.

“We can’t ignore it,” FAA Administrator Bryan Bedford said at a press conference on Nov. 4.

“If the pressures continue to build even after we take these measures, we’ll come back and take additional measures.”

Beford added that he was unaware of the FAA taking any measures like this in his 35 years in the aviation industry.

As we noted previously, the list of affected airports was expected to be released on Nov. 6.

The list - obtained by The Associated Press - spans the country, affecting air travel to and from 24 states and several hubs for major passenger carriers including United Airlines, Delta Airlines, American Airlines, Southwest, Jet Blue, Alaska Airlines, and Hawaiian Airlines.

As T.J.Muscaro details below for The Epoch Times, the list includes Hartsfield-Jackson International Airport in Atlanta, which is considered to be the busiest airport in the world; Memphis International Airport, which is a FedEx Superhub and considered the second-busiest cargo airport in the world; and global access points such as John F. Kennedy International Airport, Miami International Airport, and Los Angeles International Airport.

The airports affected are:

  1. Ted Stevens Anchorage International in Alaska.

  2. Hartsfield-Jackson Atlanta International in Georgia

  3. Boston Logan International in Massachusetts

  4. Baltimore/Washington International in Maryland

  5. Charlotte Douglas International in North Carolina

  6. Cincinnati/Northern Kentucky International in Ohio

  7. Dallas Love Field in Texas

  8. Ronald Reagan Washington National in Virginia

  9. Denver International in Colorado

  10. Dallas/Fort Worth International in Texas

  11. Detroit Metropolitan Wayne County in Michigan

  12. Newark Liberty International in New Jersey

  13. Fort Lauderdale/Hollywood International in Florida

  14. Honolulu International in Hawaii

  15. Houston Hobby in Texas

  16. Washington Dulles International in Virginia

  17. George Bush Houston Intercontinental in Texas

  18. Indianapolis International in Indiana

  19. John F. Kennedy International in New York

  20. Harry Reid International Airport in Las Vegas

  21. Los Angeles International in California

  22. LaGuardia Airport in New York

  23. Orlando International in Florida

  24. Chicago Midway International in Illinois

  25. Memphis International in Tennessee

  26. Miami International in Florida

  27. Minneapolis/St Paul International in Minnesota

  28. Oakland International in California

  29. Ontario International in California

  30. Chicago O`Hare International in Illinois

  31. Portland International in Oregon

  32. Philadelphia International in Pennsylvania

  33. Phoenix Sky Harbor International in Arizona

  34. San Diego International in California

  35. Louisville International in Kentucky

  36. Seattle/Tacoma International in Washington

  37. San Francisco International in California

  38. Salt Lake City International in Utah

  39. Teterboro in New Jersey

  40. Tampa International in Florida

According to data from the FlightAware tracking service, there were more than 2,350 delays within, into, or out of the United States as of noon on Thursday, Oct. 6, with approximately 50 cancellations reported.

The FAA directs more than 44,000 flights daily, including cargo, commercial passenger, and private planes. Restrictions, it said, would remain in place as long as necessary, and they come just weeks before the nation enters one of the busiest travel periods of the year for Thanksgiving and the Christmas season.

“As we come into Thanksgiving, if we’re still in the shutdown posture, it’s going to be rough out there. Really rough,” Transportation Secretary Sean Duffy told Fox News in an interview on Nov. 6.

“And we‘ll mitigate the safety side, but will you fly on time? Will your flight actually go? That is yet to be seen, but there’ll be more disruption.”

These restrictions would end with the government shutdown, which has been ongoing for more than a month due to the inability of a continuing resolution bill to pass the Senate.

Republicans currently hold a 53–47 majority in the Senate. However, 60 Senators need to vote yes in order to move the bill forward. Republican lawmakers continue to criticise Democratic lawmakers for continuing to vote no and failing to fund the government.

“I don’t have access to money to pay air traffic controllers during this shutdown,” Duffy said on X.

“Congress has said there is no money. I’d love to pay them, but I can’t. My message to Democrats is to sit down, figure it out, and not hold the American people hostage—especially when they want to travel.”

The Epoch Times has reached out to the FAA for comment.

Tyler Durden Thu, 11/06/2025 - 17:20

When A Train Wreck Is No Accident

When A Train Wreck Is No Accident

Submitted by Jeff Thomas via InternationalMan.com,

“In spite of all the rhetoric, we will go deeper in debt, the Fed will print more money, and the value of the dollar will continue to plummet.”

- Ron Paul

Never in history have the economic and political structures been so manipulated by those who are responsible for their safekeeping; never has so much been at stake, in so many countries, and facing collapse, all at the same time.

The great majority of people in the First World recognise that the world is passing through an economic crisis. However, most are under the impression that there are some pretty smart fellows running the show and all they need to do is tweak the system a bit more and we’ll return to happy days.

Not so. The “smart fellows” who are in charge of fixing the problem are in fact the very same people who created it.

Understandably, this a hard concept for most people to even consider, let alone accept, as the very idea that those in charge of the system might consciously collapse it seems preposterous. So, we might wish to back up a bit here and present a very brief history of the system itself, in order to understand that the eventual collapse of the economic system was baked in the cake from the very beginning.

Creating a Central Bank

From the very earliest days of the formation of the American republic, bankers (along with inside help from George Washington’s secretary of the Treasury, Alexander Hamilton) sought to create a banking monopoly that would create the country’s currency and become the central banking system.

The first attempt at a central bank was a failure, and strong opponents, including Thomas Jefferson, prevented a second central bank for a time. Later, further attempts were made by bankers and their political cronies, and each central bank was either short-lived or defeated in its planning stages.

Then, in 1913, the heads of the largest banks met clandestinely on Jekyll Island, Georgia, to make another try. Having recently lost yet another bid to create a central bank, due to the public’s understandable concern that the big bankers were already too powerful, a new spin was placed on the idea. This time, they decided to present the idea as a government body that would be decentralised and would have the responsibility of restricting the power of the banks.

However, the new bill was in fact the same old bill, with a new title and some minor changes in wording. But this time, it would be presented by the new president, who was a liberal.

The president, Woodrow Wilson, had in fact been handpicked by the banks. The banks then scuttled their own conservative party’s candidate, got the Democrat Wilson elected, then installed a secretary of the Treasury whose job it would be to ensure that the Federal Reserve was created.

The bill was widely supported by the public, even though, in truth, it was not a federal agency, but a privately owned conglomerate, controlled by the banks. Neither was it a reserve. It was never intended to store money; it was intended to give the biggest bankers control of the economy. They followed the central principle of uber-banker Mayer Rothschild: “Let me issue and control a nation’s money and I care not who writes the laws.”

From the start, the new institution peddled itself as the protector of the people’s interests, but it was quite the opposite. Its purpose from its inception was to control the economy and the government by controlling the issuance of the currency. In addition, it was to be a system of taxation.

Typically, a population accepts a certain amount of direct taxation but has its limits of tolerance. Yet, the bankers understood that a less direct method of taxation was infinitely more profitable and infinitely safer from criticism.

Inflation as a Profit System

Inflation was not always the norm. At one time, prices were relatively static from one generation to the next. But the Federal Reserve touted the idea that “controlled” inflation was in fact necessary for a prosperous economy.

Of course, the greater the debasement of the currency through inflation, the more the central bankers profited. But at some point, the currency would have lost virtually all its value and it would be time for a reset. The currency would need to collapse and a new one created.

And so, the Fed set about its hundred-year programme of continuous inflation. Although there have been periods of lower inflation (and even deflation), the programme stayed more or less on course, and now, its hundred-year life has all but ended: the dollar has been devalued almost 100%.

And so, we find ourselves at the day of reckoning. The economic crisis we are now facing (not only in the US; it will be felt, to a greater or lesser extent, worldwide) is not a mere anomaly that we need to “push past”. It’s a systemic crisis. It’s been created by design and the system must collapse.

Of course, the central banks are in the process of protecting their interests, to make sure that, whilst this will be a major economic calamity, they themselves will continue to profit. The damage will be borne by the general public.

This began in earnest in 1999, with the repeal of the Glass-Steagall Act, allowing banks to create a massive, reckless mortgage spree. It was backed by the government’s “too big to fail” policy that guaranteed that, when the banks predictably became insolvent as a result of the loans, government would bail them out. (And by “government” we mean “the taxpayer”; it was he who picked up the bill for the banks’ recklessness.)

The End Game

The next step in getting ready for the collapse is an all-out effort to confiscate the wealth of the public. This can be seen in the effort to push investors away from solid forms of wealth protection such as gold and silver and into stocks, bonds and bank deposits. More recently, we’ve seen the emergence of an effort to end the use of safe deposit boxes and a push to end the use of paper currency in making transactions.

The end objective is to force as much money as possible into deposits in banks, then take it. The US, EU and a few other countries have passed confiscation legislation, allowing the banks carte blanche to confiscate and/or refuse to release deposits.

Of course a reset of these proportions will not be without its fallout. The public will be horrified at the outcome, at the realisation that the very institutions they thought had been created to protect them had never been intended to serve their interests at all.

Once they realise that the world’s greatest Ponzi scheme has been foisted on them, they will be hopping mad and justifiably so. Those who had not had the foresight to internationalise themselves, to remove themselves as much as possible from the system, will most certainly want to get even in some way.

And this makes clear why governments, particularly that of the US, are working so hard to create a police state. Unless a totalitarian state can be created, those who are presently taking the wealth may not be able to fully realise their objectives.

The coming train wreck is no accident. It has long been planned. That the “smart fellows in charge” will somehow save the day is therefore a vain hope indeed.

It’s still possible to back out of the system, but it’s getting more difficult every day. The window is closing, and the time to internationalise is now.

*  *  *

As the cracks in the global financial system deepen, the window for protecting your wealth and freedom narrows by the day. Understanding how and why this collapse is unfolding—and how to position yourself before the reset—is no longer optional. Our Special Report: Guide to Surviving and Thriving During an Economic Collapse reveals practical steps to safeguard your assets, secure mobility, and stay ahead of the coming financial upheaval. Click here to access your copy and prepare while there’s still time.

Tyler Durden Thu, 11/06/2025 - 17:00

Disagreements Emerge Over US-China Rare Earth Deal, As US Adds Uranium, Silver To Critical Minerals List

Disagreements Emerge Over US-China Rare Earth Deal, As US Adds Uranium, Silver To Critical Minerals List

Two days ago, when discussing China's surprising announcement that Trump should not cross four "red lines" (including i)Taiwan, ii) democracy and human rights, iii) China's political system, and iv) development rights) or risk a collapse of the trade truce, we said that "ever since the recent "truce" in the trade war between the US and China was signed in Korea one week ago - the latest of many such ceasefires meant to be broken - skeptics have been patiently counting down until this latest ceasefire is torn up, and tensions between the two superpowers flare up once more."

Needless to say, China telling Trump what the US president can and can not say is one of those things that the generally "sanguine and quite calm" US president tends to not be too excited about, and which leads to occasional bursts of outrage which then restart trade wars.

Then yesterday, we said that it felt like "'the cracks in this latest trade deal are already starting to show, whether it is Beijing ordering Trump what he can't talk about, or quietly ring-fencing its domestic data center by banning US Al chips" and further said that "while China granted Trump a 1 year reprieve on rare earths, it is quietly tightening the export noose on other, just as important minerals. According to the Global Times, China has introduced new export controls on silver, antimony, and tungsten."

We concluded that "the game of export whack-a-mole in the second World Trade War continues: today the US is getting rare earths (at least until Trump has another Truth Social meltdown), but just got stopped out on other, just as important materials. This export control rotation will continue until the day the US is self-sufficient, which however due to the abovementioned environmental limitations, will take a very long time unless somehow the US govt funnels enough money in domestic producers (and allows them to dump the toxic by products anywhere - who knows maybe Elon can blast them off into space) to short circuit the process."

Until then, we told readers, "go long stocks of domestic miners that specialize in extracting and producing anything and everything that China feels like no longer exporting to the US."

We didn't have long to wait for this to manifest itself in practice, because moments ago the Nikkei reported that not only is China making inroads with new export controls, but the question over the old ones still hasn't been accurately resolved. That's because, "discrepancies have emerged over the details of China's agreement with the U.S. to pause rare-earth export restrictions, with Washington saying past controls will also be eliminated, a condition that has not been announced by Beijing."

Here is what we know: Trump and Xi Jinping agreed to lower tariffs and ease export restrictions during talks in South Korea last week, with the Chinese Commerce Ministry saying that rare-earth restrictions that had been announced on Oct. 9 would be postponed for a year, there appeared to be some confusion over what was actually agreed upon. 

The restrictions to be paused would have expanded the types of rare-earth elements for which export licenses are required and tightened controls on the export of equipment used for exploration and refining, as well as the technologies necessary for manufacturing rare-earth magnets. They would also require foreign companies making products containing Chinese rare earths to obtain permission from Beijing when exporting to other countries and regions.

And here is where the confusion arises: while China says it will postpone the new regulations for a year, a fact sheet released by the White House on Saturday does not include a time frame, saying "China will suspend the global implementation of the expansive new export controls on rare earths and related measures that it announced on October 9, 2025."

The difference regarding earlier Chinese restrictions implemented on April 4 - which include a requirement for export licenses for seven types of rare earths, including dysprosium, used in high-performance magnets for electric vehicles and fighter jets - is even more pronounced. Following last week's U.S.-China summit, the White House asserted these export licenses would no longer be required, saying China would "effectively eliminate" its current export controls.

But this was contradicted by authorities in the rare-earth industry development zone in Baotou, Inner Mongolia. On Monday, an official social media account stated that the April regulations would remain in effect.

Authorities in Inner Mongolia said on social media that April export controls, which Washington claims will be withdrawn

The city, located in one of China's most polluted areas (because rare earth mining is one of the most toxic activities known to man) is one of China's leading rare-earth producing regions, and the authorities that made the post are reportedly involved in practical matters such as issuing export permits. 

Additionally, Chinese financial news outlet Caixin confirmed the April regulations are still in effect. "As long as the Chinese side deems them valid, the regulations will continue," a Chinese industry insider said.

Some observers say China can continue to pressure the U.S. through customs procedures regardless of whether or not restrictions are in place. Beijing has done this before. In 2010, China halted rare-earth exports to Japan during a dispute over the Tokyo-administered Senkaku Islands, which China claims as the Diaoyu. Although a legal framework for controlling exports was not fully established at that time, Beijing exerted pressure on Japan by claiming procedural delays.

China accounts for 70% of rare-earth production and over 80% of rare-earth magnet manufacturing. It has been leveraging this bargaining chip in negotiations with Washington.

Exports of rare-earth magnets to the U.S. in April were down 59% year-on-year, according to an analysis of trade statistics by Chinese research company FerroAlloyNet. Amid escalating trade friction and the imposition of tariffs over 100% by both sides, exports were drastically cut. They halted almost completely in May, falling 93% on the year.

Global supply chains were thrown into disarray, with Ford Motor temporarily suspending operations at some U.S. plants. In September, the most recent data available, exports of rare-earth magnets to the U.S. were still down 30% year-on-year. 

Some rare-earth elements, including the particularly rare dysprosium, are concentrated in China and a few other countries.

"The U.S. will likely accelerate efforts to develop supply chains independent of China, but for the time being, it will not be able to escape its dependence on China," said a source at a non-Japanese company familiar with rare earths.

Which is precisely what we said yesterday, and why the US will have no choice but to invest billions in domestic companies and supply-chains that bypass China.

Fully aware that the US has to ramp up its own supply chains, the US added copper, silver and uranium to a government list of critical minerals as the Trump administration broadens its scope of what commodities it deems vital to the American economy and national security.

The updated US Geological Survey list adds 10 minerals to bring the total to 60, including metallurgical coal, potash, rhenium, silicon and lead, according to a US government site. It includes 15 rare earth elements. The list replaces a 2022 version

Rare earths have become a flashpoint in trade tensions between the US and China, with Trump pushing to encourage domestic mining of the material after President Xi Jinping threatened to curb exports. 

The USGS list dictates what commodities are included in the Trump administration’s Section 232 probe into processed critical minerals and derivative products announced mid-April, which could lead to tariffs and trade restrictions. President Donald Trump has made it a priority to bolster domestic supply of these minerals, arguing that an over-reliance on foreign supplies jeopardizes national security, infrastructure development and technological innovation.

The list also informs direct investments in mining and resource recovery from mine waste, stockpiles, tax incentives for US mineral processing as well as streamlined mining permitting.

The resource industry had been pushing for certain metals and minerals, like copper and potash, to be included on the list. Much of the potash used in the US is shipped from Canada, which accounts for roughly 80% of imports of the mineral. Copper imports, meanwhile, comprise almost half of total US consumption and come from countries including Chile, Peru and Canada. The bulk of global copper refining is done in China.

Silver’s inclusion has been a concern for precious metals traders and manufacturers that rely on the material. Any tariffs on silver could wreak havoc on the metals markets because the US relies heavily on imports to meet domestic demand. Silver has wide industrial applications and is used in electronics, solar panels and medical devices.

Tyler Durden Thu, 11/06/2025 - 16:40

Does The Democrats' Chaos Strategy Work?

Does The Democrats' Chaos Strategy Work?

Authored by Victor Davis Hanson via American Greatness,

We can draw a few conclusions from an off-year election, when iconic races in blue states went, as expected, overwhelmingly Democratic.

Nevertheless, there is only a year left before the midterms. So Republicans must react to even these paltry results.

1) Democrats’ chaotic nihilism still works.

The chaos strategy causes so much turmoil, noise, and negative media coverage that the confused voting public simply cannot sort it all out. The public wishes the upheaval would just go away and often blames those with the most current authority—logically, the incumbent Trump and his administration.

2) Every day of Trump’s first year, there were either campus eruptions, Tesla firebombings, street violence against ICE, or crazy district judges’ injunctions.

The bedlam becomes force multiplied by unhinged outbursts from Democrats like AOC, Jasmine Crockett, Eric Swalwell, and the proverbial Squad.

The latest firecracker was thrown by a now Biden-like, faltering Nancy Pelosi, who recently screamed on CNN that President Trump “is just a vile creature, the worst thing on the face of the Earth.”

The public has no time to sort out all the actual causes for such mad hattery. It knows only from Democrats that the commotion is roughly correlated with “Trump.”

Note that there is never a positive Democrat “Contract with America,” since it is impossible to advance anything popular or moderate past its now firmly socialist base.

3) Democrats also use the chaos strategy to target key electoral groups.

In this week’s election, Republicans finally grasped the purpose of the pre-election shutdown.

It was designed to galvanize key constituencies to get out the vote in a low-turnout year. The lockdown was especially aimed at two groups: laid-off and unpaid government workers and entitlement recipients terrified that their checks would dry up.

Both turned out disproportionately in Virginia and New Jersey.

The Democrats are likely to resolve the shutdown soon, as the initial momentum gained by paralyzing the government is now diminishing.

The same strategy applies to the Hispanic vote that had defected in large numbers to Trump in 2024. However, this week, in many counties, the Hispanic vote shifted back toward the Democratic Party.

The truth does not get out enough that 70-80 percent of deportations are targeted at those with either criminal records or prior deportation orders.

Instead, the nonstop violent protests, the dangerous nullification threats from blue-city officials, and the slanted media coverage worked like proverbial propaganda to reduce ICE to “the Gestapo.”

Too many of the public believed that “Nazis” were hounding only law-abiding housekeepers and landscapers, who have been here for decades and only by accident forgot to make their de facto Americanness official.

Or so the successful Big Lie went—and went unchallenged.

The administration and MAGA do not talk enough about positive news of GDP growth, tolerable inflation, massive foreign investment, a calmer Middle East, or numerous miraculous ceasefires around the globe.

Instead, when there is a vacuum in self-praise, it is more easily replaced by the sensationalism of Trump’s “revenge tour” in hounding the boy scout James Comey and poor Letitia James, of taking a wrecking ball to the revered White House, or of insulting for no reason our blameless, “nice,” and gentle Canadian neighbors. The economy not culs-de-sac win elections.

4) Much of the Trump agenda, other than spectacular military recruitment and a secure border, is more long-term than instantly gratifying.

The multitrillion-dollar foreign investments may take a year or two to create jobs and spark the economy.

The deportations will take time to switch more jobs to U.S. citizens.

New gas, oil, and nuclear energy production, trimming the federal workforce, deregulating, and greenlighting AI and other new technologies will not be felt immediately.

After the summer 1984 convention, even Ronald Reagan trailed the anemic Walter Mondale in a few polls. Then the first three quarters of GDP—cumulatively over 7% growth—were digested, as the economy took off and buried Mondale by the November elections.

5) There is no longer a Democrat Party. It is now an unapologetically neo-socialist Jacobin movement.

So traditional negative advertising designed to incur scandal and shame simply does not always work. All that matters is the hard-leftist fides of a candidate—period!

Threaten a political opponent with assassination? Brag about killing his kids?

Tattoo the 3rd Panzer SS Division death’s-head insignia on your chest?

Promise to arrest a foreign head of state when he visits your city?

Boast about grabbing the “means of production.”

So what?

To the new left, this is just proof that their new candidates and voters “mean business.” They cannot be shamed—not even by mocking Charlie Kirk’s wound or hoping Trump is not so lucky a third time.

There is plenty of time for Republicans to digest these results, especially the strategy and dangerous nature of the new left, along with the mercurial moods of the swing voters—and the need to stick to the economy.

But the clock is ticking.

Tyler Durden Thu, 11/06/2025 - 16:20

Ford Mulls Scrapping F-150 Lightning After Dismal Demand, Mounting Losses

Ford Mulls Scrapping F-150 Lightning After Dismal Demand, Mounting Losses

Ford is reportedly set to scrap the F-150 Lightning, once hailed by top executives as the company's "modern Model T," amid absolutely terrible demand. Production lines for the electric pickup remain paralyzed after an aluminum shortage halted operations last month.

A new Wall Street Journal report indicates that the F-150 Lightning is on the chopping block after $13 billion in EV losses since 2023. If accurate, this would make the money-losing truck America's first major EV casualty.

CEO Jim Farley previously called the F-150 Lightning "as revolutionary as the Model T," promising a truck that would democratize electric mobility just as the original Model T democratized driving. Yet how could Farley have been so wrong about the Lightning ... and did his climate-change blinders end up damaging shareholder value? It's something the board should be taking a hard look at.

Demand for the EV truck is absolutely horrendous.

Adam Kraushaar, owner of Lester Glenn Auto Group in New Jersey, told WSJ that F-150 Lightning demand is "not there." He also sells GMC, Chevy, and other brands. "We don't order a lot of them because we don't sell them."

WSJ noted, "No final decision has yet been made, according to people familiar with the discussions, but such a move by Ford could be the beginning of the end for big EV trucks." 

The big question is whether Farley and other top executives ignored red flags, such as declining orders, dealer warnings, and mounting losses on the EV truck, in their push to appease the globalist climate change cult on Wall Street. If the report is accurate, we wonder whether the board could find grounds to review his terrible EV judgment under the duty of care. 

In October, Ford sold just 1,500 Lightnings, versus 66,000 petrol-powered F-Series trucks. EV sales overall have plunged 24% year-on-year after federal tax credits expired. 

Ford shares have trended lower after the April 2022 release of the EV truck.

WSJ noted, "The company is now racing to build a compact $30,000 EV pickup."

Tyler Durden Thu, 11/06/2025 - 15:40

US Appeals Court Resurrects Trump's Attempt To Dismiss NY Criminal Conviction

US Appeals Court Resurrects Trump's Attempt To Dismiss NY Criminal Conviction

Authored by Jack Phillips via The Epoch Times,

A U.S. appeals court on Thursday revived President Donald Trump’s bid to dismiss his business records criminal conviction, ruling the president can move his case out of a New York state court.

A panel on the U.S. Court of Appeals for the Second Circuit reversed an order from a lower court judge, saying the judge had “bypassed what we consider to be important issues bearing on the ultimate issue of good cause.”

The panel of judges on the appeals court signaled that it did not weigh in on the merits of Trump’s lawyers’ arguments to dismiss the conviction. His lawyers filed court papers earlier this year to try to move the case out of New York so he could seek a ruling from a federal judge on whether the U.S. Supreme Court’s ruling on presidential immunity allows him to toss last year’s Manhattan jury verdict convicting him of falsifying business records.

“We leave it to the able and experienced District Judge to decide whether to solicit further briefing from the parties or hold a hearing to help it resolve these issues,” the appeals court judges wrote.

The panel further said the lower court “should resolve Trump’s motion for leave to file a second removal notice in any particular way” and said it should “consider the motion anew in light of our opinion.”

In May 2024, a jury convicted Trump on 34 counts of falsifying business records. Trump pleaded not guilty, maintaining that it was part of a widespread attempt to subvert his 2024 presidential campaign.

Weeks after Trump’s election victory in 2024, the judge in the case sentenced him to unconditional discharge, meaning that he faced no further penalties such as fines or jail time. The conviction, however, will remain on his criminal record.

Just days before Trump was inaugurated in January, Judge Juan Merchan noted in his order that the sentence was made with considerations of Trump being elected president.

Last year, U.S. District Judge Alvin Hellerstein denied a bid from Trump’s attorneys to remove the case, prompting Trump’s appeal. The judge maintained that Trump had “not satisfied the burden of proof required to show the basis of removal.”

The petition to the U.S. appeals court is one of many appeals that Trump has filed to dismiss the criminal conviction.

Separately, Trump had filed court papers with the New York Supreme Court’s Appellate Division of the First District, appealing the criminal conviction.

“Targeting alleged conduct that has never been found to violate any New York law, the DA [district attorney] concocted a purported felony by stacking time-barred misdemeanors under a convoluted legal theory, which the DA then improperly obscured until the charge conference. This case should never have seen the inside of a courtroom, let alone resulted in a conviction,” his lawyers wrote in a filing in October.

Aside from the Manhattan case, criminal charges were also brought against Trump in Washington, Florida, and Georgia. The Washington and Florida cases, which were brought by former special counsel Jack Smith, were later dropped. The Georgia case, brought by the Fulton County District Attorney’s office, was dismissed by a state appeals court on Jan. 17, three days before Trump’s inauguration.

Tyler Durden Thu, 11/06/2025 - 15:20

China Sees Massive Demand For USD Bond Issuance, Priced In Line With USTs For First Time

China Sees Massive Demand For USD Bond Issuance, Priced In Line With USTs For First Time

As the ceasefire in the US-China trade war starts to fray at the edges (most notably in commodity export controls and tit-for-tat responses), it appears that China is having no issues whatsoever competing with the US for the world's capital.

China’s return to the dollar bond market generated enough demand to cover the deal almost 30 times over, with a $118.1 billion order book.

“It was so popular,” said Serena Zhou, senior China economist at Mizuho Securities, adding that some investors complained they weren’t allocated enough bonds.

“Although it priced on par, it will still be free money.”

China last issued dollar bonds in 2024, when it sold $2bn of debt in Saudi Arabia.

“Markets are flush with liquidity and geopolitical tensions have eased,” said David Yim, head of capital markets, Greater China and North Asia, at Standard Chartered, which was one of the bookrunners for the deal.

Most notably, The FT reports that bankers on the deal said was the first time Beijing’s borrowing costs had matched Washington’s at issuance (while we do note that Chinese dollar-denominated bonds have previously traded at a negative spread to US equivalents in the secondary market).

China’s finance ministry issued $4bn of dollar bonds in Hong Kong, with the $2bn 3-year bond paying a coupon of 3.625 per cent, on par with US Treasury equivalents, and priced to yield 3.646 per cent, compared with 3.628 per cent for 3-year Treasuries.

The $2bn 5-year bond has a coupon 0.02 percentage points above equivalent Treasuries, with a yield of 3.787 per cent, compared with 3.745 per cent for US equivalents.

Issuance was split evenly between the two bonds.

The negligible spreads over Treasuries on the new bonds were an improvement even over China’s tight prints last year, when its three- and five-year notes were priced to yield just one and three basis points over similar-maturity Treasuries.

Bloomberg reports that more than half of the bonds were placed with investors in Asia, while European accounts got a quarter.

Investors in the Middle East and North Africa were allocated 16%.

The sale comes amid a steady rebound in dollar-note sales by Chinese firms, after the country’s unprecedented property crisis and the Federal Reserve’s interest-rate hikes triggered an issuance slump.

There’s been about $90 billion of publicly-announced sales in 2025, heading toward a three-year high, according to data compiled by Bloomberg.

Tyler Durden Thu, 11/06/2025 - 15:00

UBS Liquidates Funds, Faces $500 Million Exposure To First Brands Fracas

UBS Liquidates Funds, Faces $500 Million Exposure To First Brands Fracas

Having already followed Deutsche Bank into the risk-transfer business, hedging its exposure to its own deals (UBS Group's asset management unit is working on a new fund that will invest in significant risk transfers, which could include deals issued by itself), the big Swiss bank, The Financial Times reports that UBS has told clients that it will wind down an investment vehicle with significant debt exposure to First Brands Group, in the first major fund liquidation following the US auto parts maker’s shock bankruptcy.

As we detailed previously, UBS O'Connor: the once iconic hedge fund associated with the only major Swiss bank left standing after the Credit Suisse collapse, has 30% of its portfolio tied to First Brands, leaving Switzerland’s largest bank grappling with a bankruptcy that has convulsed global finance.

  • Overall, UBS has more than $500mn of exposure to First Brands’ debt and invoice-linked financing, across various parts of its investment arm. 

    • As the FT reported, "clients are braced for big losses after UBS O’Connor, a private credit and commodities specialist owned by the Swiss bank, revealed that 30 per cent of the exposure in one of its funds is tied to the auto parts group."

    • O’Connor recently told investors in its “Opportunistic” working capital finance strategy that the fund had 9.1% of “direct” exposure, financing facilities based on invoices First Brands’ was due to pay, and 21.4% of “indirect” exposure, based on invoices its customers were due to pay (source FT).

And now, The FT reports that, according to unidentified people familiar with the matter, UBS has told clients of its Chicago-based O’Connor subsidiary that it is liquidating several invoice finance funds, including a strategy that did not have exposure to First Brands.

“We informed investors last month that O’Connor’s Working Capital Opportunistic funds are being wound down and the majority of the funds’ assets will be monetized by the end of the year,” UBS told the Financial Times.

As a priority, we’re taking steps to protect clients’ interests and maximize recovery of the remaining First Brands Group-related positions through the complex bankruptcy process”

UBS is reportedly aiming to monetize 70% of the O’Connor fund with First Brands exposure by the end of the year.

The FT adds that the level of exposure has sparked anger among some investors who were previously assured that the fund would not hold more than 20 per cent of assets in a single “position”.

UBS has argued that it complied with these rules, however, as 21.4 per cent of the exposure was “indirect” and split across First Brands’ various customers.

The bank is also liquidating a “High Grade” fund that invested in invoices linked to less risky companies, even though it did not have exposure to First Brands. The whole of that fund’s assets are expected to be sold by year-end, the person added. The invoice finance funds have a total of around $600mn in assets.

We suspect UBS will not be the last to liquidate funds to cover these private credit losses.

Tyler Durden Thu, 11/06/2025 - 14:20

SEC Is Probing Egan-Jones Over Its Private Credit Rating Practices

SEC Is Probing Egan-Jones Over Its Private Credit Rating Practices

For once the SEC, perhaps having finally learned its lesson from the Global Financial Crisis, or simply because it read one too many critical pieces in the press in recent weeks, is not waiting until the credit bubble bursts to warn the raters not to engage in rating shopping. 

Bloomberg, which was the first to highlight Egan-Jones' role in rating thousands of credit ratings in the multi-trillion private credit market, reports that the Securities and Exchange Commission has been scrutinizing Egan-Jones Ratings, delving into the business practices of a leader in the fast-growing market for private-credit ratings.

Egan-Jones Ratings Co. has for years operated from a four-bedroom colonial in Haverford.​Photographer: Sarah Silbiger, Bloomberg

According to the report, SEC enforcement attorneys are "looking into whether the firm and some of its senior executives have exerted improper commercial influence on its ratings procedures, said the people, who asked not to be identified discussing the ongoing probe."

Officials in the agency’s complex financial instruments unit are involved in the investigation, the people said. The probe began during the Biden administration and has continued this year.  The regulator hasn’t accused Egan-Jones or its officials of wrongdoing as part of this probe, and it wasn’t clear how advanced the review was.

An Egan-Jones representative said the firm takes compliance “very seriously and remains in good standing with our regulator.” He added that the business “remains dedicated to serving our clients and the global capital markets.”

The SEC declined to comment, citing the ongoing US government shutdown. “During the shutdown, the SEC’s public affairs office is not able to respond to many inquiries from the press,” the agency said in a statement.

Egan-Jones is a Nationally Recognized Statistical Rating Organization, an accreditation which allows its grades to be used by US insurers to calculate their regulatory capital charges. A higher rating means an insurer has to set aside less against an asset. 

Egan Jones built a dominant position early in the rapidly expanding private credit market as bigger ratings agencies focused on serving the larger public sectors. Roughly a a third of the $6 trillion of cash and invested assets held by US life insurers was allocated to various types of private credit investments, Moody’s Ratings estimates based on a survey of insurers it rates.

According to Bloomberg, Egan-Jones bills itself as the most prolific grader in that market and last year rated more than 3,000 private credit investments, all with about 20 analysts, prompting questions not only about rating shopping but quality control. The role that such ratings play in the industry’s boom has been in the spotlight this year, as more insurers seek to gain exposure to the private credit markets.

In a report published last month, the Bank for International Settlements said that private credit grades used by insurance companies tend to be concentrated among smaller ratings firms, raising the risk of “inflated assessments of creditworthiness.” 

Separately, Bank of England Governor Andrew Bailey recently told lawmakers he’d had conversations with industry figures who assured him that “everything was fine in their world, apart from the role of the rating agencies.” UBS Group AG Chairman Colm Kelleher said on Tuesday he’s beginning to “see huge rating agency arbitrage in the insurance business.”

Egan-Jones had attracted scrutiny from large players in the industry over its upbeat ratings of various private credit loans, Bloomberg reported in June. 

Tyler Durden Thu, 11/06/2025 - 13:45

Were We Lied To About World War II?

Were We Lied To About World War II?

LIVE NOW:

****************

The clip that started it all….

For those who remember, the above remarks by historian Daryl Cooper speaking to Tucker Carlson launched a debate that has transpired for over a year since: Were Churchill and FDR the good guys? Did the U.S. and UK need to get involved in a war on behalf of Poland? How might things have been different?

Tonight at 7pm ET, we will take on those questions.

The Debaters

Renowned World War II historian Jim Holland defends the mainstream view — that U.S. and British intervention was a moral necessity against fascist aggression.

Facing him is Keith Knight, Executive Editor of the Libertarian Institute, who argues the war was not inevitable nor necessary — and that the “Greatest Generation” story conceals darker motives, from FDR’s provocations to the post-war rise of the western military-industrial complex and the Soviet Union.

Moderated by Mario Nawfal, the discussion promises to challenge deeply held assumptions about Pearl Harbor, Churchill’s legacy, and whether victory came at the cost of truth itself.

Tune in live tonight at 7PM ET on X, YouTube, or right here on the ZH homepage.

Tyler Durden Thu, 11/06/2025 - 12:40

Elon Musk's Trillion-Dollar Pay-Package Faces Shareholder Vote Today; Here's What To Know

Elon Musk's Trillion-Dollar Pay-Package Faces Shareholder Vote Today; Here's What To Know

Elon Musk’s staggering $1 trillion pay package will dominate Tesla’s annual shareholder meeting today, setting up one of the most high-stakes corporate votes in years over the future of the world’s most visible CEO.

The board has made the choice explicit. Tesla Chair Robyn Denholm warned that the decision is about whether shareholders still want to “retain Elon as Tesla’s CEO and motivate him” to make the company “the leading provider of autonomous solutions and the most valuable company” on Earth.

After a Delaware judge struck down his previous $56 billion award twice, Musk has gone without any official compensation — and Tesla is now asking investors to restore a deal even larger than before.

The plan ties Musk’s payout to wildly ambitious milestones.

The package is structured in 12 tranches, each worth 35.3 million shares, tied to both market capitalization milestones and operational objectives.

The first market cap target is $2 trillion, and the final milestone is $8.5 trillion.

Operational targets include:

  • Delivering 20 million vehicles over 10 years, more than double Tesla’s production over the past dozen years.

  • Securing 10 million full self-driving subscriptions.

  • Producing 1 million humanoid robots through Tesla’s Optimus division.

  • Operating 1 million robotaxis in commercial service.

  • Meeting earnings milestones in eight consecutive quarters, each measured over four quarters.

While these goals are technically achievable, Tesla has struggled to meet some recent operational benchmarks.

As BI noted Musk himself framed the stakes differently on the latest earnings call: “I just don’t feel comfortable building a robot army here and then being ousted because of some asinine recommendations.”

Proxy advisers ISS and Glass Lewis are urging a no vote, citing “excessive power” and weak oversight. Musk fired back in recent days, calling them “corporate terrorists.” But with his own roughly 13% stake and a large base of loyal retail shareholders who usually back him, supporters say the numbers are in his favor. As billionaire investor Ron Baron told CNBC, “Elon is the ultimate ‘key man’ of key man risk. Without his relentless drive and uncompromising standards, there would be no Tesla.”

Photo: Baron, CNBC

Norway’s $2 trillion sovereign wealth fund said it would vote no because of “the total size of the award, dilution, and lack of mitigation of key person risk.” Corporate governance expert Nell Minow said she’d only consider the package if Musk “shut up about politics” and focused fully on Tesla instead of juggling xAI, SpaceX, Neuralink, The Boring Company and his political campaigns.

Shareholders will also weigh Musk’s push for Tesla to invest in his AI startup xAI, which he says Tesla “would have invested in… long ago” if it were up to him. 

Meanwhile, broader concerns over governance are on the ballot — though Tesla’s board has recommended against all shareholder accountability measures, including annual director elections and reversing a Texas rule that limits which investors can sue the board. “These actions violate basic tenets of good corporate governance and must be reversed,” said New York State Comptroller Thomas P. DiNapoli.

All of this comes during a volatile year for Tesla. The company appears at a jumping off point into AI and robotics, while research suggests the company could have sold dramatically more cars without Musk’s actions outside the company. Yet shares have rebounded — up 14% this year — boosted in part by Musk’s own $1 billion stock purchase.

The outcome of the vote is expected to be announced after today’s meeting in Austin. You can watch the full meeting below, beginning at 4PM EST:

Tyler Durden Thu, 11/06/2025 - 11:20

Nancy Pelosi Finally Retiring From Congress At 85

Nancy Pelosi Finally Retiring From Congress At 85

After days of speculation, former House Speaker and legendary insider trader Nancy Pelosi (D-CA) has formally announced that she out.

In a Thursday morning video, Pelosi announced that she won't seek reelection after completing her current term.

"There has been no greater honor for me than to stand on the House floor and say, ‘I speak for the people of San Francisco.’ I have truly loved serving as your voice in Congress, and I've always honored the soul of Saint Francisco — ‘Lord, make me an instrument of thy peace.' The anthem of our city," Pelosi said in a voiceover. Which 'Lord' she was referring to is unclear. 

"That is why I want you, my fellow San Franciscans to be the first to know I will not be seeking re-election to Congress. With a grateful heart, I look forward to my final year of service as your proud representative as we go forward."

Pelosi, who has been in congress since 1987 after winning a special election to replace the late Rep. Sala Burton (D-CA), served as House speaker from 2007-2011, and then again from 2019 to 2023. 

Pelosi become one of President Trump's largest enemies over the past decade - dramatically tearing up his State of the Union speech in 2020, and refusing to allow the National Guard to deploy on Jan. 6. 

Trump cheered Pelosi's retirement announcement - telling Fox News: "The retirement of Nancy Pelosi is a great thing for America," adding that she's "evil," "corrupt," and "only focused on bad things for our country."

"She was rapidly losing control of her party and it was never coming back. I’m very honored she impeached me twice and failed miserably twice," Trump added. 

Of course, she hasn't been right for a while... this was five years ago:

Tyler Durden Thu, 11/06/2025 - 11:00

CarMax Shares Crater As Board Ousts CEO Amid Deepening Used-Car Market Cracks

CarMax Shares Crater As Board Ousts CEO Amid Deepening Used-Car Market Cracks

CarMax shares plunged in the early cash session after the struggling used-car retailer delivered weak preliminary third-quarter results that missed Wall Street expectations, and compounded the blow by announcing the abrupt termination of its chief executive officer.

"We make car buying and selling simple, transparent, and personalized," Chair of the Board Tom Folliard stated in a press release, adding, "However, our recent results do not reflect that potential and change is needed."

Folliard was referring to preliminary third-quarter results: earnings per share forecasted between .18 cents and .36 cents, missed the Bloomberg Consensus of .69 cents

  • Prelim EPS 18c to 36c, estimate 69c (Bloomberg Consensus)

  • Prelim used unit sales in comparable stores -8% to -12%, estimate -3.7%

In addition to the weak preliminary earnings report, the company's board ousted CEO William D. Nash amid declining revenue...

... and stock collapse. 

The combination of today's news sent shares tumbling as much as 15%, pushing year-to-date losses to over 57%. Meanwhile, online used-car retailer Carvana has gained more than 50% so far this year.

Are CarMax's troubles a broader sign that used-car prices could tumble amid worsening consumer sentiment, with lower- and middle-income households increasingly cutting back on restaurant spending?

Let's not forget that the implosion of subprime auto lender Tricolor Holdings may have been an inflection point... 

Tyler Durden Thu, 11/06/2025 - 10:45

France's Plans To Deploy Troops To Ukraine Risk Sparking A Major Crisis

France's Plans To Deploy Troops To Ukraine Risk Sparking A Major Crisis

Authored by Andrew Korybko via Substack,

Russia’s Foreign Intelligence Service (SVR) reported that France is plotting to deploy up to 2,000 soldiers, the core of which will be Latino assault troops from the Foreign Legion who are presently undergoing intensive training in Poland, to Central Ukraine in the near future.

This follows Chief of Staff of the French Army Pierre Schill declaring that his country will be ready to deploy troops to Ukraine next year as part of “security guarantees”.

Putin earlier warned that any foreign troops there would be legitimate targets.

Nevertheless, SVR reported in late September that “the first group of career military personnel from France and the United Kingdom has already arrived in Odessa”, yet no crisis followed. The reason might be that neither of them confirmed their forces’ presence there, perhaps for escalation-management purposes, so they and Russia aren’t (yet?) making a big deal about any potential casualties. Up to 2,000 conventional troops, however, would be impossible to hide and thus represent a major escalation.

French President Emmanuel Macron first flirted with deploying troops to Ukraine in February 2024, but nothing came of it likely due to reluctance among his NATO allies to risk World War III with Russia. One year later, new Secretary of Defense (now War) Pete Hegseth informed the bloc that the US won’t extend Article 5 security guarantees to allies’ troops in Ukraine. Since then, reports circulated that Trump might authorize US intelligence and logistics support for precisely such a post-war deployment.

These rumors followed his Anchorage Summit with Putin and preceded the US’ latest escalation against Russia by two months, the latter of which was assessed here as being driven in part by Trump believing that he can coerce Putin into the most realistic maximum concessions possible. About that, Russia is unlikely to ever cede the disputed territories under its control since the constitution prohibits that, but it’s hypothetically possible that it could accept the deployment of Western troops to Ukraine one day.

It’s unimportant if some consider this to be a political fantasy since that doesn’t detract from the argument that Trump is formulating US policy towards the Ukrainian Conflict with this scenario in mind. Whether this potentially French-led force would deploy during hostilities or only afterwards is a subject of debate, not to mention whether any such force would ever deploy there at all, but France remembers what Hegseth said in February and therefore probably wouldn’t do so unilaterally without US approval.

Accordingly, it should be assumed that Trump is aware of Schill’s declaration of intent about next year’s possible deployment to Ukraine and Macron’s potential plans to deploy assault troops even sooner but at the very least didn’t object, perhaps even encouraging this as leverage over Putin (as he might see it).

If so, then Putin must decide whether to reach a deal with Trump over this for escalation-management purposes or climb the escalation ladder by authorizing strikes against those troops if they deploy there.

It was predicted here in late September after SVR’s report about French and UK troops in Odessa that “Direct Western intervention in the conflict is now arguably turning into a fait accompli, it’s just a question of how Russia will respond and whether the US will then be pulled into mission creep.”

The two latest news items confirm the accuracy of that analysis, which lends credence to the overall assessment that Trump is “escalating to de-escalate” on better terms for the West and worse ones for Russia.

Tyler Durden Thu, 11/06/2025 - 10:25

Yields Plunge After Private Tracker Shows US Lost 9K Jobs In October, Driven By Government Collapse

Yields Plunge After Private Tracker Shows US Lost 9K Jobs In October, Driven By Government Collapse

One month ago, when the market was freaking out by the lack of official government data (it has since realized again, that whether the government is open or closed, or what the jobs number is - certainly not until it is revised 3 or 4 times, does not matter), everyone scrambled to find private sources of economic data. That's when the jobs data compiled by Revelio Labs quickly emerging as one of the favorites. It also showed that contrary to fears prompted by ADP that the US was now in a labor recession, in September the US actually added 60K jobs, the biggest monthly increase of 2025.

Fast forward one month when the news was far uglier: according to the latest Revelio Labs data, not only was Sept revised almost 50% lower from 60K to 33%, but October was ugly, plunging to -9,100, the second worst print of 2025, and the second worst on record (Revelio only goes back to 2021).

Looking below the surface revealed that the actual number is not quite as bad as the entire drop and then some was the result of 22,210 government job losses, but there also losses in manufacturing and trade. 

Coupled with the surge in government layoffs noted earlier as tracked by Challenger...

... and suddenly rate cut odds are spiking, with 0.69 rate cuts priced in for December, up from 0.62 yesterday.

The data has resulted in a broad-based risk off move, with stocks sliding to session lows, and 10Y yields tumbling 5bps to session lows below 4.10%

Tyler Durden Thu, 11/06/2025 - 10:10

"There's A Plan": Group Of Centrist Democrats Want Colleagues To End Shutdown

"There's A Plan": Group Of Centrist Democrats Want Colleagues To End Shutdown

A group of eight centrist Democrats who want to end the government shutdown - now the longest in US history - have been approaching their colleagues about a deal to reopen the federal government this week or next week, however progressives within the party are pushing back hard, according to The Hill, citing people familiar with the discussions.

To refresh your memory, the crux of the shutdown is that Democrats want to extend pandemic-era Obamacare enhancements, which include coverage for illegals - and they're unwilling to kick the can down the road with a "clean" (free of new pork) continuing resolution while congress debates a larger package (again).

According to one senator, the centrist Democrats include Sens. Jeanne Shaheen (D-NH) and Gary Peters (D-MI) - and apparently have the 'contours of a deal' and are "whipping" more of their colleagues to sign on. 

Sen. Maggie Hassan (D-NH) has reportedly signaled that she would likely support such a deal, which would include a plan to pass regular appropriations bills, as well as a vote on extending expiring health insurance subsidies (which were always meant to be temporary during the pandemic). 

The deal would also create a path for approving an appropriations package to fund part of the federal government through 2026, and would guarantee Democrats a vote in the Senate on extending the enhanced Obamacare provisions.

"There’s a plan, we’ve all kind of semiagreed to it and we’re now seeing not whether [Senate Democratic Leader Chuck] Schumer will support it but whether he will not blow it up," one senator told the outlet. 

Senate Democrats met for more than two hours at lunch Tuesday to discuss the parameters of the emerging deal.

One person familiar with Tuesday’s heated discussion within the caucus says there appears to be at least eight Democratic votes to reopen the government — even though progressive Democratic senators vented their frustration with the potential deal. -The Hill

"To me, it looked like there were eight votes, but it could change. There’s a lot to think about," one senator told the outlet. 

If Shaheen, Peters and Hassan do vote for a short-term spending deal, GOP leaders would only need two more votes to reopen the government. 

That said, since Rand Paul (R-KY) has repeatedly voted against a House-passed continuing resolution to fund the government through Nov. 21, and GOP leaders will need eight Democrats to cross the aisle. 

They've already got the support of Sens. John Fetterman (D-PA) and Catherine Cortez Masto (D-NV) and Angus King (I-ME), who have all repeatedly voted in favor of the bill.

Other Democrats who have been involved in talks with Shaheen and Peters are Sens. Jon Ossoff (D-Ga.), who faces a competitive reelection next year, and Sens. Mark Kelly (D-Ariz.), Peter Welch (D-Vt.), Tammy Baldwin (D-Wis.) and Elissa Slotkin (D-Mich.).

Slotkin, however, signaled to reporters Tuesday that she wants to see a solution to rising healthc are costs as part of any agreement to fund the government.

“When there’s a deal and we get something on health care, I’ll be ready to reopen the government,” she said.  -The Hill

Yet, progressives want Senate Democratic leader Chuck Schumer (D-NY) to 'use his personal influence' to dissuade the coalition of centrist Dems from reopening the government. 

Of note, Senate Majority Leader John Thune (R-SD) said that any proposal that would extend Obamacare subsidies would need 60 votes in the Senate - ruling out the possibility of passing such a provision with a simple-majority vote. 

Meanwhile, 47% of Polymarket bettors think we're in for another 10 days of this, minimum

Tyler Durden Thu, 11/06/2025 - 09:55

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