Individual Economists

10 Sunday Reads

The Big Picture -

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

Criminal Deception in Silicon Valley: With entrepreneurial fraud cases on the rise, we investigate how entrepreneurs carry out criminal deception, employing deceptive means to defraud audiences. Analyzing court data from Silicon Valley ventures and their founders prosecuted for fraud between 2000 and 2023, our findings reveal that entrepreneurs carry out criminal deception through a process of façading: Entrepreneurs construct, perform, and protect illusory appearances (façades) that externally project high-growth performance to audiences while masking ventures’ actual underperformance. An Organization Science paper extending the cultural-entrepreneurship literature — how founders craft compelling narratives to acquire resources, and where dramatized discourse crosses into fraud. (Organization Science)

How rogue officers turned a nationwide camera network into a tool for stalking: Flock’s array of license-plate cameras was built to fight crime. But at least 50 law enforcement officers were charged with or accused of misusing it and other systems. Drew Harwell on Flock’s license-plate cameras, built to fight crime — and the at least 50 law enforcement officers charged with or accused of misusing them, including to spy on their exes. (Washington Post)

A Civilian Plane Crashed in New Mexico. Was the Military’s Tech to Blame?: Jeff Wise on a medevac flight out of Roswell and how drone warfare is making the skies more dangerous, even for airplanes far from any battlefield. Drone warfare is making the skies more dangerous, even for airplanes far from the battlefield. (Wired)

• How the Reflecting Pool Came to Mirror Trump’s Washington: The New York Times on the canoe incident’s afterlife — how a shallow pool on the National Mall became the perfect metaphor for a capital where every symbol is contested and every stunt is a federal case. (New York Times)

• REVEALED: The Scope of ICE’s Surveillance of Its Online Critics: Talking Points Memo on the documents showing ICE monitoring journalists, activists, and ordinary critics. (Talking Points Memo) see also How ICE Is Weaponizing Social Media Against Its Critics: The Wall Street Journal’s parallel investigation — the agency is building cases from posts, likes, and follower lists. Agency says its surveillance program searches for threats to agents, but critics see free-speech infringements (Wall Street Journal)

How predatory trade schools drained $300 million from the GI Bill and cheated veterans: The institutions defrauded Veterans Affairs while cheating thousands out of career training, with some offering training on how to grow grass and make fake rocks, a Post investigation found. The Washington Post’s investigation into the schools charging veterans huge sums to learn how to grow grass and make fake rocks — the GI Bill grift at industrial scale. (Washington Post)

• Blanche Privately Vows to Take Down Abortion Rights Next: The New Republic reports on the AG nominee’s private assurances to conservative groups — the public confirmation-hearing moderation is not the private agenda. (New Republic)

• The Cities That Said Yes to Drugs: Michael Powell walks a mile from downtown Seattle into Little Saigon and finds an open-air market of roughly 250 people at 12th and Jackson. A long look at what harm reduction has and hasn’t delivered. Policies that gave addicts clean needles and places to use drugs were intended to reduce harm. They created a “zombie apocalypse.” (The Atlantic)

• What Happened to Talenti?: Wirecutter investigates the gelato decline — the recipe changes, the shrinking jars, and the private-equity playbook applied to premium ice cream. The comment-section outrage was right. (Wirecutter)

One Night Only: An Honest Attempt to Understand the Ridiculous World of Callum Turner and Monica Barbaro’s New Rom-Com: Why are single people only allowed to have sex once each year? How on earth is that rule enforced? Is third base permitted? Pull up a chair—and get ready for a deep dive. (Vanity Fair)

Video of the day: The Watches We Were Wrong About

Be sure to check out our Masters in Business next week with Jack Raines, a writer and venture capitalist. We discuss his new book, Young Money.

 

AI Has Doubled Computing’s Share of U.S. GDP

Source: Paul Kedrosky

 

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

WNBA To Hold 'Listening Sessions' After Second Former NBA Star Says He's A Woman, Declares For Draft

Zero Hedge -

WNBA To Hold 'Listening Sessions' After Second Former NBA Star Says He's A Woman, Declares For Draft

Update (1800ET)WNBA commissioner Cathy Engelbert sent a memo to teams that addresses ongoing discussions around transgender athletes in women's basketball.

"I know many of you have received questions in recent weeks regarding transgender athlete participation in women's basketball, and I expect this topic will continue to receive significant attention," Engelbert wrote in the memo, which was sent Friday afternoon and obtained by The Associated Press and ESPN.

"I wanted to reach out to share how we are approaching these conversations at the league office and to thank those of you who have responded to questions from the media with thoughtfulness and professionalism."

The memo said the topic will be discussed further by a task force of team presidents and general managers at a previously scheduled meeting next week.

The league's collective bargaining agreement states that "only players who are women are eligible to play in the WNBA," but it does not include any more specific language about gender identity or sex assigned at birth. 

"We recognize that this is a complex and nuanced topic, and we will continue to have important conversations with all of you and the Players Association in the weeks and months ahead," Engelbert said in the memo.

"We also plan to convene additional discussions and offer listening sessions for any team leaders who would like to participate. Your perspectives and feedback are invaluable, and I appreciate those who have already reached out to share their thoughts."

The Women's National Basketball Players Association released a statement on social media Friday that emphasized diversity and inclusion while saying the group "will not be used as political pawns."

"We embrace justice equity, diversity, and inclusion," the players' union said.

Inclusion?

Perhaps the WNBA will finally be the first group to actually define "what is a woman?"

*  *  *

As Robert Spencer reported earlier for PJMedia.com, every person who is tired of the left forcing its delusions and fantasies on the rest of us, and shaming, deplatforming, and silencing us if we refuse to go along, ought to be applauding Royce White and Enes Kanter Freedom for standing up to the madness, and showing the world just how absurd it really is.

White and Freedom have declared that they’re women, at least for the purposes of professional basketball, and so they’re declaring for the 2027 WNBA draft. This is hilarious, but it’s no joke. It’s an unanswerable response to the left’s fashionable gender delusions, which have recently become a source of controversy within the WNBA, which ought to be called the WWNBA, the Woke Women’s National Basketball Association.

It all started when WNBA star Sophie Cunningham stated that she was not in favor of men pretending to be women playing women’s sports.

This sparked the usual spittle-flecked fury from the left. The WNBA’s Minnesota Lynx coach Cheryl Reeve, among others, came out in favor of delusional men competing against women. 

The WNBA players’ union issued a weaselly statement denouncing “Hate, abuse, and demonization of any person or group of people, including transgender people.”

Nobody had engaged in any of that, but that’s how leftists always characterize disagreement with the views they want everyone to hold.

Meanwhile, there has been talk of a WNBA team signing French basketball player Julie Tétart, who is a dude.

And so if Julie Tétart can do it, why can’t Royce White and Enes Kanter Freedom? They are just as female as Tétart is. Fox News reported Friday that White said: "I'm transgender. I'm a woman. I identify as sometimes identifying as a woman for purpose of basketball, professional basketball, so I'll be declaring for the WNBA draft in 2027 as well," that is, in addition to Enes Kanter Freedom.

White added a correct assessment of how well a male professional would do in the WNBA: "I think I’d be unstoppable. But I’m a team-first guy. I’m a pass-first kind of player. I do the little things. I led my team in all five major stat categories at Iowa State University, so I do a little bit of everything. I’ll do whatever the coach needs me to do. I’ll do whatever the girls need me to do... I think it’s only fair."

White noted that the WNBA, for all its declarations of how much it rejects “hatred” of men who claim to be women, hasn’t said explicitly that men could play in the WNBA. Maybe WNBA top dogs hope that the whole thing will just go away, but it won’t.

"I think the WNBA could come out,” White said, “and make a definitive statement about guys with a pair of balls playing in the Women’s Association."

Asked if he would declare for the WNBA draft unless the league said that men could not play in the league, White responded: "Oh, no, I’m declaring. And I don’t want to be discriminated against. I want fair treatment. I’m a young, black, hopefully United States Senator that would like a fair chance to participate as a sometimes-identifying-as-a-transgender-woman athlete." White is on the ballot for the senate in Minnesota in the Republican primary; the election is coming up next Tuesday.

What if the WNBA calls White’s bluff and no team opts to sign him?

"I have to file a discrimination lawsuit, right?,” White said.

“I mean, that's, that's ridiculous. We're gonna have to have a huge legal battle about discrimination if I can't play." White says he would like to play for Cheryl Reeve: "It’s got to be the Minnesota Lynx, and I hear the coach loves a good transgender, so we’ll all be in perfect harmony.”

White expressed confidence that he would be drafted:

“How you gonna pass up on a 6-foot-8, 270-pound point forward? That’s ridiculous. I’m 260 pounds, 265 pounds, 6-foot-8, can palm a basketball — can palm a men’s basketball probably as easily as any player in history. I think I had the third-biggest hands in the modern NBA Draft Combine. So, yeah, I’m sure the women’s basketball is going to fare even easier to palm, which is a huge advantage. They’re going to have nightmares, and they should. I really feel like I’m going to be dominant."

He’s right.

If a WNBA team signs Julie Tétart or any other delusional man, the Minnesota Lynx or any other WNBA team would be foolish to pass on Royce White.

And then other teams will follow suit, until there are no women players left at all, and the WNBA is entirely filled with men and becomes a junior NBA. That will be true gender justice, won’t it, Ms. Reeve?

Tyler Durden Sat, 08/08/2026 - 21:00

'Busted': Female Bicyclists 'Bulk Up'

Zero Hedge -

'Busted': Female Bicyclists 'Bulk Up'

Authored by Mike McDaniel via AmericanThinker.com,

I’ve been a bicyclist all my life, but because I came to serious road racing late in life, I never had the opportunity to be competitive. Oh, I had a few good bikes and wore the required attire, but I was never going to make the medal stand.

I did ride with enough serious riders to understand their compulsions. Among them was doing whatever was necessary to shave every gram of weight possible off their trusty steeds and to make them, and themselves, more aerodynamic. Shaving the legs was mandatory, but I never participated in that ritual. The seconds that might save weren’t going to make any difference for me, nor would drilling holes in this or that component.

If you know the jargon, those were the days when shifters were mounted on downtubes, and carbon fiber was in its infancy. It consisted of round frame tubes glued into metal fittings. Ten-gear cassettes and single chainrings were the hot setup. That dates me, doesn’t it?

Much has changed since those years. Frames can now be entirely made of carbon fiber and tuned for specific kinds of races.

Everything is lighter and stronger, and computer technology has made it possible to fine-tune bike and rider to an amazing degree—particularly female riders’ breasts. Breasts?! Breasts:

Something strange is happening at the Tour de France Femmes this year.

Several women’s WorldTeams have come forward claiming that some riders are padding their bras during time trials to gain an aerodynamic edge.

The Dutch website Wielerflits broke the story after hearing from multiple teams. The complaint is that certain cyclists are using extra padding to make their chests appear larger. In the low, aggressive position of a time trial, a rounder chest can act like a “fairing,” smoothing the air and reducing drag.

Oh, come on. This has to be The Babylon Bee, right? Nope. It, and the breasts, are the real thing:

Graphic: X Post

… aerodynamics expert Bert Blocken has studied the idea. (Uh-huh. I’m sure he did). 

Hey!  You don’t want to be a science denier, do you?

His research found that a proper chest fairing can cut air resistance by as much as 3.6 percent. In a race that often comes down to seconds, that kind of gain is not nothing. Over 20 or 30 kilometers, it could easily decide a stage.

That’s exactly why riders strain to do whatever they can to get that kind of advantage. Races are often won by fractions of a second, and a 3.6% aero advantage translates to double-digit seconds over longer races. That’s a substantial win, particularly in a time trial.

Due to a law enforcement neck injury, my bike racing days are over. I can’t get on the drops (the lower portion of road bike handlebars)—it’s a pain in the neck--so I ride recumbents. You never see them in sanctioned bike races because while they’re heavier than the lightest road bikes, they also have a 10-15% aerodynamic advantage, so they’re banned.

The timing of the accusations is pretty interesting. They surfaced just as the race produced one of its most memorable moments — the longest solo breakaway victory in the history of the Tour de France Femmes on Stage 3. Officials have been quick to note there is no evidence a padded bra had anything to do with that result.

In bike racing, the tiniest technical detail and rule is usually rigorously observed. Obviously, they’re taking breasts seriously, which is always wise.

Still, the story has put the entire field on notice. Extra clothing inspections are now expected ahead of the next time trial. Bra inspections. Unbelievable.

Graphic: X Post

It should be pretty easy to spot padding.

Female riders tend to be among the leanest female athletes in the world with very low body fat percentages, which means less - ahem - prominent breasts.

I also suspect the line to volunteer for that duty will be long indeed. It’s a dirty job, but someone has to do it for the purity of sport and the sanctity of science.

Being male and having decades of experience with observing and judging breasts, I’m uniquely qualified. Where do I apply?

Tyler Durden Sat, 08/08/2026 - 19:50

Jeftovic: The "Bitcoin Only" Era Is Over...

Zero Hedge -

Jeftovic: The "Bitcoin Only" Era Is Over...

Authored by Mark Jeftovic via BombThrower .com,

(From The Sovereign Capitalist Letter #65. I was traveling at the time of the Coinkite vulnerability, surfacing a recurring theme around how to safely balance cold storage and emergency access when on the road).

Just when I thought the sentiment couldn’t get any worse, on July 29-30 reports began to emerge of “certain” Coldcards (which were supposed to be the industry standard of self-custody cold wallets), being drained of their funds.

The reports are true, and this has enormous implications, not just for Coinkite, the Canadian company who manufactures the Coldcard, but for the entire worldview of self-custody and perhaps even for Bitcoin itself.

“Not your keys = not your coins” has been the mantra of Bitcoin since the Genesis Block. Self-custody was The Way. Anything else was for “shitcoiners”, “suitcoiners” and general retards.

It is impossible to overstate how strongly the Bitcoin in-club feels about this. If you don’t self-custody – and until this happened, on a Coldcard by Coinkite – then you were not really a “true” Bitcoiner, you were just LARPing as one. A spectator in the land of the pureblood anarcho-capitalist cyberpunks.

(Admission: my BTC wasn’t on a Coldcard – but I had recently bought new one that I was planning to migrate to after the BIP-110 and eCash forks).

When Utopia arrives… only the self-custody maxis would be admitted – all else would be chattel and serfs under various permutations of slavecoins, CBDCs and (the worst of all) paper Bitcoin.

It all sounds very eschatological and in the earlier days of my journey, I would openly admit “Bitcoin is my religion” and only be half-kidding about it.

While this bear market has been a “mild winter” in terms of price action (only about ~ 50% off the all-time high), this has been one of the more self-destructive bear cycles in terms of Bitcoin culture and the movement in general.

None of it helped by the fact that the Coldcard flaw turned out to be real.

People who had done everything right, took their BTC off of the exchange, put it into an air-gapped Coldcard powered by a 9V-battery and thought they were safe, found their life-savings irrevocably drained away in an instant…

Via r/bitcoinOver the years I’ve recommended Coldcard to my readers a few times. We were traveling when the news broke but as soon as I corroborated the vulnerability, I put out an emergency bulletin to the mailing list.

At first it appeared as though the flaw was limited to older Mk2 and Mk3 models, but over the next couple of days Mk4 and Q1 series were also being drained – it just takes more computing power, and thus time, to crack the entropy on the later models.

What Happened – The Coldcard Firmware Flaw

As everyone here knows, a Bitcoin wallet address is a very long cryptographic private key that can be transmitted or stored in a human readable form via a 12- or 24-word seed phrase, consisting of words pulled from a word list (BIP-39) of possible values.

The words themselves are actually unimportant – they’re just there for humans to be able to read the values. The discrete value they comprise is what matters.

And because a given wallet address is secured by a private key derived from a seed-phrase, those words must be in order.

That makes the universe of possible values enormous:

  • 12 words gives 2¹²⁸ possible valid phrases

  • 24 words gives 2²⁵⁶ possible valid phrases

A 12-word seed space is a vastly larger number than every grain of sand on Earth or every star we can see in the observable universe.

A 24-word seed space is larger than the number of atoms in the entire galaxy, and approaches (but is generally a bit smaller than) the estimated number of atoms in the observable universe.

But that’s only if those words are generated from a truly random seed (entropy source).

Take an extreme example: simply picking the first 12 or 24 words from the BIP-39 word list isn’t random, and a wallet protected by such a seed phrase would be cracked in short order by a brute force computer.

The Coldcard ships with an onboard RNG (Random Number Generator) to generate your seed phrase, however their own documentation states that to achieve maximum entropy (randomness), you should also add some “external entropy” such as dice rolls – real, actual physical dice, rolled, 50 or 100 times – combined with the onboard RNG for maximal security.

Many people did not roll the dice, assuming that the onboard RNG would provide more than enough entropy for a secure seed phrase (remember those numbers above).

The problem was in Coldcard’s firmware itself, where the RNG generator turned out to be bypassed – resulting in extremely weak entropy – and thus, weak seed phrases.

This bug has been sitting there since November 2021 (the Coldcard firmware is open source/viewable),

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

The follow-up tweet lays out what went wrong in the Mk4 and Q series:

“Mk4, Q, and Mk5 attempt to compensate at boot with secure-element input, but the reseed truncates it to 32 bits, sharply limiting the secret entropy it contributes – far below what wallets should have.”

It later came out that it looks like a developer simply disabled the RNG to workaround some compiler errors:

A new technical analysis by Core-Lightning dev ddustin suggests the 2021 COLDCARD vulnerability may have started while a developer was trying to connect three layers of the firmware: the wallet’s Python code, MicroPython’s C code, and the STM32 hardware random number generator.

The custom code appears to have conflicted with MicroPython’s existing implementation, likely triggering a compiler error.

The evidence suggests the developer then disabled the hardware RNG by setting MICROPY_HW_ENABLE_RNG to 0, allowing the firmware to compile.

That change had an unintended consequence. When users created new wallets, the firmware no longer used the hardware random number generator. Instead, it fell back to MicroPython’s much weaker Yasmarang software random number generator.

There are people out there implying that any wallets drained are somehow on the Coldcard owners, because they didn’t add enough external entropy (read: they didn’t do enough dice rolls, or any dice rolls).

This is a fucking retarded take. It actually makes my blood boil.

No other Bitcoin hardware wallet requires the user to provide external entropy as a condition of the fucking thing working.

People buy these wallets because they purport to be an ultra-secure, self-contained Swiss-Bank-in-your-pocket solution for escaping the fiat treadmill and putting your life savings beyond the reach of The State. Full stop.

There is no asterisk beside those claims that “you have to jiggle your body and roll a bunch of dice dozens of times while waving a dead chicken over your head to add entropy or it won’t work”.

Except, on a Coldcard

Actions to take: If you have a Coldcard, regardless of how you set it up – I would move all of my funds out of it.

What Does this mean for Self-Custody and for Bitcoin?

Indeed. That is the question.

I have been thinking long and hard about this, not to mention conducting a deep dive into the entropy generation on other wallets.

The gist is this:

Every other wallet I came across uses well-known methods for generating entropy that come off of the device itself (such as the the o/s level Cryptographically Secure Pseudorandom Number Generator – CSPRNG) and many of them combine that with several other sources of entropy – any given computing environment offers a few of those (clock speed jitter, etc), and in some cases, dedicated chips just for entropy generation.

But this still had me rattled: why bother worrying about a quantum attack on SHA-256 in 5 or 50 years, when you can just crack the entropy using Fable or Opus 5.6-sol today?

Fortunately, it turns out that is not the case. The Coldcard vulnerability was entirely exploitable, and discoverable, because of a series of bad decisions and programming bugs. It was not a case that entropy had been cracked, it was that insufficient entropy was generated in the first place.

This X post from another wallet provider lays out the reasons why, years ago, Coinkite switched their open-source licensing scheme as well as their own code in the Coldcard firmware – and how by doing so they set the stage for the disaster unfolding in front of our eyes today.

Also noting that @nvk (Coinkite’s CEO) deleted the tweets referenced above and has been dutifully scrubbing his timeline since all this broke out. Absolutely abysmal leadership.

All this to say – (because it bears repeating): the issue is not that AI could crack the entropy used to generate seed phrases. That would be game-over for Bitcoin.

What happened instead was that AI was used (at least once it became known that there was an exploit to be found) to uncover a flaw in entropy generation.

Very different.

That means the industry-standard wallets (Trezor, Bitkey, and software ones like Sparrow or Electrum) are fine – and I still feel OK typing that – in fact more so, after the rabbit hole I’ve been down these last 48 hours.

But there are some practical takeaways now, and some possibly unpleasant ramifications, at least for me, and I’ll lay them out frankly here, in no particular order:

  1. Multi-sig self-custody is now the bare minimum.

    Wallets that require multiple signatures to spend – if you are handling it all yourself, you can still do solo multi-sig, where you require two-of-three signatures to originate an outbound transaction.What I will probably end up doing is prepping some docs or tutorials on getting that set up.

  2. Institutional custody is a serious option, which should be considered.

    But it comes with trade-offs, one of which is that it’s very difficult to create a multi-generational custodial entity in a nascent space. You almost by definition need to fuse some venerable old tradfi institutions with cypherpunks.The reality is the institutions best equipped or positioned to do this, are not “Bitcoin-only”, which seems to matter to the hardcore maxis.But there’s another problem with that:

  3. Most Bitcoin-only businesses are on their way to bankruptcy.

    If not this bear cycle, then the next one.This is because in the overall scheme of things, not enough people actually give a shit about Bitcoin to make a “Bitcoin-only” business viable over the long haul. This includes as many as 90% of the people (total guesstimate) who are actually allocated to Bitcoin.Most of them couldn’t care less about self-custody, retiring their bloodline, “everything divided by 21 million”, escaping the state, or any of the long string of maximalist purity tests.

    They want a double-digit CAGR, and to catch the next bull market updraft. That’s it. That’s the majority of people invested into Bitcoin. Reality check.

  4. ETFs are fine.

    This needs to be said. Again, there are trade-offs (surprise!):You’ll miss out on the proceeds of any forks (the ETF sponsor will pocket those) and you’re very much inside the financial system. But they are a way to capture the upside of Bitcoin, hold for the long term, with total liquidity.

  5. The right exchanges are also fine.

    Another blasphemy but it’s true. One thing I’ve been saying for years is that most people don’t want the hassles associated with self-custody. It’s a high bar and what most people really want is “PayPal for crypto”. And notice I didn’t say “Bitcoin”, I said “crypto” – another no-no word for “True Bitcoiners”, but the reality is that the mass adoption underway is of crypto.

    Bitcoin just happens to be a subset of that.I can envision setups where of the total allocation in a portfolio to Bitcoin, the majority is held via ETFs, while self-custody BTC is akin to our “Bug-out bag” component, along with a lightning wallet loaded up with some “walking around money”.

  6. Bitcoin is not the apex asset.

     I have been wrong about this. It’s still a category-of-one in the digital asset space, it’s still digital sound money and a store of value, but it’s just another asset class across the possible choices one can allocate into.The maxi proposition that allocating to anything other than Bitcoin in one’s investments or savings is “retarded” is itself retarded. I remember seeing a tweet some time ago that just broke my heart, where some pleb took his daughter to Burger King for her fifth or sixth birthday and was thrilled that she understood why instead of buying her a birthday present he bought some Bitcoin.Horrible parenting. Buy your five-year-old a birthday present. Pay them for chores in Bitcoin. Don’t take them to Burger King, ever. Grow the fuck up. You’re supposed to be the adult here.

    The apex asset is business ownership. We can talk more about this, and we will.

  7. Being 100% invested in Bitcoin or having all your life savings in Bitcoin is a mistake.

    Another mistake of mine, in the sense where I proudly declared that easyDNS holds 100% of its retained earnings in BTC. Others hold the sum total of their life savings in Bitcoin.This is a big mistake – which anybody who just had their life savings drained in under 20 seconds in this episode understands all too viscerally.

    Speaking for myself, I will be adjusting my allocation. Probably gradually, because I do think we’re “at bottom” in this cycle, so as we climb out of this bear market, I will be diversifying – likely more aggressively into cashflow-producing businesses.

    I’ll do this through a combination of collateralization in a (hopefully) up-trending market, and sales under the right circumstances.

    There are a couple of special situations I’m working on where it feels like the most sensible move is to create an investment partnership – so I will be cashing out some chips to seed that fund.

    I’m glad I still have gold and numerous investments outside of the Bitcoin and even crypto space. I’m also looking at more real estate. The market is in the toilet now so it’s a good time to buy – and this actually brings us to an important point:

    The Bitcoin maxi axiom that it’s always a good time to buy, never a good time to sell, and that Bitcoin is the only investable asset, forsaking all others, has to be abandoned by anybody who is serious about building wealth.

    I don’t care about passing the Bitcoin purity tests. Maybe I did in the past, which was also a mistake.

    Remember when Luke Gromen sold Bitcoin right near the top of the cycle and everybody in the Bitcoin space called him an idiot?

    Who are the idiots now?

    I’ll give you one guess.

    I’m not saying we should have sold when Luke Gromen sold, I’m observing that a professional investor applied his framework and made a determination on when he should sell – and that gave him optionality that none of us “pureblood Bitcoiners” have, as long as we’re trapped in this “never sell” / Bitcoin-only mentality.

If I could sum up the above list in one pithy tweet, it would be the opening image of this month’s edition, by way of Nic Carter, who also found himself excommunicated from The Bitcoin Cathedral for indulging in shitcoinery.

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

Tyler Durden Sat, 08/08/2026 - 18:40

Another Sign Of The Times: 'F**k ICE'

Zero Hedge -

Another Sign Of The Times: 'F**k ICE'

Authored by Thaddeus McCotter via American Greatness,

Strolling through a major American urban metropolis, I noticed that the tightly packed homes and squat tri-level apartments and condos had tiny, browning “natural gardens” pocked with the usual virtue-signaling lawn signs setting forth their progressive secular creed’s commandments: “kindness always,” “hate has no home here,” etc.

Yet amidst this self-proclaimed bastion of love and tolerance, I quickly spied an ostensibly contradictory placard in many residential windows and, in fact, on the bumpers of many cars, both rust buckets and some upscale, socially responsible electric ones. Indeed, this sentiment was so prevalent that the host of a YouTube video touring the city’s neighborhoods casually expressed it as an aside and apologized for not stating it in a prior video.

What was this urgent statement needing to be publicly proclaimed to one and all by any and all means fair and foul?

It was “F— ICE.”

Being literal, initially the prospect left me cold.

Then I wondered if the sign maker had misspelled “DEI.”

However, upon reflection, I realized that ICE was the acronym for U.S. Immigration and Customs Enforcement. Despite the other lawn signs professing kindness, I immediately understood the f— in question was not to be construed as an act of love. Further, the people sticking these placards in their windows and onto their bumpers are clearly not an “ally” of ICE.

“F— ICE” did not have the ring of “Aux Armes!” or “¡No pasarán!” or even “земля мира и хлеб!” In fairness, though, I did notice the “F— ICE” sign. But I also would have noticed a dead skunk glued to a window or squished on a bumper.

In a sign of the times, once more, public profanity was conflated with sincerity and earnestness—and, of course, “hipness” and “edginess”; and, once again, the consequences of such selfish public virtue-signaling were ignored, if they were ever contemplated at all.

Did such virtue-signaling regressives understand their vehement, vulgar opposition could help foster dangerous and deadly attacks upon ICE agents whose only “crime” was enforcing the duly enacted laws of the United States? Or that it could help foment equally dangerous and deadly confrontations between ICE agents, illegal immigrants, and bystanders who deliberately interfere with agents in the course of their duties?

Did they understand that by abetting open borders they helped diminish and demean the hard work and sacrifices made by legal immigrants to the country? Or that in aiding illegal immigration (and usually opposing assimilation) they harm legal immigrants by diminishing their public safety, lowering wages and job opportunities, and straining the social safety net resources available to those who need them?

Perhaps they were unaware Zeale reported that, in the aftermath of violence regarding the enforcement of American immigration laws, two Catholic bishops did, in fact, grapple with the issue and concluded:

Acts that diminish or disregard the dignity of any person or group of people should never be normalized in our society,” Bishop Daniel Garcia and Bishop Brendan Cahill wrote in a July 20 pastoral reflection published by the United States Conference of Catholic Bishops (USCCB). “The dehumanization of immigrants, regardless of their legal status, is one such example of this; the vilification of law enforcement officers is yet another.

As the reporter, Elizabeth Ervin, makes clear, the two bishops are certainly not ICE apologists. Acknowledging their “pastoral concerns are distinct from what the civil law itself may permit,” the pair of clerics expressed their opposition to racial profiling and called for reforming immigration enforcement to ensure “accountability, transparency, and justice.”

Nonetheless, the bishops’ support for migrants regardless of their status and for reforming immigration enforcement did not lead them to demonize ICE agents. On the contrary: “We continue to affirm the legitimate role of civil authorities to implement the law in a humane manner and with respect for fundamental human rights, including the rights to life and due process. The power of the state must always be exercised within the limits of the moral law.”

Whatever one’s view of immigration and border security, only the worst among us can fail to recognize the above is an example of “civility.” And engaging in civil discourse with those who disagree with you is a far more conducive way to achieve change and consensus than spouting profanity in public to preen for your allies and alienate everyone else.

As the bishops remind us, “We pray for an end to dehumanizing rhetoric, racial prejudice, and violence and for a renewed commitment to recognizing the inherent dignity of every person as a child of God.”

Sure, that might not fit on a windowsill or below a trunk, but that is no matter. Such truth is meant to be etched in the heart.

Tyler Durden Sat, 08/08/2026 - 17:30

Student Loan Payments Are Spiking: What Changed On July 1 And What Borrowers Over 50 Should Do

Zero Hedge -

Student Loan Payments Are Spiking: What Changed On July 1 And What Borrowers Over 50 Should Do

Authored by Adam H. Douglas via The Epoch Times,

If you carry federal student loans, July 1, 2026, redrew your map. With last year's tax law changes taking effect on that date, the Saving on a Valuable Education (SAVE) plan was dismantled, and servicers began notifying millions of borrowers to pick a new repayment plan or have one picked for them.

The end of the SAVE plan could raise your student loan payments unless you act before your 90-day deadline. zimmytws/shutterstock

For borrowers over 50, and especially Parent Loans for Undergraduate Students (Parent PLUS) holders, the wrong move, or no move, can push payments up sharply at exactly the stage of life when income stops growing.

Here is what changed and what to do about it.

Quick Answer: The SAVE Plan Is Ending. What Should You Do?

Starting July 1, servicers began sending SAVE borrowers notices giving them 90 days to choose a different repayment plan. For most older borrowers, the realistic choices are Income-Based Repayment (IBR), which is staying available for loans taken before July 2026, or the new Repayment Assistance Plan (RAP). If you do nothing inside your 90-day window, you will be placed automatically into a standard plan, which usually carries the highest monthly payment. Find your notice, date your deadline, and run your numbers at StudentAid.gov before the clock runs out.

The Details: What Changed on July 1

The new rules split borrowers into two tracks.

  • If all your loans predate July 1, 2026, you keep most of your current options and gain access to RAP.
  • If you take out any new loan or consolidate after that date, your entire balance is limited to just two plans: RAP or the new Tiered Standard Plan.

One point worth knowing: Borrowers who enroll in automatic debit can now receive a temporary 1 percent interest rate reduction.

Choosing Between IBR and RAP After Age 50

For a borrower near retirement, the comparison is monthly relief versus the finish line.

RAP can produce lower payments for some borrowers, includes an interest subsidy so on-time payers see their principal fall, and never exceeds 10 percent of adjusted gross income.

But its forgiveness horizon is 30 years; time in RAP does not count toward IBR forgiveness if you later switch, and its brackets are not indexed for inflation, so modest income bumps can raise payments.

IBR keeps the shorter 20-to-25-year forgiveness path, which matters if you already have a decade of qualifying payments banked. Run both through the Loan Simulator before deciding.

What Default Actually Costs After 50

The reason to act is visible in the data.

The Federal Reserve Bank of New York reports that roughly 1 million borrowers defaulted in the last quarter of 2025, and another 2.6 million did so in the first quarter of 2026. The average newly defaulted borrower is nearly 40 years old and was not behind on these loans before the pandemic.

Credit scores for defaulted borrowers dropped 91 points on average, from 567 to 476.

For a younger worker, default is a setback. After 50, it is a direct threat to retirement income, because the federal government collects in ways no private lender can:

  • Wage garnishment of up to 15 percent of your disposable pay, without a court judgment.
  • Tax refund seizure through the Treasury Offset Program.
  • Social Security offset of up to 15 percent of your benefit. The law's protected floor of $750 per month has not been adjusted for inflation in decades, so it protects far less than it once did.

One nuance: Collections on defaulted loans are currently suspended, with no announced restart date, but defaults are still being reported to credit bureaus during the pause. Consider this a window to fix your situation.

If you are already in default, the two exits are rehabilitation, which requires nine on-time payments, and consolidation. Consider starting either now, while collections remain paused.

The Parent PLUS Problem

Parent PLUS borrowers face the hardest news. Under the new rules, the loans are largely shut out of income-driven repayment and Public Service Loan Forgiveness unless the parent's loans were consolidated into a Direct Consolidation Loan that disbursed on or before June 30, 2026. That window has closed.

If you consolidated in time, protect what you secured: Stay enrolled, recertify on schedule, and know that ICR sunsets in 2028, so a transition is coming.

If you did not, your realistic path is a standard, graduated, or extended plan, which means building the payment into your retirement budget rather than hoping it shrinks. Either way, call your servicer, confirm which plans your loans qualify for, and ask about hardship options before missing a payment.

Your Next Five Moves
  • Log in to StudentAid.gov and confirm your servicer and contact information, since notices arrive by email or portal message.
  • Find your transition notice and write down your 90-day deadline.
  • Run your loans through the Loan Simulator and compare IBR and RAP side by side.
  • Apply for your chosen plan well before the deadline, and keep confirmation of your application.
  • If you are delinquent or in default, contact your servicer this week. The nine-month line between delinquency and default is the one that triggers everything above.
FAQs About Student Loan Changes July 2026 What Happens if I Ignore the Notice From My Servicer?

You will be placed automatically into a standard repayment plan once your 90-day window closes. Standard plans carry fixed payments that are typically the highest monthly amount charged, with no connection to your income and no path to forgiveness. For a borrower on a fixed retirement income, that payment shock is exactly what the notice period exists to prevent. Choosing a plan yourself, even imperfectly, almost always beats the default placement.

Can Social Security Really Be Garnished for Student Loans?

Yes. Federal law allows an offset of up to 15 percent of Social Security benefits for defaulted federal student loans, and the protected monthly floor of $750 was set decades ago and never adjusted for inflation. Offsets, along with other collections on defaulted loans, are currently suspended without an announced restart date. That pause is an opportunity to cure a default through rehabilitation or consolidation before collections resume, not a reason to wait.

Is RAP or IBR Better for Someone Near Retirement?

It depends on your history. If you have years of qualifying payments already banked, IBR's 20-to-25-year forgiveness timeline may be within reach, and switching to RAP would restart a 30-year clock that most borrowers over 50 will never, or barely, finish. If your payments under IBR would be unaffordable, RAP's income-based formula and interest subsidy may offer relief. Run both scenarios in the Loan Simulator and compare the monthly payment against the forgiveness date.

I Already Defaulted. Is It Too Late?

No. With collections suspended, this is the best window you will get. Loan rehabilitation requires nine on-time, income-based payments and removes the default from your credit report. Consolidation out of default can work faster but leaves the default notation in place. Contact the Education Department's Default Resolution Group to start either one, and act before collections restart, because garnishment and benefit offsets become possible once they do.

The Epoch Times copyright © 2026. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.

Tyler Durden Sat, 08/08/2026 - 16:20

Iran Insists US Must Meet Stringent List Of Demands Before Hormuz Opens

Zero Hedge -

Iran Insists US Must Meet Stringent List Of Demands Before Hormuz Opens

As expected, Iran is pressing hard to extract from Washington everything it can get - at a moment the Trump White House seems to be backing down from a heighted war over the Strait of Hormuz, given the serious risk of settling into a another years-long quagmire in the Middle East.

The US administration, including Treasury Secretary Scott Bessent, has appeared to back the Iran-Oman deal for the opening of the Strait, with President Trump and his officials having remained surprisingly quiet even as it has emerged that the deal outline is wholly favorable to Tehran's conditions.

For example, as we've detailed Iran announced Friday that under the 'finalized' Oman-Iran scheme and 'deal' for management of the Hormuz Strait that "enemy countries" (read: US and Israel) may only transit the waterway after lifting sanctions and paying compensation for the war. US and Israeli-linked ships are currently banned and will be fired upon, Iran has warned.

The White House stayed mum even after that, and didn't openly push back - nor did Trump fire off any angry Truth Social messages, but focused on some random domestic issues Friday. This even as there was a Friday story in Reuters saying that Washington even plans to lift the naval blockade of Iranian ports once the Oman deal is finalized:

"There ​is progress between Oman ​and Iran on the Strait, and ‌we ⁠expect a deal soon," the official said. "Once the deal is announced to restore commercial ​shipping ​without ⁠impediments, the United States will lift the blockade ​of Iranian ports."

And now the Iranians are piling on the demands even more, with on Saturday the NY Times reporting on the country's top Iranian national security official's remarks. The security chief has laid out a list of demands and stern set of further conditions.

"Mohammad Bagher Zolghadr, the secretary of Iran’s Supreme National Security Council, issued a statement carried by state media laying out multiple requirements for reopening the strait," reports the Times.

"He called for the United States to lift its naval blockade and sanctions on Iran, withdraw the U.S. military from around Iran, pay war reparations and release frozen Iranian assets, as well as end attacks on Iran's allies in the region and threats against the country,"

While other Iranian officials have voiced similar demands, this could represent the ascendancy of the Islamic Republic's so-called hardline faction within the context of the Oman negotiations. Zolghadr stated "These are the demands of the Iranian people who have been shouting for it relentlessly in the squares and streets for one hundred and sixty days."

Iran state media has listed them out as follows (machine translation):

1. Never threaten Iran with any language or insult the sanctities of this nation.

2. End the war and aggression against Iran and its allies in Lebanon, Palestine, Yemen, and Iraq forever.

3. Lift the naval blockade and withdraw its military forces (naval and air) from around Iran.

4. Pay the damages of the two wars of aggression and imposition on Iran without any reduction or reduction.

5. Lift the cruel and illegal sanctions against the Iranian nation.

6. Unconditionally release the frozen and stolen assets of the Iranian people.

The NY Times says there's been no immediate response from the White House when it requested comment; however, it must be remembered that the US was slapping yet more sanctions on Iran within only the last several days.

While the dropping of sanctions seems realistic as part of a deal to end the war, getting the Trump administration to agree to pay compensation for the many billions of dollars in damage done is a very tall ask. But the Iranians no doubt now smell weakness and blood in the water, as the US bombs have fallen silent for over a week at this point, and after Trump reversed course (more TACO) last weekend on the planned 'harder' strikes.

Bessent strongly suggested in an interview published Friday that the Hormuz Strait's reopening was imminent, delivered by a deal that would be finalized 'today or tomorrow'. 

And yet, the Times underscores that:

Even before Mr. Zolghadr’s statement, Iranian officials had hinted on Saturday that the reopening of the strait was not imminent. Hossein Mohebbi, a spokesman for Iran’s Islamic Revolutionary Guards Corps, said that reopening the strait was “not contingent on the Iran-Oman negotiations.”

Iran is in essence saying this ain't over & wants to extract its pound of flesh, also to ensure it is never attacked again...

Additionally, on Saturday Iran's army spokesman Amir Akraminia has been quoted by Al Jazeera as saying Iran's new protocols in the Strait of Hormuz are "irreversible" and shall not be thwarted by the US. "The United States has no choice but to accept the existing situation; otherwise, it will incur costs far greater than those it has faced in the past," Akraminia said.

In perhaps a good cop, bad cop approach to Washington, Iranian President Masoud Pezeshkian has meanwhile issued a more balanced, less maximalist statement. He expressed that "the war must end at some point, and that his country is determined to adopt the memorandum of understanding as a basis, provided the US abandons the atmosphere of distrust it has created."

Tyler Durden Sat, 08/08/2026 - 15:45

Ukraine Faces Growing Air Defense Crisis As Patriot Supplies Dwindle

Zero Hedge -

Ukraine Faces Growing Air Defense Crisis As Patriot Supplies Dwindle

Via RFE/RL,

  • Ukraine failed to intercept any of the 24 ballistic missiles and four Zircon cruise missiles Russia fired in the August 5 attack, underscoring the strain on its missile defenses.

  • U.S. Patriot availability has become a significant constraint after extensive interceptor use during the Iran conflict.

  • Kyiv is increasingly seeking European inventories, expanded production, and eventually licensed or joint Patriot manufacturing to secure its air defenses ahead of winter.

Ukraine's failure to intercept a single Russian missile during a large-scale overnight attack this week has raised fresh concerns over Kyiv's dwindling supply of air-defense interceptors as Moscow escalates its ballistic missile strikes on the nearly defenseless capital and other regions.

Ukrainian President Volodymyr Zelenskyy has warned that deliveries of anti-ballistic interceptor missiles from partner countries have fallen sharply, leaving Ukraine vulnerable to deadly attacks that are being launched by Russia with increasing frequency.

Following a meeting with Ukraine's military leadership on protecting critical infrastructure on August 2, Zelenskyy said Ukraine had received only a third as many air-defense interceptors this year compared to the same period in 2025.

"Our partners have the missiles. What is needed are the necessary political decisions on deliveries and on accelerating production, including localization in Ukraine," Zelenskyy said.

Latvian Foreign Minister Baiba Braze, who was in Kyiv during the most recent attack on August 5, condemned Russia's latest strikes, which lit up the late-night skies with balls of flames from massive explosions.

"It was a vile attack on Ukrainians. I was hiding in the shelter along with a number of them and admiring their resilience. Russia is a terrorist state and needs to be contained," she wrote on X.

Ukrainian Foreign Minister Andriy Sybiha also urged allies not to slow military assistance.

Speaking on August 5, he said:

"Russian strikes take no summer vacation; support for Ukraine and pressure on the aggressor must not pause, either. Every interceptor counts. They are life-saving tools."

US Stockpile Questions

Patriot interceptor missiles remain Ukraine's most effective defense against Russian ballistic missiles, but questions are growing over how many additional interceptors Washington can realistically provide.

Last week, the Center for Strategic and International Studies (CSIS) estimated that the United States has used more than half of its Patriot PAC-3 MSE and THAAD interceptor inventories during its military operations against Iran this year.

The report estimated that US stocks of Patriot PAC-3 MSE interceptors have fallen from more than 2,300 before the conflict, which began in February, to roughly 800, while THAAD interceptor inventories have been nearly halved.

Mark Cancian, a senior adviser with CSIS and co-author of the report, told RFE/RL that the shortages leave Washington with little flexibility to supply Ukraine.

"Ukraine will not be able to expect many interceptors -- or any interceptors -- from the United States for quite a while," Cancian said.

"The US has used extensively its own inventories.... We're down to about 800 or 900 [Patriot interceptors]. The war planners don't want to go below that, so it would be very difficult to provide any of those or any new production to Ukraine.”

Cancian said Ukraine may instead have to seek Soviet-designed S-300 missiles from countries that still operate the system and intensify efforts to destroy Russian missile launchers before they can fire.

His assessment contrasts with public assurances from the Trump administration.

CNN, citing unnamed officials, reported on August 4 that Patriot inventories had fallen to "dangerously low" levels. Defense Secretary Pete Hegseth rejected that report, calling it "fake news."

Just days earlier, the Pentagon announced agreements with Lockheed Martin and Northrop Grumman to expand production of Patriot PAC-3 and THAAD interceptors.

US President Donald Trump insisted early on August 6 that the United States has "massive" amounts of munitions.

Trump also had pledged to allow Ukraine to manufacture Patriot missile interceptors, only to appear to backtrack on that promise days later.

"Additionally, large amounts are being manufactured and shipped to the US as needed. Defense companies are building the largest number of plants and factories in our country’s history," he wrote on his Truth Social platform.

"The 'leakers' of these treasonous statements are being hunted down. Long term jail sentences will be sought!" he added.

However, US administration officials who spoke to RFE/RL on condition of anonymity said the CSIS estimates broadly reflect the current state of American interceptor inventories.

Cancian said rebuilding those stockpiles will take years despite efforts to accelerate production.

"The United States is expanding production," he said.

"Before the war in Ukraine, it was producing about 300 Patriot interceptors a year. Now we're up to about 600. We're trying to get to 2,000 a year, but that will take until at least 2030."

Even then, he said, Ukraine will have to compete with other US partners for new production.

"The Gulf states have used a lot of their Patriots [in the current Gulf conflict]. They want their inventories replenished, so there'll be a lot of competition for the new production. It may be four or five years before supply meets demand."

Risks For Ukraine

The prospect of fewer US interceptors raises immediate questions for Ukraine as Russia steps up missile attacks ahead of another winter.

Adding to the urgency, several media reports, including from Reuters, quoted Ukrainian military intelligence sources as saying a North Korean missile unit had begun deploying to western Russia and ‌could be equipped with up to 120 ballistic missiles and six launchers for attacks on Ukraine.

Kervin Aucoin, a US Army veteran and former military intelligence analyst, said reduced US inventories will inevitably affect Kyiv.

"It's not going to be none, but it will be far less than what Ukraine was expecting," Aucoin told RFE/RL.

Still, he argued that Ukraine has repeatedly adapted to changing battlefield conditions.

"Ukraine is doing a great job…. If they can't rely on the US, unfortunately, they will rely on their own resilience, and they will continue to succeed on the battlefield," he said.

Over time, he said, Ukraine may increasingly turn toward cheaper technologies, including drone-based air defense and laser systems, rather than relying primarily on costly Patriot interceptors.

Republican Senator Rick Scott of Florida, who chairs the Senate Armed Services Subcommittee, told RFE/RL he believes the White House remains committed to supporting Ukraine.

"When I talk to people in the White House, they are absolutely committed to supporting Ukraine. I'm confident they will provide Ukraine with the weapons it needs when it needs them."

Cancian also warned that depleted US inventories could influence how America's adversaries assess Washington's military readiness.

"China is what the United States is most worried about," he told RFE/RL.

"Using so many interceptors has created a window of vulnerability, and China might try to take advantage of that."

He added that Iran could reach similar conclusions: "Iran is certainly looking at this and thinking that the United States might be unwilling to recommence hostilities because of these growing shortages."

Ukraine Looks To Europe

With US supplies under pressure, Ukraine is increasingly looking to European allies.

US Ambassador to NATO Matthew Whitaker recently said Washington is exploring joint production of Patriot interceptors with Ukraine and European partners.

He stressed, though, that the immediate priority is to provide Ukraine with the air defense capabilities it needs to survive another winter, either from allies with excess interceptors or through increased production at US factories.

Kyiv has already begun that effort.

In early July, then-Defense Minister Mykhaylo Fedorov sent requests to nearly 40 countries seeking the temporary transfer of Patriot interceptors from existing inventories, proposing to replace them later with missiles from future production.

Ukraine has not disclosed which countries received the requests.

Within the European Union, a key provider of military assistance to Ukraine, seven countries operate Patriot systems: Germany, Poland, the Netherlands, Sweden, Greece, Spain, and Romania.

RFE/RL asked those governments on August 5 whether they would consider supplying additional interceptors following Ukraine's failure to intercept any Russian missiles during the overnight attack.

Germany declined to comment on operational matters, as did Romania, which called it a "matter of national security."

Sweden pointed to its contribution of an additional $108 million to the PURL initiative, bringing its total support for the program to $535 million.

The Netherlands has previously said it has already donated everything it could spare from its own Patriot inventories, and is providing Ukraine with around 3 billion euros per year in military aid until at least 2029.

"We have already delivered Patriots missiles and are currently unable to deliver more missiles from our existing stockpiles. At the same time, we are open to exploring any option that helps Ukraine protect its skies and people. Air defense has been a strong focus point of our military support and will continue to be so in the future,” the Netherlands Defense Ministry spokesman Kees Bakhuis told RFE/RL in a written statement on August 6.

Poland's Defense Ministry said all support requests from Ukraine are reviewed by the Polish Armed Forces and organizational units of the ministry as part of the country's comprehensive support -- from the donation of military equipment, to the training of Ukrainian soldiers, to extensive logistical support and medical support -- to Ukraine's Armed Forces.

RFE/RL asked Ukraine's ambassador to NATO, Alyona Hetmanchuk, about the state of negotiations with partner countries, but her response was not available as of publication.

Tyler Durden Sat, 08/08/2026 - 10:30

Oxford Union Debate Debacle Exposes The Real Limit Of Free Speech In Britain

Zero Hedge -

Oxford Union Debate Debacle Exposes The Real Limit Of Free Speech In Britain

Authored by Steve Watson via Modernity News,

In the heart of the Oxford Union, a supposed bastion of open debate, a single brown paper envelope triggered pure panic.

Commentator Laurence Fox stood to argue that the West is right to be suspicious of Islam. He held up the envelope and indicated it contained a cartoon of the prophet Muhammad. The chamber erupted in frantic attempts to stop him opening it. Rules were suddenly invoked. Relevance was questioned. Respect was demanded.

The Muslim president of the Union interjected that her very presence should have been enough to persuade Fox that Muslims believe in free speech.

"My wife asked me not to show this for fear of repercussions for my family," Fox said. "But I told her that if I did not, I would have submitted to Islam." He continued that the West should resist Islam "in the strongest terms on free-speech grounds alone."

Fox opened the envelope and revealed a cartoon of Rees-Mogg. Laughter and applause followed. The fear that had gripped the room evaporated the instant it became clear the image did not depict Muhammad.

In that moment the argument was settled more effectively than any speech could manage.

The debate took place under the motion "This House believes the West is right to be suspicious of Islam." Speaking for the motion were actor and free-speech campaigner Laurence Fox, Tommy Robinson, and writer Jonathan Sacerdoti. Against them stood Oxford Union president Arwa Elrayess, a 20-year-old Muslim of Palestinian heritage from Gaza, Rees-Mogg, and others. Outside, left-wing protesters tried to block entry. Inside, the atmosphere was already charged.

Fox made free speech the centrepiece of his case. He cited polling showing that 78 percent of British Muslims believe no publication should print pictures of Muhammad, rising higher among some groups. He noted that Britain had long abandoned its own blasphemy laws. Then he produced the envelope.

Jacob Rees-Mogg, speaking against the motion, reached for procedure, recalling that as a former Union librarian he believed props were against the rules. Others in the audience scrambled for any technicality that might prevent the image from appearing. The chair eventually ruled that props were permitted.

Jonathan Sacerdoti, who spoke alongside Fox that night, later described the episode in The Spectator. The opposition and their guests, he wrote, "squirmed in discomfort, terrified at the very suggestion a drawing of Mohamed might soon be unveiled."

When the real image appeared, the relief was palpable. "It seems we had found the limit of free speech they had all denied existed. That limit was Islam."

Elrayess had positioned herself as a defender of open debate by inviting the motion and the speakers in the first place. She told the chamber: "Free speech and debate is not something I do despite being a Muslim, it is something I do because of it."

Yet when the practical test arrived - the possibility of a Muhammad cartoon - the institutional machinery of the Union moved to stop it. The title of president was offered as proof of principle even as the principle itself was being restricted in real time.

Fox's point lands without further explanation: the taboo is real, the fear is real, and the clever arguments about compatibility evaporate the moment the cartoon is threatened.

This is not an abstract philosophical dispute. Britain has already seen teachers driven into hiding for showing Muhammad cartoons in classrooms. Publications and individuals face credible threats for the same act. The Oxford Union, with its historic claim to be a last redoubt of free speech, demonstrated in real time that the same constraint operates even among those who insist no such constraint exists.

Fox closed his demonstration with a clear declaration. "So it is in that spirit that I will not submit. I show you this as an Englishman who believes in free speech. I will not submit. I will not bow down." The image he actually showed was of a British politician. The image that produced terror was the one everyone understood could not be shown.

The motion was defeated in the chamber that night. The larger argument was not.

Free speech that collapses the moment it risks offending one particular religious sensitivity is not free speech at all. It is a managed privilege granted on condition of silence.

The Oxford Union's panicked reaction to a piece of paper proved the case more cleanly than any speech could. The West has every reason to notice when its most elite institutions flinch.

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 Sat, 08/08/2026 - 09:20

US Army's 400 Million Laser Deal Accelerates Race To Harden Bases From Kamikaze Swarms

Zero Hedge -

US Army's 400 Million Laser Deal Accelerates Race To Harden Bases From Kamikaze Swarms

Building on our investment theme that the US military is racing to harden its bases with counter-drone systems capable of defeating Group 1-3 drones, and potentially Group 4 threats, Bloomberg reported late in Friday's US cash session that the Army plans to purchase at least $400 million of AeroVironment's counter-drone laser systems, citing a person familiar with the deal.

The source told the outlet that the deal would provide the Army with dozens of LOCUST systems, which use artificial intelligence to track and identify small and medium-sized drones before human operators engage them with a high-energy laser.

AeroVironment's LOCUST system was originally developed by BlueHalo, which the defense firm acquired for about $4.1 billion in 2025. The latest LOCUST X3 uses a scalable 20-to-35-plus-kilowatt laser, AI-enabled detection and tracking software, and precision beam control to defeat Group 1-3 drones.

LOCUST can be deployed at fixed installations, including military bases, or mounted on tactical vehicles such as the Infantry Squad Vehicle and Joint Light Tactical Vehicle.

The economics of laser weapons are almost certainly a major focus among military planners. At roughly $5 per shot, compared with a $100,000 rocket or a million-dollar interceptor missile, lasers offer one of the most cost-effective ways to defeat Group 1-3 drones.

Drone Groupings (via Piper Sandler) 

The report sent AeroVironment's stock soaring nearly 8% during the final hour of Friday's US cash session. The shares have been cut in half since late 2025 but recently found support near the $140 level.

More broadly, the Goldman Sachs US Defense equity basket (GSXUDFNS) is also reversing higher after a five-month slump.

How to profit:

 . . . 

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

MiB: Jack Raines, Young Money 

The Big Picture -



 

 

This week, I speak with Jack Raines, a writer and venture capitalist. We discuss his new book, “Young Money.” Jack dives into his unlikely journey into finance and venture capital. We discuss how his travels impacted the way he sees money and purpose for young people. He also reviews how to incorporate passion into your career and the impact it will have on your long-term finances.

A transcript of our conversation is available here Tuesday.

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

Be sure to check out our Masters in Business next week with Dr. Ankur Crawford, EVP and Portfolio Manager at Alger. She heads the firm’s flagship Alger Capital Appreciation strategies. She was an Engineer at Intel, won the Intel Ph.D. Fellowship, and was awarded fellowship Natl Academy of Sciences, Engineering & Medicine, and holds several U.S. patents.  She was recognized as a “Top Women in Asset Management” in 2020 and serves on the board of The Knowledge House, a Bronx-based charity teaching technology skills to underserved communities.

 

 

SPOTIFY EMBED

 

 

Current Reading/Favorite Books

 

 

 

The post MiB: Jack Raines, Young Money  appeared first on The Big Picture.

Teacher Exposes Chaos: Violence, Drugs, & Prostitution At 75% Migrant School In Germany

Zero Hedge -

Teacher Exposes Chaos: Violence, Drugs, & Prostitution At 75% Migrant School In Germany

Via Remix News,

A German teacher has described a secondary school in the Rhineland where violence, drug dealing, and severe behavioral problems have become part of everyday life, including one case in which a 15-year-old girl allegedly prostituted herself in the school toilets for drugs and money.

Speaking anonymously to Bild, special education teacher “Carola S.” said around 75 percent of students at her school have a migrant background, with many having arrived from Syria, Iraq, Afghanistan or Ukraine.

“It’s all blowing up in our faces,” she said.

“Every day is a challenge. Fights, shouting — this happens in the classroom and on the schoolyard,” she told the German tabloid.

“We are happy if we can teach for a few minutes at a time. Sometimes the police have to come several times a week.”

She said drugs are also dealt on school grounds and recalled an extreme case involving a 15-year-old pupil.

“A particularly egregious case involved a 15-year-old student who prostituted herself in the school toilets for drugs and money. She became pregnant and left the school.”

Carola said many newly arrived pupils initially speak little German and do not receive grades for their first two years. “After that, the students are graded regularly, but for many, their performance is still unsatisfactory. Some don’t return at all,” she said. “This year, almost 40 percent failed to obtain their secondary school leaving certificate.”

She also described clashes over cultural attitudes, including a Syrian father who objected to his son being taught by a woman.

“It is very difficult for us to reach these parents,” she said.

Carola said she was punched in the face just three weeks ago while attempting to intervene in a fight between pupils.

“I got caught in a fight between students and ended up with a split lip because a student punched me in the face during the scuffle,” she said.

She reported the incident to police, but said the case was subsequently closed.

“This is not an isolated incident. Some colleagues are openly insulted, threatened, or ambushed after school, and this isn’t even reported,” she added. “Many talk about not being able to do the job until retirement. We have a high rate of sick leave.”

The German Teachers’ Association has long accused politicians of failing to respond quickly enough. Its chairman, Stefan Düll, said back in 2024 that preventive measures, social work, school psychology and other support systems had failed to expand in line with demand.

“For too long, politicians have primarily acted reactively,” Düll said. He warned that Germany’s education system is being overwhelmed by immigration, arguing that large numbers of children entering schools with little or no German were placing an unsustainable burden on teachers.

“Due to immigration in 2015, the war in Ukraine and other immigration, new people are constantly coming into the system, but the system is slow to keep up because it is moving too fast,” he said at the time.

“The higher the percentage of immigrants, the more difficult it is to motivate the class.”

Recent incidents have added to concerns over conditions in German schools. In May, a 20-year-old Afghan was remanded in custody after allegedly sexually assaulting an 11-year-old girl inside a school restroom in Koblenz while a 19-year-old suspected accomplice allegedly held the child down.

That same month, authorities announced a regular police presence at the Karolina-Burger high school in Ludwigshafen following 118 criminal complaints, around 100 fire department call-outs and a succession of knife attacks, assaults and threats.

Teachers there had reported death threats including “I’ll shoot you all,” pupils attacking one another, and extensive vandalism. In one of the most serious cases, prosecutors said a 16-year-old girl attacked a teacher with a knife “with the intention of killing her.”

Concerns have also been raised over religious intimidation. In April, Berlin youth worker Wolfgang Büscher warned that some schools were producing what he described as “mini-Islamists,” with pupils allegedly pressuring Muslim and non-Muslim classmates to conform to strict religious practices.

Back in the Rhineland, Carola said teachers increasingly feel abandoned by authorities.

“No one from the school board ever shows up. They’ve left us to fend for ourselves,” she said.

“And then the politicians want to close the secondary schools. Where are the children supposed to go then?”

Read more here...

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

EU Cohesion Breaks: Madrid Socialists Impose Border Protections Against Italians After Third World Invasion

Zero Hedge -

EU Cohesion Breaks: Madrid Socialists Impose Border Protections Against Italians After Third World Invasion

Update: Spain is to impose new border controls for flights and ships from Italy as the two countries' row over the influx of migrants into Ceuta intensifies.

Sky News reports that the Spanish government has confirmed that passport, nationality and visa checks would be conducted for Italian passengers and visitors from other countries arriving from Italy from midnight ​on Saturday ‌until 7 September.

The Spanish government called Italy's decision to suspend Schengen travel agreements (following the Spanish enclave's un-fettered invasion by over 70,000 military-aged male Moroccans), "unjust, contrary ‌to EU interests and discriminatory" and with a full straight face the socialist leadership added that the decision has been taken "amid the persistent irregular migratory pressure" from Italy.

*  *  *

The unhinged socialists in Madrid are losing their minds over the Italian government's move to suspend the Schengen travel agreement because it wanted to protect its national sovereignty after the Spanish African enclave of Ceuta was invaded by 70,000 mostly military-aged men.

The migrant invasion, which Elon Musk described as comparable to scenes from "World War Z," was a complete optics disaster for the socialists in Madrid, and really, for socialists and the far left across the West, who have been hellbent on importing the Third World to install new voting blocs and build political power. Now, that move, via uncontrolled mass migration, has been delegitimized, and countries like Italy have had enough.

Madrid's socialists say the new border checks are "unfair" and are "affecting the mobility of thousands of passengers." But really, who cares what socialists in Madrid have to say?

The West is shifting away from the nation-killing policies of uncontrolled mass migration and entering a new era focused on restoring national security after a decade marked by repeated migrant invasion after invasion with disastours consequences.

Interestingly, the socialists responded to the Italian government by stating:

Therefore, we urge the Italian government to rectify the situation, end the checks, and treat Spaniards like all other European citizens. If it fails to do so by Sunday, August 9, Spain will be forced to take proportionate measures to protect the interests and dignity of its citizens.

Immediately after last week's invasion, 22 European leaders condemned Madrid's socialist regime over its open-border policies and warned that the mass crossing may have been an act of "hybrid warfare."

Related:

"We cannot allow uncontrolled mass crossings, the instrumentalization of migration or other hybrid threats to create the perception that illegal entry into the European Union is possible," EU leaders, including Denmark's Mette Frederiksen, Italy's Giorgia Meloni and Germany's Friedrich Merz, wrote in a letter last week published on X by Denmark's Ministry of State.

Who organized or facilitated the invasion from the Moroccan side remains a big question. Unverified speculation has pointed to possible US or Israeli involvement, but no evidence has emerged to substantiate those claims.  

More speculation:

What is observable is Italy's quick response under its right-leaning, Trump-aligned government and the resulting political blowback spreading across Europe. Years of uncontrolled mass migration have boosted support for right-wing parties campaigning on border security, national sovereignty, and the restoration of law and order.

Tyler Durden Sat, 08/08/2026 - 07:35

Kids In Tiny British Village Beg The Government Not To Force Illegal Migrants On Their Home

Zero Hedge -

Kids In Tiny British Village Beg The Government Not To Force Illegal Migrants On Their Home

Authored by Steve Watson via Modernity News,

The children of a quiet Oxfordshire village have been forced to put pen to paper and plead with the Prime Minister himself. Their message is simple and heartbreaking: leave our home alone.

Piddington is a tiny English settlement of roughly 350 people - around 250 adults and just 46 children. The Home Office and Labour government under Andy Burnham intend to place 1,250 single adult male asylum seekers on a former Ministry of Defence site that borders the village, runs along the back of homes, and sits directly against the parish playing field and children's park.

If the plan proceeds, the number of young men dumped on their doorstep will dwarf the entire local population.

Residents previously held a symbolic independence vote after the government announced the scheme with zero meaningful consultation. Weeks later the silence from Downing Street continues, so the children themselves have now spoken.

Seven-year-old Rex Perkin wrote: "Dear Andy, We like our village because I and my family walk down to my sister's grave to see her. I worry I won't be able to do that anymore. My family has lived here for over 100 years. I love the playing field in Piddington because I go there every week. Thanks Andy."

Eleven-year-old Tilly West pleaded: "Please, please, please! This is for the 300-400 people in the village as well as dogs who won't be able to go sniffing in the bushes as much."

Nine-year-old Orla West was direct: "I do not like this idea because we love our park. We can walk our dogs. We love Piddington."

Other children echoed the same theme - freedom to play, walk the dog, cycle, and simply be children in the only home they have ever known. Their letters were delivered as adults in the village continue to face a wall of non-response from the government.

Parish Council chair Tim McNally has documented the official silence. Fourteen days after an open letter to Burnham, there was still no engagement. "Families are anxious. Questions are growing. And trust is being tested," he said. "This is bigger than one village. It's about whether communities like ours still matter when decisions are made."

The village has opened a fundraising effort and is weighing further democratic steps, including a referendum on self-determination.

Residents describe a place with deep roots and generations of the same families. One mother whose children wrote letters told reporters the scale would leave them "so outnumbered that it would change our lives completely."

Another parent noted that even the ability of an elderly grandmother to walk home safely at night is now in question.

The site itself is a long-abandoned munitions area requiring major infrastructure work, yet the government presses ahead with plans for an open facility where men aged 18-65 can sign in and out at will for a minimum of ten years.

McNally has framed the fight as one that now represents more than Piddington. On TalkTV he made clear he feels he is speaking for the country as well as his neighbours.

Conservative MP Joy Morrissey addressed the fears of locals, noting "These mothers don't want their daughters to [be] raped or molested."

The official response remains the familiar boilerplate. Number 10 says community concerns are "central" to its reforms, points to a drop in hotel numbers, and claims it will "consider" the children's letters.

That is little comfort to a village that has already watched its local voice sidelined, its planning powers stripped from the district council, and its future decided in Whitehall.

Piddington's children are not asking for special treatment. They are asking to keep the ordinary freedoms that previous generations took for granted - walking their pets, playing on the field, growing up without being outnumbered by a sudden influx of foreign fighting-age men whose presence was never put to a democratic vote.

In a country that still claims to value local communities and the safety of its own children, those letters should be impossible to ignore. The government has so far chosen silence.

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 Sat, 08/08/2026 - 07:00

10 Camp Kotok Weekend Reads

The Big Picture -

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

The Future, Made in China: Beijing is competing with the U.S. for tech supremacy. Who wins will have huge political implications. Beijing is competing with the U.S. for tech supremacy. Who wins will have huge political implications. (New Yorker)

• The Wisdom of Crowds: Michael Mauboussin’s Consilient Observer paper on when crowds are smart and when they’re dangerous — the diversity, independence, and aggregation conditions that make collective judgment work, and what happens when they break down. (Morgan Stanley / Consilient Observer)

Bernard Arnault: Inside the court of France’s richest man: Investigation’Bernard Arnault’s Empire’ (1/6). The billionaire at the head of LVMH is as secretive as he is powerful. He relies on a devoted entourage in which a mix of fear and admiration prevails. Raphaëlle Bacqué’s six-part series on the LVMH founder — the free-marketeer who whispers in the ear of every president, keeps his media outlets in line, and patronizes the arts. (Le Monde)

How Hulk Hogan’s Heel Turn Changed Everything: An excerpt from David Shoemaker’s new book. When Hogan joined the nWo he didn’t just rewrite his own legacy — he recalibrated what fans expect from storytelling generally. As this excerpt from David Shoemaker’s new book, ‘Why Hulk Hogan Matters,’ explains, Hulk’s shift to villainy recalibrated how fans watch wrestling—and what they expect out of storytelling on a much deeper level. (The Ringer)

• Can Robots Save an Aging Japan?: The New York Times on Japan’s demographic bet — with a shrinking workforce and resistance to immigration, the country is wagering its future on automation, from elder care to cherry blossom maintenance. (New York Times)

• Nobody Said Stop: Inside 1.8 Million Chatbot Conversations: Digital Digging’s analysis of a massive conversation dataset — what people actually use chatbots for, and how rarely anyone pushes back on anything the AI says. How ChatGPT, Claude, Gemini and Copilot keep the conversation going (Digital Digging)

Why Is Everyone In Tech So Sad? A lot of people seem to be realizing that knowledge work is mostly pointless. AI might give us the pleasure of finding out what happens if an entire class of workers loses faith in their careers. NOEMA’s essay on the industry’s emotional recession — the layoffs, the AI anxiety, the collapse of the mission-driven self-image, and the malaise settling over the people who were supposed to be building the future. (NOEMA)

The end of the age of heroes AI will soon be better at math than any human. What does that mean? Noah Smith on the cultural shift away from great-man narratives — the founders, the geniuses, the visionaries — and toward institutions, systems, and collective competence. (Noahpinion)

The Mentor: How Roy Cohn taught Donald Trump everything. When President Donald Trump’s first Attorney General, Jeff Sessions, recused himself from a federal investigation into ties between the Trump campaign and Russia, in 2017, the President was angry. “Where’s my Roy Cohn?” he yelled. But Roy Cohn—an American scoundrel and the lawyer who helped send Julius and Ethel Rosenberg to the electric chair, aided Senator Joseph McCarthy in implementing the Red Scare, and showed Trump the ropes in the real-estate business—was long gone.  (New Yorker)

• Inside the Long, AI-Powered Quest to Perfect Pringle-Making: The Wall Street Journal on Kellanova’s chip optimization program — machine vision, predictive maintenance, and the surprisingly hard physics of the saddle-shaped crisp. (Wall Street Journal)

Video of the day: How George Lucas Outsmarted Every Studio In Hollywood

Be sure to check out our Masters in Business next week with Jack Raines, a writer and venture capitalist. We discuss his new book, Young Money.

 

America’s biggest companies report ‘rock solid’ profits as consumers face higher costs

Source: Financial Times

 

Sign up for our reads-only mailing list here.

~~~

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

 

 

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

Pillagers Vs Producers: There's Only Two Ways To Save The Western World

Zero Hedge -

Pillagers Vs Producers: There's Only Two Ways To Save The Western World

Authored by Brandon Smith via Alt-Market.us

For the past couple of weeks I have been closely tracking the migrant surge in the Spanish enclave of Ceuta and taking notes on the behavior of the extremely liberal Spanish government. One of the most important things to note about the event is that European officials quickly took to the media to admonish the OPTICS of the crisis, but not the migrants.

In other words, left-wing politicians didn’t like that the situation made them look bad, but they never spoke out against the basic premise of mass immigration from the third world. In fact, Spain’s Prime Minister, Pedro Sanchez, has been enthusiastically promoting open border policies since 2018. The main reason the migrants all flooded into Ceuta at the same time was because Spain’s supreme court ruled only days before that migrants arriving by sea could not be immediately deported.

It’s a scene we have witnessed over and over again in the past several years. The multiculturalists set the wheels in motion for a migrant rush into Europe then pretend to be shocked when it happens.

They engineer these events by breaking the cardinal rule of western civilization – Never leave the gates open, because the barbarians will see this as an invitation to pillage. Like hyenas circling a wounded animal, they will be uncontrollably drawn to the smell of an easy meal.

The only reason European elites took any opposition to the incident in Ceuta was because the migrants immediately started looting, burning and attacking locals the second they set foot on the beaches. If the barbarian horde had behaved themselves for a couple weeks, journalists and politicians would have called it a humanitarian crisis and lavished the migrants with praise for their “bravery.”

And yes, I have heard all the conspiracy theories about the US and Israel supposedly pulling the strings to facilitate the invasion and I have found those theories to be complete tripe based on zero tangible evidence. If the Trump Administration, for example, actually wanted migrants to invade Spain, all they would have to do is sit back and let the Spanish government continue to do what they’ve already been doing for years.

The fall of the western world is being aided by progressives, but these elitists are only tapping into the forces of an eternal conflict that has been raging for millennia.

Meaning, even if globalists were not a thing, the west would still be threatened with the constant danger of third world plunder. The elites are merely exploiting a problem that already exists naturally. The root of this conflict is the prominence of two distinct groups of human beings that are incapable of coexistence…

Pillager Culture vs Producer Culture

I was recently watching Sargon of Akkad’s latest expose on a small town in South Africa called Orania. It’s an all white town built by Afrikanns in the middle of nowhere in order to protect themselves from the exceedingly violent black population; a population organized around the ideology of race communism. The video is a great overview of the town and the controversy that surrounds it and I highly recommend watching it in full.

The details of Orania remind me of an article I published last year titled “The Third World Is Forever Chasing The White Man”. The concept of cultural separation is, I believe, the key to almost every problem we are facing in modern times. It may very well be the key to understanding every conflict since human history began.

At bottom, I argue that there are two kinds of people in the world: There are people who produce, create and maintain a functioning civilization. Then, there are parasites and pirates; people whose only survival trait is to pillage the wealth and resources of producer societies.

A community like Orania would not be controversial at all if it was made up of black isolationists, or Asians, or Hispanics, etc.  In fact, it would be celebrated.  It is treated as radioactive by the media specifically because the town was created by white people FOR white people. Their goal? To preserve their western principles and heritage and, most of all, to protect themselves from pillaging tribes and communists.

Orania looks much like any smaller rural town in America, with clean streets, quiet parks, well maintained infrastructure, self sufficient utilities and farms, safe neighborhoods and kids playing outside without fear.

The interesting thing is the reactions to the town by the YouTubers who visit with the expectation of discovering a virulent, racist, hate-fest. What they find instead is a community that functions far better than any other place in South Africa, run by white western people who just want to be left alone to enjoy the fruits of their labor.

There are two common reactions to Orania:

1) Black influencers, surprised by the peace and relative tranquility of the town, ask “why can’t black people have something like this…?”

2) South African politicians and thought leaders ask “How can we take away what these people have built and keep it for ourselves…?”

The answer to both questions is uncomfortable for most westerners in the US and Europe to think about, but it is a fact we desperately need to consider and embrace. They can’t copy Orania because they are socially and in some cases genetically incapable (the average IQ of Africans is 70). They can’t steal it for themselves because as soon as they take it over, the town will turn to shit and collapse.

In Ceuta, over 60,000 migrants overran the local infrastructure and demanded access to provisions, jobs, housing and the ability to travel deeper into Europe.  When asked why they came to Spanish territory, they all tended to say the same thing: “We want more money and a better life.”  They came to Europe because they can’t build a prosperous society on their own.  Their pillager mentality drives them to latch onto the west, but as they do this they turn the west into the third world.

Western Civilization Has Two Choices: Separation Or Colonization

In recent articles I have explained the differences that separate the west from the third world, including the absence of the concept of “maintenance” in third world societies. In Africa, for example, there is no terminology for the idea of “maintenance”. They simply don’t have a word for it. They have words for “repair” or “replace”, but not a word for “maintain.” Learning this fact was a revelation for me.

It explains everything about the conflict between the third world and the west. It explains why third worlders are “forever chasing the white man.” It explains why these cultures never seem to progress without direct western investment, intervention or colonization. It explains why these people flood into western countries by the millions the second the gates are left open.

If you cannot maintain, then you can’t keep a system alive for future generations. From basics like water, sewer, sanitation, electricity, food, security, etc. – There can be no generational infrastructure and no generational wealth. Your tribe will be perpetually resource-poor and scratching in the dirt for bugs, UNLESS, that is, you turn to pillaging. You can steal the wealth created by producer tribes, but you can’t copy their success.

If we come to terms with the undeniable existence of the parasite or pillager class, everything becomes clear. The third world as we know it today is rooted in pillager culture, but this ideal is not limited to brown people. Within the west we also have white socialists and communists, useless people who have devised an entire philosophy to justify stealing from producers.

As far as the third world is concerned, the west has been dealing with such people for centuries. We were almost destroyed by them during the Muslim invasions into the Holy Roman Empire from the 7th Century to the 10th Century, and we had to continue to hold them back for several centuries after.

We’ve tried a variety of methods to solve this issue. We tried the Crusades to beat them into submission (effective). We tried colonization and importing western infrastructure so they don’t come to the west to steal what we have (also effective).

However, these solutions are no longer considered political correct by progressive ideology. It’s not a coincidence that liberalism has worked tirelessly to demonize colonization as one of the “great evils” of history. They hate it because it works; it made the west far more safe.

So, we tried global subsidization instead. In other words, western governments paid out billions of dollars (perhaps trillions) in subsidies to third world countries in order to keep them happy enough that they would stop trying to invade us. This has not worked for a number of reasons.

Most of all, migrants cannot help themselves. They will never be self reliant and independent producers, so they are compelled by their survival imperatives and their tribal instincts to plunder whenever an opportunity arises. The political left understands this dynamic and they stage opportunities so they can use migrants as biological weapons to tear down the west.

The reason third worlders and leftists seem to be joining forces (through Democratic Socialists and other organizations) is because they ARE joining forces. Conservatives will often point out the hypocrisy of progressives who claim to be champions of individual rights for women and “marginalized” groups. Meanwhile they aggressively defend the invasion of people who oppress those same groups.

I’ve made the point many times myself, but its not as profound as conservatives think it is. Leftists know exactly what they’re doing, because Marxists/Socialists/Communists and third worlders are the same. Both tribes are pillager tribes; both tribes are parasitic. They all want the same thing, which is to feed like vampires on the resources of producers. They are joining forces because parasites tend to work together.

One parasite infection can weaken a host’s immune system, which indirectly helps other parasites move in and thrive. At least, until the host is dead.

I have heard it argued that conservatives need to come to an understanding on why younger generations are turning to socialism as a solution. People claim that we don’t have enough empathy for their plight.

My position is, these people were ALWAYS going to turn to socialism because they are born pillagers. They are incapable of functioning in any merit based system, even one that is highly prosperous, because they are predisposed to feel as if they’re entitled to more. They are always going to be jealous of people who have more.

The idea of earning what we have never plays into it. They are barbarians. They are pillagers. There is no reasoning with them. There is no bargaining or compromise that will satisfy them. The only solution is for producers to separate completely, or, conquer the pillagers and force them to stop pillaging. Anything else would be a pointless half-measure.

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

Tyler Durden Fri, 08/07/2026 - 23:25

Digging Deeper Inside Physical AI's Hardware Stack Powering Humanoids

Zero Hedge -

Digging Deeper Inside Physical AI's Hardware Stack Powering Humanoids

Building on our "Physical AI Faces One Critical Chokepoint, and Here's How to Profit" report earlier this week, Barclays analysts are closing out the week with a comprehensive map of the humanoid value chain.

As readers look beyond flashy Chinese Unitree robot demonstrations, attention is shifting toward the critical hardware stack, including motors, actuators, sensors, and batteries, and the deep supply-chain players positioned to reap the rewards before global humanoid deliveries begin to ramp up.

Anatomy of a humanoid robot

"While the humanoid market remains small today, at roughly $2-3bn, forecasts range from $10-25bn by 2030, with more optimistic scenarios reaching ~$200bn by 2035, as detailed in (open in new tab)Global Macro - AI gets physical: Ten things to know about humanoids(open in new tab)," Barclays analyst William Thompson wrote in a note on Thursday.

Within the hardware stack, reducers - high-precision gearing systems embedded in actuators - have been high barriers to entry and are led by Japanese players such as Harmonic Drive Systems and Nabtesco, while rare earth materials - particularly magnets used in high-performance motors - create strategic dependencies, with supply chains heavily concentrated in China.

Actuators are the biggest hardware prize. A humanoid may require 40 to 70 actuators, representing roughly 30% to 50% of the material bill. This makes motors, reducers, bearings, and motion-control systems  critically important.

The current supply chain for humanoids is mostly dominated by China.

The supply chain will likely be shaped by geopolitics as much as technology. China currently leads in humanoid deployment volumes and holds strong positions across several parts of the value chain, including rare earth processing, motors, batteries, and robot manufacturing.

However, growing U.S. and European scrutiny of Chinese technology and industrial supply chains could influence market access, procurement decisions, localization requirements, and ultimately the geographic distribution of production and deployment. As a result, humanoid supply chains may become increasingly regionalized over time, with parallel hardware, software, and manufacturing ecosystems emerging across China and Western markets.

Thompson provided a deep understanding of how to profit from the humanoid robotic value chain by subcategory.

Earlier this week, Bernstein analyst Dien Wang warned about "critical chokepoints" in the humanoid robotic supply chain, outlining high-performance motors, robotic actuators, and rare-earth minerals that are mostly dominated by China.

"A humanoid robot can consume more than twice as much magnetic material as an EV motor (Exhibit 3), highlighting the growing strategic importance of rare-earth magnets," Wang said.

He outlined that China's dominance in rare earth magnets is troubling in an "increasingly multipolar world."

Taken together, both Barclays and Bernstein notes suggest the humanoid robotics value chain remains dangerously exposed to China and concentrated Asian supply chains. The Trump admin must accelerate the development of domestic production for motors, rare earth magnets, precision reducers, semiconductors, and other critical actuator components.

If Beijing moves on Taiwan, U.S. robot manufacturers could lose access not only to advanced chips but also to the motion-control systems needed to build humanoids at scale. In that scenario, America's physical-AI ambitions could grind to an instant halt

Professional subscribers can read a whole lot more on humanoids here at our new Marketdesk.ai portal. 

Tyler Durden Fri, 08/07/2026 - 23:00

ADNOC Reports 15 Vessel Attacks As Hormuz Risks Mount

Zero Hedge -

ADNOC Reports 15 Vessel Attacks As Hormuz Risks Mount

Submitted by Julianne Geiger of OilPrice.com

Abu Dhabi National Oil Company said attacks on its vessels and employees are having a significant impact on operations as the company tries to keep crude, gas and refined products moving through the Strait of Hormuz.

Fifteen ADNOC vessels have been hit by missiles or drones since the war began, including three this week, the company said Friday. One crew member has been killed and 20 others injured.

The Strait of Hormuz carried roughly one-fifth of global oil consumption before the U.S.-Israeli war against Iran expanded into a broader regional conflict. Repeated attacks on commercial vessels have disrupted traffic through the waterway, driven freight costs sharply higher, and made some shipowners reluctant to enter the Persian Gulf.

ADNOC said it is working with authorities to protect personnel and assets while meeting customer requirements “as much as possible” in what it called an exceptionally challenging operating environment.

The attacks are hitting one of the few Gulf producers that has managed to restore exports close to pre-war levels. The UAE has relied on crude loading points outside Hormuz, including Fujairah, while continuing to move some barrels through the strait despite the security risk.

ADNOC is expanding its own shipping capacity even as those risks increase. Its logistics arm announced Friday that it had acquired six very large crude carriers and five very large gas carriers for about $1.3 billion.

Nine of those vessels are scheduled to enter service this quarter, with two newbuild gas carriers due in the fourth quarter. ADNOC Logistics & Services already owns more than 340 vessels and operates another 600 chartered ships.

The fleet additions are intended to support higher crude and LNG exports as ADNOC expands production and trading volumes. The company also ordered four new LNG carriers last month in a $900 million deal.

“Freedom of navigation and the safe, uninterrupted passage of commercial shipping through international waterways must be respected and protected,” ADNOC said Friday.

Tyler Durden Fri, 08/07/2026 - 22:35

DHS Hiring "Bounty Hunters" For Overseas Tracking Of Deported Migrants

Zero Hedge -

DHS Hiring "Bounty Hunters" For Overseas Tracking Of Deported Migrants

The Trump administration is planning to hire private investigators to track down deported immigrants in their home countries, verify where they live, and deliver notices seeking payment of U.S. immigration fines, according to Wired.

The proposed program, budgeted at up to $9 million over two years, would cover countries including Mexico, Guatemala, and Honduras.

Rather than collecting money directly, contractors would be paid to confirm a person's location using evidence such as photographs of their residence, public records, utility bills, employment information, or other documentation accepted by the government. They would also hand-deliver notices listing any outstanding penalties.

Wired writes that the initiative comes as DHS says it has assessed more than $84 billion in civil immigration fines, including "failure-to-depart" penalties that can accumulate to hundreds of thousands—or even millions—of dollars. Although the administration has encouraged migrants to self-deport by promising to forgive many of these fines, legal advocates argue the new overseas tracking effort undercuts that message because some penalties can still remain.

Immigration attorneys and civil rights groups describe the program as a major expansion of enforcement, saying it targets people who have already left the United States and raises due process and privacy concerns. CBP, meanwhile, maintains that the effort is intended to enforce existing legal obligations and notify individuals of debts owed to the U.S. government.

Legal experts say the initiative represents a major escalation. NYU law professor Alina Das called it a "significant escalation in tactics," while attorney Charles Moore described it as "part and parcel" of the administration's broader immigration crackdown. Hasan Shafiqullah, who is challenging the fines in court, questioned the effort's purpose: "What’s the point of this?"

The proposal builds on ICE's growing use of private "skip-tracing" contractors inside the United States, extending similar investigative practices to people living abroad.

Tyler Durden Fri, 08/07/2026 - 22:10

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