The post Idiot Speak: Elon Musk’s Plans for Gutting Social Security and a Universal High Income appeared first on CEPR.

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures:

• Trump’s China Trip Underscores How Power Has Shifted East. Given that Trump explodes at even the most trifling perceived affront—pulling 5,000 American troops out of Germany after Chancellor Friedrich Merz said the U.S. had been “humiliated” in Iran—it was telling that Xi felt empowered to lay down the law from the get-go. Indeed, the most enduring image from the entire visit is the two leaders standing outside the Ming Dynasty Temple of Heaven, with Trump remaining curiously tightlipped as reporters enquired whether they had discussed Taiwan. “China is beautiful,” Trump offered instead. (Time)

• Rich Guy Quote Journalism: How the media turns rich guys’ opinions into news. The answer is that there’s an entire genre of media coverage best described as “rich guy has an opinion.” On the journalistic genre that treats anonymous billionaires as primary sources. A useful media-critique read for the next hedge-fund profile. (String in a Maze) see also Pulitzer-winning newsrooms are quietly publishing mountains of gambling slop: A large network of prominent regional newspapers have posted thousands of low-quality articles promoting gambling and prediction markets. Advance Local, which owns The Oregonian, The Cleveland Plain Dealer, The Star-Ledger, and several other award-winning newspapers, has quietly published more than 17,000 online articles since 2022 pushing promo codes for sports books, online casinos and, more recently, prediction markets. Judd Legum on serious newsrooms quietly running gambling content farms for affiliate revenue. The journalism cross-subsidy has gotten unsubtle. (Popular Information)

• Polymarket’s Most Contentious Debates Are Being Decided by Anonymous Crypto Votes: The prediction market outsources its disputed resolutions to an anonymous vote of crypto token holders. Some of those voters have financial incentives that could affect their votes. (Barron’s free)

• Wealth is righteously earned and poverty is righteously dispensed: The cult of the just world: To state the obvious to anyone reading this newsletter every single one of these people mentioned – yes even Beyonce and Taylor Swift :( – got their billions the same way any other did: exploiting the labor of workers in a cruel economic system maximized for the few to be able to do just that. The end. A scathing piece on the moral architecture that makes American inequality feel deserved. Calvinism dies hard. (Welcome to Hell World)

• Profiting From Inflated Hospital Prices: This week’s CPI report shows hospital prices continue to race ahead of price increases in other health care sectors. In the past year, so have hospital profits. The supply-side story of health-care inflation. The cost curve has many parents, but the hospital pricing model is doing more work than most. (Washington Monthly)

• ‘The Biggest Student Data Privacy Disaster in History’: Canvas Hack Shows the Danger of Centralized EdTech: Thursday afternoon, millions of students at thousands of universities and K-12 schools were locked out of Canvas, a piece of catch-all education technology software that has become the de facto core of many classes. ShinyHunters, a ransomware group, hacked Canvas’s parent company and apparently stole “billions” of messages and accessed more than 275 million individuals’ data, according to the hacking group. The group also locked students out of Canvas.  (404)

• Sinister, Malevolent, Venomous: Stephen Miller Is Like No Other White House Aide in Modern US History: On the Miller portfolio. The headline does the work; the body has the institutional detail to back it up. Miller, the deputy White House chief of staff, has never hidden his disfigured and dangerous psyche. But now Donald Trump has empowered him to execute his fascist impulses. (Zeteo)

• The Age of No Innocence: What if all you knew was extremist politics? Welcome to being young in America. An essay on the disappearance of cultural innocence — for kids, for institutions, for ourselves. Heavy lift, worth carrying. This is History 221, The Far Right in America: 1920-2020. For a semester, students immersed themselves in an examination of America’s most ultraconservative political groups and figures, from the Ku Klux Klan, to the John Birch Society, to neo-Nazis, to the far-right creations of the modern political moment, like the Patriot movement and the embrace of Christian nationalism. Welcome to being young in America. (The Western Edge)

• The supreme court’s takedown of American democracy is complete: Austin Sarat with the full arc from Bush v. Gore through the latest term. A useful refresher on how we actually got here. Since the Citizens United decision of 2010, the justices have dismantled Americans’ voices. The only solution is at the ballot box (The Guardian)

• Trump’s Corruption Is Going to Sink Him: On the cumulative corruption headlines as a long-fuse political problem. The base may not care; the persuadable middle increasingly does. Conditions are right for voters to stop turning a blind eye to his greed, grift, and gold leaf. (The Bulwark) see also President Trump’s $TRUMP memecoin is preparing to launch a “Coin Club” membership scheme: Molly White on the latest tier of the Trump memecoin grift. The fact that this requires an SEC division to even parse is itself the joke. The website promises “elite and extraordinary experiences” as part of the newest scheme to revive a token that’s down 97% from its peak and still falling. (Citation Needed)

Video of the day: Tesla Never Stopped Developing The Model S

Be sure to check out our Masters in Business this weekend with Sheila Bair, former Chairperson of FDIC from 2006-11. She helped steer the agency through worst financial crisis since the Great Depression. Her new book is aimed at young adults and teenagers, titled “How Not to Lose a Million Dollars.”

 

The Rich Really Do Pay Lower Taxes Than You

Source: New York Times

 

Sign up for our reads-only mailing list here.

~~~

To learn how these reads are assembled each day, please see this.

 

The post 10 Sunday Reads appeared first on The Big Picture.

The Trans Delusion: A Philosophical Nail In Its Coffin

Authored by Chris Milton via The Daily Sceptic

The arguments in philosopher Thomas Nagel’s seminal 1974 essay ‘What is it Like to be Bat?‘ can help us answer the question of whether a human born with XY chromosomes and a male body can be, can become or can know what it’s like to be a woman, or can know what inhabiting the world is like for a woman. Nagel - who randomly chose bats from the list of mammals - began from the premise that if an organism has consciousness then there is something that it is like to be that organism, and his question was whether we could know “what is like for a bat to be a bat”.

Nagel’s essay argues for the wholly subjective character of experience, and how this subjectivity is dictated by differences in the physicality of beings. A creature shapes its Umwelt, or lifeworld, through its interactions with the world, and those interactions are determined by that creature’s body. Men and women inhabit similar yet profoundly different Umwelts. The qualia of sensation — meaning the instances of subjective experience, such as what it’s like to perceive a colour, to taste an apple or hear a baby cry — are different for each individual human. But these differences are also sexed. The last is a good example, as the female body — and therefore mind — responds to a baby’s cry in a radically different way to a man’s. But there are also large differences in the way they experience running for five hundred metres, the colour red, having a nipple touched, and innumerable other things (almost everything, in fact). There are qualia that each sex experiences that the other will never be able experience at all, but which help form their consciousnesses. A woman will never get an erection, and a man will never have a clitoral or vaginal orgasm, menstruate or give birth.

All of these ways of experiencing the world physically, along with our anticipations and memories of them, form a human being’s consciousness, its personality, its very being (or soul, if you like), who he or she is. If one, or even half a dozen of the physical particularities of a woman could be miraculously reproduced in a man (which they can’t), such as giving him the same muscle mass and bone density as a woman, a uterus, a clitoris or a brain that reacts in the same way to temperature or noise, he still wouldn’t be a woman physically, or anywhere near being one. Consciousness is a complex feature of evolutionarily determined biological systems, the latter radically different for men and women, such that even their spatial and temporal perspectives for experiencing the world are different.

For a man to become a woman everything, every molecule, would have to be changed, and a lifetime of memories implanted. Each moment-to-moment sequence of experience from the womb onwards grows coherently out of those that preceded it and determines those that follow it. Surgery is merely an in-real-life filter, advanced dressing up, and transitions someone towards nothing that meaningfully resembles a woman. To give one of hundreds of examples: men have no Cooper’s Ligament, which means that after HRT their breasts – which in any case are functionless – will be tubular and spaced very widely apart. Even the cells of men and women are biochemically different and determine, from before birth, many things, including how each sex fights particular diseases. Objective, unchangeable, sexed physical states partially determine subjective states; lopping off this or that part of the body or appending a functionless simulacrum of another will in no wise change the quality of those subjective states.

Every cell in our body has your male or femaleness inscribed within it. Even if it were possible to change your hormonal sex completely (which it isn’t) that would still leave your unalterable chromasomal sex, and your genetic sex, intact. There are many male and female brain circuits that behave very differently, sex-recognition is hard-wired into our brains, and the neurons have been identified that allow us ‘instinctively’ to discern a member of the opposite sex, however heavily disguised: this is why no trans people ever really ‘pass’.

So, a man can never become a woman physically, and thus cannot logically be or ‘identify as’ a woman, as you can only know what it feels like to be a thing if you are that thing. To argue otherwise, that there is another, ‘real’ self within us distinct from the bodily self, and that the mind and body are separate?, is philosophically centuries out of date – Locke’s empiricism first put pay to Cartesian dualism almost 350 years ago. “Mental states,” Nagel adds, “are states of the body, and mental events are physical events”: the ghost is the machine, the machine is the ghost. The hormonal impregnation of the foetus has a direct effect on neural circuits, creating a masculine brain and a feminine brain, which can be distinguished from each other anatomically and biochemically, and cannot be housed in the body of the other sex, it being determined by the sexed body. Let’s look at a passage of Nagel and replace ‘bats’ with ‘women’:

Even if [men] could transform over time into [women] their brains would not have worked as [women’s] brains from birth, and could therefore never have the mindset of a [woman]. … It is doubtful that any meaning could be attached to the supposition that I should possess the internal neuropsychological constitution of a [woman]. … Even if I could by gradual degrees be transformed into a [woman], nothing in my present condition enables me to imagine what the experience of such a future stage of myself thus metamorphosed would be like.

and,

To the extent that I could look and behave like a [woman] without changing my fundamental structure, my experiences would [still] not be anything like the experiences of [women].

It is then, the much vaunted ‘lived experience’ that militates against the possibility of transgenderism. Nagel goes on to give the example of trying to attain knowledge of what it is like to be blind or deaf (he could just as easily have substituted disabled, or schizophrenic), concluding that “the subjective experiences of a person deaf or blind from birth are not accessible to me… we cannot form more than a schematic notion of what it would be like”.

Nagel says that “the more different from oneself the other experiencer is, the less success you can expect in your guesswork”. So, men can come close to guessing what it is like to be woman. Men and women both experience hunger, sexual desire, boredom and aesthetic pleasure, but the way they experience those things is qualitatively different, and unalterably so. Nagel writes that “there are facts that do not consist in the truth of propositions expressible in human language”, and that “to deny the reality or logical significance of what we can never describe or understand is the crudest form of logical dissonance”. In other words, the subjectivity of other beings is ultimately ineffable and irreducible to language, and so the subjective experiences of men and women will always be unknowable for each other.

The idea that someone, by adopting the outward and trivial indicators of femininity, can suddenly thereby have access to that knowledge is preposterous. Men can only guess, and approach knowledge through empathy, imagination and the testimonies of women themselves. “Nobody has yet devised,” Nagel writes, “an objective phenomenology not dependent on empathy and imagination — that could describe, at least in part, the subjective character of experiences in a form comprehensible to a being incapable of having those experiences.”

Men and women are restricted by the resources of their own sexed minds, their consciousnesses made sexed by their sexed bodies. To deny that they are sexed is not only contra accepted biology, as well as common sense, it would also completely undermine the discipline of evolutionary biology.

The belief that ‘trans women are women’ makes a belief in magic seem sophisticated, because belief in magic or miracles explained effects for which causes could not (yet) be identified, but there was at least an observable effect to be explained. Likewise, when people believed erroneously that the world was flat, they did so because the world looked flat. With trans women, there is no such observable effect. What you have before you after saying the magic formula ‘trans women are women’ is visibly still a man. At best, after the surgical removal of his genitalia, a man will have a crude cavity, its position and its condition of being a hole with a surgically fashioned ‘clitoris’ being the only things it has in common with a woman’s vagina, and yet it is the only part of a woman’s reproductive system that it’s even possible to crudely mimic. This is why the word ‘trans’ itself is inadmissible, as there isn’t a transition towards or into anything.

The feeling inside that one is male or female is biologically determined, the idea of ‘being in the wrong body’ has no concrete, observable, provable basis: ‘male’ and ‘female’ are ‘assigned’ at birth, or rather conception, but by Nature, not by a doctor or midwife. One cannot move from the fixed point of being male or female and back again, so the idea of gender fluidity, of being non-binary is illogical, impossible, mad. A big difference between men and women lies in their reproductive organs, in their potential reproductive roles, and in the reproductive apparatus that produces sperm or eggs, so that ultimately many social determinations regarding gender are biologically determined. This is why, until very recently, sex and gender were used interchangeably: for there to be a third gender, there would need to be a new, third reproductive function, and new organs to go with it. Arguments that sexual dimorphism can be overcome or does not exist are pure Lysenkoism, and matters of ideology, not science. Gender theorists wanted to separate sex and gender, but it simply can’t be done.

To have given this matter philosophical consideration is to have given it way more than its due, and to have accorded the adherents of trans ideology more respect than they are due, and has necessitated the bracketing of matters such as the data showing that it is in part a social contagion, that its are roots in pornography and autogynephilia, that it’s funded by a small group of trans billionaires, that it’s a multi-billion dollar business, and that its explosion amongst the young is closely tied to social media, beginning with MySpace and Tumblr, then via Instagram, YouTube and TikTok.

The one thing that trans ideology has done more than anything else, that will outlast it, is to have made a nonsense of the idea of human progress, other than technological-scientific progress. It is perhaps the most profound manifestation of human credulousness and stupidity in history, outdoing even the witch craze of the 17th century. It is more egregious than any previous superstition or mass insanity because it is has come well after the end of the age of superstition and the advent of Enlightenment. The ‘truths’ of science have always been subject to suspicion and revision, but trans ideology has never had its Hegelian ‘moment’ of temporary truth that was later abandoned as more information came to light. Quite the opposite: it is wholly retrogressive, an attempt to replace biological knowledge with magical thinking, a regression to something lower even than pseudoscience.

Tyler Durden Sat, 05/16/2026 - 21:00

Solar Power Generation To Exceed Coal For First Time In Texas Grids

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

Annual electricity power generation from utility-scale solar projects is predicted to exceed output from coal for the first time ever in 2026 on grids run by the Electric Reliability Council of Texas (ERCOT).

An aerial view of the Amazon Fort Powhatan Solar Farm in Disputanta, Va., on Aug. 19, 2022. Photo by Drew Angerer/Getty Images

This year, solar power generation within the ERCOT-run grids, which cover most of the state, is expected to be 78 billion kilowatt hours (BkWh), 30 percent higher than the 60 BkWh generated by coal, the Energy Information Administration (EIA) said in a May 13 statement, while adding that solar generation has been steadily increasing within ERCOT.

For 2027, annual solar generation is projected at 99 BkWh, a 50 percent lead over coal’s 66 BkWh.

“Natural gas remains the dominant source of electricity generation in ERCOT, accounting for an average 44 percent of electricity generation from 2021 to 2025,” the agency said.

However, “solar’s share of the generation mix has increased from 4 percent to 12 percent in those years, while coal’s share has decreased from 19 percent to 13 percent,” it said.

This year, roughly 40 percent of total solar capacity additions nationwide are forecast to occur in Texas.

One of the projects expected to come online this year is the Tehuacana Creek 1 Solar and battery energy storage system, which, at 837 megawatts, could be the largest solar photovoltaic project to go online in the state in 2026.

There are currently no plans to construct new coal plants in ERCOT, the EIA said.

As for nationwide trends, a January report from the EIA predicted the combined share of solar and wind power in America’s total electricity generation to rise from 18 to 21 percent during 2025–2027.

In contrast, “the three main dispatchable sources of electricity generation (natural gas, coal, and nuclear) accounted for 75 percent of total generation in 2025, but we expect the share of generation from these sources will fall to about 72 percent in 2027,” the agency said.

Power Outage Risks

The July 2025 Resource Adequacy Report from the Department of Energy warned that the risk of power outages in the United States could jump 100-fold by the end of this decade, driven by the retirement of firm power plants and load growth.

Firm power refers to power that can be generated at all times, such as via coal, natural gas, and nuclear power. Intermittent sources, such as solar and wind, are dependent on factors like weather to generate power.

According to the report, “104 GW of firm capacity is set for retirement by 2030. This capacity is not being replaced on a one-to-one basis, and losing this generation could lead to significant outages when weather conditions do not accommodate wind and solar generation.”

Crackdown on Solar, Wind Projects

The Trump administration has taken various actions against renewable energy projects.

In July 2025, the Department of the Interior announced it would implement policies to end the special treatment accorded to “unreliable” energy sources. The department’s first measure called for identifying policies in favor of solar and wind projects, and halting support for energy supply chains controlled by foreign rivals.

In August 2025, the Department of Agriculture stopped funding all programs for solar or wind projects on farmland.

Some of the Trump administration’s policies have been successfully challenged.

In April this year, a federal judge blocked the administration’s efforts to cease approvals for wind and solar energy projects in a case filed by a coalition of renewable energy groups. The court issued a preliminary injunction blocking five actions, including a legal opinion that had slowed approvals for solar and wind projects.

The judge said that the plaintiffs were likely to succeed on the merits of their claims that various agencies violated the Administrative Procedure Act, which governs how these agencies make policy decisions.

“This is an undeniable victory for members of our coalition and the broader clean energy industry, as well as American households and businesses,” the plaintiffs said in a joint statement.

Meanwhile, the United States set a new record for total energy production last year, outputting 107 quadrillion British thermal units, 3.4 percent higher than the previous record in 2024. This is the fourth straight year the country has set a record for total energy output.

Natural gas was the top source of energy, followed by crude oil, coal, natural gas plant liquids, renewables, and nuclear power.

Natural gas output grew by more than 4 percent in 2025 from 2024. Coal power generation rose by 4 percent, which followed two years of declining production. Renewable energy output increased by 3 percent.

Tyler Durden Sat, 05/16/2026 - 19:50

Nearly 2,500 Pounds Of Cocaine, 105 Pounds Of Marijuana Seized In Joint Operation By US Forces

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

U.S. forces seized around 2,500 pounds of cocaine and 105 pounds of marijuana in two separate maritime operations involving foreign nations.

In one operation, the Joint Interagency Task Force (JIATF) South and the Drug Enforcement Administration identified a drug runner from Colombia transporting narcotics. Forces from the Dominican Republic interdicted the vessel, while USS Billing secured the jettisoned cargo, JIATF South said in a May 12 post on X. Around 326 kilograms (approx. 718 pounds) of cocaine and 105 pounds of marijuana were prevented from entering American communities.

Earlier, in a May 7 X post, JIATF South said that forces from Panama intercepted a vessel near the city of Colon on May 1 under the guidance of the task force. The Panamanian forces fired warning shots, detained two smugglers, and took custody of 799 kilograms (approx. 1,761 pounds) of cocaine.

JIATF leverages its member nations’ capabilities to identify and monitor drug trafficking activity in maritime and air domains. The task force aims to interdict and seize illicit narcotics to disrupt their shipments, and diminish or destroy the transnational criminal organizations running these activities.

In a May 5 statement, the United States Coast Guard said it had interdicted a drug vessel off the coast of Haiti together with the United States Navy, taking into custody roughly 3,200 pounds of marijuana valued at roughly $3.8 million. One person was taken into custody and transferred to Haitian authorities.

Eighty percent of “interdictions of U.S.-bound drugs occur at sea. This underscores the importance of maritime interdiction in combatting the flow of illegal narcotics and protecting American communities from this deadly threat,” the Coast Guard said.

“Detecting and interdicting illicit drug traffickers on the high seas involves significant interagency and international coordination.”

Health Impacts, Legal Actions

According to a March 2024 post by the National Institute on Drug Abuse, the short-term physiological effects of cocaine intake include higher body temperature and heart rate, dilated pupils, constricted blood vessels, and increased blood pressure. People may feel paranoid, irritated, restless, and experience muscle twitches and vertigo.

“Regularly snorting cocaine can lead to loss of sense of smell, nosebleeds, problems with swallowing, hoarseness, and an overall irritation of the nasal septum leading to a chronically inflamed, runny nose. Smoking crack cocaine damages the lungs and can worsen asthma,” the post said.

“Cocaine damages many other organs in the body. It reduces blood flow in the gastrointestinal tract, which can lead to tears and ulcerations. Many people who use cocaine chronically lose their appetite and experience significant weight loss and malnourishment. Cocaine has significant and well-recognized toxic effects on the heart and cardiovascular system. Chest pain that feels like a heart attack is common and sends many people who use cocaine to the emergency room.”

Other risks include stroke, seizure, bleeding in the brain, neurological problems, and Parkinson’s disease.

As for marijuana, short-term effects include anxiety, sleepiness, confusion, and an impaired ability to concentrate and remember. If marijuana is smoked, then blood vessels can be damaged. People may also hallucinate and suffer from paranoia, according to a March 2024 post by Health Canada.

Long-term effects include harm to memory, intelligence, and the ability to think and make decisions. The lungs may suffer from infections, bronchitis, and increased mucus buildup. Effects tend to be worse if marijuana use started during early adolescence.

The Trump administration has taken various legal actions against drug traffickers.

On May 13, the Drug Enforcement Administration announced that two illegal immigrants and two convicted felons were sentenced to prison for being part of an international drug trafficking and money laundering group whose operations stretched from Atlanta to Mexico.

The four accused were sentenced to prison terms ranging from five years and five months to 15 years.

“These defendants forfeited their freedom by choosing to poison our community and enrich narco-terrorists abroad,” U.S. Attorney Theodore S. Hertzberg said.

In March, a 26-year-old Mexican national illegally residing in Houston was sentenced to 12 years in federal prison for conspiracy to possess with intent to distribute methamphetamine.

Tyler Durden Sat, 05/16/2026 - 18:40

Pakistan Uses Diplomacy To Secure LNG Supply from Hormuz

Submitted by Charles Kennedy of OilPrice.com

Pakistan has negotiated the passage of vessels laden with Qatari LNG out of the Strait of Hormuz in a diplomatic feat that no other energy buyer has managed so far in the Iran war.

Pakistan, which was the mediator of the U.S.-Iran talks and is passing messages from one to the other, appears to have used well its close ties with both Qatar and Iran to negotiate the successful imports of two tankers with Qatari LNG.

Pakistan has relied on Qatar's term LNG supply for years, but the war in the Middle East has led to the shutdown of Qatari LNG production and exports.

Without Qatar's LNG, Pakistan has been reeling from an intensifying energy crisis with power outages and fuel rationing.

Thanks to a bilateral Pakistan-Iran agreement, two vessels carrying Qatari LNG arrived in Pakistan in recent days after successfully passing through the Strait of Hormuz.

The first LNG cargo that successfully cleared the chokepoint earlier this month was bound for Pakistan.

"Qatar-linked LNG movement through Hormuz showed a limited but significant restart," maritime intelligence firm Windward said on Thursday in an analysis on the five weeks of ceasefire.

The Al Kharaitiyat on May 9 became the first Qatar LNG cargo to clear the Strait of Hormuz since Iran closed it on February 28, headed for Pakistan. Another Qatari LNG cargo arrived in Pakistan this week after clearing the chokepoint earlier in the week.

"Pakistan will continue to coordinate closely with Qatar to ensure uninterrupted LNG supplies," Pakistan's Federal Minister for Petroleum, Ali Pervaiz Malik, said on Thursday during a meeting with Qatar's Ambassador to Pakistan, Ali bin Mubarak Al-Khater.

"Pakistan's preference is to secure supplies from friendly brotherly countries through necessary approvals, without risking any loss of life or property," the Pakistani minister said, adding that "efforts are underway to secure additional gas supplies in view of national energy requirements."

Tyler Durden Sat, 05/16/2026 - 16:20

50 Empty Waymos Invade Upscale Tiny Atlanta Neighborhood

With Waymo robotaxis now operating in 11 major U.S. markets, these fully autonomous Jaguar I-PACE SUVs are becoming increasingly visible to everyday folks. This wider rollout means more public encounters and more viral footage capturing robotaxis in the wild.

One such incident occurred in a northwest Atlanta neighborhood this week, where residents told local media outlet WSB-TV that more than 50 empty Waymo SUVs flooded their tiny street.

"It's almost every little cul-de-sac in our area, so I think it's a problem," one neighbor on Battleview Drive told WSB's Steve Gehlbach.

The Battleview resident said, "I think yesterday morning we had 50 cars come through between 6 and 7."

It's not just Battleview; other residents in the area say empty robotaxis have been repeatedly circling their streets in growing numbers over the past several weeks.

Residents told the local outlet that the robotaxis are not picking up passengers, raising concerns that the activity is excessive and potentially dangerous, especially for families with children nearby.

Expect more stories like this as robotaxi deployment ramps up nationwide. We have provided readers with enough context about robotaxi deployments (see here and here).

Just wait until local resistance movements, similar to data centers, begin …

Tyler Durden Sat, 05/16/2026 - 13:25

Persian Gulf Countries 'Refused' UAE Call For Joint Attack On Iran

Via The Cradle

The UAE tried but failed to persuade neighboring states, including Saudi Arabia and Qatar, to take part in a coordinated military attack on Iran, Bloomberg reported Friday, citing sources familiar with the matter.

UAE President Mohammed bin Zayed (MbZ) spoke by phone with Saudi Crown Prince Mohammed bin Salman (MbS) and other regional leaders to propose the coordinated attacks, shortly after the US and Israel launched the war on Iran on February 28, the sources said.

During the calls, MbZ argued that the states that formed the Gulf Cooperation Council (GCC) must act as a bloc to attack Iran alongside the US and Israel. However, his fellow Gulf leaders told him it was "not their war," according to the report.

When Saudi Crown Prince MbS refused to go along with the scheme, already shaky ties between the UAE and Saudi Arabia were further strained. The Saudi refusal also contributed to the Emirates' decision to leave OPEC and OPEC+, the oil-producing cartel, and deepen its existing ties to Israel.

The UAE ultimately carried out several strikes against Iran without support from other Gulf states in early March and in April. Iran targeted US bases and oil facilities in Saudi Arabia with drones in the first days of the war. Yet the kingdom focused its efforts on promoting Pakistani-mediated negotiations between Washington and Tehran.

Qatar considered joining the UAE in an attack after Iranian missile strikes hit Doha's Ras Laffan Industrial City, the world's largest liquefied natural gas (LNG) facility, causing extensive damage and major fires, a Gulf official said. However, Doha also ultimately chose to de-escalate and throw its support behind negotiations.

Bahrain, Kuwait, and Oman joined Saudi Arabia and Qatar in rejecting the UAE plan. One source said US officials were aware of the UAE effort and that Washington pushed Saudi Arabia and Qatar to join a coordinated military response.

On Thursday, the Financial Times (FT) reported that Saudi Arabia had "floated" the possibility of reaching a "non-aggression pact" between Iran and neighboring states modeled on the 1975 Helsinki Accords, which eased tensions during the Cold War in Europe.

The Saudi-proposed pact for the day after the US-Israeli war on Iran ends reportedly has support from several European capitals, which view it as “the best way to avoid future conflict” and have urged Arab states to support it.

The British daily cites an unnamed Arab diplomat who says that such a pact would be welcomed “by most Arab and Muslim states, as well as by Iran,” although severe concerns remain about Israel's continued threats to reignite the war regardless of any deal.

Meanwhile, the two-day meeting of BRICS foreign ministers in New Delhi ended on Friday without a joint statement due to "differing views" on the US-Israeli war against Iran and the current situation in West Asia. The foreign ministers expressed "their respective national positions and shared a range of perspectives," according to a statement issued by India.

The statement added that one member state had "reservations" about issues related to Gaza, as well as security in the Red Sea and the Bab al-Mandab Strait. 

Iranian Foreign Minister Abbas Araghchi said during the meeting that "Iran is a country that cannot be divided. The era of American dominance is over." He also singled out the UAE for blocking the ministerial BRICS statement, and pointed out its “own special relationship with Israel.”

Tyler Durden Sat, 05/16/2026 - 12:50

One Of Russia's Largest Fuel Facilities Spews 'Black Rain' Over Ryazan After Deadly Ukrainian Drone Strike

An early Friday drone strike triggered a major fire at the Ryazan Oil Refinery, one of Russia's largest fuel production facilities, according to local residents and Russian monitoring channels.

Residents reported multiple loud explosions after drones were seen flying over the city, with videos circulating online showing flames and thick smoke rising from the refinery.

VKontakte/Moscow Times

"An ASTRA OSINT analyst has determined that in addition to two high-rise buildings, an oil refinery in the city was damaged. Photos taken by witnesses were taken near the Olympic Town microdistrict, approximately 4 km from the Ryazan Oil Refinery," one independent Russian outlet wrote.

Two high-rise buildings in Ryazan were also struck, resulting in significant casualties:

A Ukrainian drone barrage killed at least four people and ignited a huge fire at an oil refinery in the city of Ryazan on Friday, in what appeared to be a direct retaliation for a deadly Russian strike on Kyiv a day earlier.

Ryazan region Governor Pavel Malkov confirmed the deaths in posts on Telegram, adding that dozens of people, including children, were wounded in the attack. He said drones struck two apartment buildings and an industrial site, which he did not identify by name.

There were also reports that "black rain" fell from the sky after the refinery was struck, which adds additional confirmation to serious damage at the fuel facility amid the ongoing emergency response:

The strike sparked a fire at the Ryazan oil refinery, leading to what some locals described as an "oil rain." Residents complained online of sticky black spots on their cars, windows, and building facades. 

Ukrainian sources have alleged that both the Ryazan refinery and Gazprom's Astrakhan gas plant are considered critical components of Moscow's war infrastructure.

Via Meduza

Last week a brief ceasefire held. Soon on the heels of the successful 3-day and US-backed 'V-Day' ceasefire between Russia and Ukraine, Russian forces went on to unleash several days of drone and missile barrages on Ukrainian cities, especially the capital. Some 1,500 missiles and drones were launched in just 48 hours.

BBC reported Thursday that "At least seven people have been killed, including a 12-year-old girl, in Kyiv after Russia launched a massive wave of drone and missile strikes on the Ukrainian capital and other regions, officials have said."

Ukraine launched one of its largest drone attacks of recent months, setting Russia’s Ryazan oil refinery ablaze and striking military targets across multiple regions.

The refinery processes 17.1M tons of oil annually and sits just 180 km from Moscow, The Kyiv Independent. 1/ pic.twitter.com/HhArH7sf6f

— Tymofiy Mylovanov (@Mylovanov) May 15, 2026

Sadly, the tit-for-tat 'revenge' strikes are only increasing, and more and more apartment blocks and civilian neighborhoods on each side have been coming under devastating attacks.

Tyler Durden Sat, 05/16/2026 - 12:15

Lefty Union Paralyzes Long Island Rail Road As Strike Sets Commuter Chaos Countdown For Monday

Yet another reason for privatizing mass transportation emerged Saturday morning, after a left-wing rail union launched a strike set to snarl the nation's busiest commuter railroad network.

The labor action threatens to paralyze the Long Island Rail Road, a critical transportation artery spanning the New York City-to-Long Island corridor and linking Manhattan, Brooklyn, and Queens with Nassau and Suffolk counties.

The Brotherhood of Locomotive Engineers & Trainmen (BLET), which endorsed former left-wing and failed presidential candidate Kamala Harris, said its 3,500 members who work for the LIRR went on strike early Saturday morning.

"No agreement on wage increases was reached between a coalition of five unions, including BLET, and the LIRR. In accordance with the terms of the Railway Labor Act, the coalition's 3,500 members went on strike just after midnight," BLET wrote on X.

No agreement on wage increases was reached between a coalition of five unions, including BLET, and the LIRR. In accordance with the terms of the Railway Labor Act, the coalition’s 3,500 members went on strike just after midnight on Saturday, May 16. Story: https://t.co/UcCgIVItiA pic.twitter.com/BW9Un14kHc

— Brotherhood of Locomotive Engineers and Trainmen (@BLET) May 16, 2026

BLET's National Vice President Kevin Sexton was quoted by AP News as saying that negotiations between the union and the LIRR have collapsed. 

"We're far apart at this point," Sexton said. "We are truly sorry that we are in this situation."

MTA Chairman Janno Lieber said LIRR "gave the union everything they said they wanted in terms of pay," and that to him it was apparent the unions always intended to walk out.

In fact, we detailed in August 2025 a comprehensive "Color Revolution: A Strategic Assessment (2025-2028)," outlining how left-wing unions and NGOs were planning "coordinated, targeted, and nonviolent strategic action such as national strikes and boycotts, large-scale disruption to economic activity and civil society, and other forms of mass political defiance designed to damage a government's legitimacy, authority, and capacity."

The rail strike threatens major disruption for roughly 270,000 daily riders and could cost the region an estimated $61 million in lost economic activity per day.

The labor action will likely backfire because LIRR riders are mostly middle-class, and the shutdown of the transportation network will hurt working households the most.

Limited shuttle bus service is planned beginning Monday, but capacity will cover only a fraction of normal ridership.

This is the first strike on the LIRR since 1994, and the timing could not be worse, as commuting across the service area will be a nightmare come Monday morning. This is also unfolding in a state controlled by unhinged Democrats, alongside a socialist mayor in NYC.

Tyler Durden Sat, 05/16/2026 - 11:05



 

 

This week, I speak with former FDIC Chair Shelia Bair. We discuss the release of her latest book “How Not To Lose A Million Dollars” and the importance of financial literacy across age groups. Bair also discusses her concerns about crypto, gambling, and the rise of Buy Now, Pay Later.

A list of her current reading is here; A transcript of our conversation is available here Monday.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube (video), YouTube (audio), and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business next week with Vimal Kapur, CEO and Chairman of DJIA component Honeywell International. The firm is in the midst of dividing into three companies: Honeywell Automation, Honeywell Aerospace, and Solstice Advanced Materials. The firm has fully integrated AI as the intelligence layer in all of its automation processes and products.

 

 

 

Authored Books

 

Current Reading/Favorite Books

 

 

Books Barry Recommended

 

 

 

The post MiB: Shelia Bair, former FDIC Chair appeared first on The Big Picture.

Samsung, South Korean Union Resume Talks As Strike Threat Risks Disrupting Memory Chip Fabs

Heavy selling swept across Asian markets on Friday, with South Korea's benchmark KOSPI plunging 6% as traders aggressively reduced exposure to the country's semiconductor sector. Samsung Electronics and SK Hynix led the decline. The catalyst for the sell-off was labor action risk headlines at Samsung, where the company's union threatened a strike that could disrupt production lines at the world's largest memory chip manufacturer.

By Saturday morning, there was a major sigh of relief: Samsung and its labor union would resume government-mediated pay talks on Monday, according to a Reuters report.

The union released a statement earlier explaining that Samsung had replaced its negotiation team, and both sides would meet later Saturday for separate meetings ahead of Monday.

Chairman Jay Y. Lee issued a public apology over the labor dispute, alongside Samsung's decision to replace its lead negotiator:

"I sincerely apologize to customers around the world for causing anxiety and concern due to issues within our company," Lee said, telling reporters that he also "deeply bows in apology to the public."

South Korean officials, including the labor minister, prime minister, and finance minister, have urged both the union and Samsung to resolve their labor issues, as a strike could threaten production lines for some of the world's most advanced memory chips, which are critical for AI data center buildouts. 

The collapse in talks on Friday sparked a sharp decline in the KOSPI, ending weeks of gains. It also comes as the world is suffering from a deepening memory supply crunch (read here). 

Shares of Samsung in South Korea closed down 6.66%.

However, Taiwan-based market intelligence and research firm TrendForce wrote on X:

Samsung's strike is set to formally begin on May 21. Because the company's semiconductor fabs are already highly automated, the impact on production is expected to be limited.

However, there will likely be noticeable disruptions to packaging and logistics, R&D and design, and customer relations. In terms of unionization, about half of all employees across the Samsung Group are union members, most of whom work in the semiconductor division. Internally, management has already extended an olive branch to the DRAM division, but has not yet reached an agreement with union members in the Foundry and LSI divisions.

Samsung’s strike is set to formally begin on May 21. Because the company’s semiconductor fabs are already highly automated, the impact on production is expected to be limited. However, there will likely be noticeable disruptions to packaging and logistics, R&D and design, as well… https://t.co/l2ibgeXEIL

— TrendForce (@trendforce) May 15, 2026

Given that memory is a critical component of data center buildouts, why would the union suddenly feel compelled to risk seizing up memory-chip production lines unless there was an ulterior motive?

In the U.S., unhinged socialist Bernie Sanders has pushed a data center bill moratorium, which is very suspicious because it would only allow China to catch up to the U.S.

Separately, it is worth noting that DEI has effectively been backronymed into "Data Centers, Electricity, and Infrastructure."

Tyler Durden Sat, 05/16/2026 - 09:55

The post Import Prices Soar: Trump Says Exporters Too Low IQ to Eat the Tariffs appeared first on CEPR.

UK Moves To Ban New North Sea Oil & Gas Licenses Permanently

Via City AM,

• The UK government will introduce legislation banning new North Sea oil and gas exploration licences as part of its Energy Independence Bill.

• Critics argue the policy will increase Britain’s reliance on imported fossil fuels while damaging Scotland’s oil and gas industry.

• Rising oil prices and disruptions tied to the Iran conflict have intensified political pressure on Labour to reconsider the ban.

The government will make it illegal to grant new oil and gas licences in the North Sea, the King said at the state opening of Parliament, in a sign ministers are refusing to buckle in the face of a barrage of criticism that the policy is depriving the UK of billions of pounds in tax receipts without helping the environment.

As part of an Energy Independence Bill announced in the King’s Speech, the government will bake into law its pre-election pledge not to explore new oil and gas fields in a bid to “take control of our energy security”.

In its 2024 manifesto, the Labour Party made a ban on all new exploration and drilling licences in the North Sea a key pillar of its promise to turn Britain into a “clean energy superpower” by 2030.

But since entering government, the party has come under growing pressure to renege on the promise, with critics arguing it strangles one of Scotland’s most vibrant industries and fails to improve the UK’s environmental footprint.

Backlash against ‘deluded’ North Sea policy

Oil and gas still accounts for three-quarters of the UK’s energy mix. And the majority of those fossil fuels are now shipped in from abroad, meaning other economies benefit from the job creation and tax receipts that are derived from the lucrative drilling and refining processes.

Calls for the ministers to rethink the ban have grown louder since the outbreak of war in Iran led the price of crude oil to nearly double in a month.

Last week, Norway, which drills for oil in the same area of the North Sea as Britain, approved plans to reopen three gasfields that had been shut for decades to help sate the global demand for fossil fuels caused by the closure of the Strait of Hormuz shipping lane.

Two of Labour’s main political opponents – Reform UK and the Conservatives – have both vowed to overturn the ban, in a move they say would help increase the UK’s tax take and inoculate it from any acute supply shocks.

The ban, which the government claims will help Britain off the “roller-coaster of fossil fuel markets”, has also drawn criticism from the US’s ambassador to the UK, who has used multiple interviews to urge Britain to make more of its reserves.

Shadow energy secretary Claire Coutinho accused her opposite number Ed Miliband of being “utterly deluded” for seeking to put the ban into the statute book.

“He is not making us more independent. He is making us more reliant on foreign imports,” she said.

Tyler Durden Sat, 05/16/2026 - 09:20

Pentagon 'Blindsided' As Hegseth Pulls Plug On 4,000-Troop Deployment To Poland

President Trump's earlier previewed controversial troop cuts for the European continent may already be in progress, and could happen more rapidly than previously thought. 

The US Army has canceled the deployment of the 2nd Armored Brigade Combat Team, 1st Cavalry Division to Poland, NBC reports this week. The deployment would have involved over 4,000 soldiers as well as military equipment.

Getty Images

Various reports say that top Pentagon staff were 'blindsided' by what is being characterized as War Secretary Pete Hegseth's sudden U-turn on the plan to send troops to Poland, amid Trump anger at Europe.

Politico says that troops and equipment had actually started arriving in the country:

The decision was even more surprising because troops and equipment had already started to arrive in the country. It sent fresh waves of anxiety through European capitals and inside the Pentagon on Thursday about whether such moves could embolden Russia — and which ally might turn into the next target.

“We had no idea this was coming,” said one of the U.S. officials, adding that European and American officials have spent the last 24 hours on the phone trying to understand the decision and figure out if more surprises are coming.

Some of this surprise and frustration was echoed in public, with Lt. Gen. Ben Hodges, the former commander of the U.S. Army in Europe, stating that the Army’s role in Europe "is all about deterring the Russians, protecting America’s strategic interests and assuring allies."

But it remains that "now a very important asset that was coming to be part of that deterrence is gone." He added: "The Poles certainly have never criticized President Trump, and they do all the things that good allies are supposed to do. And yet, this happens."

There was no command announcement, with some troops learning of the deployment cancelation by text among their friends and members of their unit.

As for Trump's plan to reduce the US presence in Germany by 5,000, this is expected to take many months - possibly over a period of six months to a year.

The Pentagon scrapped plans to send about 4,000 Army troops to Poland, people familiar with the matter said, part of a broader review of the US military presence in Europe https://t.co/b4DX9pr3Hc

— Bloomberg (@business) May 14, 2026

The large US presence hearkens back to the post WWII division of Germany and post-war order, and is also a legacy of the Cold War. Ironically at this very moment European leaders have hyped a 'new Cold War' with Russia, as the Ukraine war continues raging.

"The officials characterized the move as a signal of President Trump's discontent with the level of assistance that European allies have offered in the U.S.-Iran war," CBS has noted previously.

Tyler Durden Sat, 05/16/2026 - 08:45

41% Of Muslim Youth In Vienna Believe Their Religious Laws Take Precedence

Via Remix News,

A recent study conducted on behalf of the city of Vienna highlights a concerning trend among young Muslims regarding their religious and political views. This follows the recent announcement that Muslim children now comprise nearly 41 percent of the population in Vienna’s compulsory schools, making them the largest religious group.

The study, published on May 12, 2026, was led by Kenan Güngör. He classifies the results as “very worrying,” noting that religion occupies a much larger space in the lives of Muslim youth compared to their peers.

One of the most significant findings involves the hierarchy of legal and religious authority.

Forty-one percent of Muslim youth agree with the statement that their religious laws take precedence over the laws in Austria, compared to 21 percent of Christian youth, as reported in Austrian news outlet Der Standard.

Furthermore, 46 percent of Muslim respondents believe that one must be prepared to “fight and die in defense of one’s faith,” a view shared by 24 percent of Christians.

Specifically, 73 percent of Shiite and 68 percent of Sunni Muslims identify as religious, while only 41 percent of Catholic and 38 percent of Orthodox Christian youth say the same.

The study also delves into social and everyday religious expectations, showing that 36 percent of Muslim youth believe that all people should follow the rules of their religion, and more than half believe Muslim women should wear headscarves in public.

Additionally, 65 percent say Islamic regulations apply to all areas of everyday life and must be strictly observed. Regarding these figures, Güngör speaks of social pressure within these communities.

Views on governance and social equality also show a distinct divide. While 82 percent of Austrians view democracy as the best form of government, support drops to 47 percent for Syrians, 50 percent for Chechens, and 61 percent for Afghans.

Conservative gender roles are also prevalent among these groups, where almost half think men should make important decisions and a quarter do not want a woman as a boss. Only around a third consider homosexuality to be okay.

The research, which surveyed 1,200 individuals between the ages of 14 and 21 across 10 different ethnic backgrounds, indicates that a third of Muslim youth have become more religious recently. Their identity is shaped much more by religion than for Christians, manifesting in higher rates of praying, fasting, and mosque attendance.

However, the study authors state that religion alone was not the only factor. They suggest that lower education levels, authoritarian upbringing, social isolation, and the influence of radical content on the internet also play a role in shaping these perspectives.

Austria is not the only European country dealing with the troubling views seen within a worrying number of Muslims. In Germany and France, a majority of young Muslims also put their religion above the laws of the state, as two recent studies illustrate (here and here).

The contrasting belief systems have also led to tension. For example, a majority of Germans now believe that the country should generally stop taking in more Muslim immigrants.

Read more here...

Tyler Durden Sat, 05/16/2026 - 08:10

Turkey Proposes $1.2B Fuel Pipeline To Reboot NATO's Eastern Flank Logistics

Just when it seemed as if the European energy landscape couldn't get any more fractured, Ankara is stepping up with a massive, off-grid proposal. Bloomberg reports Friday that Turkey has "proposed building a $1.2 billion (€1 billion) fuel pipeline for military use to help meet the energy needs of allies on NATO's eastern European flank, according to people familiar with the matter."

"Following a push by the alliance to expand its military pipeline network, Ankara is proposing that the new link be built from Turkey to Romania via Bulgaria, said the people, who spoke on condition of anonymity," the report adds. 

Source: Envato

Insiders claim the Turkish route could cost a mere one-fifth of the alternative proposals, amid several alternative routes being floated of late, specifically via Greece or Romania’s western neighbors.

Officials told Bloomberg that Russia’s ongoing war in Ukraine and the escalating chaos in the Middle East - including recent supply shocks from the de facto closure of the Strait of Hormuz - have forced NATO to realize its current fuel supply model is dangerously brittle.

The timing of the quiet proposal comes ahead of the highly anticipated 2026 NATO Summit which will be held in Ankara on July 7-8. It will mark on the second time that Turkey has hosted the alliance's major annual summit.

Sources explicitly stated that this pipeline will be 100% restricted to military use. Exact capacity, flow rates, and technical specifications are being kept strictly classified, with no official statement out of Turkey's defense ministry.

More broadly, Turkey has long been seen as central to reducing Europe's dependence on Russian energy, with its Eurasian geography - and the fact that it has the second largest military in NATO - being key.

Turkish media and experts have been busy hyping Turkey's role in reshaping the alliance, including at an event this week in Washington:

The event, titled "The Turkish-American Alliance at the Heart of NATO's New Geopolitics," was organized by Türkiye's Directorate of Communications and the Foundation for Political, Economic and Social Research (SETA) and moderated by Kadir Üstün, executive director of SETA in Washington.

The panel came ahead of the 2026 NATO summit scheduled for July 7-8 in Ankara, marking the second time that Türkiye will host a NATO summit following Istanbul in 2004. Communications Director Burhanettin Duran delivered a video message at the beginning of the panel. "In our 74-year journey with NATO, we have faced many challenges and difficulties. Each time, in keeping with the principle of mutual loyalty, we have managed to overcome these tests," Duran said.

He added: "With its geostrategic position, military capacity and deterrence capabilities, our country has been an indispensable central state in NATO's collective defense architecture and a geopolitical balancing factor from the Cold War to the present day."

*TURKEY SAID TO FLOAT $1.2B FUEL PIPELINE TO EASTERN NATO ALLIES

It will just cost the "eastern NATO allies" $12BN to build it

— zerohedge (@zerohedge) May 15, 2026

And of course, related to this and high on the agenda will be utilizing Turkey's strategic location and ability to provide alternative energy routes which increasingly cut out Russia's ability to influence Europe's energy policy.

Tyler Durden Sat, 05/16/2026 - 07:35

The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat outside, and get ready for our longer-form weekend reads:

• Pay Attention: Essential advice for the class of 2026. It sounds simple. But paying attention is in fact one of the most challenging and meaningful things you can do. Because what you pay attention to shapes what you care about. And what you care about shapes who you become. Jonathan Haidt’s NYU commencement address, in essay form. Familiar themes, sharper delivery. (The Atlantic)

• Words That Mattered: Fed Chair Jay Powell.He was sworn in as Chair in February 2018, with an economy at 4% unemployment and inflation slightly below 2%; he leaves  with unemployment close to 4% and inflation above 3% and rising—a miss on the price stability mandate. The two endpoints do not do justice to the scale of the economic challenges—above all, the pandemic—that Powell navigated. (Stay-At-Home Macro)

• How Warren Buffett Did It By Seth A. Klarman: The Buffett story keeps getting more interesting under scrutiny. The most successful investor of all time retired. Here’s what made him an American role model. On the leverage hiding inside the ‘patient value investor’ brand.  (The Atlantic)

• The Long Revolution: Will capitalism last forever? If capital was viewed as a thing and capitalists as people, capitalism was something else. Blanc described it as an act, the taking of collective wealth and turning it into individual or private profit. Proudhon claimed it was a citadel, casting medieval and military shadows across the land. Despite his obvious interest and extensive writing on the subject, Marx steered clear of the term. Helpful frame for thinking about where the current consolidation cycle fits. (The Nation)

• The Founding Story Behind Japan’s Oldest Whisky Maker: The Suntory origin story — part craft history, part marketing — a satisfying read for whisky drinkers. The House of Suntory is often credited with putting Japanese whisky on the map. (Town & Country)

• I Work in Hollywood. Everyone Who Used to Make TV Is Now Secretly Training AI: For screenwriters like me—and job seekers all over—AI gig work is the new waiting tables. In eight months, The quiet new gig economy: laid-off writers, editors, and showrunners moonlighting as AI-training contractors. The talent doesn’t disappear, it just gets repurposed. I’ve done 20 of these soul-crushing contracts for five different platforms. It’s bad. (Wired)

• 5 Legendary Apple Stories That Reveal the Genius Behind Its Innovation. Apple’s greatest innovations came not just from technology, but from relentless creativity, unconventional thinking, and an obsessive drive to make products feel magical to ordinary people. Five vignettes from the Apple corpus. Hagiographic in tone, but each contains an actual decision worth studying. (Next Big Idea Club)

• The Stephen Colbert Exit Interview: “I Did Not Expect It to End This Way”: Colbert reflects on the abrupt cancellation of The Late Show and what it says about the slow death of network late-night. As ‘The Late Show’ nears its final bow, the host opens up about the cancellation that shocked the industry, the win of going out as a “martyr” and his next act in Middle-earth. (Hollywood Reporter)

• The Astounding Discovery That Could Link Eastern and Western Medicine:  The detection of another circulatory system in the human body could have enormous scientific implications.  (New York Times Magazine)

• Why Steve Kerr stayed with the Warriors.  Kerr loves the game and its history. He’s an obsessive sports fan and has been watching the last acts of sporting lives for the past 40 years. It’s often ugly. The final years of Lute Olson’s life were not the victory lap they should have been. Kerr doesn’t want the Warriors to end up like the New England Patriots, marred by grudges and grievances. He watched Michael Jordan retire, then unretire, then retire, then unretire. His friends used to grill him about MJ. Kerr on loyalty, succession, and the Curry era’s last laps. A nice contrast to most coaching-job pieces, which read like prospectuses. (ESPN)

Video of the day: Wanton Destruction Of CBS Property – Letterman & Colbert Toss Stuff Off The Roof Of The Ed Sullivan

Be sure to check out our Masters in Business this weekend with Sheila Bair, former Chairperson of FDIC from 2006-11. She helped steer the agency through worst financial crisis since the Great Depression. Her new book is aimed at young adults and teenagers, titled “How Not to Lose a Million Dollars”

 

Despite peak Shiller CAPE, if you bought the Nasdaq 100 top in March 2000, you made ~8% per year since

Source: @cullenroche

 

Sign up for our reads-only mailing list here.

~~~

To learn how these reads are assembled each day, please see this.

 

The post 10 Weekend Reads appeared first on The Big Picture.

Beijing Showcased Future War Machines While Trump Was In Town

The 11th China Military Intelligent Technology Expo opened Thursday at the China National Convention Center in Beijing, showcasing a lineup of drones, robotic war dogs, grenade launchers, wheeled unmanned systems, artificial intelligence, and other modern battlefield technologies.

The key takeaway is that many of these once-futuristic war machines have moved well beyond the conceptual stage and are already being tested, fielded, or deployed across multiple Eurasian conflict zones.

pic.twitter.com/cJu65g76ji

— Drone Wars (@Drone_Wars_) May 15, 2026

State media outlet Global Times said the military and intelligence expo features 500 companies and draws tens of thousands of attendees from the defense industry.

This year's theme focuses on integrating technological innovation with industrial development, highlighting Beijing's push to accelerate its military intelligence capabilities.

Global Times published images of the latest tech:

Robotic Helicopter

Interceptor Drones

Flying Car

Robo-Dogs

AI

More AI

The real question is: What are the production numbers behind the items on display?

Defense

Sensors

Timing is also important because the expo occurred on the same day President Trump was in Beijing. 

Latest:

• US And China Agree To Establish Trade And Investment Boards As Trump-Xi Summit Delivers Modest Wins

In the U.S., President Trump’s war economy is beginning to ramp up, with the industrial base being pushed toward expanded production of drones, interceptors, and other next-generation weapons systems. This all comes as the world fractures into a more dangerous environment as the global security environment is likely to further deteriorate.

Tyler Durden Fri, 05/15/2026 - 23:00

Waste Of The Day: Seattle's Homelessness Fiasco

Authored by Jeremy Portnoy via RealClear Politics,

Topline: The homelessness agency in King County, Wash., has a $45 million deficit, but auditors can’t fully figure out why, according to a state audit publicly released this April. Its accounting records are so poor that it’s impossible to track where portions of its money are being spent.

Key facts: The King County Regional Homelessness Authority helps run shelters and outreach to the homeless population in 39 cities. It’s funded jointly by the county and the City of Seattle.

Financial records claim that the city and county owe the Homelessness Authority $49.8 million for services already performed, but the Authority could not explain what $8 million of that was for.

The Authority also overspent its administrative budget by $4.3 million, auditors found. Officials bought Salesforce, a business analytics platform, in 2024 without approval from the county, the report claims. A budget amendment later allowed them to spend $563,000, but the platform ended up costing more than $2 million.

Money was also wasted by hiring contractors from expensive consulting firms like Robert Half instead of using salaried workers, the audit found. The Authority contracted with one Robert Half staffer to serve as its chief financial officer for 11 months at $449,000. When the contract expired, the same person became a full-time employee for just $285,000 per year.

The reliance on contractors also increased staff turnover, which employees told auditors made accounting more difficult since financial systems were constantly being altered by new leadership. 

The Authority was formed in December 2019 and had received $534 million in total funding as of July 2025. Some local leaders, including Seattle Mayor Katie Wilson, said they are open to the idea of dissolving it.

King County Council member Rod Dembowski told the Renton Reporter, “It’s now time for elected officials to bring this failed experiment to an end. The agency has failed in its core obligation – to make significant progress in getting people sheltered.”

Search all federal, state and local salaries and vendor spending with the world’s largest government spending database at OpenTheBooks.com. 

Background: Seattle had almost 17,000 homeless people as of 2024, the fourth-largest population in the U.S. despite being the 18th-largest city. Homelessness increased by 19% from 2023 to 2024.

King County receives $65 million in annual federal funds from the Department of Housing and Urban Development’s Continuum of Care program. Most of it goes to the Homelessness Authority for housing, but the Trump administration is proposing changes that would require most of the money to be spent on “self-sufficiency” programs like job training and addiction treatment.

Summary: Seattle is becoming the largest major city to learn that spending massive amounts of money on homelessness prevention is pointless without careful oversight.

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

Tyler Durden Fri, 05/15/2026 - 22:35