Alaska Governor Vetoes Election Reform Bill Due To 'Significant Operational Burdens'

Authored by Kimberly Hayek via The Epoch Times (emphasis ours),

Alaska Gov. Mike Dunleavy vetoed a major election reform bill on April 30, arguing it would place “significant operational burdens” on the state’s Division of Elections months before high-stakes statewide and federal contests.

Alaska Gov. Michael Dunleavy in Washington on Oct. 29, 2019. Samira Bouaou/The Epoch Times

The bill, at least a decade in the making, sought to allow absentee and other ​voters track their ballots and see when they had been received and ​counted.

Dunleavy announced the veto of Senate Bill 64 after the measure arrived following its passage in both chambers of the legislature.

The legislation, which had won bipartisan support in the state’s House of Representatives and Senate, also sought to expand acceptable voter identification, modify voter roll ⁠maintenance, change the absentee ballot timeline, and create a rural community liaison position.

“Going forward, I encourage those who wish to continue this work to use this bill as a starting point to ensure that any proposed changes comply with state and federal law and pass any election legislation on a timeline that allows the Division of Elections to develop, test, and implement the necessary systems properly,” Dunleavy said in an April 30 statement. “While the Alaska gasline bill is the most important bill this session, I am open to a conversation with lawmakers on how we can address the legal and operational issues this session.”

In his veto letter, the Republican governor noted his misgivings about provisions requiring expanded ballot tracking and the curing of minor errors on mail-in ballots. He said such changes would be particularly difficult to implement securely and reliably ahead of the November elections.

“Taken as a whole, the bill would impose significant operational burdens on the administration of Alaska’s elections during an election year,” Dunleavy wrote. The Division of Elections had warned such mid-cycle alterations would be “extremely difficult, if not impossible,” to complete without risking reliability.

House Speaker Bryce Edgmon, an independent, said the veto was disappointing.

“This was a bipartisan effort to address the real challenges of voting in a state as vast, rural, and remote as Alaska,” Edgmon said in a statement. “Alaskans deserve a system that reflects our unique geography, not one that ignores it. This veto does exactly that.”

State Sen. Bill Wielechowski, a Democrat from North Anchorage and one of the bill’s key sponsors, said in a post on social media that the legislation was a “decade in the making, passed with broad bipartisan support, and reflected the governor’s own stated priorities.”

He said the veto also blocks efforts to strengthen voter ID rules.

“The Governor’s veto also blocks tightening of voter ID laws that would have limited acceptable IDs to government-issued identification,” Wielechowski added.

The legislature will have an opportunity to override the veto in the future.

Tyler Durden Sat, 05/02/2026 - 21:00

The U.S. Wants To Ban Chinese Cars, But They're Already At The Gate

Efforts in Washington to block Chinese-made cars often sound like a future problem - but in practice, those vehicles are already within reach of American consumers, according to the Wall Street Journal.

Just south of the U.S. border, Chinese automakers have been rapidly expanding in Mexico, setting up dealerships and offering vehicles at prices far below what most new cars cost in the U.S. Brands like BYD, Geely, and Great Wall Motor are selling electric and gas-powered models packed with features - often for the price of a used car in the U.S. That proximity matters: American consumers living near the border can easily see, test, and in some cases drive these vehicles, even if large-scale imports remain restricted.

Meanwhile, U.S. policymakers are moving in the opposite direction. Proposed tariffs, import restrictions, and national security reviews are all aimed at limiting Chinese auto penetration, especially in the electric vehicle market. The concerns go beyond economics—lawmakers have raised questions about data security, supply chains, and the long-term competitiveness of domestic automakers.

The Journal writes that the situation is more complicated than a simple “ban.” Chinese-built vehicles are already entering the U.S. market indirectly. Some come through global partnerships, shared manufacturing platforms, or brands that don’t obviously appear Chinese to consumers. Others arrive in small numbers through personal imports or cross-border use. In other words, the presence is already here—it’s just not always visible at scale.

At the same time, Chinese automakers are becoming major global players. Companies like BYD, for example, have surged in electric vehicle production and are expanding across Latin America, Europe, and beyond. Their strategy often focuses on affordability and speed to market—areas where traditional U.S. automakers have struggled, especially as new car prices continue to climb.

That pricing gap is a key pressure point. Many American buyers are increasingly priced out of new vehicles, creating demand for cheaper alternatives. If Chinese automakers were allowed to compete freely in the U.S., they could significantly undercut domestic offerings—something that worries both policymakers and legacy car companies.

So while the political conversation centers on keeping Chinese cars out, the reality is that the market is already shifting around that goal. The vehicles are being sold nearby, seen by U.S. consumers, and in some cases already used on American roads.

Tyler Durden Sat, 05/02/2026 - 20:25

First US Integrated Humanoid Robot Factory To Build 100,000 NEO Robots By 2027

Authored by Neetika Walter via Interesting Engineering,

U.S.-based robotics firm 1X has started full-scale production of its humanoid robot NEO at a new manufacturing facility in Hayward, California.

The factory marks a key step toward commercializing general-purpose humanoid robots designed for home use. The company says the robots are built to safely operate alongside humans and assist with everyday tasks such as mobility support, light household activity, and routine interaction.

NEO robot units working at the NEO Factory in Hayward, California.1X on YouTube

Spanning 58,000 square feet, the facility currently employs more than 200 workers and is expected to expand further as production scales. It has the capacity to produce up to 10,000 robots annually, with plans to increase output beyond 100,000 units by 2027. The setup is designed for rapid iteration as hardware and AI systems evolve.

The company has already seen strong early demand. It said its first-year production capacity of over 10,000 units sold out within five days of launch in October, signaling early commercial interest in humanoid home robotics.

Full-stack manufacturing push

A key feature of the factory is its vertically integrated production model. 1X designs and manufactures core components in-house, including motors, batteries, sensors, structures, and transmission systems.

This approach allows the company to control the entire production process, from raw material handling to final assembly. It also reduces reliance on external suppliers and supports faster iteration cycles, especially for hardware upgrades and safety improvements.

“We’re building the world’s safest, most reliable humanoid robots—right here in Hayward, California,” said Vikram Kothari, VP of Manufacturing & Hardware.

The company says its setup includes automated motor manufacturing lines and systems that handle precision tasks such as copper coil winding. This level of integration is aimed at improving reliability, reducing production bottlenecks, and scaling manufacturing efficiently without outsourcing key subsystems.

Robots produced at the facility are currently being routed to internal testing, validation, and research environments. Customer shipments are expected to begin in 2026, starting with early access users before wider rollout.

AI brains power robots

Each NEO robot is powered by NVIDIA’s Jetson Thor computing platform, which serves as the system’s onboard processing unit.

The platform enables real-time AI inference directly on the robot, allowing it to perform perception, reasoning, navigation, and decision-making tasks without depending heavily on cloud infrastructure. This improves response time and reduces latency in real-world environments.

1X is also using NVIDIA’s Isaac simulation tools to train its robots in virtual environments. These simulations allow large-scale reinforcement learning and help improve robot behavior before deployment in physical homes.

“Humanoid robots require high-performance, real-time AI inference and continuous training and testing in simulation for safe and reliable operation,” said Deepu Talla, vice president of robotics and edge AI at NVIDIA.

CEO Bernt Børnich said the factory signals a shift from concept to execution. “Production is happening now, and American consumers will be among the first in the world to welcome NEO into their homes.”

NEO will be offered through an early access program priced at $20,000, with a subscription option starting at $499 per month. The company plans to sell the robots directly through its online platform.

1X says building robots at scale in the United States will allow faster delivery, localized support, and quicker product improvements based on user feedback. The company also aims to reduce supply chain risks by keeping core manufacturing domestic.

Tyler Durden Sat, 05/02/2026 - 19:50

Ahead Of Trump-Xi Summit, Beijing Tells Chinese Firms To Ignore U.S. Sanctions On "Teapot" Refineries

President Donald Trump is set to travel to Beijing in mid-May for a summit with Chinese President Xi Jinping, the first U.S. presidential visit to China in eight years, and a meeting already delayed once by the Iran war.

The pair will obviously discuss the U.S.-Iran conflict and the resulting energy shock, which has hit Asia fastest and hardest. There is no shortage of issues for the two leaders to discuss, including Taiwan, trade, AI chip controls, rare earths, and sanctions.

One important topic the two leaders will likely spend time on is the energy shock and the maximum pressure campaign imposed by the U.S. Treasury Department's Office of Foreign Assets Control on Chinese independent "teapot" refineries, particularly in Shandong Province, due to their continued purchases and refining of Iranian crude.

Perhaps last week's sanctions on China's teapot refiners are part of a leverage campaign by the Trump team ahead of the upcoming meeting.

By Saturday morning, Beijing announced that companies in the country should ignore and not comply with U.S. sanctions targeting five domestic refineries. 

The refiners, including Hengli Petrochemical's Dalian refinery and several privately owned processors, had been hit with U.S. asset freezes and transaction bans earlier in the week, according to Bloomberg.

Beijing's Commerce Ministry called the sanctions unlawful, saying they restrict normal trade with countries and lack authorization under international law.

"The Chinese government has consistently opposed unilateral sanctions that lack authorization from the United Nations and a basis in international law," the department said.

It appears that Beijing is shielding its refiners to mitigate Washington's pressure campaign on Iranian crude flows as the energy shock still festers across Asia.

The good news last week is that China reopened its fuel export spigot to surrounding countries, as domestic inventories are now at comfortable levels. This will provide some relief to countries dealing with fuel shortages caused by the Hormuz chokepoint, which remains partially frozen to this day.

Tyler Durden Sat, 05/02/2026 - 19:15

Federal Court Blocks Abortion Drug Mifepristone From Being Sent Via Mail

Authored by Jacki Thrapp via The Epoch Times,

Americans won’t be able to receive abortion drug mifepristone in the mail, according to a temporary ruling by the U.S. Fifth Circuit Court on May 1.

“FDA conceded it had failed to adequately study whether remotely prescribing mifepristone is safe,” the three-judge panel in New Orleans ruled on Friday.

The decision will block the drug from being shipped via mail until the Food and Drug Administration (FDA) can ensure the drugs are “safe and effective” before they can be marketed in the United States.

Mifepristone, often called “the abortion pill,” is part of a two-drug regimen which allows a woman “to end a pregnancy up to 70 days into gestation,” according to Johns Hopkins University.

The FDA first approved mifepristone in 2000, but doctors were only allowed to prescribe it after three in-person visits.

The procedure changed in 2023 after the Biden administration expanded access to “medication abortion,” which provided a pathway for patients to avoid an in-person visit to the doctor and, instead, order the drug online to be shipped to their house.

The state of Louisiana challenged the rule in 2025, arguing the justification for allowing this was based on “flawed or nonexistent data.”

Louisiana alleged the medication “resulted in numerous illegal abortions” in the state and it also made women pay “thousands in Medicaid bills” for being harmed by mifepristone.

Louisiana Attorney General Liz Murrill called Friday’s decision a “victory for life!”

“The Biden abortion cartel facilitated the deaths of thousands of Louisiana babies (and millions in other states) through illegal mail-order abortion pills. Today, that nightmare is over, thanks to the hard work of my office and our friends at Alliance Defending Freedom,” Murrill wrote.

“I look forward to continuing to defend women and babies as this case continues.”

A bill to ban mifepristone was introduced by Sen. Josh Hawley (R-Mo.) in March.

“The science is clear: The chemical abortion drug is inherently dangerous to women and prone to abuse. Yet major companies like Danco Laboratories are making billions off it,” Hawley said.

Hawley’s bill would also allow women to sue manufacturers for damages if they are harmed by the chemical abortion.

Rep. Delia C. Ramirez (D-Ill.) criticized the federal court decision on social media.

“Mifepristone is safe and reliable,” Ramirez wrote in an X post on Friday.

“IT SAVES LIVES.
 Extremist attempts to control our bodies and restrict our choices make women less safe. The right to make decisions about our bodies and our healthcare are OURS. They don’t belong in the hands of judges or politicians.”

Tyler Durden Sat, 05/02/2026 - 18:40

Trump On Hormuz Blockade: "We're Like Pirates - And It's Very Profitable"

Rare agreement with Iranian officials? President Trump has newly said the US Navy is acting "like pirates" as he described an operation about seizing a ship amid the ongoing blockade of Iranian ports.

"We … land on top of it and we took over the ship. We took over the cargo, took over the oil. It’s a very profitable business," Trump told a large audience at a rally in Florida on Friday. "We’re like pirates," he added as the crow cheered him on. "We’re sort of like pirates. But we’re not playing games." Watch the US President also declare "it's a very profitable business":

TRUMP ADMITS AMERICANS ARE PIRATES

“It’s a very profitable business. We’re like pirates.” pic.twitter.com/p7g6kMPCmG

— Sulaiman Ahmed (@ShaykhSulaiman) May 2, 2026

The irony in this statement is that it precisely echoes Tehran's own accusation that the Pentagon is indeed engaged in 'piracy' in Persian Gulf waters, and as the US seeks to interdict other Iranian vessels on the high seas globally, especially near Asia.

This week Iran issued formal request to the UN Security Council that it stop the "continuing internationally wrongful acts of the United States through yet another piracy-style seizure and deliberate targeting of commercial vessels, namely the M/T Majestic and M/T Tifani."

Some of Iran's embassies abroad have also directly responded to the fresh Trump piracy clip. Here's what the Iranian Foreign Ministry had to say on X through one of its diplomatic outposts in south Asia:

"Sort of like pirates"? No, Donny—that's textbook piracy. One upside to an incompetent opponent: moments like this. But the crowd cheering and clapping along? That's the truly disturbing part. U.S. urgently needs a swift and serious regime change.

Additionally, one show host with Russia's RT had this to say by way of reaction: "The only good thing about Trump is that he openly admits the US is a rogue state that doesn’t care at all about international law, he doesn't bother to cover up the US’ heinous actions with the bogus liberal PR language that previous Presidents used."

It is also akin to when Trump became the first US leader to declare that American troops were in Syria to "secure the oil" - contradicting prior presidents and officials who insisted Washington was merely engaged in 'counter-ISIS' operations.

Meanwhile, Iran’s Ministry of Foreign Affairs spokesman Esmaeil Baghaei has said on X this week Americans have an "undeniable right and the solemn duty" to demand accountability from the White House over the ongoing US-Israel "war of choice" against Iran.

The war is "a clear, unprovoked act of aggression" - he stated, and called on Americans to rise up challenge their leaders for "waging this illegal war against the nation of Iran and for all the atrocities perpetrated."

Tyler Durden Sat, 05/02/2026 - 18:05

Tether Reports $1.04B Profit In Q1 As Treasury Holdings Top $140BN

Authored by Nate Kostar via CoinTelegraph.com,

Stablecoin issuer Tether (USDT) reported $1.04 billion in net profit for the first quarter of 2026, as its excess reserves rose to a record $8.23 billion, according to its latest attestation on Friday.

The company said its reserves remain heavily concentrated in US Treasuries, with around $141 billion in direct and indirect exposure, while total assets of about $191.8 billion exceeded liabilities of approximately $183.5 billion as of March 31.

Tether said this level of exposure makes it the 17th largest holder of US Treasuries globally. Beyond Treasuries, reserves included about $20 billion in physical gold and $7 billion in Bitcoin (BTC).

USDT circulating supply remained broadly stable at about $183 billion at the end of the first quarter. After the period, CEO Paolo Ardoino said supply has increased by more than $5 billion into April.

Tether said its proprietary investments are held separately from reserves backing USDT (USDT) and are funded through excess capital and profits.

The report was prepared by accounting firm BDO. The company also said it has begun the formal audit process.

Tether is the issuer of USDT (USDT), the largest stablecoin by market capitalization. According to DefiLlama data, the total stablecoin market is valued at about $320 billion, with USDT accounting for roughly 59% of the sector.

 

Total stablecoins market cap. Source: DefiLlama

Demand for digital dollars rises in emerging markets

Ardoino said in a post on X on Friday that USDT’s user base reached an all-time high of about 570 million in the first quarter, citing demand for dollars across emerging markets.

In Latin America, stablecoins accounted for 40% of crypto purchases in 2025, surpassing Bitcoin’s 18% share, according to a report released by Bitso this week based on data from its nearly 10 million retail users. The report described the trend as “digital dollarization,” as users turn to stablecoins for savings and everyday transactions.

 

Source: Paolo Ardoino

Stablecoins are also gaining traction in Africa for remittance payments. Speaking at the World Economic Forum in January, former UN official Vera Songwe said traditional transfers can cost about $6 per $100 sent, while stablecoins allow funds to move more quickly at lower cost.

Songwe also said stablecoins can help users preserve value in high-inflation environments, noting that inflation has exceeded 20% in several African countries since the pandemic.

FSB annual report for 2025. Source: FSB

However, stablecoin adoption has drawn scrutiny from global regulators. The Financial Stability Board warned in its 2025 annual report that widespread use of US dollar-denominated stablecoins could pose risks to emerging economies, including currency substitution and reduced effectiveness of domestic monetary policy.

Tyler Durden Sat, 05/02/2026 - 17:30

Berkshire Cash Hits A Record $397 Billion After Selling Most Stocks In 2 Years

The head of Berkshire may be new, but nothing has changed in the business model.

In Berkshire's first quarter Greg under Abel, who succeeded Buffett in January as Berkshire's chief executive, the company on Saturday reported a higher first-quarter operating profit even as economic uncertainty weighed on several of its consumer-oriented ​businesses. The Omaha, Nebraska-based conglomerate built by Warren Buffett and now led by Greg Abel also reported a record cash level, reflecting continuing difficulty finding ‌investments that meet its value-oriented principles.The conglomerate also continued its trend of divesting its stock portfolio with the largest sales od equity securities in Q1 since mid-2024; it also unveiled the first, modest stock buyback since Q2 of 2024.

Profit from Berkshire's numerous businesses rose 18% to $11.35 billion, or about $7,891 per Class A share, from $9.64 billion a year earlier. Net income, including from common stock investments, more than doubled to $10.1 billion, or $7,027 per Class A share, from $4.6 billion thanks to a boost from an improvement in underwriting results in its vast insurance businesses (Berkshire has traditionally downplayed the relevance of net income, which because of accounting rules includes unrealized gains and ​losses on stocks it has no plans to sell, and its therefore especially volatile during periods of market stress).

Berkshire's earnings are closely watched because the conglomerate’s businesses, ranging from insurance to railroads to energy and manufacturing, provide a snapshot of the health of the US economy. The company owns dozens of businesses including Geico, the BNSF railroad, Berkshire Hathaway Energy, Dairy Queen and See's Candies. Yet while Berkshire is sometimes considered a microcosm of the broader U.S. economy, its focus on insurance and hard ​assets has left it out of step with broader market trends, including the prevailing euphoria over artificial intelligence.

Worries about the economy took a toll on several of ​Berkshire's consumer-oriented businesses. Berkshire said economic conditions weighed on building products businesses such as the Clayton Homes mobile home unit, while the Forest River RV unit, Fruit of the Loom ‌and Squishmallows ⁠maker Jazwares reported lower revenue amid "higher economic uncertainty" and lower consumer confidence.

Underwriting earnings from the firm’s collection of insurance businesses surged to $1.7 billion, up about 29% from a year ago, when the units were hit by losses tied to the Los Angeles wildfires. Still, Geico posted a 35% decline in pretax underwriting earnings, as the unit faced more losses and spent more to gain new clients. 

“Most of Geico’s peer group this quarter posted significantly improved underwriting results,” said Cathy Seifert, an analyst at CFRA Research, on the contrast between competitors and Geico. “They’re a big unit and that’s a big deterioration.”

Profit from all insurance operations rose 4% ⁠to $4.4 billion from a year earlier, when wildfires in Southern California hurt results in reinsurance and smaller insurance businesses. The overall improvement came despite the 35% profit drop at Geico, where accident claims and marketing expenses ​increased. Geico spent several years upgrading its underwriting discipline and technology, and is trying to reclaim market share it ​gave up to rivals ⁠such as Progressive. Abel said at the meeting that the insurance sector generally is "softening" and becoming "more challenging" as more capital flows into the market, making it harder for Berkshire to charge sufficient premiums for the risks it takes on.

Profit at its railroad unit BNSF rose 13% to $1.4 billion, helped by higher demand to ship grains, petroleum fuels, oilseeds and meals, and relieving pressure on BNSF management, led by CEO Katie Farmer, to improve the unit’s operating margin and close the gap with its most efficient peers.

The railroad ​has lagged some peers in operating margin, and Abel said in his first annual letter to ​Berkshire shareholders that improved efficiency and service were necessary. Abel had given the division’s management a clear mandate to improve the business on those fronts. He said at the meeting that while he’s pleased with the first-quarter results, there’s still room for improvement.

“We had heard that there was some cost efficiencies being implemented at BNSF, and that showed up in the first-quarter results,” Seifert said.

Elsewhere, Berkshire Hathaway Energy said profit rose 2%, as higher revenue from natural gas pipelines attributable to cold weather offset rising maintenance and wildfire prevention costs ​in utility businesses. Profit from manufacturing, service and retail operations rose 5% to $3.2 billion.

Earnings aside, Berkshire's cash hoard soared to a new record high just shy of $400 billion, or more than the US government traditionally has in its Treasury General Account (except for rare outlier occasions). As of March 31, Berkshire's total cash (held mostly in T-Bills) was $397 billion. The cash pile reflected the company's years-long inability to find a ​major acquisition, as well as sales of some of its largest stock holdings led by Apple. 

After a nearly two year hiatus without any stock buybacks, in Q1 Berkshire repurchased a modest $234 million of its own stock, the first buybacks ​since May 2024. It conducted no repurchases in the first two weeks of April.

More importantly, in Q1 Berkshire sold $8.1 billion more stocks than it bought, the 14th straight quarter it was a net seller of stocks, and the largest net sales since Q3 2024 when BRK sold almost $30 billion. Berkshire hasn't bought stock since Q3 2022. Berkshire paid $9.5 billion in January for Occidental Petroleum's chemicals business; it also decided against a new impairment charge on Kraft Heinz, one of its largest equity holdings, for now, even as the book value of its holding in the packaged food giant exceeds its fair value by $1.4 billion. Last year, the firm took a $3.8 billion hit, as the stock’s performance continued to disappoint. 

Results were released prior to Berkshire's annual shareholder meeting, which draws tens of thousands of people to Omaha, and this year they won't be happy; not only is the Oracle of Omaha no longer there, but Berkshire shares have significantly lagged the broader market since Buffett unexpectedly announced at last year's meeting when Abel would take over. In 2026, Berkshire Class A shares of the $1.02 trillion buy-and-hold behemoth have fallen 6%, a mirror image of the S&P's 6% ascent, and a far cry from the historic surge in Semiconductor names which are now the market's darling du jour. 

Abel took to the stage and address shareholders in Omaha on Saturday for his inaugural annual meeting as CEO. This is the first time in decades that Buffett won’t be leading the event after the 95-year-old announced he would step down from his role last year, though he was still in attendance and even shared a few remarks to help kick off the meeting.

At the Omaha shareholder meeting earlier today, new CEO Greg Abel assured Berkshire shareholders that he will invest wisely and manage the conglomerate's massive cash stake without the burdens of bureaucracy, as he seeks to win over those cautiously hoping he is ​a worthy successor to Warren Buffett. Abel, 63, spoke at Berkshire's annual meeting in Omaha, Nebraska, four months after succeeding arguably the world's most famous investor as CEO. 

To do that, he must earn the trust of ‌investors now enamored with technology and artificial intelligence, rather than Berkshire's collection of insurers, retailers and hard-asset businesses in energy, industrials and manufacturing.

"As a conglomerate, we live by the fact that we hate bureaucracy," Abel said in response to a prerecorded question from Buffett, who also sat in a front-row seat. "We do not intend to be beholden to anyone. We start with that."

Still, attendance was down significantly from when Buffett and Vice Chairman ​Charlie Munger, who died in 2023, presided over meetings filled with their lively insights and banter about Berkshire, the economy, markets and life. Buffett and Munger drew capacity crowds in ⁠the downtown arena where the meeting took place, but several thousand of the approximately 18,000 seats were empty when Abel took the stage.

The meeting is the centerpiece of a weekend of shareholder events around Omaha, including investment conferences, private get-togethers, and shopping from Berkshire-owned businesses in an exhibit hall adjacent to the arena. Fewer people ⁠shopped. While thousands ​lined up outside the arena before doors opened at 7 a.m., the lines were considerably shorter than in recent years.

“I wanted to ​soak in the atmosphere and network with finance professionals,” said Jobby Chin, a finance student from Singapore attending her first meeting, who said she got in line at 2 am. Michael DiDonna, a fashion photographer from Oyster Bay, New York, said he arrived at 3:10 a.m. for his fifth ​meeting. "I want to feel a part of the monumental shift at the company," he said.

Buffett, for his part, assured the audience that "Greg is doing everything I did and then some," reprising comments he made last year when he announced his retirement ​as CEO. The 95-year-old also praised Apple, one of Berkshire's most successful investments, and its departing chief executive, Tim Cook. Buffett remains Berkshire's chairman.

In an interview with CNBC on the meeting's sidelines, Buffett fretted about a gambling mentality that has taken hold of some investors. "We've never had more people in a gambling mood than now," he said. "That doesn't mean investing is terrible, but it does mean that prices for an awful lot of things will look awfully silly."

Abel also assured shareholders he would not break up Berkshire, saying it operated effectively and its bench of expertise was strong. "We want Berkshire to endure," he said. Abel also said ​he is constantly evaluating opportunities to add to Berkshire's existing portfolio, whether that is acquiring public or private companies or a piece of a company.

Abel adhered to Buffett's mantra of patience, saying he would like to hold investments "forever" and not plow into any without understanding their economic ​prospects and risks. "It doesn't mean you need to deploy all ​your capital and spend all your money," he ⁠said.

He agreed with Berkshire's longtime insurance chief, Ajit Jain, who also answered questions from the stage, that it was important to say "no" if an investment did not look right. "It is very difficult to sit there and do nothing," Jain said, "while everyone else is being wined and dined by brokers and taken to London."

Abel praised a recent Oregon appeals ​court ruling that, for now, spared Berkshire's PacifiCorp unit from billions of dollars of potential liabilities for wildfires in 2020 that the utility maintains it did not ​cause. "We're back to first base" on the ⁠legal side, he said, meaning the threat has lessened.

Tyler Durden Sat, 05/02/2026 - 16:55

Judge Blocks Enforcement Of Colorado's New DEI-Driven AI Law

Authored by Jacki Thrapp via The Epoch Times,

A federal judge has temporarily blocked the State of Colorado from enforcing a first-of-its-kind artificial intelligence law.

Colorado is prohibited from taking enforcement actions on alleged violations of the law occurring up to 14 days after the court issues a ruling on the company xAI’s motion for a preliminary injunction, judge Cyrus Y. Chung ruled on April 27.

The Department of Justice had said the state law, which was set to go into effect on June 30, would have required AI developers and deployers to “discriminate based on race, sex, & religion—all in the name of DEI.”

DEI is an acronym for “diversity, equity, and inclusion.”

Brett Shumate, an assistant attorney general for the DOJ’s Civil Division, called the suspension a “huge win for the American people.”

“Colorado immediately caved and agreed not to enforce the law against ANY AI company,” Shumate wrote in a X post on May 1.

Gov. Jared Polis (D-Colo.) signed into law the Consumer Protections for Artificial Intelligence in May 2024 and issued a statement sharing his reservations about how it could impact Colorado.

In the statement, he urged the General Assembly to revise and delay implementing it until January 2027.

“I am concerned about the impact this law may have on an industry that is fueling critical technological advancements across our state for consumers and enterprises alike,” Polis wrote.

However, the legislation was not revised; instead, it was delayed until June 30, 2026, which prompted tech billionaire Elon Musk’s company xAI, which created Grok, to sue the state on April 9.

The unedited legislation was months away from going into effect when xAI asked the court to block the law from being enforced.

The Justice Department added its name as a plaintiff alongside xAI on April 24, marking the first time the DOJ had stepped into a case that challenged AI on a state level.

Both alleged that Colorado’s law would have caused unconstitutional “algorithmic discrimination” and asked a court to block it from being enforced.

“Laws that require AI companies to infect their products with woke DEI ideology are illegal,” said Assistant Attorney General Harmeet K. Dhillon, who works under the Justice Department’s Civil Rights Division.

“The Justice Department will not stand on the sidelines while states such as Colorado coerce our nation’s technological innovators into producing harmful products that advance a radical, far-left worldview at odds with the Constitution.”

The Epoch Times has reached out to Polis and Colorado Attorney General Phil Weiser for comment.

Tyler Durden Sat, 05/02/2026 - 16:20

The Cheap Foreign Labor Regime Blocking Agricultural Intelligence

Authored by RJ Hauman via American Intelligence,

I grew up in Camarillo, California: fertile soil, Mediterranean climate, strawberries, avocados, lemons, citrus, and family farms passed down through generations. The kind of place that sells itself, and does.

Read the city’s own description of its agricultural economy and you will find every word you would expect: rich agricultural legacy, farming passed down, agricultural education, sustainability, drip irrigation, precision sensors, AI-driven robotics, research partnerships, and a North American AgTech market projected to reach $16 billion by 2027.

Read it again and notice what is missing.

The workforce.

Not wages. Not labor. Not who picks the strawberries, cuts the lemons, or brings in the harvest. The fields produce. The technology advances. The legacy continues. The workers disappear.

Every agricultural economy has a legacy. The question is which part is being preserved. The fertile soil is a legacy. The family farms are a legacy. The harvest is a legacy. So is the labor model that brings it in. And across American agriculture, that model has for forty years depended heavily on foreign labor, illegal hiring, and a political class determined not to disturb either.

When a city brochure pairs “legacy” with AI robotics in the same breath, it is not just describing the future. It is making a quiet promise: the technology will advance, but the labor model will not.

America is preparing for the AI age everywhere except the place that feeds the country.

In Washington, the debate tends to revolve around foundation models, export controls, chips, data centers, defense contracts, and the ideological capture of Silicon Valley. Those fights matter. But the next frontier of artificial intelligence will not stay confined to server farms or federal procurement offices. It will also play out in fields, dairies, orchards, irrigation networks, greenhouses, and the rural labor markets that underpin America’s food supply.

That frontier is no longer theoretical. Autonomous tractors already plant, till, and spray without a driver. Computer-vision systems can scout crops plant by plant. Machine-learning models can optimize water, fertilizer, pest control, and yield down to the meter. Robotic harvesters can pick faster, cleaner, and longer than hand crews. Precision irrigation can be guided by satellite analytics. AI-assisted breeding can compress decades of plant selection into months.

The question is no longer whether American agriculture can automate. It is whether Washington will stop subsidizing the cheap labor model that makes automation a losing bet.

America should be leading this revolution. It builds the software, funds the research, trains the engineers, and talks constantly about technological dominance. Yet federal policy still props up an agricultural labor model built on cheap imported labor, illegal hiring, and guestworker expansion. That bargain has kept human labor cheaper than machines, delayed mechanization, and now risks leaving the United States on the sidelines of a revolution it should own.

This is not a speculative warning. It is already underway. Syngenta’s Cropwise platform now spans more than 70 million hectares across 30 countries. The World Economic Forum projects that AI-amplified digital agriculture could increase agricultural GDP in developing economies by more than $450 billion annually. The Netherlands, Israel, and Australia are moving quickly to capture that ground.

American firms built much of the underlying technology. American universities produced the foundational research. American workers could be trained to operate it.

But the United States will not lead unless it dismantles the cheap labor regime that has allowed agriculture to skip the last revolution while pretending it is ready for the next.

You cannot leapfrog to autonomous agriculture over an industry that has barely mechanized. Software runs on hardware. AI runs on physical capital. The autonomous tractor still requires the tractor. The computer-vision yield system still needs the machine it is guiding. The machine-learning dairy platform still depends on the milking robot it is reading from. Farms that have not mechanized cannot become intelligent by press release.

The capital does not move. The infrastructure does not get built. The workforce does not get trained. The frontier goes to whoever did the prior work first.

Why has American agriculture failed to do that work?

Not because of technology. The tools have been available for decades.

The answer is policy. Washington has spent forty years making cheap foreign labor cheaper than the machine.

The Twin Pillars of the Cheap Labor Regime

American agriculture runs on a labor system Washington built, tolerated, subsidized, and now refuses to dismantle. It rests on two pillars.

The first is illegal hiring. Federal surveys show that roughly 40 to 45 percent of crop farmworkers lack legal work authorization. In California, the share is closer to 60 percent. Another large portion are foreign nationals who entered illegally or came on a temporary basis. The U.S.-born legal workforce in the fields is the minority.

This is not a system failure. It is the system. And it has been propped up by both parties.

The second pillar is H-2A, the federal guestworker program designed in 1986 as a narrow tool for seasonal shortages. It has since grown into one of the largest labor pipelines in the immigration system.

The Department of Labor certified roughly 385,000 H-2A jobs in FY 2024, nearly an eightfold increase since 2005. The program remains uncapped by statute. Recent rulemaking is projected to transfer tens of billions in wage value over the next decade, in some cases lowering effective labor costs by several dollars per hour.

Washington is making imported labor cheaper at the exact moment it should be forcing capital toward machines.

These pillars are not separate problems. They are the same subsidy delivered through different channels, defended by the same interests, and sustaining the same method.

When enforcement targets illegal hiring, employers demand H-2A expansion. When H-2A reform is proposed, they revive amnesty proposals like the Farm Workforce Modernization Act, which would grant Certified Agricultural Worker status and eventual green cards to up to 2.1 million illegal alien farmworkers while simultaneously opening H-2A to year-round industries.

The lobby’s actual position is not legal labor or illegal labor. It is permanent access to cheap foreign labor by whatever channel Washington will tolerate.

Illegal hiring supplies the shadow workforce. H-2A provides the legal release valve. Amnesty converts one into the other while preserving the pipeline behind it.

This is not stagnation by accident. It is by design.

The result is a labor-intensive production model with little incentive to mechanize, little reason to invest in agricultural intelligence, and no pressure to train American workers to operate either.

That helps explain why the United States lags Northern Europe in robotic milking, Israel in precision irrigation, and Australia in autonomous platforms.

Those countries did not discover secret technologies unavailable to American farmers. They built the workforce and mechanized base the United States has chosen to avoid.

We chose decades of cheap, and often illegal, foreign labor instead.

The Myth of the Impossible Crop

Big Agriculture’s most persistent claim is that American farming cannot be mechanized. The crops are too delicate. The terrain too uneven. The seasons too unpredictable. The farms are too diverse. The margins are too thin. The labor is supposedly too specialized.

Some of these objections contain fragments of truth. None justify a permanent federal subsidy for cheap foreign labor.

The “impossible crop” argument collapses the moment policy forces capital to solve the problem.

Commercial cabbage harvesters have existed for decades. Autonomous systems are now being developed for uneven terrain. Apple harvesting robots can pick roughly 10,000 apples an hour, about 30 to 50 times human speed, with less bruising than human crews.

Harvest CROO’s strawberry robots replaced crews of 30 migrant pickers with a small team of engineers and technicians and reached commercial viability in 2025. Carbon Robotics’ LaserWeeder uses AI-guided precision lasers to eliminate up to 5,000 weeds a minute, replacing the work of a hand crew of 75 people. Monarch Tractor’s MK-V is a fully electric, driver-optional tractor now operating on hundreds of farms. Bear Flag Robotics, now a John Deere subsidiary, retrofits existing tractors for autonomous tillage at scale.

Even crops long considered unmechanizable are starting to be mechanized.

The constraint is not engineering. It is incentive. And when the incentive shifts, capital tends to follow.

Dale Hemminger, an upstate New York dairy farmer, installed his first milking robots in 2007 after immigration authorities arrested one of his workers. Before mechanization, his farm produced about 800,000 pounds of milk per worker per year. Today it produces 2.5 million. About a dozen workers manage a herd of more than 2,000 cows. They earn more than typical farmworkers and work shorter hours.

That is what one enforcement event did on one farm.

Now imagine that incentive applied across the entire sector.

Bracero Proved the Point

America has already run this experiment.

From 1942 to 1964, the Bracero program admitted more than 4.6 million Mexican guestworkers. At its peak, it brought in more workers annually than today’s entire H-2A system.

The same arguments were made then: crops would rot, Americans would not work, mechanization was not ready.

Congress and President Lyndon Johnson ended the Bracero program in 1964.

The result was not collapse. It was modernization.

Tomato harvesters, developed at the University of California with public funds, were commercially deployed within five years. California processing tomato yields rose 300 percent while labor requirements fell by more than 80 percent. Real wages for remaining domestic farmworkers rose substantially. Crop losses were short-lived and concentrated in the first two seasons. Total production soon exceeded pre-termination levels.

The lesson is straightforward.

The technology was already there. Modernization was obstructed by outdated policy.

That lesson applies directly today.

End the federal guarantee of imported labor. Mandate E-Verify. Phase down H-2A on a real timeline. Reject amnesty that converts the existing illegal workforce into a permanent labor base while expanding future inflows.

No carve-outs. No indefinite delays.

Transition should be statutory, not chaotic. Enforcement must be paired with date-certain phase-downs, mechanization credit, and accelerated expensing. The point is not to create a harvest shock. It is to deny agribusiness the one thing that has defeated every reform for forty years: indefinite delay. Put serious public investment behind mechanization and agricultural intelligence in tandem, on the model of the semiconductor and energy industrial policies of the past five years. Pair the phase-down with targeted USDA credit for mechanization, accelerated expensing for qualifying capital investments, shared-ownership equipment consortia that put commercial-grade robotics within reach of smaller farms, and scale-tiered timelines that give family operations more runway than consolidated agribusiness.

Capital should move toward modernization, not toward Capitol Hill.

The Constituency This Is For

The Right often talks about building a worker-centered coalition. Agriculture is where that idea could actually take shape.

It is composed of the small dairy operator competing against a contractor-driven megafarm that lobbies for both illegal labor and H-2A expansion. It harbors the rural mechanic who could be trained as a robotics technician on a precision orchard. It uplifts the recent graduate of a community college agronomy program who could work in autonomous-equipment maintenance, computer-vision crop scouting, or precision-irrigation management. It represents the American worker who lost the field job a generation ago and never got the engineering job that should have replaced it, because the engineering job was never built.

Cheap, and oftentimes illegal, foreign labor does not just displace today’s American worker. It prevents tomorrow’s worker from emerging.

It blocks the investment that would create better jobs. It keeps rural America trapped in a low-wage equilibrium, and then frames that outcome as a necessary tradeoff.

It is not.

The Sovereignty of Food

The global agricultural intelligence revolution will not wait for American policy to catch up. It is happening now, on Dutch dairies, Israeli irrigation networks, Australian autonomous platforms, and in the orchards and greenhouses of countries that did the prior work, built the prior infrastructure, and trained the prior workforce.

But it does not have to be this way. American startups are building the machines. The United States can deploy them at scale, or watch other countries integrate the technology American firms invented.

The AI age is not just about who builds the model. It is about who controls the systems the model governs.

A country that imports foreign labor to prop up its food system, neglects the machines that should replace it, and fails to train its own workforce is not leading. It is stepping aside.

If “America First” means anything in the AI age, it means that the commanding systems of national life are built, operated, and controlled by Americans. Food is one of those systems.

The United States has the advantages: land, capital, universities, manufacturers, and workers.

What it lacks is the political will to end the old bargain.

For forty years, Washington has kept imported labor cheaper than machines. That decision has lowered wages, slowed mechanization, weakened the rural workforce, and delayed the productivity gains other countries have already captured.

Now the next revolution is here.

The choice is straightforward: a preindustrial labor system sustained by outdated and poor policy, or an industrial strategy worthy of a sovereign nation.

We should end the cheap foreign labor regime. Mandate E-Verify. Phase out H-2A. Restore wage discipline. Invest in mechanization and agricultural intelligence at scale.

America cannot shape the future of food while importing a labor model of the past.

There is no third option.

Coming soon from NICE: Phasing Out H-2A: How to Force American Agriculture into the 21st Century. A national mechanization and agricultural intelligence initiative built for American workers and American farms. The full case for ending Big Agriculture’s cheap labor racket and forcing the modernization that should have come a generation ago.

Tyler Durden Sat, 05/02/2026 - 15:10

Exiled MAGA Dissidents Consult With Ron Paul On Iran War

Authored by former Congressman Ron Paul

Last weekend my Institute for Peace and Prosperity hosted another conference here on the Texas Gulf Coast. Not only did we have a full house attending the conference – which is in a way the most important thing – but in this era of profound disappointment and disillusionment, we struck a note of optimism thankfully due to our wonderful line-up of speakers.

The main topic of the conference, titled "War is Back on the Menu," was of course the disastrous decision by the Trump Administration to launch an unprovoked war against Iran – both last June and again on February 28th.

Trump's former director of Counterterrorism at the Office of National Intelligence, Joe Kent, listens intently as Ron Paul offers thoughts on the Iran War & current crisis facing America in his home south of Houston, TX.

Professor Robert Pape from the University of Chicago offered a compelling blueprint to break free of some of the neocon chains that bind us to the Middle East to our own detriment. Let the states in the region manage their own security, he argued. It is not our job to be their policemen.

Very importantly, we were fortunate to have had as speakers two individuals who stood up for their principles when putting them aside for expediency – and personal gain – would have been so much easier.

Former US Representative Marjorie Taylor Greene was, in her own words, “a General in the MAGA Army.” She dedicated her life and plenty of her own money to the cause of electing Donald Trump because she believed he would put America first, as he had promised. She watched that cause betrayed, first with the President’s support for tyrannical central bank digital currency and then with his refusal to release the Epstein files.

Finally, she explained, after he had dubbed her a “traitor” for disagreeing with him on these issues, constant death threats forced her to resign her seat in the House.

Source: MTG on X

She could have gone along to get along – as most do in Congress. Instead, she stood up for what was right.

Likewise Joe Kent, who was serving as director of Counterterrorism at the Office of National Intelligence, could have kept quiet as he watched another war being launched on a mountain of lies pushed by special interests. He was a highly decorated US combat veteran who held a Senate-confirmed position in the Administration.

That would have been a golden ticket to any number of future profitable opportunities if he “played his cards right.” Instead, he did what was right. He resigned, writing in a statement that the war was not justified and that it was being fought for Israeli rather than American interests.

As could be predicted, Joe suffered the same demonization that Marjorie suffered for standing up for his values and principles. Their courage in making this sacrifice for truth should inspire all of us. It should give us hope.

What an honor.

Thank you @RonPaul ! pic.twitter.com/V4EZRFFMQK

— Joe Kent (@joekent16jan19) April 25, 2026

My words of encouragement were simple: we don’t need a majority to change things. A purposeful minority dedicated to the principles of peace and liberty can move mountains.

We must stay strong and, importantly, stick together and work together across all party and ideological lines. We must be the big coalition that refuses to sacrifice our principles just as Joe and Marjorie refused to sacrifice theirs.

Currently: a joy to see MTG at @RonPaulInstitut telling @RonPaul he was right about all the wars & “MAGA is dead” #IranWar‌ pic.twitter.com/6j95yO4jDO

— Brad Hoff (@BradRHoff) April 25, 2026

We will be in Dulles, VA, on Labor Day weekend for our tenth annual DC conference. Mark your calendars and be a part of our movement!

* * *

Kent, who is a decorated Special Forces and CIA Ground Branch veteran, has responded to the media smear campaign that was triggered at the moment of his public resignation in protest of Trump launching another war of choice in the Middle East...

Joe Kent, who is currently under investigation for “leaking classified information,” told Tucker Carlson that he knows they are going to come after him for what he’s openly talking about.

He said he expects to be called a traitor and says he doesn’t care because America is… pic.twitter.com/ra5EpgqAA5

— Shadow of Ezra (@ShadowofEzra) March 19, 2026

Tyler Durden Sat, 05/02/2026 - 14:00

Peter Schiff: Printing Money Is Not the Cure for Cononavirus



In his most recent podcast, Peter Schiff talked about coronavirus and the impact that it is having on the markets. Earlier this month, Peter said he thought the virus was just an excuse for stock market woes. At the time he believed the market was poised to fall anyway. But as it turns out, coronavirus has actually helped the US stock market because it has led central banks to pump even more liquidity into the world financial system. All this means more liquidity — central banks easing. In fact, that is exactly what has already happened, except the new easing is taking place, for now, outside the United States, particularly in China.” Although the new money is primarily being created in China, it is flowing into dollars — the dollar index is up — and into US stocks. Last week, US stock markets once again made all-time record highs. In fact, I think but for the coronavirus, the US stock market would still be selling off. But because of the central bank stimulus that has been the result of fears over the coronavirus, that actually benefitted not only the US dollar, but the US stock market.” In the midst of all this, Peter raises a really good question. The primary economic concern is that coronavirus will slow down output and ultimately stunt economic growth. Practically speaking, the world would produce less stuff. If the virus continues to spread, there would be fewer goods and services produced in a market that is hunkered down. Why would the Federal Reserve respond, or why would any central bank respond to that by printing money? How does printing more money solve that problem? It doesn’t. In fact, it actually exacerbates it. But you know, everybody looks at central bankers as if they’ve got the solution to every problem. They don’t. They don’t have the magic wand. They just have a printing press. And all that creates is inflation.” Sometimes the illusion inflation creates can look like a magic wand. Printing money can paper over problems. But none of this is going to fundamentally fix the economy. In fact, if central bankers were really going to do the right thing, the appropriate response would be to drain liquidity from the markets, not supply even more.” Peter explained how the Fed was originally intended to create an “elastic” money supply that would expand or contract along with economic output. Today, the money supply only goes in one direction — that’s up. The economy is strong, print money. The economy is weak, print even more money.” Of course, the asset that’s doing the best right now is gold. The yellow metal pushed above $1,600 yesterday. Gold is up 5.5% on the year in dollar terms and has set record highs in other currencies. Because gold is rising even in an environment where the dollar is strengthening against other fiat currencies, that shows you that there is an underlying weakness in the dollar that is right now not being reflected in the Forex markets, but is being reflected in the gold markets. Because after all, why are people buying gold more aggressively than they’re buying dollars or more aggressively than they’re buying US Treasuries? Because they know that things are not as good for the dollar or the US economy as everybody likes to believe. So, more people are seeking out refuge in a better safe-haven and that is gold.” Peter also talked about the debate between Trump and Obama over who gets credit for the booming economy – which of course, is not booming.

We are living in crazy times. I have a hard time believing that most of the general public is not awake, but in reality, they are. We've never seen anything like this; I mean not even under Obama during the worst part of the Great Recession." Now the Fed is desperately trying to keep interest rates from rising. The problem is that it's a much bigger debt bubble this time around , and the Fed is going to have to blow a lot more air into it to keep it inflated. The difference is this time it's not going to work." It looks like the Fed did another $104.15 billion of Not Q.E. in a single day. The Fed claims it's only temporary. But that is precisely what Bernanke claimed when the Fed started QE1. Milton Freedman once said, "Nothing is so permanent as a temporary government program." The same applies to Q.E., or whatever the Fed wants to pretend it's doing. Except this is not QE4, according to Powell. Right. Pumping so much money out, and they are accusing China of currency manipulation ? Wow! Seriously! Amazing! Dump the U.S. dollar while you still have a chance. Welcome to The Atlantis Report. And it is even worse than that, In addition to the $104.15 billion of "Not Q.E." this past Thursday; the FED added another $56.65 billion in liquidity to financial markets the next day on Friday. That's $160.8 billion in two days!!!! in just 48 hours. That is more than 2 TIMES the highest amount the FED has ever injected on a monthly basis under a Q.E. program (which was $80 billion per month) Since this isn't QE....it will be really scary on what they are going to call Q.E. Will it twice, three times, four times, five times what this injection per month ! It is going to be explosive since it takes about 60 to 90 days for prices to react to this, January should see significant inflation as prices soak up the excess liquidity. The question is, where will the inflation occur first . The spike in the repo rate might have a technical explanation: a misjudgment was made in the Fed's money market operations. Even so, two conclusions can be drawn: managing the money markets is becoming harder, and from now on, banks will be studying each other's creditworthiness to a greater degree than before. Those people, who struggle with the minutiae of money markets, and that includes most professionals, should focus on the causes and not the symptoms. Financial markets have recovered from each downturn since 1980 because interest rates have been cut to new lows. Post-2008, they were cut to near zero or below zero in all major economies. In response to a new financial crisis, they cannot go any lower. Central banks will look for new ways to replicate or broaden Q.E. (At some point, governments will simply see repression as an easier option). Then there is the problem of 'risk-free' assets becoming risky assets. Financial markets assume that the probability of major governments such as the U.S. or U.K. defaulting is zero. These governments are entering the next downturn with debt roughly twice the levels proportionate to GDP that was seen in 2008. The belief that the policy worked was completely predicated on the fact that it was temporary and that it was reversible, that the Fed was going to be able to normalize interest rates and shrink its balance sheet back down to pre-crisis levels. Well, when the balance sheet is five-trillion, six-trillion, seven-trillion when we're back at zero, when we're back in a recession, nobody is going to believe it is temporary. Nobody is going to believe that the Fed has this under control, that they can reverse this policy. And the dollar is going to crash. And when the dollar crashes, it's going to take the bond market with it, and we're going to have stagflation. We're going to have a deep recession with rising interest rates, and this whole thing is going to come imploding down. everything is temporary with the fed including remaining off the gold standard temporary in the Fed's eyes could mean at least 50 years This liquidity problem is a signal that trading desks are loaded up on inventory and can't get rid of it. Repo is done out of a need for cash. If you own all of your securities (i.e., a long-only, no leverage mutual fund) you have no need to "repo" your securities - you're earning interest every night so why would you want to 'repo' your securities where you are paying interest for that overnight loan (securities lending is another animal). So, it is those that 'lever-up' and need the cash for settlement purposes on securities they've bought with borrowed money that needs to utilize the repo desk. With this in mind, as we continue to see this need to obtain cash (again, needed to settle other securities purchases), it shows these firms don't have the capital to add more inventory to, what appears to be, a bloated inventory. Now comes the fun part: the Treasury is about to auction 3's, 10's, and 30-year bonds. If I am correct (again, I could be wrong), the Fed realizes securities firms don't have the shelf space to take down a good portion of these auctions. If there isn't enough retail/institutional demand, it will lead to not only a crappy sale but major concerns to the street that there is now no backstop, at all, to any sell-off. At which point, everyone will want to be the first one through the door and sell immediately, but to whom? If there isn't enough liquidity in the repo market to finance their positions, the firms would be unable to increase their inventory. We all saw repo shut down on the 2008 crisis. Wall St runs on money. . OVERNIGHT money. They lever up to inventory securities for trading. If they can't get overnight money, they can't purchase securities. And if they can't unload what they have, it means the buy-side isn't taking on more either. Accounts settle overnight. This includes things like payrolls and bill pay settlements. If a bank doesn't have enough cash to payout what its customers need to pay out, it borrows. At least one and probably more than one banks are insolvent. That's what's going on. First, it can't be one or two banks that are short. They'd simply call around until they found someone to lend. But they did that, and even at markedly elevated rates, still, NO ONE would lend them the money. That tells me that it's not a problem of a couple of borrowers, it's a problem of no lenders. And that means that there's no bank in the world left with any real liquidity. They are ALL maxed out. But as bad as that is, and that alone could be catastrophic, what it really signals is even worse. The lending rates are just the flip side of the coin of the value of the assets lent against. If the rates go up, the value goes down. And with rates spiking to 10%, how far does the value fall? Enormously! And if banks had to actually mark down the value of the assets to reflect 10% interest rates, then my god, every bank in the world is insolvent overnight. Everyone's capital ratios are in the toilet, and they'd have to liquidate. We're talking about the simultaneous insolvency of every bank on the planet. Bank runs. No money in ATMs, Branches closed. Safe deposit boxes confiscated. The whole nine yards, It's actually here. The scenario has tended to guide toward for years and years is actually happening RIGHT NOW! And people are still trying to say it's under control. Every bank in the world is currently insolvent. The only thing keeping it going is printing billions of dollars every day. Financial Armageddon isn't some far off future risk. It's here. Prepare accordingly. This fiat system has reached the end of the line, and it's not correct that fiat currencies fail by design. The problem is corruption and manipulation. It is corruption and cheating that erodes trust and faith until the entire system becomes a gigantic fraud. Banks and governments everywhere ARE the problem and simply have to be removed. They have lost all trust and respect, and all they have left is war and mayhem. As long as we continue to have a majority of braindead asleep imbeciles following orders from these psychopaths, nothing will change. Fiat currency is not just thievery. Fiat currency is SLAVERY. Ultimately the most harmful effect of using debt of undefined value as money (i.e., fiat currencies) is the de facto legalization of a caste system based on voluntary slavery. The bankers have a charter, or the legal *right*, to create money out of nothing. You, you don't. Therefore you and the bankers do not have the same standing before the law. The law of the land says that you will go to jail if you do the same thing (creating money out of thin air) that the banker does in full legality. You and the banker are not equal before the law. ALL the countries of the world; Islamic or secular, Jewish or Arab, democracy or dictatorship; all of them place the bankers ABOVE you. And all of you accept that only whining about fiat money going down in exchange value over time (price inflation which is not the same as monetary inflation). Actually, price inflation itself is mainly due to the greed and stupidity of the bankers who could keep fiat money's exchange value reasonably stable, only if they wanted to. Witness the crash of silver and gold prices which the bankers of the world; Russian, American, Chinese, Jewish, Indian, Arab, all of them collaborated to engineer through the suppression and stagnation of precious metals' prices to levels around the metals' production costs, or what it costs to dig gold and silver out of the ground. The bankers of the world could also collaborate to keep nominal prices steady (as they do in the case of the suppression of precious metals prices). After all, the ability to create fiat money and force its usage is a far more excellent source of power and wealth than that which is afforded simply by stealing it through inflation. The bankers' greed and stupidity blind them to this fact. They want it all, and they want it now. In conclusion, The bankers can create money out of nothing and buy your goods and services with this worthless fiat money, effectively for free. You, you can't. You, you have to lead miserable existences for the most of you and WORK in order to obtain that effectively nonexistent, worthless credit money (whose purchasing/exchange value is not even DEFINED thus rendering all contracts based on the null and void!) that the banker effortlessly creates out of thin air with a few strokes of the computer keyboard, and which he doesn't even bother to print on paper anymore, electing to keep it in its pure quantum uncertain form instead, as electrons whizzing about inside computer chips which will become mute and turn silent refusing to tell you how many fiat dollars or euros there are in which account, in the absence of electricity. No electricity, no fiat, nor crypto money. It would appear that trust is deteriorating as it did when Lehman blew up . Something really big happened that set off this chain reaction in the repo markets. Whatever that something is, we aren't be informed. They're trying to cover it up, paper it over with conjured cash injections, play it cool in front of the cameras while sweating profusely under the 5 thousands dollar suits. I'm guessing that the final high-speed plunge into global economic collapse has begun. All we see here is the ripples and whitewater churning the surface, but beneath the surface, there is an enormous beast thrashing desperately in its death throws. Now is probably the time to start tying up loose ends with the long-running prep projects, just saying. In other words, prepare accordingly, and Get your money out of the banks. I don't care if you don't believe me about Bitcoin. Get your money out of the banks. Don't keep any more money in a bank than you need to pay your bills and can afford to lose.











The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more













The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

The FBI released a summary of its file from the Hillary Clinton email investigation on Friday, showing details of Clinton's explanation of her use of a private email server to handle classified communications. The release comes nearly two months after FBI Director James Comey announced that although Clinton's handling of classified information was "extremely careless," it did not rise to the level of a prosecutable offense. Attorney General Loretta Lynch announced the next day that she would not pursue charges in the matter. "We are making these materials available to the public in the interest of transparency and in response to numerous Freedom of Information Act (FOIA) requests," the FBI noted in a statement sent to reporters with links to the documents. The documents include notes from Clinton's July 2 interview with agents, as well as a "factual summary of the FBI's investigation into this matter," according to the FBI release. Throughout her interview with agents, Clinton repeatedly said she relied on the career professionals she worked with to handle classified information correctly. The agents asked about a series of specific emails, and in each case Clinton said she wasn't worried about the particular material being discussed on a nonclassified channel.