A proposal from the current administration is working its way through the U.S. Securities and Exchange Commission to end quarterly corporate earnings.

This is a good idea.

Unfortunately, the frequency is in the wrong direction. Instead of replacing quarterly earnings releases with annual or semiannual ones, the SEC should be moving toward monthly, weekly, or even real-time earnings releases.

It’s counterintuitive until you experience it: more frequent reporting makes the data less significant.

Shifting from quarterly to annual doesn’t reduce the focus on short-term earnings management – it intensifies it. Think Christmas: If earnings come out only once a year, it becomes a huge event filled with hoopla and volatility. Even twice a year becomes a hyper-focused earnings-management festival.

The last time I addressed this was in 2018, during President Trump’s first term. As I exhorted the SEC:

“Report earnings monthly, with the goal of eventually moving to a near real-time, daily, fundamental update. Technology is improving to the point where business intelligence software and big data analyses will make this automated. Indeed, some companies already do much of this internally.” (emphasis added)

My frame of reference was the asset management shop I worked at in the late 2000s and early 2010s. I saw firsthand what the pressure of quarterly reporting does to a company that only issues its performance report four times a year. Regardless of whether we led or lagged the benchmark S&P 500 Index, the phones and emails would light up with questions.

That focus on the numbers every three months was an unhealthy obsession among clients and employees alike.

When we launched our firm in 2013, we worked with several partners (Custodians, Analytics, Reporting, etc.) to give every client real-time access to see exactly how they were doing, whenever they wanted. The only caveat we gave them: “You now have 24/7 access to see your returns, tick-by-tick — but please don’t, it will make you crazy.”

For the most part, this completely defused the hoopla around performance reporting.

The state of Artificial Intelligence today can do the same thing for the heightened focus on quarterly earnings reports for Corporate America. Back in the 2010s, Artificial Intelligence was in its “IBM Watson playing Jeopardy” era. We were pre-Claude, pre-Gemini, pre-ChatGPT, pre-Grok, and pre-Perplexity. Today, AI is something everyone carries around in their pockets.

This is not unknown territory. In 2014, the United Kingdom dropped its reporting requirements from quarterly to semi-annual; it saw no benefit. There was no increase in long-term investments after mandatory quarterly reports were dropped.1

Less frequent disclosure only widens the information asymmetry between insiders and investors; we will see even more insider trading as non-public information becomes more valuable. Price discovery will deteriorate even further than it already has. Instead of unpredictability, markets will experience regular tsunamis of volatility.

If we really want to end this sort of short-termism, companies should unilaterally stop giving guidance. The entire gamesmanship of beating last quarter’s company earnings guidance would come screeching to a halt.

The owners of corporate America, aka public shareholders, have the right to know how well the companies they own are doing. This includes basic information such as sales, revenue, and profits. The goal shouldn’t be to make public companies look like private ones. If anything, we should aim to generate more information about private and public companies so that investors can make informed decisions about risk.

This can be implemented gradually: the first companies that volunteer to move to monthly, then weekly, and then real-time are given safe harbor protection from the SEC (for a short period) against shareholder litigation. Eventually, over a 5-ish-year period, all companies move earnings reports to real time.

The recent blowups in private credit illustrate what happens when reporting is less frequent, transparency is lacking, and information exchange between those managing these firms and their owners or investors is highly limited. Private-credit managers, BDCs, interval/tender funds, and flagship private-credit vehicles have experienced notable redemptions, markdowns, defaults, and even portfolio blow-ups over the last couple of years. It is not a coincidence that these private companies report to their shareholders annually.

The idea of automating the process of reporting earnings in real time seemed fantastical a decade ago. Today, it is no longer unimaginable – it has become obvious.

 

 

Previously:
Report Earnings Daily (Bloomberg, August 20, 2018)

 

 

 

__________

1. Impact of Reporting Frequency on UK Public Companies by Robert Pozen, Suresh Nallareddy, and Shivaram Rajgopal

We studied the effects of these regulatory changes on UK public companies and found that the frequency of financial reports had no material impact on levels of corporate investment. However, mandatory quarterly reporting was associated with an increase in analyst coverage and an improvement in the accuracy of analyst earnings forecasts.”

 

 

 

 

~~~~~

AI DISCLOSURE: I wrote this myself. I used CHatGBT to generate the graphics;  Claude to research various proposals, and Google Gemini to identify issues with UK changes in earnings reporting

 

The post Artificial Intelligence and Quarterly Earnings Reports appeared first on The Big Picture.

The post Citizens United, Buckley v. Valejo, and Media Ownership: Turning Money into Power appeared first on CEPR.

ASP Isotopes Subsidiary Signs MOU With European Nuclear Technology Company For Fuel Supply

ASP Isotopes said its subsidiary Quantum Leap Energy LLC has signed a non-binding memorandum of understanding with an unnamed European nuclear technology company to explore a potential long-term partnership to supply fuel for advanced nuclear reactors, according to a company press release Monday morning. 

The agreement focuses on high-assay low-enriched uranium (HALEU), a type of nuclear fuel enriched to more than 10% uranium-235 that is expected to play a key role in powering next-generation reactors. Under the proposed arrangement, the European company would provide uranium feedstock to Quantum Leap Energy’s planned conversion and enrichment facilities, where it would be processed into HALEU and potentially deconverted before being delivered back to the partner.

The PR says that the companies said they will conduct technical and economic assessments to determine whether a long-term commercial partnership is viable. Those evaluations will examine production scalability, operational requirements, costs, and potential business models.

The memorandum runs through Dec. 31, 2030, though either party can terminate it earlier. It also includes preliminary estimates for HALEU supply volumes, with potential deliveries beginning in 2028 and increasing through 2036 in line with the European company’s reactor development schedule.

The deal comes as governments and nuclear developers race to secure new sources of HALEU amid concerns over limited global supply and geopolitical risks tied to existing nuclear fuel supply chains. Industry leaders have warned that expanding enrichment capacity — particularly in the U.S. and allied markets — will be critical to supporting the rollout of advanced nuclear technologies.

Recall we wrote last month that ASPI was working to provide timely relief for the global helium shortage.

In a research note from Canaccord Genuity analyst George Gianarikas last month, he highlighted the company’s Virginia Gas Project in South Africa as a potential new source of supply just as Qatar’s helium exports face major disruption.

The warning came shortly after we reported on Qatar’s Ras Laffan complex damage and the closure of the Strait of Hormuz, which together threaten roughly one-third of global helium output. Helium remains essential for semiconductor manufacturing, MRI machines, aerospace systems, and quantum computing. It has no practical substitute in chip fabrication, where it cools wafers and detects microscopic leaks.

ASP Isotopes’ Virginia Gas Project stands out because of its unusually high helium concentrations. The 1,870 sq. km deposit averages 3.4% helium, with peaks reaching 12%. That compares with Qatar’s typical 0.01% and the U.S. average of 0.35%.

As we discussed last month, Phase 1 drilling wrapped up four months ahead of schedule in March 2026. Production is scheduled to begin in late 2026, delivering 58 MCF per day of helium alongside LNG. 

Phase 2, targeted for completion around 2030, would scale output to 895 MCF per day. Using conservative pricing of $380 per MCF, Canaccord estimates Phase 1 revenue near $20 million annually and Phase 2 above $285 million.

The project benefits from U.S. International Development Finance Corporation backing and is located in a geopolitically neutral jurisdiction.

ASP Isotopes now faces the standard execution challenges of moving from drilling to full commercial output, but the asset positions the company as one of the few near-term Western-aligned sources capable of adding meaningful new supply.

Tyler Durden Mon, 05/11/2026 - 12:05

Parabolic Semiconductor Rally Is Pricing In 2028 Already

Authored by Lance Roberts via RealInvestmentAdvice.com,

The parabolic semiconductor rally crossed a line this week. SOXX, the iShares Semiconductor ETF, closed Friday at $509.77 after touching a fresh intraday high of $511.68. That’s a gain of roughly 244% from the April 2025 low of $148.31. Most of that move has been compressed into the last two months alone. Since mid-March, SOXX has tacked on another 58%. The chart is now textbook parabolic. And parabolic charts almost never end politely.

If you wanted a real-time stress test of how fragile this move is, you got one this week. Semiconductors took a -2.86% hit on Thursday on softer Iran headlines, with Broadcom and Micron dragging. By Friday’s open, the dip was already being bought aggressively. A stronger-than-expected April jobs report (115,000 vs. 65,000 expected) and renewed peace-deal optimism sent the Nasdaq up 1.71% on the day, with SOXX printing a new intraday high before the close. That’s not a market digesting risk. That’s a market refusing to take “no” for an answer.

I’ve watched this movie before. After 30 years of cycles, the ending is rarely a surprise. The setup, however, is almost always sold as “this time is different.” It isn’t. In fact, every parabolic semiconductor rally in modern memory has ended the same way, and there’s no reason to expect a kinder math this round.

Where The Parabolic Semiconductor Rally Stands Today

Start with the math, because it’s doing the talking. SOXX is currently trading 62% above its 200-day moving average and 34% above its 50-day. Readings that stretched are the back end of a move, not the middle. The slope of the advance has steepened in each successive month. That is the signature of a momentum trade pulling in late buyers, not of fundamentals catching up to price.

Look across the complex, and the dispersion is striking. Micron is up nearly 1,000% off its April 2025 low. AMD is up roughly 450%. Nvidia, the index’s anchor, is up “only” 140%. Notably, the stocks that crashed hardest a year ago have rallied the most in the recovery. That’s exactly how late-cycle chase trades behave. The trash leads the way up because it has the largest short position to cover and the most leverage to a narrative. In other words, this parabolic semiconductor rally is now being driven by the names with the worst fundamentals, not the best.

Notice in the chart above how the slope of the advance has steepened in each successive month. The early move off the April low was a recovery. The middle was a trend. What we have now is something else.

Real Demand Or A Speculative Frenzy?

I get the bull case. AI capex is real. Hyperscaler orders are real. Foundry utilization is real. Nvidia, Broadcom, and TSMC are delivering numbers that justify premium multiples. So far, so good. The shortage narrative around HBM memory and leading-node capacity has actual data to back it up, and that’s the part of the story bulls keep pointing to.

However, here is the problem with the current setup. A real fundamental story doesn’t require a parabolic chart to validate it. In fact, fundamentals tend to drag prices up the trend line, not push them through the ceiling. When a “shortage” narrative arrives at the same moment that the worst-quality names in the sector are leading the index higher, that’s not fundamentals at work. That’s the narrative being recycled to justify a move that has already happened. Indeed, the parabolic semiconductor rally we’re seeing right now bears almost none of the hallmarks of a fundamentals-led advance.

Look at the dispersion again. If this were a shortage-driven, fundamentals-led rally, the leaders would be the names with the cleanest demand visibility. Instead, the laggards from a year ago are the runaway winners. Micron up 1,000%. AMD up 450%. Nvidia, the company that actually owns the AI capex story, up “only” 140%. Quality is being left behind because the chase is no longer about earnings. It’s about beta.

Here’s the part that should bother bulls the most. SOXX is trading at multiples that already reflect strong 2026 earnings. The current rally has likely already fully priced in 2026 earnings. From here, you are paying for 2027 and 2028 growth in a sector where the cycle has not been repealed. Semiconductors are still cyclical. Always have been. The day the AI capex cycle hiccups, even briefly, is the day this chart breaks.

Make no mistake, the rally has been spectacular. The exit will be too. Importantly, we have decades of data on what happens when speculative momentum compresses years of expected returns into months. The pattern is remarkably consistent across asset classes and across decades. As a result, the path forward for this parabolic semiconductor rally is not a mystery, even if the timing is.

The consistent thread is that parabolic charts don’t unwind through gentle rotation. They snap. The exit is faster than the entry, and the stocks that led the rally on the way up tend to lead the carnage on the way down. The investors most hurt are not the ones who avoided the move entirely. They’re the ones who showed up late, on the back of the same shortage narratives that are now circulating around semiconductors.

Recovery time is the part most investors underestimate. Cisco, the poster child of the dot-com semiconductor adjacency, only reclaimed its March 2000 peak on December 10, 2025. That’s 25 years, 8 months, and 13 days from peak to recovery. The business kept growing throughout. Earnings kept compounding. Revenues nearly quintupled. The stock simply paid forward too many years of growth at the top, and the math demanded a quarter century to absorb the excess.

Anyone who bought at the 2000 peak earned a nominal break-even after factoring in dividends, but lost meaningfully to inflation along the way. That’s not a recovery story. That’s a generational opportunity cost. ARKK, which ran +360% into its 2021 peak, still trades below it five years later. Different decades, different assets, but the pattern holds. Speculative tops resolve through painful, prolonged drawdowns, not graceful rotations.

The Risk Management Playbook

So what do you actually do? Of course, the answer depends on whether you’ve ridden this rally or you’re staring at the chart wondering if it’s too late to participate. Honestly, the answer for most investors is the same in either case. You don’t have to be all-in or all-out. You just can’t let the position size make the decision for you.

Here is the playbook we’re using for clients right now. First, five points if you’re already invested. Then, two if you’re not.

The Bottom Line

The semiconductor rally has been one of the most extraordinary moves of the post-COVID era. The fundamentals supporting the early stages of the move were real. The fundamentals supporting the most recent leg are increasingly imaginary. SOXX has likely fully priced in 2026 earnings already, and the stocks leading the index higher are no longer the ones with the cleanest demand stories.

Of course, parabolic charts rarely give back gracefully. Cisco, oil, silver, and ARKK all showed that exits come faster than entries, and recovery can take years to decades. The parabolic semiconductor rally has been spectacular. The exit will be too. The question isn’t whether the chart cools off. The question is whether you’ve prepared your portfolio for it before it does.

Tyler Durden Mon, 05/11/2026 - 11:45

"You Just Can't Earn A Billion Dollars": AOC Declares Billionaires To Be A Capitalist Myth

Authored by Jonathan Turley,

This week, Rep. Alexandria Ocasio-Cortez (D-N.Y.) came up with the best reason to tax billionaires: They do not actually exist.

On a podcast, Ocasio-Cortez declared with all the certainty of a freshman in a Smith College political science course that the notion of a self-made billionaire is simply a fantasy, because “you just can’t earn” a billion dollars. It is only the latest in a series of socialist fables that are being dressed up as economic facts.

The difference is that this fable, if told often enough, could become true.

In suggesting that true billionaires are a capitalist myth, Ocasio-Cortez is suggesting that people like Elon Musk and Jeff Bezos really did not earn their wealth and, therefore, it is really not their money.

“There’s a certain level of wealth and accumulation that is unearned. You can’t earn a billion dollars. You just can’t earn that. You can get market power, you can break rules, you can abuse labor laws, you can pay people less than what they’re worth, but you can’t earn that.”

In other words, you can only make a billion dollars through theft and exploitation rather than actual entrepreneurial enterprise. This statement comes as support builds for the California billionaires’ tax which, even before it has a chance to pass in November, has already cost the state trillions due to an exodus of these billionaires.

In my book, “Rage and the Republic,” I discuss common myths spread by the left to fuel economic factionalism.

One common myth is that the “wealthy do not pay their fair share of taxes.” In truth, the top ten percent of taxpayers pay the vast majority of taxes in the U.S. In the book, I also dispel the claim that most millionaires inherited their wealth or came from privileged backgrounds.

These myths are designed to make redistribution schemes more palatable. And Democrats are ramping up the “eat-the-rich” rhetoric ahead of the midterms in pushing both millionaire and billionaire taxes. Democrats from Washington to Virginia are pushing millionaire taxes, and the mere conversation has already set off a stampede of high-earning taxpayers to red states like Texas and Florida, which have no state income tax.

It was also evident in this week’s California gubernatorial debate. Candidate Katie Porter (D) said she opposes the billionaire’s tax because it would not go far enough. Porter then pressed the only billionaire in the group, Tom Steyer, who has been moving to the far left to grab voters in the wake of the departure of former Rep. Eric Swalwell (D-Calif.) as a candidate. Steyer said that he supports the billionaire tax but would want to go even further.

Steyer has spent a fortune of his own money on this race, apparently to convince Democratic primary voters that he is some kind of red billionaire in the mold of a George Soros or Neville Roy Singham. Good luck with that — after spending roughly $150 million of his own money, Steyer is still languishing between 12 and 18 percent support.

Of course, Steyer was not asked if he believes that real billionaires such as himself exist. Yet he has already apologized for making considerable money on private prisons, including those used to hold undocumented immigrants.

Ironically, in finance, a “unicorn” is a company worth more than $1 billion dollars, a term coined by venture capitalist Aileen Lee to capture the rare and almost magical status of such enterprises.

Conversely, Ocasio-Cortez’s unicorn myth is part of a general denial of economic realities that has taken hold on the left. The cost of these policies is borne by workers, who are being left to eat soundbites.

Democrats have sold voters on raising minimum wages as high as $30 per hour, even though such policies cost thousands of jobs. Sen. Elizabeth Warren (D-Mass.) and former Transportation Secretary Pete Buttigieg bragged about blocking a merger of JetBlue and Spirit Airlines, claiming that it would create cheaper flights and better jobs. Spirit has now been forced to close its doors, causing the loss of thousands of flights and jobs.

A rising generation of voters is eagerly devouring soundbites and promises of the “warmth of collectivism” from figures like New York’s socialist mayor, Zohran Mamdani. From promises of free buses to state-run grocery stores, voters are buying the same threadbare socialist schtick.

That was on display this week as socialist Seattle mayor Katie Wilson laughed when asked about the millionaires fleeing the city over rising taxes and crime. She delighted the crowd by mocking the departing millionaires with two words: “Like, bye!”

The last laugh, however, rests with those fleeing a city facing a projected deficit of $114 million. As Wilson faces major cuts in the city budget, she gleefully mocks those whose tax dollars the city will desperately need to close this gap if it is to maintain public services.

Ironically, Wilson and other Democrats are quickly making their myth a reality. Soon, there will be no billionaire unicorns roaming the land.

Even millionaires may become scarce, as these wealthy citizens move to less hostile states with less delusional leaders.

The solution to this exodus is equally predictable. Rep. Ro Khanna (D-Calif.), who has campaigned for a billionaire tax in his state while representing Silicon Valley, has also joined with socialist Bernie Sanders to push for a national billionaire’s tax — an effort to guarantee that there is no place to hide. This is the same approach that tanked the French economy under François Mitterrand after the wealthy fled that nation.

This is not, however, a time for economics or history. It is the time of fables. Ocasio-Cortez has thrived in the land of socialist unicorns.

She can even attend the ultra-rich Met Gala wearing an expensive “Tax-the-Rich” gown.

Like her dress, it is fashionable to deny that billionaires created their wealth. It is your money for the taking.

The result is that billionaires and even millionaires in states like New York may go the way of unicorns, fanciful creatures that once thrived in a land of jobs and growth.

Jonathan Turley is a law professor and the best-selling author of “Rage and the Republic: The Unfinished Story of the American Revolution.“

Tyler Durden Mon, 05/11/2026 - 10:35

Aramco CEO Says Energy Market May Not Normalize Until 2027 Amid Billion-Barrel Supply Shock

From the Trump administration's recent Project Freedom push to mounting warnings from Wall Street analysts, security experts, energy strategists, and major oil company executives, there is a growing sense that the global energy market is quickly approaching a breaking point due to the heavily disrupted Strait of Hormuz.

There was good news over the weekend, as a Qatari LNG tanker transited the Hormuz chokepoint. However, a second tanker from the energy-rich Gulf country abruptly made a U-turn in the Strait early Monday, dashing hopes for any near-term normalization, especially since the U.S. and Iran have yet to reach a peace deal.

The countdown to global energy chaos is increasingly viewed in weeks, not months. If the maritime chokepoint remains impaired for the next several weeks, according to Frederic Lasserre, head of research at Gunvor, one of the world's largest oil traders, then the "tipping point to something has to give is June."

Warnings of incoming energy market turmoil continued on Monday, with the CEO of Aramco, formerly known as the Saudi Arabian Oil Company. Amin Nasser warned that the market could lose around 100 million barrels of oil each week if Hormuz remains closed.

Nasser told investors on an earnings call earlier today that if the Hormuz chokepoint is disrupted for another couple of weeks, then it would take the global energy market until 2027 to normalize. 

Here are the most important comments from Nasser's call with the analyst:

• Energy Supply Shock Is Largest Ever Experienced

• It'll Take Months for Oil Market to Rebalance Even If Hormuz Reopens Today

• Market to Normalize in 2027 if Hormuz Opening Is Delayed by Few More Weeks

• Market Has Seen Supply Loss of About 1 Billion Barrel of Oil

• Alternative Flows Bypassing Hormuz, Strategic Reserve Releases Partially offset that

• Market Could Lose Around 100 Mln Barrels of Oil For Every Week

• Demand Rationing to Continue As Long As Supply Remains Disrupted

• Return to Demand Growth Expected to Be Robust If Trade Resumes

• Demand Growth to Be Driven by Urgency to Ensure Security of Supply

• Supply Chains Will Need Several Months to Return to Normal

Building on the countdown-to-energy-chaos theme, Morgan Stanley analyst Martijn Rats warned clients that the oil market is in a "race against time" as the maritime chokepoint remains heavily disrupted. He noted that global supply buffers, which have kept crude prices contained during the ten-week Iran war, are starting to come under pressure.

Rats said that nearly 1 billion barrels have already been lost, yet Brent crude  futures have not exceeded 2022 levels because the market entered the crisis with spare supply buffers and because traders kept assuming Hormuz would reopen.

"The ability of the US to continue this elevated level of exports is hard to gauge but appears under more pressure," the analyst noted, adding, "The United States' 3.8m b/d increase in exports and China's 5.5m b/d cut in imports have shielded the rest of the world from 9.3m b/d of tightness." 

Rats warned, "Even if the Strait reopened tomorrow, the time required to restart fields, repair refineries, and reposition tanker tonnage means the market is on track to lose another billion barrels over the balance of 2026."

In a separate note, JPMorgan's resident commodity expert, Natasha Kaneva, explained where the next phase of the global energy shock could unfold.

Kaneva's chart on global oil inventories is truly shocking.

Read Kaneva's full note here.

Overall, the warnings are piling up. If the maritime chokepoint remains shuttered through this month, real panic may begin then.

Tyler Durden Mon, 05/11/2026 - 10:15

US Existing Home Sales Disappoint In April, Despite Lower Mortgage Rates

With the Spring selling season already in tatters, existing home sales were expected to rebound in April very modestly (+2.0% MoM) off recent record lows. However, the rebound was far less than expected, up just 0.2% MoM, which left sales of existing homes unchanged YoY...

Source: Bloomberg

Total existing home sales SAAR hover just above 4.00 million homes...

Source: Bloomberg

The NAR report showed the median selling price rose 0.9% from a year earlier to $417,700 last month - the highest for any April on record.

Source: Bloomberg

The inventory of previously owned homes increased from a year ago to 1.47 million - the most for any April since 2019.

Source: Bloomberg

“Even though it’s the highest inventory post-Covid, we are not close to the pre-Covid April inventory of 1.83 million,” Lawrence Yun, NAR chief economist, said on a call with reporters.

Contract closings rose in the Midwest and South, according to the NAR. They fell to a three-month low in the West.

Finally, it appears home sales are becoming less and less elastic relative to mortgage rates (which had fallen notably during the period of reporting)..

Source: Bloomberg

And, as the chart shows, mortgage rates are recently on the rise again...which will not help the situation at all.

Tyler Durden Mon, 05/11/2026 - 10:07

"Friendly Local Assassin" Suspect In White House Correspondents' Dinner Shooting Pleads Not Guilty

In a federal courtroom in Washington this morning, 31-year-old Cole Tomas Allen entered a not guilty plea to charges stemming from the April 25 shooting incident at the White House Correspondents’ Association (WHCA) Dinner. The plea sets the stage for a high-profile trial that could determine whether Allen faces life in prison for what authorities describe as an attempted assassination of President Donald Trump.

Allen was tackled by Secret Service after gunfire erupted just outside the ballroom packed with roughly 2,600 attendees - including the President, First Lady Melania Trump, Vice President JD Vance, and numerous Cabinet officials and journalists.

The night of April 25...

Around 8:36 p.m. EDT, as dinner service was underway, Allen - armed with a 12-gauge Maverick shotgun, an Armscor Precision .38 semi-automatic pistol, and multiple knives - rushed past a security checkpoint on an upper level of the hotel. He fired at least one shot (reports indicate possible additional rounds) in the direction of law enforcement before being tackled by Secret Service agents and other officers.

One Secret Service agent was struck in his bulletproof vest by buckshot; he was treated and released from the hospital. Allen sustained a knee injury after tripping during the confrontation but was not shot. No bystanders or attendees were injured or killed. President Trump was quickly surrounded by agents and evacuated - 10 seconds after JD Vance, and the dinner was halted and later rescheduled.

Surveillance footage captured the rapid sequence: Allen sprinting with weapons visible, the sound of gunfire, and swift law enforcement response. Allen had checked into the hotel as a guest days earlier, traveling by Amtrak from his home in Torrance, California.

Today, we are releasing video already provided to U.S. District Court showing Cole Allen shoot a U.S. Secret Service officer during his attempt to assassinate the President at the White House Correspondents’ Dinner.

There is no evidence the shooting was the result of friendly… pic.twitter.com/a8gRXkW6BH

— US Attorney Pirro (@USAttyPirro) April 30, 2026

Born April 11, 1995, Allen is a California native with an extensive academic background - earning a bachelor’s degree in mechanical engineering from the California Institute of Technology (Caltech) in 2017 and a master’s in computer science from California State University, Dominguez Hills in 2025. He interned at NASA, worked part-time as a tutor at C2 Education in Torrance (named “Teacher of the Month” in December 2024), and developed video games, including a 'non-violent fighting game' (lol) called Bohrdom that was later removed from Steam following his arrest.

Acquaintances and family described him as highly intelligent, polite, inquisitive, and generally “gentle” or “super stable,” with no prior criminal history. He lived with his parents and siblings, regularly practiced at shooting ranges, and had expressed anti-Trump political views online and in person—including a small donation to Kamala Harris’s 2024 campaign and attendance at protests.

The Manifesto and Alleged Motive

Approximately 10 minutes before the attack, Allen emailed a lengthy note titled "Apology and Explanation" to family members. In it, he apologized for “abusing” their trust and stated he did not expect forgiveness. He exhibited deep hatred of Trump, referring to himself in one passage as the "Friendly Federal Assassin" and outlining an intent to target “administration officials (not including Mr. Patel)” - widely interpreted as sparing FBI Director Kash Patel - from highest-ranking to lowest.

The document criticized specific actions such as federal operations against alleged drug boats and highlighted what Allen perceived as lax security at the hotel and event. Also for some reason FBI Director Kash Patel was not a target. 

Authorities have described the note and related materials recovered from his devices and hotel room as a manifesto reflecting political grievances and a belief that it was his “duty” to act. Investigators are still examining the full scope of his radicalization, but preliminary findings point to targeted political violence rather than random or personal animus.

#WHCD #TRUMP
**Here is the full text of Cole Allen’s manifesto**, as published by the New York Post (1,052 words, signed “Cole ‘coldForce’ ‘Friendly Federal Assassin’ Allen”).
Part: 1/2
---
Hello everybody!
So I may have given a lot of people a surprise today. Let me start off… pic.twitter.com/6brCsHjHoJ

— CosMike (@C0sM1ke) April 27, 2026

Developments

Allen was charged days after the incident with attempting to assassinate the president, assaulting a federal officer with a deadly weapon, and multiple firearms violations (including interstate transportation of a firearm with intent to commit a felony and discharging a firearm during a crime of violence). A federal grand jury later returned a four-count indictment.

He has remained in federal custody in Washington. Early proceedings included concerns over his detention conditions - initially on suicide watch, later removed - prompting a federal magistrate judge to express alarm about his treatment, including reports of five-point restraints, and to demand explanations from jail officials (poor baby!). Allen’s defense team has filed motions, including one seeking the recusal of U.S. Attorney for D.C. Jeanine Pirro, and has highlighted what they describe as unusually harsh conditions compared to other high-profile detainees.

Today’s arraignment before Judge Trevor McFadden was the first formal opportunity for Allen to enter a plea on the indicted charges. With the not guilty plea entered, the case now proceeds toward trial, discovery, and potential pre-trial motions. If convicted on the lead count, Allen could face life imprisonment.

Tyler Durden Mon, 05/11/2026 - 10:00

Key Events This Week: CPI, PPI, Retail Sales, Trump-Xi Summit

As DB's Jim Reid tallies overnight, it has now been 73 days since the war in Iran began, with the past 32 marked by a stalemate characterized by a mix of truce and ongoing ceasefire. The absence of any meaningful kinetic activity for over a month suggests a firm US preference for reaching a deal. However, a counterpoint is that uncertainty over who holds negotiating authority in Iran may be complicating progress and delaying more difficult times ahead. It remains an unusual conflict with little action now for a month. In simple terms though, as long as the Strait of Hormuz stays closed, markets remain on a knife edge. Polymarket currently assigns a 39% probability to it fully reopening by 30 June.

The latest is that oil and yields are up again this morning as President Trump has posted that "I have just read the response from Iran's so called 'Representatives'" which he went on to call "TOTALLY UNACCEPTABLE". This was based on a WSJ report that suggested Iran was offering to transfer some of highly enriched uranium to another country but wouldn't dismantle its nuclear facilities. Iran's official news agency has disputed the report anyway. Brent is up +4.23% and 10yr US yields are up +3.5bps. However, US and European equity futures are largely flat and Asian equities are largely higher on the AI trade. The KOSPI is on fire again with the index up +4.0% as semiconductors surge again. The index has crossed +85% YTD.

This comes ahead of the planned mid-to end week meeting between US President Donald Trump and China’s President Xi Jinping in Beijing. It’ll be interesting to see whether this meeting does anything to shape negotiations in the war. Both leaders would clearly like to show their influence on the world stage. So certainly the biggest headline event of the week (full preview here).

Before that, the new week arrives with markets still processing last Friday’s US payrolls report, which came in broadly firm and reinforced the view that labor market conditions remain resilient. While not strong enough to decisively alter the policy outlook, the release did little to ease concerns that underlying inflation pressures could persist, especially given still-solid wage dynamics. Against this backdrop, outside of the Iran War developments which will of course take center stage, the coming week will remain centered on the US, with a dense run of data and policy developments.

This week's focal point will be tomorrow’s April CPI report. DB economists expect headline inflation to rise by +0.58% month-on-month, moderating from March’s +0.9%, but still relatively firm. In contrast, the core measure is projected to accelerate to +0.39% MoM from +0.2%, suggesting underlying price pressures remain sticky even as energy-related effects fade. The YoY rates would move from 3.3% to 3.8% for the former and from 2.6% to 2.8% for the latter.

Producer price data follows on Wednesday and then the remainder of the week shifts towards activity indicators. DB economists expect retail sales to decline by -0.3% MoM after March’s strong +1.7% increase, pointing to some payback in consumer spending. Meanwhile, industrial production is forecast to rise modestly by +0.2% MoM following a -0.5% drop previously, suggesting a tentative stabilization in manufacturing output.

Policy and politics will also be important. A Senate vote on Kevin Warsh’s nomination as Fed Chair is scheduled for today, just days before Jerome Powell’s term is set to expire at the end of the week. It's possible the vote could get pushed back a day or so due to other Senate business but by the end of the week you would expect Warsh to have taken Miran's seat on the board with Powell staying on the committee.

In Europe, inflation readings from Denmark and Norway today are followed with Germany’s ZEW survey tomorrow with sentiment darkening even with the nation's extraordinary fiscal package. Later in the week, the ECB’s economic bulletin may offer additional context on the central bank’s assessment of inflation and activity trends.

In the UK, attention will be split between politics and macro. The State Opening of Parliament and the King’s Speech on Wednesday will outline the government’s legislative agenda for the year ahead. With PM Starmer under tremendous pressure following the very poor (but broadly as expected) local election results on Thursday there is talk of a leadership challenge as soon as today. Backbench MP Catherine West has said she will stand, which would be a stalking horse nomination. However, many left-wing MPs (as she is) have urged her not to as their preferred candidate Andy Burnham is not currently an MP. They fear an election now might be a bit too early and may allow a more moderate candidate like Wes Streeting to prevail. So timing tactics could prolong Starmer’s reign. A reminder that in September last year, Mr Burnham said that the UK should no longer be “in hock to the bond markets”. This caused a spike in Gilt yields and although he subsequently downplayed the remarks, this is something to watch carefully as we navigate the politics of the next few days and weeks. On the data side, Q1 UK GDP on Thursday will offer up the latest state of play growth wise.

In Asia, Japan’s schedule includes household spending data tomorrow, alongside the Economy Watchers survey and bank lending figures on Wednesday. In addition, the Bank of Japan will publish its summary of opinions from the April meeting, which should provide greater insight into policymakers’ thinking and any emerging shifts in the policy stance.

There are multiple appearances from Fed, ECB, BoE and BoJ officials throughout the week, and on the corporate front, earnings continue at a steadier pace. In the US, Cisco and Applied Materials are among the key names, while internationally the focus includes major firms such as Tencent, Alibaba, Siemens and Bayer. See the day-by-day calendar at the end as usual for a fuller week ahead preview.

Source: Earnings Whispers

Courtesy of DB, here is a day-by-day calendar of events

Monday May 11

• Data: US April existing home sales, China April CPI, PPI, Denmark April CPI, Norway April CPI
• Earnings: Petroleo Brasileiro, Constellation Energy, Barrick Mining, Compass, AST SpaceMobile
• Auctions: US 3-yr Notes ($58bn)
• Other: US Senate vote on Kevin Warsh’s nomination for Fed Chair

Tuesday May 12

• Data: US April CPI, federal budget balance, NFIB small business optimism, Japan March household spending, leading index, coincident index, Germany May Zew survey, Italy March industrial production, Eurozone May Zew survey
• Central banks: Fed's Goolsbee speaks, ECB's Dolenc speaks, BoJ Summary of Opinions April MPM
• Earnings: Siemens Energy, Mitsubishi Heavy Industries, MunichRe, Bayer, Vodafone, Venture Global, On Holding, thyssenkrupp
• Auctions: US 10-yr Notes ($42bn)

Wednesday May 13

• Data: US April PPI, Japan April bank lending, Economy Watchers survey, March BoP current account balance, BoP trade balance, Germany April wholesale price index, March current account balance, Eurozone March industrial production, Q1 employment
• Central banks: Fed's Collins and Kashkari speak, ECB’s Lagarde, Lane and Radev speak, BoE’s Mann speaks
• Earnings: Tencent, Cisco, Alibaba, Siemens, SoftBank, Allianz, Deutsche Telekom, E.ON, RWE, Alstom
• Auctions: US 30-yr Bonds ($25bn)
• Other: UK King’s Speech and the State Opening of Parliament

Thursday May 14

• Data: US April retail sales, import price index, export price index, March business inventories, initial jobless claims, UK April RICS house price balance, Q1 GDP, Japan April M2, M3, Canada April existing home sales, March wholesale sales ex petroleum
• Central banks: Fed's Hammack and Barr speak, BoJ’s Masu speaks, BoE's Pill speaks
• Earnings: Applied Materials, National Grid, Figma
• Other: US President Trump travels to China (through May 15)

Friday May 15

• Data: US May Empire manufacturing index, April industrial production, capacity utilisation, Japan April PPI, April machine tool orders, Italy March general government debt, Canada April housing starts, March international securities transactions, manufacturing sales
• Central banks: Fed Chair Powell’s term ends, ECB’s economic bulletin

Finally, looking at just the US, the key economic data releases this week are the CPI report on Tuesday and the retail sales report on Thursday. There are several speaking engagements by Fed officials this week, including events with Presidents Williams, Goolsbee, Collins, Kashkari, Schmid, and Hammack and Governor Barr on Thursday.

Monday, May 11 

• 10:00 AM Existing home sales, April (GS +3.0%, consensus +2.0%, last -3.6%)

Tuesday, May 12 

• 03:15 AM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will participate in a monetary policy panel at a conference jointly organized by the Swiss National Bank and the International Monetary Fund in Zurich, Switzerland. A Q&A session is expected. On May 4, Williams said, “The elevated levels of inflation, mixed signals from the labor market, and heightened uncertainty from the Middle East conflict present an unusual set of circumstances, but the current stance of monetary policy is well positioned to balance the risks to our maximum employment and price stability goals.”
• 08:30 AM CPI (MoM), April (GS +0.58%, consensus +0.6%, last +0.9%); Core CPI (MoM), April (GS +0.31%, consensus +0.3%, last +0.2%); CPI (YoY), April (GS +3.68%, consensus +3.7%, last +3.3%); Core CPI (YoY), April (GS +2.67%, consensus +2.7%, last +2.6%): We estimate a 0.31% increase in April core CPI (month-over-month SA), which would raise the year-over-year rate to 2.67%. We expect mixed autos inflation, reflecting a 0.4% decline in used car prices, a 0.1% increase in new car prices, and a 0.4% increase in the car insurance category. We forecast a jump in the shelter categories—a 0.50% increase in the OER category and a 0.44% increase in the rent category—reflecting the unwind of the downward bias in the index level from missed data collection during the government shutdown. The panel group that should have been sampled in October will be sampled in April and compared to prices from twelve months prior (i.e. April will effectively show two months’ worth of increases). We expect mixed readings for the travel services categories (airfares: +3%; hotels: flat), reflecting signals from alternative price data. We expect diminishing upward pressure from tariffs on categories that are particularly exposed (such as recreation) worth +0.04pp. We estimate a 0.58% rise in headline CPI—reflecting higher food prices (+0.3%) and sharply higher energy prices (+4.6%)—which would raise the year-over-year rate to +3.68% from +3.26%. Our forecast consists of a 0.26% monthly increase in the core PCE price index in April.
• 01:00 PM Chicago Fed President Goolsbee (FOMC non-voter) speaks: Chicago Fed President Austan Goolsbee will speak at the Greater Rockford Chamber of Commerce Luncheon in Rockford, Illinois. A Q&A session is expected. On May 8, during an interview in which he was asked whether inflation is the main danger now given that the labor market appears to have stabilized, Goolsbee responded, “I am optimistic that rates can go down, if we get some progress on inflation, [showing] we are headed back to the 2% inflation, [but] we just haven’t had [progress on inflation] for some time, and that makes me less optimistic.” When asked about the easing bias in the April FOMC statement, Goolsbee responded, “I was always skeptical of the value and appropriateness of using forward guidance [on things] that the committee doesn’t think it is going to do for some number of months or committing to actions well in the future.” 

Wednesday, May 13 

• 08:30 AM PPI final demand, April (GS +0.6%, consensus +0.5%, last +0.5%); PPI ex-food and energy, April (GS +0.5%, consensus +0.3%, last +0.1%); PPI ex-food, energy, and trade, April (GS +0.3%, consensus +0.3%, last +0.2%);
• 11:30 AM Boston Fed President Collins (FOMC non-voter) speaks: Boston Fed President Susan Collins will give remarks and participate in a fireside chat at the Boston Economic Club. Speech text and Q&A are expected. On May 7, Collins said she preferred to adjust the text of the post-meeting statement to “not be as closely aligned with language that has been associated with the presumption that the next move will be a cut.” She also added, “I do think that there are scenarios in which it would be important to strongly consider a hike.”
• 01:15 PM Minneapolis Fed President Kashkari (FOMC voter) speaks: Minneapolis Fed President Neel Kashkari will participate in a moderated discussion at a St. Paul Area Chamber event. A Q&A session is expected. On May 7, Kashkari said, “We voted against the forward guidance because we just didn’t want to signal that the next move was likely down.” He also added, “We cannot let elevated inflation be the new normal.”

 
Thursday, May 14 

• 08:30 AM Import price index, April (consensus +1.0%, last +0.8%); Export price index, April (consensus +1.1%, last +1.6%)
• 08:30 AM Initial jobless claims, week ended May 9 (GS 205k, consensus 205k, last 200k); Continuing jobless claims, week ended May 2 (consensus 1,785k, last 1,766k)
• 08:30 AM Retail sales, April (GS +0.2%, consensus +0.6%, last +1.7%); Retail sales ex-auto, April (GS +0.3%, consensus +0.6%, last +1.9%); Retail sales ex-auto & gas, April (GS +0.1%, consensus +0.4%, last +0.6%); Core retail sales, April (GS +0.2%, consensus +0.4%, last +0.7%): We estimate core retail sales increased 0.2% in April (ex-autos, gasoline, and building materials; month-over-month SA), reflecting mixed alternative data and a headwind from potential residual seasonality. We estimate headline retail sales increased 0.2%, reflecting higher gasoline prices but lower auto and food services sales.
• 10:15 AM Kansas City Fed President Schmid (FOMC non-voter) speaks: Kansas City Fed President Jeff Schmid will speak on payments innovation and community banking at the Future of Banking Conference hosted by the Federal Reserve Bank of Kansas City. Speech text and Q&A are expected. On April 1, Schmid said, “With inflation already running hot, now is not the time to assume that the inflation from higher oil prices will be transitory.” He also added, “We must remain focused on our headline inflation objective, otherwise, I believe there is a real risk that inflation will get stuck closer to 3 percent than 2 percent in the long run.”
• 01:00 PM Cleveland Fed President Hammack (FOMC voter) speaks: Cleveland Fed President Beth Hammack will deliver opening remarks at the Cleveland Fed Conversations on Central Banking event. On May 7, Hammack said, “The statement that we put out is that interest rates were on hold, but we have the signal in there that it’s more likely that the next move will be down, [and] I thought that was a little bit misleading, just given my view of where the economy is.” She also added that her “baseline outlook is that interest rates will be on hold for quite some time.”
• 05:30 PM Fed Governor Barr speaks: Fed Governor Michael Barr will deliver remarks at an event organized by the Money Marketeers of New York University. Speech text and Q&A are expected. On May 5, Barr said, “The duration of the conflict matters a lot, and the longer it goes on, the greater the risk that the inflation we are seeing in these prices becomes embedded in the economy.”
• 05:45 PM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will participate in a moderated discussion at a conference organized by Moody’s. A Q&A session is expected.

Friday, May 15 

• 08:30 AM Empire State manufacturing index, April (consensus +7.5, last +11.0)
• 09:15 AM Industrial production, April (GS +0.4%, consensus +0.2%, last -0.5%); Manufacturing production, April (GS +0.1%, consensus +0.2%, last -0.1%); Capacity utilization, April (GS 75.8%, consensus 75.8%, last 75.7%): We estimate industrial production increased 0.4% in April, largely reflecting strong natural gas and oil production. We estimate capacity utilization edged up to 75.8%.

Source: DB, Goldman

Tyler Durden Mon, 05/11/2026 - 09:35

Khamenei Orders Iran's Army To 'Continue Decisive Operations'

Via The Cradle

Iran's Supreme Leader Mojtaba Khamenei has ordered the country’s forces to continue military operations against the US and Israel, according to a report by Iranian public broadcaster IRIB released Sunday. 

The order came during a meeting between Khamenei and Major General Ali Abdollahi, the commander of the Iranian army's Khatam al-Anbiya Headquarters. "During this meeting, the Supreme Commander-in-Chief, His Eminence Ayatollah Sayyed Mojtaba Hosseini Khamenei, while expressing appreciation for the brave and valiant fighters and the country’s powerful armed forces, issued new directives and guidance for continuing operations and confronting enemies decisively," the report said. 

via AFP

Abdollahi also "presented a report on the readiness of the armed forces" during the meeting, IRIB added. The report comes after two months of speculation and unverified media claims about the Supreme Leader's status. 

Western news outlets like The Guardian and The Times had claimed earlier in the war that Khamenei was in a coma following the US-Israeli strikes that assassinated his father. Reports also claimed that he fled to Russia. 

Mazaher Hosseini, head of protocol in the office of Iran's supreme leader, recently stated that Khamenei was healing from minor injuries he sustained and "is now in complete health."

"Thank God, he is in good health. The enemy is spreading all kinds of rumors and false claims. They want to see him and find him, but people should be patient and not rush. He will speak to you when the time is right," the Iranian official stated.

The IRIB report came a day after CNN cited US intelligence as saying that Khamenei "is playing a critical role in shaping war strategy alongside senior Iranian officials."

It also comes days after Iran’s President Masoud Pezeshkian said he met with the supreme leader. "What struck me most during this meeting was the vision and the humble and sincere approach of the supreme leader of the Islamic Revolution," he said. 

Tehran has sent out its response to a new US proposal for a ceasefire via Pakistan, according to state media. The US has maintained an illegal blockade of Iranian ports since the ceasefire began.

Washington violated the truce days ago by bombing Iran's coast and attacking two vessels. Iranian forces targeted two US military vessels in response. The next day, skirmishes broke out between Iranian and US forces in the Strait of Hormuz.

Spokesperson for the Iranian parliament’s Foreign Policy and National Security Committee, Ebrahim Rezaei, said on Sunday that Tehran will strike US military bases and vessels in response to any new violations from Washington – stressing that "restraint has come to an end."

Tyler Durden Mon, 05/11/2026 - 09:20

'Starmer Out' Odds (& Gilt Yields) Rise As Embattled UK PM Vows To 'Prove Doubters Wrong'

UK Prime Minister Keir Starmer vowed this morning to fight any bid to topple him, insisting he is “not going to walk away” and claiming that the country would never forgive Labour if it indulged in the “chaos” of a leadership contest.

“I know that people are frustrated by the state of Britain, frustrated by politics, and some people frustrated with me,” Starmer said in London on Monday.

“I know I have my doubters, and I know I need to prove them wrong.”

Starmer is fighting to stay in 10 Downing St. after a drubbing in local election results triggered a wave of Labour MPs to call for his departure.

He had a brief moment of respite on Monday when a former minister, Catherine West, withdrew her threat to force an immediate leadership contest, though she said she’d still push for a timetable for Starmer’s exit.

“I have listened to the prime minister’s speech this morning,” she told the BBC.

“I welcome the renewed energy and ideas. However, I have reluctantly concluded that this morning’s speech was too little too late.”

Starmer’s speech was light on new policy. The prime minister announced the government would legislate to take full ownership of British Steel, which is already under temporary government control. He also announced more investment in education programs like apprenticeships, technical colleges and in special educational needs.

Starmer sharpened his rhetoric against the populist parties who made strong gains at last week’s elections, warning that the country risks going down a “dark path,” as he stood behind a podium that read “Stronger Fairer Britain.”

“We are not just facing dangerous times but dangerous opponents,” he said, name-checking both Reform UK leader Nigel Farage and the Greens’ Zack Polanski.

“If we don’t get this right our country will go down a very dark path.”

Gilts fell, with the 10-year yield rising as much as 8 basis points to the day’s high of 5.00%, while the pound eased against the dollar and the euro.

Meanwhile, despite his vows, Polymarket odds of Starmer being gone by year-end are on the rise...

The call for a September leadership election, which would put it around the same time as Labour’s annual conference in Liverpool, puts pressure on Starmer’s health secretary, Wes Streeting, to decide whether to challenge his boss for the job before other candidates emerge.

Streeting, who is seen as a standard-bearer for the right of the party, is said to be weighing his options. 

Starmer explicitly said he would fight to remain in office if a Labour colleague sparks a leadership contest, vowing: “I’m not going to walk away.”

Asked if he would stand if a race was triggered, he said: “Yes.” 

Tyler Durden Mon, 05/11/2026 - 09:05

People Are Seeing More Fireballs; Astronomers Can't Explain It...

Authored by T.J.Muscaro via The Epoch Times,

Just as it faces an annual hurricane season and tornado season, North America is also experiencing an annual “fireball season,” according to NASA.

“From February through April, the appearance rate of these very bright meteors can increase by as much as 10 percent to 30 percent, especially around the weeks of the March equinox,” NASA explained in a statement in late March.

”Exactly why is not known. Some astronomers think the Earth passes through more large debris at this time of year, causing an uptick in fireball sightings.”

But the relatively regular peak season appears to have been unusually active this year.

Fireball videos recorded worldwide between January and April 2026. The American Meteor Society said 41 large fireball events were reported in the first three months of 2026—nearly double the average number of reported events for that time period from the previous five years. Courtesy of American Meteor Society

The American Meteor Society, which has gathered professional and amateur meteor reports since 1911, said 41 large fireball events—observed by more than 50 people—were reported in the first three months of 2026. That’s nearly double the average number of reported events for that time period from the previous five years.

Mike Hankey, operations manager at the American Meteor Society, told The Epoch Times that this is specifically an increase in “sporadic” meteors that are not connected to any larger comet or asteroid or regularly tracked meteor shower. And the sudden surge is not due to an increase in the number of eyes on the sky, he said.

Astronomers who have dedicated themselves to watching the skies for the falling space rocks are not sure what caused the spike or if it is even a true anomaly—a one-off, unpredictable occurrence.

Hankey stops short of saying his data—an analysis of fireball events going back to 2011—are conclusive.

“I wouldn’t say that it’s an earth-shattering anything,” he said. “It’s just an observation, right? It’s just saying, ‘Hey, this is the most traffic we’ve ever had in any single month.’

“Without publishing a paper to prove that, I can’t say, ‘Oh, it’s not a statistical anomaly.’ Maybe it is.”

In the meantime, here’s what to know about these events.

What Is a ‘Fireball’?

The term “fireball” is essentially NASA’s designation for what kids would call a shooting star—a small piece of space debris whose self-destructive path through Earth’s atmosphere creates a streaking fireball brighter than the brilliant planet Venus.

The space agency released a meteor-focused FAQ page after multiple “fireball events” went viral in early spring.

Any space rocks that are more than a meter in diameter are called “asteroids,” and anything smaller is called a “meteoroid.” Meteoroids normally break off from a comet or asteroid, but on rare occasions have been found to be parts of the moon or Mars.

When either an asteroid or a meteoroid enters Earth’s atmosphere and starts to streak across the sky, it becomes a “meteor.“ When multiple objects enter the atmosphere from the same origin point, that event is called a ”meteor shower.”

When a meteor reaches an observable brightness greater than the luminosity of Venus in the morning or evening sky, it becomes registered as a “fireball.”

“They enter the atmosphere at relatively low speeds,” Hankey explained in a press release. “Slower entry means the meteor lasts longer in the sky, is visible over a wider area, produces sonic booms more often, and more material survives to reach the ground as meteorites.”

Any pieces of the meteor that survive the trip through the atmosphere and make it to Earth’s surface are called meteorites.

A graphic illustrating meteor terminology. Illustration by The Epoch Times, Freepik, Getty Images

For example, on March 17, a fireball was spotted over parts of Canada and the United States, breaking apart over northern Ohio. NASA confirmed the falling object to be an asteroid six feet in diameter and weighing about seven tons. Upon entering the atmosphere at 45,000 mph, it became a meteor. Then, it got so bright it became a fireball that eventually blew up mid-air, resulting in meteorite fragments falling to the ground.

While this event caught the nation’s attention, NASA said it is not that rare.

“Meteors are actually quite common,” the space agency explained. ”They occur all the time, and fireballs can be seen on any given night. But they often occur over the ocean or unpopulated areas with no witnesses, or during the daytime, making them difficult to spot.

“Viewers who catch a clear view of one in the dark skies above are treated to a spectacular sky show—but one that is hardly rare.”

(Left) A meteor streaks across the sky during the annual Perseid meteor shower in Spruce Knob, W. Va., on Aug. 11, 2021. (Right) A fireball event observed in Black River Falls, Wis., on Jan. 24, 2026. Bill Ingalls/NASA, Justin J. via www.amsmeteors.org

Tracking Fireballs

Most of the time, fireballs are small objects that create a flash across the sky lasting only a few seconds, Hankey told The Epoch Times. However, some can be big enough to create a sonic boom and deliver some fragments to the ground, possibly causing damage to lives and property.

Regardless of the scale of the event, the American Meteor Society urges those who witness a fireball to file a report on its website, noting when and where they saw the fireball, how long it shone in the sky, whether or not they heard a sonic boom, and whether or not they observed the fireball break up into fragments.

Then, similar to how the National Weather Service sends out assessment teams to confirm tornado sightings submitted by its spotter network, the society tasks teams to assess the reports coming in. Those teams will officially confirm the falling meteor and send out recovery teams to search for and collect any surviving fragments. More than 200 fragments were found from the March 17 fireball event alone.

(Left) A still from a video captures a fireball in Kennerdell, Pa., on March 17, 2026. (Right) A still from a home security camera video captures a fireball in Ravenna, Ohio, on March 17, 2026. Courtesy of Jeff Campbell, David Hamann/American Meteor Society

The society also utilizes the 1,000-camera All Sky 7 network to keep as close an eye on the night sky as possible.

Hankey joined the society in 2010. A software developer by trade, he rebuilt the organization’s website and fireball reporting tool and continues to use Google Maps and Claude AI to streamline the collection and organization of the society’s data.

That data—often organically acquired as people file observational reports—produces new insights into the field of astronomy and space weather. Through this data collection, the society is able to figure out a meteor’s speed, size, and origin.

NASA, meanwhile, has its own eyes on the sky with the NASA All-Sky Fireball Network, a group of 17 cameras spread out across the country, run by the NASA Meteoroid Environment Office.

Three of those cameras are located in Florida, three in the northern Ohio/Pennsylvania area, and five in southern New Mexico and Arizona. Six others are found in north Alabama, north Georgia, southern Tennessee, and southern North Carolina.

NASA’s Meteoroid Environment Office also focuses on understanding how much of a risk these meteor impacts and their apparently seasonal fluctuations pose to spacecraft flying in and beyond Earth’s orbit.

An illustration depicts NASA’s Double Asteroid Redirection Test (DART) spacecraft prior to impact at the Didymos binary asteroid system. The mission tested whether intentionally crashing a spacecraft into an asteroid is an effective way to change its course, should an Earth-threatening asteroid be discovered in the future. Steve Gribben/Johns Hopkins APL/NASA

However, most fireballs are very small and are very difficult to track.

“The objects are pretty small, you know,” Hankey said. “A golf ball will make a fireball. A bowling ball will make a huge fireball. Something that’s like the size of a chair would make a humongous fireball. But to a telescope a million miles away, it’s not even a speck.”

NASA’s planetary defense network specifically looks for space rocks that are 140 meters or larger—larger than a small football stadium—which are deemed large enough to cause widespread damage if they breach the earth’s atmosphere.

Unclear If Fireball ‘Spike’ Is an Anomaly

But Hankey noted that as more and more data are collected over the years, the recent, seemingly random spike in sporadic fireballs may turn out to be not so random after all.

He pointed out that another spike in large fireball events was logged in the first quarter of 2021, although that number was still less than this year’s: 30 events reported by at least 50 people each, compared to 41.

The American Meteor Society published a graph of the number of fireball events reported by more than 50 people during the first quarter of the last 15 years in March, 2026. Illustrated by The Epoch Times, Courtesy of the American Meteor Society

“If we see that same spike in 2031, I mean, it’s a long way to wait—five more years—but that might say something,” he said. “If we can say, ‘Look, the AMS saw this same spike in five-year increments,’ then we would hypothesize that we would see it in the fourth year. If we did, we could probably prove it, right?”

“I mean, I’ll probably be almost 70 at that point,” he added. “That’s just the way astronomy is.”

Tyler Durden Mon, 05/11/2026 - 07:20

My back-to-work morning train WFH reads:

• Trade court rules Trump’s replacement tariffs illegal: A divided three-judge panel on the U.S. Court of International Trade concluded that Trump’s 10 percent global tariffs are unlawful. Same trade-court ruling, second take. Watch the appeal closely — this one could rewrite the playbook on executive trade authority. (Politico) see also Trade court strikes down Trump 10% universal tariffs: The U.S. Court of International Trade rules the across-the-board tariffs exceeded presidential authority. Markets noticed. (Axios)

• The Nominal Anchor Still Holds: The Inflation Trauma Lingers, but the Fed’s Credibility Endures for Now. On why long-term inflation expectations remain remarkably stable despite the headline noise. Reassuring for the Fed; less so for the gold bugs. (Macroeconomic Policy Nexus)

• Why It’s So Hard to Spot a Stock-Market Bubble: Jason Zweig on the cognitive traps that make bubbles invisible until they pop. The math is easy; the psychology is brutal. A sudden surge in share prices makes us all think we know what’s coming next. (Wall Street Journal) see also The Real Reason Everything Feels So Expensive Right Now: Despite reassuring economic data, many Americans say their day-to-day costs are still rising. (Slate)

• The whining meant it wasn’t about the pied-à-terre tax It was about being personally singled out: Jonathan Miller dissects the manufactured outrage from billionaires over Mamdani’s housing tax plan. The volume is the giveaway. It was about being personally singled out. “While I very much admire what Griffin has achieved and that he should be rewarded for being innovative, smart and clever (I listen closely to his economic insights), his reaction to the mayor’s video clearly wasn’t about the pied-à-terre tax. It was about being singled out for buying the most expensive home in U.S. history, which has been exhaustively explored since he closed in 2019. I thought it was a bad look for him to talk about pivoting to Miami, which he already did the last time the pied-à-terre tax came up in 2019. However, I have no doubt he meant it when he said it.” (The Real Deal)

• ‘Blissful ignorance’: Milken elite bask in glow of roaring markets: The Milken Conference is always a good index of how the buy-side is feeling. This year: euphoric, oblivious, very interested in private credit.  (Financial Times free)

• Want to understand the current state of AI? Check out these charts. According to Stanford’s 2026 AI Index, AI is sprinting, and we’re struggling to keep up. A clean visual tour of compute, capability, capex, and revenue curves. The shapes tell you more than any of the white papers do. (MIT Technology Review) see also The AI Labor Debate: Three Views on the Future of Work: AI could hollow out jobs, reshape them gradually, create entirely new ones—or do all three at once. The case for starting to act now doesn’t depend on knowing which. Carnegie lays out the three serious camps in the AI-and-jobs debate — substitution, augmentation, and reshuffling — with actual evidence behind each. Useful structure for a noisy argument. (Carnegie Endowment)

• U.S. intelligence says Iran can outlast Trump’s Hormuz blockade for months: The CIA’s read on Iranian endurance is at odds with the White House’s timeline. Worth filing for the next round of strait-of-Hormuz brinkmanship. A confidential intelligence community assessment delivered to the White House also finds that Iran retains a substantial missile and drone arsenal. (Washington Post)

• A Look Inside the Case That Enshrined Political Power for Billionaires: A walk through the Buckley-to-Citizens-United logic chain. The donor class did not get here by accident — it got here by litigation. After Watergate, Congress tried to curtail the role of money in politics. But a pivotal Supreme Court case nipped it in the bud. Years later, new details are emerging on how wealthy Americans were conferred with a “right to spend” on elections. (New York Times)

• Yankees pay tribute to ‘iconic’ John Sterling during, after win: “I still do this, and my coaches look at me like I’m nuts,” Boone said Monday. “I don’t even know if they know what I’m doing. But as soon as the final out is made and I get up to shake players’ hands, I go, ‘Ballgame over! Yankees win! Theeee Yankees win!’ And I’m shaking all my coaches’ hands. I got goose bumps thinking about that.” (ESPN) see also Broadcast booths around baseball tip their caps to John Sterling: The baseball world lost a legend on Monday, with longtime Yankees radio voice John Sterling passing away at 87. After more than three decades of calling Yankees games and injecting his one-of-a-kind personality into every moment, Sterling will leave a legacy in both New York and baseball on a larger scale. (MLB.com)

• The Stephen Colbert Exit Interview: “I Did Not Expect It to End This Way” 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. Colbert reflects on the abrupt cancellation of The Late Show and what it says about the slow death of network late-night. A more candid exit than the genre usually allows. (Hollywood Reporter)

Video of the day: Why Nobody Wants the Chrysler Building

Be sure to check out our Master’s in Business interview this weekend with Howard Lindzon, known as “The Larry David of Finance.” He is General Partner at the seed fund, Social Leverage, he was one of the first seed investors in Robinhood, which IPOd at $30B in 2021, eToro, Manscaped, and Beehiiv. Previously, he founded Wallstrip, a daily online video show acquired by CBS (2007). He also co-founded Stocktwits, which pioneered the “cashtag.” Recognized by Institutional Investor as a “Super Angel;” his podcast is Panic with Friends.

 

Wall Street bonuses hit a new record last year, edging toward $250,000 average

Source: Sherwood

 

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The post 10 Monday AM Reads appeared first on The Big Picture.

Norovirus Outbreak Sickens 115 People on Caribbean Princess Cruise Ship, CDC Says

Authored by Aldgra Fredly via The Epoch Times,

More than 110 people aboard the Caribbean Princess cruise ship have fallen ill due to a norovirus outbreak, a common cause of gastrointestinal illnesses, according to the Centers for Disease Control and Prevention.

The Caribbean Princess, owned by Princess Cruises, departed from the port of Fort Lauderdale, Florida, on April 28 and is currently sailing in the North Atlantic Ocean, according to CruiseMapper.

The voyage dates were April 28 to May 11. The ship is carrying 3,116 passengers and 1,131 crew members and is expected to arrive in Port Canaveral, Florida, on May 11.

The norovirus outbreak was reported on the ship on May 7, affecting 102 passengers and 13 crew members, with diarrhea and vomiting identified as the predominant symptoms, the CDC said in an update.

Princess Cruises and the crew have increased cleaning and disinfection procedures in response to the outbreak, the CDC stated. Other measures include collecting stool samples from patients with gastrointestinal illness for testing and isolating passengers and crew members who have fallen ill.

The crew also consulted with the CDC’s Vessel Sanitation Program (VSP) regarding sanitation cleaning procedures and reporting of sick individuals, the agency said.

“VSP is conducting a field response for an environmental assessment and outbreak investigation to assist the ship in controlling the outbreak,” it stated.

The Epoch Times has reached out to Princess Cruises for comment, but did not receive a response by publication time.

Norovirus is the leading cause of foodborne illness in the United States, accounting for 58 percent of such infections each year, according to the CDC.

Apart from vomiting and diarrhea, other frequently reported symptoms include muscle aches, headaches, abdominal cramps, and fever.

In March, a norovirus outbreak was reported aboard the Star Princess, also owned by Princess Cruises, affecting 104 passengers and 49 crew members. Last December, a norovirus outbreak on an Aida Cruises ship sickened more than 100 people.

Cruise ships are required to report cases of gastrointestinal illness to the CDC. The agency said that reporting symptoms to the medical center onboard can help health officials detect gastrointestinal outbreaks quickly and take steps to limit the spread of illness.

Medical staff would then evaluate symptoms to determine whether they meet the case definition for the illness, including three or more loose stools within a 24-hour period or vomiting along with another symptom such as diarrhea, aching muscles, or fever.

On average, norovirus causes around 900 deaths, mainly in adults aged 65 and older, 109,000 hospitalizations, 465,000 emergency room visits, and 19 million to 21 million illnesses in the United States each year, according to the CDC.

Tyler Durden Mon, 05/11/2026 - 06:30

These Are The World's Deadliest Countries For Journalists

At least 60 media professionals were killed in 2025 due to their journalistic activities, according to the Reporters Without Borders (RSF) database.

As Statista's Valentine Fourreau detsils below, by far the deadliest place for journalists was in the Palestinian territories, where 25 deaths were officially recorded last year. Palestine also topped the list in 2024, with 21 recorded deaths that year.

You will find more infographics at Statista

Following some way behind are Mexico with nine deaths, Peru with four, Ecuador and Ukraine with three, as well as Bangladesh, the Democratic Republic of the Congo and Sudan with two.

A single journalist was also killed in each of the following countries: Colombia, Guatemala, Honduras, India, Nepal, the Philippines, Saudi Arabia, Sierra Leone, Uzbekistan and Zimbabwe.

Meanwhile, 140 journalists and media professionals were listed as “disappeared” last year, with the highest numbers recorded in Syria (37), Mexico (28) and Iraq (12).

Reporters Without Borders emphasizes that media professionals’ deaths are only listed in their database if the NGO can confirm it as being linked to their journalistic work.

This explains why these figures seem low and that they are subject to change as fact-checking is carried out.

Tyler Durden Mon, 05/11/2026 - 05:45

A BrAIve New World For High Yield

Authored by Luke Coha via BondVigilantes.com,

As the world grapples with how AI will shape and change our lives going forward from the mundane, like automated homes or more clever apps, to more existential threats (opportunities?) leading to job and possibly sector obsolescence and related, broader social implications, it’s definitely well accepted that the demand for AI computing power is enormous and growing.

Estimates vary, but they are all astronomical, ranging from $5 trillion to $7 trillion in capital investment needed to fund the global data centre and AI buildout, including adding 122 GW of power capacity between now and 2030 (according to JP Morgan). This scale of investment will require involvement from virtually all sources of funding, including public capital markets, private credit, governments and asset-backed securitisation funding.

While not nearly on the same scale as investment grade markets, high yield markets have been playing, and will continue to play, a role in this buildout financing mostly via the funding of data centres. This has important implications for the asset class. In very short order, AI related and data centre issuance has exploded from effectively nothing just over a year ago to nearly $40 billion today, with close to $30 billion issued since the start of the year.

This sheer quantum of issuance is huge and effectively amounts to an entirely new subsector created nearly overnight within the high yield market. The vast majority of this issuance is index eligible and currently represents approximately 1.6% of the Global High Yield Bond Index (and 2.6% of the U.S. High Yield Bond Index). What’s more, from estimates we’ve seen, expectations are for total high yield, AI related issuance to reach $100 billion to $120 billion over the next few years.

Should this manifest, it would represent close to 4% to 5% of the global index and 6% to 7% of the U.S. index, of similar scale as long existing and well established retail and capital goods subsectors. This scale, coupled with mostly above index level yields, makes it difficult, if not impossible, for active managers that are benchmark-aware to ignore. It will be imperative to understand the broader narrative as well as the idiosyncratic characteristics of the individual issuers. As stated, this is effectively a new sector to the market and participants, such as analysts, strategists and fund managers, need to, if they haven’t already done so, get up to speed quickly.

At the time of writing there are now 15 high yield data centre bonds totalling $39 billion (including neocloud provider CoreWeave). High yield data centre bond issuance has coalesced around similar, project-finance-like features but with important variations.

Source: Bloomberg, Barclays Research. Note: excludes issuance by neocloud CoreWeave, which has $6.5bn of regular-way HY bonds outstanding

Generally, bonds are being issued with five-year non call two-year structures and mostly amortising. By definition these issuers will have more leverage than traditional IG issuers but some will have financial backstops from the likes of Google, while others will not. Most will have high-quality tenants like Nvidia, and hyperscalers like Amazon, Microsoft and Meta, while others will have a variety of tenants. Some are single asset facilities while others are multi-site and multijurisdictional. Some will be well advanced in their construction timeline while others will have yet to have broken ground. Some will have contracted power supply including back up power, and some are still negotiating power supply agreements… you get the idea. And that’s leaving aside the complexities around lease terms, cost overrun provisions, covenants etc.

There are already rumblings in the high yield market surrounding concerns that the explosion in issuance has bubble-like characteristics similar to that of telecoms in the early 2000s or energy in 2015 to 2017, when investor enthusiasm outweighed a sober assessment of risk. These same critics also worry about the potential for overbuild or overcapacity, i.e. the massive demand fails to materialise, or that despite the strong tenant base, these contracts have yet to be tested.

Conversely, proponents of the nascent space point to the undeniable demand for more compute capacity and expectations that any individual project disruptions or failures would be tolerated by their well-heeled tenants who, with strong demand for capacity, would support any centres that came into difficulty; and if not, demand is so great, other well capitalised tenants would simply step in. Further, regardless of long term dynamics, there is massive demand now and any project that is up and running, or close to, has a first mover advantage and any capacity concerns etc. are for projects well down the development pipeline.

Further, some view this as an attractive ‘yield to call’ play, inferring that as these projects are up and running and generating more cash, the issuer will have the capacity to refinance their high coupon, high yield issues at more attractive terms, arguably creating a potential short term opportunity for high yield investors.

Ultimately, being completely short the space due to uncertainties requires a high degree of conviction that the sector is mispriced and even vulnerable. Conversely, going overweight the sector is an acceptance of a broader narrative that has only recently manifested itself. All of which highlights that careful credit work on individual issuers and a broader understanding of these dynamics is paramount.

Source: Meta

Bottom line, balancing this supply, index and yield dynamic versus fully understanding the fundamental, technical and issuer risks and rewards is a real challenge for high yield markets. And with all things AI related, we need to understand if this dynamic potentially represents – and if so, how to adapt to – to paraphrase Aldous Huxley, a Brave New World.

Tyler Durden Mon, 05/11/2026 - 05:00

Singapore Remains The World's Most Powerful Passport In 2026

Your passport shapes how much of the world you can access. In 2026, the gap between the strongest and weakest passports spans nearly 170 destinations.

This graphic, via Visual Capitalists' Gabriel Cohen, ranks global passport strength using data from the Henley Passport Index, based on how many destinations citizens can enter without a visa.

Singapore leads with access to 192 destinations. That’s nearly five times the access available to citizens of the lowest-ranked countries. Meanwhile, the weakest passports allow entry to fewer than 50 destinations. The disparity highlights how geography, diplomacy, and stability influence global mobility.

The Top Passports of Asia and Europe

Following Singapore, there is a three-way tie for the second-strongest passports, with Japan, South Korea, and the United Arab Emirates each offering access to 187 destinations without a visa.

The UAE has the strongest passport outside of East or Southeast Asia, though with a notable caveat: Emiratis lack visa-free access to the United States, unlike their peers in Singapore, Japan, or South Korea.

From there, Europeans hold many of the strongest passports by visa-free access, led by Northern and Western European countries like Norway and Switzerland (both 185).

While the 27-member European Union has a unified passport system, individual member countries still vary in visa-free access, ranging from 177 destinations for Bulgaria and Romania to 186 for Sweden.

Taking the average across this range, the EU’s overall passport strength stands at 183 visa-free destinations, tied with countries like Malaysia and the United Kingdom and slightly ahead of North American counterparts like Canada (182) and the United States (179).

The World’s Weakest Passports

At the bottom of the ranking, mobility drops off dramatically. The weakest passports offer access to fewer than 50 destinations, less than a quarter of what top-ranked countries enjoy.

These countries often face political instability, high emigration, or recent conflict, which can limit access to many developed regions.

African countries like Nigeria (44), Somalia (32), and the Democratic Republic of the Congo (43) also rank low. Fast-growing populations and large diasporas have contributed to tighter visa restrictions for these nationalities.

A Tale of Two Passports

Taken together, passport rankings reveal more than travel convenience—they map global inequality. Where you’re born can shape where you’re allowed to go, making passport power one of the clearest indicators of opportunity in a connected world.

African, Middle Eastern, and South Asian passports tend to rank lower than their European or Western Hemisphere counterparts. Even higher-ranking exceptions like Malaysia or the UAE can still face limits on visa-free access to major destinations, particularly the United States.

If you enjoyed today’s post, check out The United Arab Emirates has the World’s Most Affordable Passport on Voronoi.

Tyler Durden Mon, 05/11/2026 - 04:15

Meanwhile In Scotland...

Authored by Steve Watson via Modernity.news,

A trans Tamil immigrant on a temporary student visa has just been ELECTED as a Green Party MSP to Holyrood in Scotland – despite having no British citizenship, no permanent residency and no right to full-time work.

Where else would this be allowed to happen? It’s insane.

The candidate, Dr Q Manivannan (they/them), arrived in the UK a few years ago as a PhD student and was selected for the Green list in Edinburgh and the Lothians East. Scotland’s rules – relaxed under the SNP – explicitly allow non-citizens to stand for election and take office.

A trans Indian migrant who arrived in the UK a few years ago and is not a citizen or permanent resident was elected to the Scottish parliament as a member of the woke Green Party. Scotland allows non-citizens to become elected to office.

“Q Mannivannan” is set to earn over… pic.twitter.com/3ePA6B0le1

— Andy Ngo (@MrAndyNgo) May 9, 2026

Trans Green Party candidate with no permanent British visa is elected to Holyrood https://t.co/KCSmyt3YuE

— Daily Mail (@DailyMail) May 10, 2026

Manivannan’s own victory remarks left nothing to the imagination. “My name is Dr Q Manivannan, I am a transgender Tamil immigrant, my pronouns are they/them.” And later: “I am, to some in this country, everything that the hateful despise, and I’m standing here as your MSP now with care.”

Q Manivannan, transgender Indian migrant now Scottish Greens MSP, arguing for 'trans pride'.

"Transness is Blackness. Transness is womanhood. Transness is disability. Transness is everything the world wants you to believe that is unlovable."

He goes on to defend Mridul Wadhwa,… pic.twitter.com/HJOQ6bXqBQ

— 'New Scots' Profiles (@NewScotProfiles) May 10, 2026

The individual is clearly not OK mentally.

He's also racist against White people and suffers extreme mental sickness according to his many posts about it all pic.twitter.com/GrEIiMqZu2

— ddsnorth ™ (@ddsnorth) May 10, 2026

This is not an isolated stunt. The Green Party has become a conduit for an unholy alliance of islamists and gender ideology obsessives.

Deputy leader Mothin Ali was pictured alongside a trans candidate, the awkward expression speaking volumes.

The guy on the left is the Green Party's deputy leader, Mothin Ali; the woman on the right is one of his party's trans candidates. The look on his face says it all. Is there a future for this marriage of convenience between Islamist extremism and woke crankery? I doubt it. pic.twitter.com/v9JJWOkRR9

— Never Again (@Never_Again2020) May 9, 2026

Other recent Green candidates reinforce the pattern. In Preston, new councillor “Tina” Balmer declared: “I want to help the city I love.”

? "I want to help the city I love" – Meet Preston's first ever Green Party councillor, Tina Balmer.??

Tina ffs! ?

Is it Tina but pronounced Trevor? ? pic.twitter.com/GkTmz9zJ4K

— Matt Casey ??????? ?? (@MattCas04807118) May 9, 2026

Here are more Green candidates that stood for election:

Wow these are Green Party Candidates ?

How would you describe this look? pic.twitter.com/FzA29MK4JT

— Benonwine (@benonwine) May 1, 2026

A small compendium of Green Party candidates, make up your own mind about what this says about the state of British politics. pic.twitter.com/9X4nDULsJg

— Kevin Lister (@KevsTribulation) May 8, 2026

"What’s interesting about these Green Party candidates is that they are actually men" pic.twitter.com/DkdTIuL4Ty

— Barry Robson (@barryrobson) May 8, 2026

And here’s the support they’re drawing…

Say hello to 'Kate', from the Redbridge Green Party. Not mental at all… pic.twitter.com/xkVGaXBqXI

— RagingDissident_ (@JustRaging01) February 27, 2026

They’ll lecture you all day long about ‘hate’, meanwhile…

How many Green Party Candidates investigated over antisemitic hate:

Just the thirty. pic.twitter.com/Nuftw4gVnz

— Tom Hawklin Jr (@TomHawklin10558) May 7, 2026

Many of them simply don’t bother to speak English:

GB News host Martin Daubney can't understand the Green Party and neither can we!

Political candidates in Britain should speak English. pic.twitter.com/au6CkSRdVp

— Turning Point UK ?? (@TPointUK) May 8, 2026

Meanwhile, UK Deputy Green Party leader had a meltdown when Piers Morgan asked if in her view women can have penises:

UK Deputy Green Party leader has meltdown after Piers Morgan asked if she thinks women can have “penises.”

“That’s a weird question. Piers it’s a weird question. The answer is the trans community in this country are treated appallingly.” pic.twitter.com/qWVPRg0fdU

— Oli London (@OliLondonTV) May 9, 2026

He asked that question because during a previous exchange, Party leader Zack Polanski went full gender-ideologue, claiming women can have penises and dismissed biological reality.

The party is also pushing to teach schoolchildren they should have a “moral obligation” to accept mass immigration.

The Greens aren’t just pushing open borders and gender ideology – they are the vehicle that fuses the two into one destructive package.

Scotland’s sovereignty is now being exercised by people who aren’t even British citizens, while taxpayers foot the bill for six-figure salaries and the erosion of women’s rights, free speech and national identity.

This isn’t democracy. It’s demographic replacement dressed up as progress – and the Green Party is leading the parade.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Mon, 05/11/2026 - 03:30

EU Prepares For 'Potential' Talks With Putin As US Slowly Reduces Troops On Continent

A recent report in Financial Times indicates the European Union is preparing for "potential" future talks with Russia and President Vladimir Putin at a moment of extreme doubts over both US military commitments and Russia's intentions in Ukraine.

Putin himself during his V-Day speech Saturday hinted for the first time that the conflict may be 'coming to an end':

"I ⁠⁠think that the matter is coming to an end," Putin told reporters of the Russia-Ukraine war, Europe’s deadliest conflict since World War II.

The Russian leader, however, added he would be willing to meet Zelensky only after the terms of a peace agreement had already been settled. The Kremlin had rejected US President Donald Trump’s August 2025 offer to hold a trilateral meeting with Zelenskyy, Putin and Trump.

"This should be the final point, not the negotiations themselves," Putin said after the Victory Day, which marks Russia’s victory over Nazi Germany in 1945 in World War II.

Sputnik/Reuters

Also on Saturday, António Costa, the president of the European Council, said to a press conference the EU will only talk to Putin at the "right moment". Costa ultimately sees "potential" for direct EU engagement with Putin

"We need in the right moment to have talks with Russia to address our common issues with security," the EU president had said.

"We don’t want to disturb the initiative led by President Trump," said Costa at a ‘Europe Day’ celebration in Brussels. He also spoke of preparations aimed at being "ready to do what we need to do” regarding Europe’s security.

And separately an EU official said: "There will be a moment when the EU will need to speak to Russia because it’s an existential issue for Europe. Now it’s not the time."

President Trump has recently blasted NATO as a "paper tiger" (though it wasn't the first time) and has said the US is withdrawing 5,000 American troops from Germany.

In response, European governments have accelerated discussions on deeper EU military coordination, including joint defense initiatives which bypass US protection.

Currently, the three-day Ukraine ceasefire announced and backed by President Trump appears to have held throughout the weekend, as no drone attacks have been registered on Moscow or other parts of the country. 

Trump had presented this as a window and opportunity to achieve a more permanent truce, and Putin is without doubt seizing on the initiative, but surely wants a final settlement in line with Kremlin aims in Ukraine.

Tyler Durden Mon, 05/11/2026 - 02:45

Why Socialism Fails

Authored by Deborah Palma via The Epoch Times (emphasis ours),

Economics is not a zero-sum game in which one person’s gain comes at another’s expense; nor is it just about numbers or purposeless statistical aggregates, but conscious human action.

Custom image by FEE

Ludwig von Mises, in his work “Human Action,” explains that individuals act to replace a less satisfactory state of affairs with a more satisfactory one. This process is inherently subjective and teleological, meaning that the values guiding economic activity are rooted in individual choices, and not in physical objects themselves.

Economic calculation serves as the bridge between the subjectivity of human desires and the objective reality of scarce resources. Consider a quantity of steel that could be used to build either a hospital or a factory. Without a system of prices reflecting society’s preferences and the relative scarcity of resources, there would be no way to determine which of these projects creates greater value. Economic calculation, expressed through prices, allows for the comparison of alternatives, whilst directing resources toward their most-valued uses.

Similarly, consider an entrepreneur evaluating whether they should open a bakery. They must decide how much to invest in equipment, rent, labor, and so on. By comparing the costs of these factors with the expected revenue from sales, our entrepreneur can estimate whether the business will create value. If revenues are expected to exceed total costs and taxes, there will be profit.

Profit, therefore, is not merely a financial gain, but evidence that scarce resources have been allocated in ways that better satisfy societal needs, because society has, in an undirected way, decided its needs are satisfied this way. Conversely, losses would indicate that those resources should have been allocated to more valuable uses. Without prices, profits, and losses, the entrepreneur would have no way of knowing whether resources are being used efficiently.

In a complex economy with an advanced division of labor, individuals cannot rely solely on their own direct knowledge to decide how to allocate resources among many possible combinations. They require a common denominator that allows for the comparison of costs and benefits. This denominator is the price, which emerges from voluntary exchanges in the market.

Prices are not arbitrary numbers; they are determined by exchange values arising from the competitive interaction between consumers and producers. Price reflects the relative scarcity of a good in relation to all other possible uses of the same factors of production.

When an entrepreneur invests in new technology or capital infrastructure, they rely on monetary calculation to assess whether the value of the final product will exceed the total value of the inputs consumed. This “surplus” is profit, an unmistakable signal that value has been created by, and for, society. The opposite—loss—signals the waste of scarce resources.

The importance of prices becomes even more evident when we examine historical attempts to artificially control them. Throughout history, governments have sought to replace the market price system with centrally-directed mechanisms, and the results have been consistently disastrous.

One of the earliest examples dates back to the reign of Diocletian in the Roman Empire. In 301 AD, the emperor issued the Edict on Maximum Prices, imposing price ceilings on thousands of goods and services, including basic items such as wheat, meat, and clothing, as well as wages for various professions such as farmers, bakers, craftsmen, and teachers. By fixing prices below their market-clearing levels, the policy reduced the incentive for producers to supply these goods, since many could no longer cover their costs or earn a profit. At the same time, artificially low prices increased consumer demand. This imbalance between reduced supply and increased demand led to widespread shortages. As a result, many goods disappeared from official markets and were instead traded illegally at higher prices, contributing to the expansion of black markets and the disruption of normal productive activity. The policy ultimately proved unsustainable and was abandoned due to its failure.

More recently, similar policies were implemented in Brazil under the government of José Sarney, particularly during the Cruzado Plan of 1986. The freezing of prices, initially celebrated as a solution to inflation, quickly resulted in widespread shortages, empty shelves, and the emergence of parallel markets. Unable to adjust prices, producers reduced supply, exposing the inability of such measures to coordinate a complex economy.

More recent cases reinforce this pattern. In Venezuela, strict price controls implemented over the past decades have contributed to chronic shortages, the collapse of domestic production, and increasing dependence on imports. Basic goods disappeared from store shelves, while informal markets became central to the population’s survival.

These episodes produce the same outcome: scarcity. Prices emerge from decentralized interactions between individuals, reflecting their preferences and the relative scarcity of goods. Once formed, however, they also serve to coordinate economic activity by conveying information that guides producers and consumers in their decisions. When prices cease to reflect the relationship between supply and demand, they lose this informational and coordinating function. Instead of promoting order, price controls generate disorganization, shortages, and waste.

Mises’s thesis was challenged by economists such as Oskar Lange, who proposed a form of “market socialism.” Lange argued that a planning board could simulate the market through a process of trial and error, adjusting prices as surpluses or shortages emerged. However, Mises and his student Friedrich Hayek refuted this view, emphasizing that the problem is not merely one of data processing. The crucial point is that the data required for economic calculation, such as subjective preferences and local knowledge, only come into existence through real market exchanges.

Attempts to treat the economy as a system of simultaneous equations, in which equilibrium can be mathematically determined, ignore the dynamic nature of reality. The market is a continuous process of discovery, not a static state of rest. The economy cannot be managed like a problem of engineering or mechanical physics, because it involves constant change, subjective expectations, and genuine uncertainty, elements that no fixed equation can fully capture.

Under socialism, the abolition of private property in the means of production destroys the very concept of capital as a calculable value. When the state owns all higher-order goods (machines, land, and raw materials), there are no exchanges between private owners for these items. Consequently, there are no market prices for capital goods. Without these prices, the central planner, no matter how well-intentioned, lacks the necessary information to determine whether they are creating wealth or merely consuming the nation’s capital.

From the Foundation for Economic Education (FEE)

Tyler Durden Sun, 05/10/2026 - 21:35