Individual Economists

'World's Largest' Heavy-Lift Cargo Aircraft Targeted For Military And Disaster Logistics

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'World's Largest' Heavy-Lift Cargo Aircraft Targeted For Military And Disaster Logistics

Authored by Christopher McFadden via Interesting Engineering,

Radia and Blue Water Shipping (Blue Water) have announced a strategic alliance that will combine the former's gigantic Windrunner aircraft with the latter's global logistics network. Under the agreement, Radia will supply the aircraft, and Blue Water will do basically everything else.

Image of several Radia Windrunner aircraft taxiing.Radia

"The companies expect to focus initial collaboration efforts across several strategic sectors, including energy and project cargo, humanitarian aid and disaster relief, aerospace logistics, and military and defense-related transportation," Radia explains in a press release.

In case you are unaware, the Windrunner is being marketed as the world's "largest cargo aircraft." Not in terms of raw weight, incidentally, but rather in the fact that it can vary extremely large, and non-standard cargo.

To date, examples have included 328-foot (100-meter) long turbine blades, large military vehicles, satellites, and aircraft fuselage parts, among other notable examples. So, in a sense, the selling point for it is its cargo-carrying volume.

Windrunner Is One Hell Of An Aircraft

Another interesting wrinkle is that the Windrunner is designed to operate out of both existing and "semi-prepared runways." This means it can deliver cargo to dirt strips, compacted gravel, temporary runways, and remote airfields.

That means it could, in theory, fly directly to places like wind farm construction sites, military bases, disaster zones, and mining projects, rather than unloading hundreds of miles away.

Both Radia and Blue Water are particularly pitching their services to militaries and humanitarian aid efforts. The former often requires irregular cargo like radar systems, missile launchers, helicopters, engineering gear, bridge-laying equipment, etc, delivered to areas with no existing aerodromes.

The same is true for humanitarian aid, especially when natural disasters have knocked out existing infrastructure.

"Many of the industries we support are constrained not only by infrastructure but by the inability to efficiently move oversized cargo where and when it is needed," said Mark Lundstrom, Founder and CEO of Radia.

Blue Water is a logistics company that has made its fortune arranging global logistics via things like ships. trucks, trains, etc, and navigating all the administrative red tape like customs, permits, etc. Both companies believe they can combine their respective talents to streamline the integration of their respective services.

Not An Exclusive Partnership, More Of An Open Relationship

"By combining WindRunner's transformational airlift capabilities with Blue Water Shipping's global logistics expertise, we believe we can help create more flexible and resilient transportation solutions for customers operating in some of the world's most challenging environments," Lundstrom added.

"Blue Water Shipping has extensive experience delivering complex logistics solutions across industries that depend on precision, reliability, and flexibility," said Rasmus Svane, Head of Global Product Development Wind, Blue Water Shipping.

"Our collaboration with Radia represents an exciting opportunity to explore new logistics models for oversized cargo and help customers rethink what is possible when combining multimodal transportation solutions," he added.

It is important to note that the agreement is for both to become "preferred partners" of one another. That doesn't mean exclusivity, but rather, they will bid together for projects that benefit both.

Tyler Durden Thu, 07/09/2026 - 21:45

"Turn Off Bluetooth, Use Signal": ACLU Advises Anti-Trump Protesters On Evading Gov't Surveillance

Zero Hedge -

"Turn Off Bluetooth, Use Signal": ACLU Advises Anti-Trump Protesters On Evading Gov't Surveillance

If you want a sign of how the left-wing, permanent protest-industrial complex is gearing up for the next wave of street mobilization, look no further than Chad Marlow, a senior policy counsel at the ACLU.

Marlow, whose work focuses on privacy, surveillance, and technology, has circulated guidance for protesters on social media about how to limit digital exposure, avoid government surveillance, and communicate via encrypted messaging platforms while protesting.

"If you're protesting and not actively using your phone, the best thing you can do to prevent it from sharing information about you and your location is to shut it off entirely. If you want to turn on your phone to take pictures and record video during the day, turn your phone on, enable Airplane Mode, and turn off Bluetooth. That way, your phone won't be inadvertently sharing your private location and other data while you're using it," Marlow said in a video posted on Instagram.

He continued, "If you need to use your phone, turn it on while you're communicating, then shut it off when you're done. By the way, it's always safest to use a fully encrypted app like Signal, which makes it more difficult for the government to intercept your communications."

The ACLU is listed as a proud partner of the failed No Kings rally, an event that is far from organic; instead, it is a heavily coordinated coalition of far-left socialist groups, NGOs, and unions seeking a socialist revolution by toppling Trump.

Marlow's educational session on how protesters can limit digital exposure and evade government surveillance is certainly not a good look for a nonprofit that claims to defend all civil liberties. Instead, it has become a legal arm of far-left protesters.

Related:

Concerns that the ACLU is no longer merely protecting constitutional rights but is increasingly helping to equip DSA-aligned protesters for their revolution are very troubling, given what socialists say in their own words:

This blurs the line between civil-liberties advocacy and activist support infrastructure at a time when the broader protest-industrial complex appears to be gearing up for the next round of street chaos. 

Tyler Durden Thu, 07/09/2026 - 21:20

Justice Department Agrees To End Biden-Era Oil & Gas Leasing Restrictions In Alaska

Zero Hedge -

Justice Department Agrees To End Biden-Era Oil & Gas Leasing Restrictions In Alaska

Authored by Jill McLaughlin via The Epoch Times,

The U.S. Department of Justice said July 7 the Biden administration’s oil and gas leasing restrictions in northern Alaska’s Arctic region violated federal law and asked the court to dismiss lawsuits by the state and its industrial development and export authority challenging the regulations.

The lawsuits were filed in 2025 over the Biden administration’s 2024 restrictions on oil and gas lease auctions in the Coastal Plain of the Arctic National Wildlife Refuge. Alaska argued that the administration essentially sabotaged bidding with its restrictions on surface use and occupancy, which made “any development economically and practically impossible.”

“The Biden era Alaska oil and gas leasing program violated the law and improperly limited Alaska’s energy potential with unreasonable regulation,” U.S. Acting Attorney General Todd Blanche said in a July 7 press release.

“This settlement supports the Trump administration’s commitment to secure American energy independence and our national security for generations to come,” he added.

Congress set aside 1.5 million acres along the Alaska coast in 1980 for potential oil and gas development, and in 2017 instructed a federal agency to develop the resources on the land. Alaska’s lawsuit claims the Biden administration negated Congress’s directive.

“These resources not only help our energy independence as a nation but also grows the Alaska economy and puts more money in the Alaska Permanent Fund for future generations,” Gov. Mike Dunleavy said in a January 2025 statement.

The settlement says the 2024 leasing program violated the 2017 Tax Cuts and Jobs Act by abdicating the government’s duty to conduct a second lease sale, closing 75 percent of the 1.56 million-acre Coastal Plain to exploration and leasing, imposing unreasonable surface use restrictions on the remaining 25 percent, and unreasonably restricting surface disturbance.

“This settlement sets the record straight that the Biden administration’s 2024 restrictions on oil and gas production in Alaska were overly restrictive and contrary to Congress’s clear command to establish a competitive oil and gas leasing program in Alaska’s Coastal Plain,” Associate Attorney General Stanley Woodward said in a statement.

Alaska’s governor’s office and the industrial development and export authority didn’t immediately return requests for comment about the settlement.

The Justice Department also settled a decades-old lawsuit with Alaska on July 7 over a botched federal expansion project at the Don Young Port of Alaska in Anchorage, agreeing to pay the state $180 million.

Alaska Gov. Mike Dunleavy speaks at the White House in Washington on July 16, 2020. Jim Watson/AFP via Getty Images

The funds will go toward rebuilding the Don Young Port, according to Dunleavy.

The port serves about 90 percent of Alaska’s population with food, fuel, building materials, and other goods.

Tyler Durden Thu, 07/09/2026 - 20:55

New Hampshire Kills Historic $100M Bitcoin Bond Proposal

Zero Hedge -

New Hampshire Kills Historic $100M Bitcoin Bond Proposal

New Hampshire's Executive Council narrowly rejected a proposal Wednesday that would have authorized a $100 million Bitcoin-backed bond, ending what supporters hoped would make the state a pioneer in digital asset finance, according to Bitcoin Magazine.

The measure failed in a 3-2 vote after reaching its final approval stage, despite receiving a favorable rating review from Moody's and backing from Governor Kelly Ayotte and the New Hampshire Business Finance Authority. Had it moved forward, officials said it would have been the first municipal bond in the world secured by Bitcoin.

The report notes that supporters argued the transaction would not put taxpayers at risk. Instead, it would have connected private investors with a private borrower using Bitcoin as collateral, while allowing the state to collect fees that could fund small business, housing, child care, and economic development initiatives if the deal proved successful.

Skeptics, however, questioned whether New Hampshire should attach its name to a financing structure built around a volatile digital asset. Councilor Karen Liot Hill said she was not opposed to cryptocurrency itself but believed the state should be cautious about endorsing a transaction tied to Bitcoin's price swings.

Business Finance Authority Executive Director James Key-Wallace rejected the idea that Bitcoin remains an "emerging" asset class, arguing it has already established itself in global finance. He also suggested the proposal could have opened the door to similar transactions in the future.

Ayotte, who signed legislation making New Hampshire the first state to authorize a strategic Bitcoin reserve and giving the state treasurer authority to invest in Bitcoin, said pursuing innovative financial structures is worthwhile so long as taxpayers remain protected.

The vote came after Liot Hill unsuccessfully attempted to delay consideration of the proposal. She was joined by Janet Stevens and David Wheeler in opposing the measure, while Joseph Kenney and John Stephen voted in favor.

The decision arrives as Bitcoin and the broader cryptocurrency industry are facing heightened scrutiny. Bitcoin has pulled back from recent highs, while renewed attention has focused on Michael Saylor and Strategy, whose aggressive Bitcoin dividend strategy has drawn increasing debate as the cryptocurrency's price weakens.

That backdrop has put high-profile Bitcoin-related proposals under a brighter spotlight, even as adoption efforts continue at the state and institutional levels.

Tyler Durden Thu, 07/09/2026 - 20:30

SoCal Education Leaders Stole Nearly $20M From Schools; Report

Zero Hedge -

SoCal Education Leaders Stole Nearly $20M From Schools; Report

Authored by Bryan Hyde via American Greatness,

A new report has revealed that a pair of Southern California school leaders separately stole nearly $20 million from their schools in order to fund lavish personal lifestyles.

According to The New York Post, the report was co-authored by the State Financial Officers Foundation, a watchdog made up of state treasurers and auditors, and OpenTheBooks, a nonprofit focused on transparency in government spending.

The cases of the two Southern California educators were among the most expensive examples of K-12 education fraud documented nationwide.

Jorge Armando Contreras, the former fiscal services director for the Magnolia Elementary School District in Orange County, was charged with altering school checks over several years to funnel $16.7 million into his personal accounts.

Contreras was spending the money on everything from a luxury home and a BMW to designer clothes and pricey tequila and federal investigators found stacks of cash stuffed into a mini-fridge and luxury designer bags at his home.

He was sentenced to nearly six years in federal prison in 2024 and order to pay $16.7 million in restitution to the Magnolia School District in Orange County.

Another case highlighted in the report revealed that Janis Bucknor, the head of the Community Preparatory Academy charter school in Los Angeles, stole more than $3 million in taxpayer funds to cover travel, restaurants, shopping and private school tuition for her children.

Bucknor also pleaded guilty to spending more than $220,600 on Disney cruise line vacations, theme park admissions, and other Disney-related expenses.

According to prosecutors, Bucknor admitted in 2020 to stealing the funds, and was sentenced to three years’ probation and ordered to pay $2.5 million in restitution.

In a statement to Fox News Digital, State Financial Officers Foundation CEO OJ Oleka said:

All fraud is harmful, but defrauding education dollars meant to help kids learn and succeed is especially hideous. The findings in this report should alarm every family, teacher, and civic leader.

The California cases were part of nearly 90 cases identified by a coalition of auditors over the past six years involving embezzlement, phony invoices, inflated enrollment, bid-rigging and kickbacks, among other crimes.

The report follows the Trump administration’s promise to crack down on government waste, with Vice President JD Vance leading a nationwide “War on Fraud” that has raised new questions about oversight of federal education spending.

Tyler Durden Thu, 07/09/2026 - 20:05

Russia Warns NATO Leaders To 'Stop & Think' Before Leading World To Catastrophic Confrontation

Zero Hedge -

Russia Warns NATO Leaders To 'Stop & Think' Before Leading World To Catastrophic Confrontation

Another night has passed, and the usual major Ukrainian drone attacks on Russian oil and facilities and tankers have occurred, this time impacting at least three Russian regions, authorities said Thursday. Strikes hit oil depots in the Stavropol and Tver regions, as well as an oil pumping station in the republic of Bashkortostan and a marine loading terminal in the Rostov region - along with other reported impacts, Amsterdam-based Moscow Times reports.

During this week's NATO summit, Ukraine's President Zelensky was touting his country's drone capabilities as among the best in the world, and that now, essentially no place is safe in Russia.

Telegram/Moscow Times: Fire at an oil depot in the central Tver region.

This was perhaps on display Monday, when long-range drones apparently set a new distance record in striking a sprawling oil refinery in the city of Omsk in western Siberia

"Today, our long-range sanctions reached the oil refinery in Omsk – nearly 2,500 kilometers from Ukraine," Zelensky had announced in a nightly address soon after the attack.

"Upgraded Fire Point drones have put Siberia within reach of Ukrainian precision. This is a significant blow to Russia’s oil economy and an important achievement for the Armed Forces of Ukraine," Zelensky said.

The messaging from NATO leaders gathered in Ankara had clearly been one of support. For example, President Trump had commented"It's an escalation but it’s also an escalation that can help lead to an end [of the war]." 

Trump also said, "We have a lot of pressure on President Putin. I don’t think he likes what’s going on." He added: "But I talked to President Putin a lot. He wants to end the war."

Following these developments, the Kremlin is freshly warning Western strategists to 'stop and think' before leading the world to the brink of disaster by confronting nuclear-armed Russia.

Russian Foreign Ministry spokeswoman Maria Zakharova stated Thursday, "European elites are positioning themselves as leaders in the confrontation between the 'collective West' and our country," Zakharova said.

"They likely don't realize that all this entails not only creating threats and problems for Russia, but also a significant depletion of resources and the creation of hotbeds of military tension within Europe itself," she added.

She also underscored how pursuing peace with Russia was glaringly absent NATO proceedings at the Turkey summit. "A constructive agenda remains a low priority for NATO," the Kremlin spokesperson continued.

"It's a shame that if NATO strategists had stopped and reflected, they might not have made such irresponsible decisions that could lead to disaster not only for the alliance, but for the entire world," she said.

According to more of her comments via English-language state publications:

The Russian spokeswoman also took aim at NATO's pledge to provide $80 billion in military aid to Ukraine in 2027, while ignoring mounting socio-economic problems across the continent. She accused the alliance of treating Ukrainians as "expendable material for their geopolitical ambitions.""In fact, the current European elites are positioning themselves for leadership positions in the confrontation with our country," she stated.

Some European officials actually voiced something similar, but they remain in a tiny minority:

Prominent Russian writer and political philosopher Alexander Dugin has also commented, "The summit of NATO is a clear sign of all spectrum escalation. The growth of Russophobia and new phase of war against Iran."

Indeed both the Ukraine and Iran conflict theatres are growing hotter once again, and there's simultaneous escalation. Dugin has also warned that the "MoU is over. The new phase of the war begins. The escalation with Russia is going to grow."

Tyler Durden Thu, 07/09/2026 - 19:40

New Atlas Aircraft Targets Long-Range Strikes Without Runways Or Large Flight Decks

Zero Hedge -

New Atlas Aircraft Targets Long-Range Strikes Without Runways Or Large Flight Decks

Authored by Neetika Walter via Interesting Engineering,

Mach Industries has won a Defense Innovation Unit (DIU) contract to develop a long-range unmanned aircraft designed to launch from austere locations and ships without large flight decks.

Atlas drone Mach Industries

The aircraft, called Atlas, is being developed for the DIU's Runway Independent Maritime Expeditionary Strike (RIMES) program. Mach Industries will serve as the aircraft integrator, working with propulsion company Whisper Aero.

According to the solicitation, the Department of the Navy is seeking an unmanned aerial system capable of conducting long-range strikes while operating from expeditionary sites with minimal infrastructure or from ships that lack conventional runways.

Mach said Atlas is designed to meet those requirements with a hybrid-electric propulsion system, runway-independent operations, a 1,000-pound payload capacity, and a range of 1,400 nautical miles.

Built For Austere Operations

The aircraft combines Mach Industries' platform development capabilities with Whisper Aero's JetFoil propulsion technology.

Unlike conventional fixed-wing aircraft that require runways, Atlas is being designed to operate from unimproved landing zones while retaining the control characteristics of a fixed-wing platform. The companies say the approach could give military units greater flexibility in contested environments where traditional airfields may be unavailable or vulnerable.

The aircraft is also intended to support distributed operations, a growing focus for the U.S. military as it prepares for conflicts in which logistics networks could come under attack.

In recent testimony before the House Armed Services Committee, Under Secretary of Defense for Research and Engineering Emil Michael identified contested logistics as one of the Pentagon's critical technology priorities. The challenge centers on sustaining military operations when transportation routes, supply chains, and support infrastructure are disrupted.

Mach says Atlas addresses that challenge by reducing infrastructure requirements for launch and recovery while simplifying maintenance through a highly redundant propulsion architecture and a lower part count.

"Mach's speed to prototype and production, coupled with Whisper Aero's novel aerodynamics and propulsion makes Atlas a revolutionary air mobility platform," said Nathan Diller, President and Chief Strategy Officer at Mach Industries.

Quiet Propulsion Advantage

A key feature of the aircraft is Whisper Aero's JetFoil technology, which the company says improves efficiency while reducing acoustic signatures.

The system is designed to generate lift and thrust more efficiently than traditional approaches, helping extend range while allowing operations from confined locations. Lower noise levels could also make the aircraft more difficult to detect during missions.

"We developed JetFoil to propel the next generation of conventional, short, and vertical takeoff and landing aircraft silently and efficiently," said Mark Moore, CEO of Whisper Aero.

According to Moore, the technology allows Atlas to meet RIMES requirements while operating from smaller naval vessels. "With JetFoil, Atlas can effectively meet the needs of the RIMES mission to operate even from destroyer class vessels."

The award adds to Mach Industries' expanding defense portfolio. Founded in 2023, the company says it is currently flying five different platforms and has manufactured more than 250 aircraft. Over the past two months, it has also conducted flight operations in four countries under complex electromagnetic conditions.

If successful, Atlas could provide the Navy and joint force with a long-range strike platform capable of operating from locations where traditional aircraft cannot, while reducing dependence on large runways and established air bases.

Tyler Durden Thu, 07/09/2026 - 19:15

Strongest El Nino In 75 Years Sets Off Food Supply-Chain Alarm Bells

Zero Hedge -

Strongest El Nino In 75 Years Sets Off Food Supply-Chain Alarm Bells

The US Climate Prediction Center has warned that the weather phenomenon El Niño, which only recently emerged across the Pacific, could become the most powerful in more than 75 years. This raises the risk of adverse weather conditions across the US, Asia, Australia, and South America. The stronger the weather event becomes, the greater the threat to critical food supply chains, which are already vulnerable to drought, flooding, export restrictions, and rising protectionism.

The CPC, a NOAA/National Weather Service unit that issues official US government climate outlooks, wrote in its report that sea-surface temperatures at least 1C above normal have spread across the central and eastern equatorial Pacific, with an 81% chance the event becomes "very strong" and ranks among the largest on record since 1950. Some parts of the Pacific were 2.7C above normal last week.

A negative El Niño Southern Oscillation Index indicates pressure patterns consistent with El Niño, typically associated with weaker Pacific trade winds and warmer-than-average sea surface temperatures in the central and eastern Pacific. The SOI is now at levels not seen since 2005.

"Even the strongest El Niño events do not lead to typical impacts everywhere, but stronger events can more significantly tilt the odds in favor of expected outcomes," the Climate Prediction Center said. El Niño "will strengthen through the end of the year, with a 97% chance it will last through early spring 2027."

Goldman Sachs commodities research analyst Lina Thomas provided further insight into the looming El Niño threat, warning that global agricultural supply is "highly concentrated geographically," leaving crop markets "highly vulnerable to localized weather, geopolitical, or policy shocks."

Thomas warned about weather, geopolitical, and/or policy shocks that may put a bid under food prices:

Global agricultural supply is highly concentrated geographically. Across key crops such as soybeans, corn, rice, sugar, and palm oil, the top three exporting countries account for 60-90% of global trade (Exhibit 1), leaving agricultural markets highly exposed to localized weather, geopolitical, and policy shocks.

Because major agricultural exporters increasingly prioritize domestic food and energy security through export restrictions and biofuel mandates, even modest disruptions—or the fear of disruptions—can trigger policies that reduce exportable supply. In highly concentrated markets, the resulting loss of exportable supply can be much larger than the original production shock, amplifying price volatility. Import-dependent countries may in turn respond by stockpiling and pursuing greater self-sufficiency, often accepting higher domestic production costs in exchange for supply security. While these measures are ultimately aimed at improving resilience locally, they also fragment trade, reduce market liquidity, and increase the sensitivity of prices to future shocks.

We view the risk of protectionist policy responses as a key source of upside risk to crop prices and agricultural volatility, as three near‑term supply concerns could trigger precautionary measures even if the underlying disruptions ultimately prove limited.

  • First, El Niño conditions are already present, with a 63% probability of developing into a "super" El Niño. Because many major exporters of staples such as rice, and crops used for biofuels such as sugar and palm oil, are concentrated in regions that historically experience more adverse weather during El Niño episodes, even a modest weather shock—or the fear of one—could trigger precautionary export restrictions.
  • Second, higher energy prices in 2026H1 and concerns about fuel security may encourage governments to increase biofuel mandates, further diverting crops from export markets into domestic fuel production.
  • Third, fertilizer markets also remain exposed to renewed disruptions in the Strait of Hormuz during the critical Q3 procurement season for major nitrogen fertilizer importers ahead of 2H planting.

Already seeing rising vegetable oil prices...

El Niño coverage:

Professional subscribers can read more El Nino coverage here at our new Marketdesk.ai portal. 

Tyler Durden Thu, 07/09/2026 - 18:50

Trump Admin Targets Medicare Fraud After 7,100% Surge In Transplant Claims

Zero Hedge -

Trump Admin Targets Medicare Fraud After 7,100% Surge In Transplant Claims

Via American Greatness,

The Trump administration says it has uncovered a dramatic increase in Medicare claims for tissue and organ transplants, resulting in a broad crackdown on suspected fraud that officials say has already blocked hundreds of millions of dollars in questionable payments.

Administration officials said Medicare claims for tissue and organ transplants, known as allografts, climbed from $200 million in 2019 to $14.4 billion in 2025—a 7,100 percent increase.

The surge led the White House Anti-Fraud Task Force, headed by Vice President JD Vance, and the Centers for Medicare and Medicaid Services to intensify their review of claims. Since March, the agency has denied 96 percent of allograft claims identified during the review.

CMS Administrator Mehmet Oz said the agency identified 4,200 potentially fraudulent allograft claims totaling $224 million through May.

“That’s a lot of money,” Oz said during a Wednesday news conference in Milwaukee.

“And that bankrupts not just hospital systems and physician groups, but it causes major problems across the entire landscape.”

The agency also announced enforcement actions involving Durable Medical Equipment (DME) including wheelchairs, walkers, hospital beds and other medical equipment.

According to CMS, payments have been suspended to 102 suppliers, while billing privileges have been revoked for another 725 suppliers. The agency said those suppliers accounted for 8.6 percent of all Medicare-funded DME in 2025.

CMS officials reported they identified suspected fraud involving claims for equipment that was not medically necessary or ordered, equipment that was more expensive than prescribed, and equipment that was never delivered.

“In just six months, the task force has effectively wiped out Durable Medical Equipment fraud in America,” a spokesperson for Vance’s office said.

“After the vice president and Dr. Oz announced a moratorium on new DME companies, paired with aggressive enforcement actions by DOJ and HHS, this kind of fraud has effectively ended.”

Oz said the administration’s efforts have already prevented significant losses.

“Thanks to the whole-of-government approach spearheaded by the White House Anti-Fraud Task Force, we stopped nearly $220 million in fraudulent skin substitute claims and suspended or revoked billing privileges for over 800 DME suppliers,” Oz told Fox News Digital. “We are keeping our promise to the American people: we will root out corruption, protect vulnerable patients, and hold every bad actor accountable.”

Oz also warned those engaged in health care fraud that the administration intends to continue its enforcement campaign.

“To anyone out there, and I’m talking to you if you’re a fraudster, for anyone out there who thinks they can get away by stealing from the American people, especially American patients, I’ve got a bit of advice for you: Do not walk away from this press conference. Don’t walk away from us. You start running because the vice president and this task force are coming after you,” Oz said.

Tyler Durden Thu, 07/09/2026 - 17:00

Trump Admin Targets Medicare Fraud After 7,100% Surge In Transplant Claims

Zero Hedge -

Trump Admin Targets Medicare Fraud After 7,100% Surge In Transplant Claims

Via American Greatness,

The Trump administration says it has uncovered a dramatic increase in Medicare claims for tissue and organ transplants, resulting in a broad crackdown on suspected fraud that officials say has already blocked hundreds of millions of dollars in questionable payments.

Administration officials said Medicare claims for tissue and organ transplants, known as allografts, climbed from $200 million in 2019 to $14.4 billion in 2025—a 7,100 percent increase.

The surge led the White House Anti-Fraud Task Force, headed by Vice President JD Vance, and the Centers for Medicare and Medicaid Services to intensify their review of claims. Since March, the agency has denied 96 percent of allograft claims identified during the review.

CMS Administrator Mehmet Oz said the agency identified 4,200 potentially fraudulent allograft claims totaling $224 million through May.

“That’s a lot of money,” Oz said during a Wednesday news conference in Milwaukee.

“And that bankrupts not just hospital systems and physician groups, but it causes major problems across the entire landscape.”

The agency also announced enforcement actions involving Durable Medical Equipment (DME) including wheelchairs, walkers, hospital beds and other medical equipment.

According to CMS, payments have been suspended to 102 suppliers, while billing privileges have been revoked for another 725 suppliers. The agency said those suppliers accounted for 8.6 percent of all Medicare-funded DME in 2025.

CMS officials reported they identified suspected fraud involving claims for equipment that was not medically necessary or ordered, equipment that was more expensive than prescribed, and equipment that was never delivered.

“In just six months, the task force has effectively wiped out Durable Medical Equipment fraud in America,” a spokesperson for Vance’s office said.

“After the vice president and Dr. Oz announced a moratorium on new DME companies, paired with aggressive enforcement actions by DOJ and HHS, this kind of fraud has effectively ended.”

Oz said the administration’s efforts have already prevented significant losses.

“Thanks to the whole-of-government approach spearheaded by the White House Anti-Fraud Task Force, we stopped nearly $220 million in fraudulent skin substitute claims and suspended or revoked billing privileges for over 800 DME suppliers,” Oz told Fox News Digital. “We are keeping our promise to the American people: we will root out corruption, protect vulnerable patients, and hold every bad actor accountable.”

Oz also warned those engaged in health care fraud that the administration intends to continue its enforcement campaign.

“To anyone out there, and I’m talking to you if you’re a fraudster, for anyone out there who thinks they can get away by stealing from the American people, especially American patients, I’ve got a bit of advice for you: Do not walk away from this press conference. Don’t walk away from us. You start running because the vice president and this task force are coming after you,” Oz said.

Tyler Durden Thu, 07/09/2026 - 17:00

US, Japan, And South Korea Push SMR Exports For "Energy Security Needs"

Zero Hedge -

US, Japan, And South Korea Push SMR Exports For "Energy Security Needs"

The American nuclear buildout is not just about the climate or powering data centers. It's a geopolitical war against the export of nuclear technology from Russia and China, mixed with a new demand for national energy security.

On the sidelines of the NATO Summit in Ankara, the United States, Japan, and South Korea signed a trilateral Memorandum of Cooperation aimed at accelerating small modular reactor (SMR) deployments in other countries, with an initial focus on the Indo-Pacific. The agreement is designed to bring together the complementary strengths of the three countries’ civil nuclear industries.

The US State Department also notes, “The MOC advances our mutual security interests and paves the way for partner countries to meet their energy security needs.

In addition to deploying reactors in the Indo-Pacific, the initiative is also supported by the U.S. committing over $10 million in new funding to the State Department's Foundational Infrastructure for Responsible Use of Small Modular Reactor Technology (FIRST) Program.

Lastly, the U.S. also announced an industry initiative agreed upon with GE Vernova and their partner Hitachi, with Samsung C&T and SGE to deploy the BWRX-300 SMR in Europe

The U.S. is continuing its trend, started after the executive orders were signed last year, of deploying American nuclear technology in foreign countries. In the executive orders, the State Department was directed to renew or start 20 civil nuclear cooperation agreements, sometimes referred to as “123 Agreements”. 

The goal is to strengthen U.S. political ties with allies and other countries in Europe and Asia by supporting those countries' domestic energy security needs.  

The reactor export story also has a fuel-chain counterpart. More allied SMR deployments would eventually require more allied fuel supply, and that is where companies like Centrus Energy and General Matter become relevant.

Centrus already has a direct South Korea connection. In 2025, Centrus announced that it had expanded its agreement with Korea Hydro & Nuclear Power and POSCO International, including higher low-enriched uranium supply volumes tied to new enrichment capacity at the American Centrifuge Plant in Ohio. 

The supply commitment remains contingent on Centrus receiving the necessary federal funding to build that capacity, but as we clearly identified just last week, Centrus should reasonably expect to receive whatever financial support they ask for from the federal government at this point.  

General Matter adds another piece to the same puzzle. In March, the Export-Import Bank of the United States issued Letters of Interest supporting up to $4.2 billion in potential financing for nuclear fuel sales by General Matter to nuclear power operators in Japan and South Korea.

The new US-Japan-Korea framework does not name a reactor developer, but it can be reasonably expected that GE Vernova (GEV) will lead the pack given its connection to all three countries. The framework does create a backdrop for additional US-aligned advanced reactor developers trying to work with Asian industrial partners.

NANO has already started building that lane in South Korea. In January, the company signed an MOU with DS Dansuk to advance potential deployment of its KRONOS MMR system in South Korea. Under the agreement, DS Dansuk is expected to help with site identification, supply-chain localization, regulatory engagement, and institutional partnerships.

Tyler Durden Thu, 07/09/2026 - 16:40

US, Japan, And South Korea Push SMR Exports For "Energy Security Needs"

Zero Hedge -

US, Japan, And South Korea Push SMR Exports For "Energy Security Needs"

The American nuclear buildout is not just about the climate or powering data centers. It's a geopolitical war against the export of nuclear technology from Russia and China, mixed with a new demand for national energy security.

On the sidelines of the NATO Summit in Ankara, the United States, Japan, and South Korea signed a trilateral Memorandum of Cooperation aimed at accelerating small modular reactor (SMR) deployments in other countries, with an initial focus on the Indo-Pacific. The agreement is designed to bring together the complementary strengths of the three countries’ civil nuclear industries.

The US State Department also notes, “The MOC advances our mutual security interests and paves the way for partner countries to meet their energy security needs.

In addition to deploying reactors in the Indo-Pacific, the initiative is also supported by the U.S. committing over $10 million in new funding to the State Department's Foundational Infrastructure for Responsible Use of Small Modular Reactor Technology (FIRST) Program.

Lastly, the U.S. also announced an industry initiative agreed upon with GE Vernova and their partner Hitachi, with Samsung C&T and SGE to deploy the BWRX-300 SMR in Europe

The U.S. is continuing its trend, started after the executive orders were signed last year, of deploying American nuclear technology in foreign countries. In the executive orders, the State Department was directed to renew or start 20 civil nuclear cooperation agreements, sometimes referred to as “123 Agreements”. 

The goal is to strengthen U.S. political ties with allies and other countries in Europe and Asia by supporting those countries' domestic energy security needs.  

The reactor export story also has a fuel-chain counterpart. More allied SMR deployments would eventually require more allied fuel supply, and that is where companies like Centrus Energy and General Matter become relevant.

Centrus already has a direct South Korea connection. In 2025, Centrus announced that it had expanded its agreement with Korea Hydro & Nuclear Power and POSCO International, including higher low-enriched uranium supply volumes tied to new enrichment capacity at the American Centrifuge Plant in Ohio. 

The supply commitment remains contingent on Centrus receiving the necessary federal funding to build that capacity, but as we clearly identified just last week, Centrus should reasonably expect to receive whatever financial support they ask for from the federal government at this point.  

General Matter adds another piece to the same puzzle. In March, the Export-Import Bank of the United States issued Letters of Interest supporting up to $4.2 billion in potential financing for nuclear fuel sales by General Matter to nuclear power operators in Japan and South Korea.

The new US-Japan-Korea framework does not name a reactor developer, but it can be reasonably expected that GE Vernova (GEV) will lead the pack given its connection to all three countries. The framework does create a backdrop for additional US-aligned advanced reactor developers trying to work with Asian industrial partners.

NANO has already started building that lane in South Korea. In January, the company signed an MOU with DS Dansuk to advance potential deployment of its KRONOS MMR system in South Korea. Under the agreement, DS Dansuk is expected to help with site identification, supply-chain localization, regulatory engagement, and institutional partnerships.

Tyler Durden Thu, 07/09/2026 - 16:40

Ticker Take: The Biggest Mistakes Investors Make

The Big Picture -

 

 

What a fun conversation!

I sat down with Jon Erlichman (formerly of Bloomberg, now at Ticker Take) to discuss the biggest mistakes investors make.

Here is the overview:

Most investing advice tells you what to buy. Barry Ritholtz would rather tell you what NOT to do. This week on Ticker Take, we sit down with Ritholtz, co-founder and chairman of Ritholtz Wealth Management and the author of How NOT To Invest. Barry walks us through 9 mistakes investors (including pros) often make — from trying to time the market to anchoring to what you paid. Plus, he walks us through the simple approach he uses to avoid making mistakes. As always, this is not financial advice.

Chapters:  0:00 Intro
0:16 What you should NOT do as an investor.
0:54 Why avoiding mistakes is the key to investing!
1:39 Some of the ways to be a successful investor.
3:34 Pros make these mistakes too!
4:44 Mistake 1 – Timing the market
7:34 Mistake 2 – Complex over simple
9:11 Mistake 3 – Politics over patience
11:33 Mistake 4 – Ignoring compounding
14:08 Mistake 5 – Survivorship bias
17:00 Mistake 6 – Panic selling
19:03 Mistake 7 – FOMO buying
20:29 Mistake 8 – Action bias
21:52 Mistake 9 – Anchoring to cost

Video below…

 

Apple Podcasts

Spotify

YouTube

 

 

 

 

The post Ticker Take: The Biggest Mistakes Investors Make appeared first on The Big Picture.

Why Have Central Bankers Gone Radio Silent On The Digital Currency Agenda?

Zero Hedge -

Why Have Central Bankers Gone Radio Silent On The Digital Currency Agenda?

Authored by Brandon Smith via Alt-Market.us

During the 2020 pandemic hysteria there was a mad rush by globalist institutions like the WEF, IMF, BIS and numerous national central banks to speed-run the concept of “CBDCs” (Central Bank Digital Currencies) into the mainstream consciousness. The idea of digital currencies rooted to a blockchain ledger was presented as a solution to the pandemic. A number of globalists asserted that digital exchange would be necessary because “paper money carries the covid virus.”

This was, of course, complete nonsense. There was zero evidence that shifting to digital would prevent the spread of the virus in any way. But, as I’ve said for years now, covid was their big play. It was intended to become a nexus point for a global coup; the “New World Order” takeover. The elites figured the population was so terrified that they would agree to anything without a logical reason.

They were wrong, at least in the long run. The virus was a dud (which seemed to catch them by surprise) and the death rate was minimal (0.23% median IFR). The public eventually woke up to the deception and the agenda was forced to dissolve, largely due to nearly half of all US states blocking the mandates. If Americans could live just fine without restrictions, then the rest of the world was going to follow.

I mention the pandemic once again because the attempted coup gave the general public a once in a lifetime insight into the plans and motives of the globalists. This event changed everything. Millions of people who once thought that “conspiracy theorists” were crazy just had their eyes opened to a dark reality. There really is an international cabal. They really do make evil plans in smoky rooms. They really do want a “New World Order.”

And, a big part of this new order is a global digital currency scheme.

As researchers, all of our suspicions were confirmed. Seeing the intended plans of the elites across Europe and developing nations like China and India, it’s clear that CBDCs are the ultimate economic control mechanism. Why? Because without physical money, the populace can no longer engage in trade without governments and central banks acting as the middle man.

Look at it this way: During the pandemic mandates the Biden Administration and many other governments sought to institute the first stages of what would ultimately become a vaccine passport system.

First, employers would be required by law to check workers for updated vaccination, or face endless fines. Once this became the norm, then mandatory covid tracking apps would be introduced as the only way to enter government buildings and mass transit. Eventually, everyone would be forced to use their phones (and a QR code) to get access to public places or purchase anything anywhere.

The final domino would be CBDCs and a cashless society, but Biden and friends did not have this technology in place.

Without CBDCs the control system falls apart. With physical cash, there’s no way for the government to control transactions. They can de-bank individuals who refuse to comply (as the Canadian government did), but with physical exchange there is always a path to rebellion.

Even without cash, the public could use gold and silver or barter. People could create their own black markets and survive. However, with CBDCs widely entrenched, participation in the wider economy would be impossible.

The globalists asserted that de-banking and economic banishment was not a program of “forced vaccination” (although that was the ultimate endgame). Rather, they argued cynically that people still had a “choice” – They could take the vax and live a somewhat normal life within the system, or, they could refuse the vax and be cut off from the economy, and thus cut off from most of society and likely die from abject poverty.

This is the political left’s “consequence culture” argument.

I really hope people never forget the insanity of this era and how close we came to an Orwellian hellscape. Never forget; the globalists and the political left tried to extort you into becoming a medical slave for the rest of your life. And their plan was to use economic access as the leverage to force you into submission.

So what happened? Where did all the rhetoric about CBDCs go? It was everywhere for four years and then, it was dust in the wind. Why have central banks gone radio silent?

Sadly the plan has not been canceled, it has only been moved to the background and it continues to develop behind the curtain. The Bank for International Settlement (BIS) seems to be at the helm, for now, and is pushing forward with various projects to test CBDCs in cross border trade and tracking. Currently, they are working on “Project Agora”.

Project Agora is testing the process for “tokenization” of central bank reserves – Meaning, they want to make it possible for central banks to trade assets with each other using a blockchain ledger without complications. This would be a primary step in the eventual tokenization of all central bank transactions, including transactions with corporate banks and governments.

It should be noted that the Trump Administration and the US Senate has been issuing executive orders and legislation to block the Federal Reserve from engaging in CBDCs until at least 2030. However, the Fed seems to be ignoring these demands. According to the BIS, the Fed is STILL participating in Project Agora and the Fed has not announced any withdrawal from that program.

Interestingly, the BIS avoids using the acronym “CBDC” in most of their latest project announcements. But, this is exactly what they are working on. They do mention all national legal frameworks still apply within their ledger transactions. To translate, that means that central banks and allied governments will retain tracking and control of all assets that are traded through the system (No anonymous transactions and all transactions can be frozen).

This should be worrying for everyone and the implications are staggering. The BIS and its central banking partners are quietly building the framework for national digital currency systems to interact with other national digital currency systems.

In the end, the BIS and its allies will become the middlemen for all the world’s transactions. Furthermore, once national CBDCs become the norm, the elites are only one step away from introducing a GLOBAL CBDC: A one-world digital currency.

I continue to believe that the introduction of this system will require the collapse of the US dollar. But, this event may not happen the way many of us originally imagined. I and many other economists initially believed that the alternative digital currency system to unseat the dollar would be introduced through the BRICS economic bloc, which has been working closely with the IMF.

We also argued that a crash would have to occur through internal sabotage, clearing the path for a dollar collapse.

Something seems to have changed. The influence of the BRICS has been greatly diminished in the past five years. The plan may not be to crash the dollar from within the US through domestic mishap or sabotage, at least not right away. Rather, the plan might be to introduce CBDCs in every western country that is politically cooperative with the globalists and cut out the dollar over time as the world reserve.

Recent announcements from the European Union and the European Central Bank suggest that they are preparing to bring in CBDCs regardless of what the US does.

In other words, it looks as though far-left governments in Europe, Australia and Canada plan to build a global currency network that cuts out the dollar in order to crash its reserve status. They can then say it was entirely the fault of backwards conservative Americans who “live in the past and refuse to go digital…”

Meanwhile, the Federal Reserve continues to work with the BIS and the globalists to make the dollar ready for tokenization with the expectation that Americans will eventually be forced to go along with the agenda, or risk being left in the dust.

Will this strategy work? It’s hard to say. The pandemic plan failed and only ended up radicalizing millions of people against the globalists by default. On top of that, the mass immigration agenda in Europe is not going over well and it’s driving the citizens to replace liberal governments with hard-right parties like Restore and AFD. But, when money becomes the weapon, things can turn ugly fast. CBDCs could create unprecedented social and political leverage for the globalists.

Luckily, the public is already well aware of the existence of CBDCs and many of the threats they pose. The globalists can try to hide their projects in a fog of obscurity and they can try to change the terms by using words like “tokenization”, but the populace is still going to recognize the dangers because their radar is now up.

Tyler Durden Thu, 07/09/2026 - 16:20

Why Have Central Bankers Gone Radio Silent On The Digital Currency Agenda?

Zero Hedge -

Why Have Central Bankers Gone Radio Silent On The Digital Currency Agenda?

Authored by Brandon Smith via Alt-Market.us

During the 2020 pandemic hysteria there was a mad rush by globalist institutions like the WEF, IMF, BIS and numerous national central banks to speed-run the concept of “CBDCs” (Central Bank Digital Currencies) into the mainstream consciousness. The idea of digital currencies rooted to a blockchain ledger was presented as a solution to the pandemic. A number of globalists asserted that digital exchange would be necessary because “paper money carries the covid virus.”

This was, of course, complete nonsense. There was zero evidence that shifting to digital would prevent the spread of the virus in any way. But, as I’ve said for years now, covid was their big play. It was intended to become a nexus point for a global coup; the “New World Order” takeover. The elites figured the population was so terrified that they would agree to anything without a logical reason.

They were wrong, at least in the long run. The virus was a dud (which seemed to catch them by surprise) and the death rate was minimal (0.23% median IFR). The public eventually woke up to the deception and the agenda was forced to dissolve, largely due to nearly half of all US states blocking the mandates. If Americans could live just fine without restrictions, then the rest of the world was going to follow.

I mention the pandemic once again because the attempted coup gave the general public a once in a lifetime insight into the plans and motives of the globalists. This event changed everything. Millions of people who once thought that “conspiracy theorists” were crazy just had their eyes opened to a dark reality. There really is an international cabal. They really do make evil plans in smoky rooms. They really do want a “New World Order.”

And, a big part of this new order is a global digital currency scheme.

As researchers, all of our suspicions were confirmed. Seeing the intended plans of the elites across Europe and developing nations like China and India, it’s clear that CBDCs are the ultimate economic control mechanism. Why? Because without physical money, the populace can no longer engage in trade without governments and central banks acting as the middle man.

Look at it this way: During the pandemic mandates the Biden Administration and many other governments sought to institute the first stages of what would ultimately become a vaccine passport system.

First, employers would be required by law to check workers for updated vaccination, or face endless fines. Once this became the norm, then mandatory covid tracking apps would be introduced as the only way to enter government buildings and mass transit. Eventually, everyone would be forced to use their phones (and a QR code) to get access to public places or purchase anything anywhere.

The final domino would be CBDCs and a cashless society, but Biden and friends did not have this technology in place.

Without CBDCs the control system falls apart. With physical cash, there’s no way for the government to control transactions. They can de-bank individuals who refuse to comply (as the Canadian government did), but with physical exchange there is always a path to rebellion.

Even without cash, the public could use gold and silver or barter. People could create their own black markets and survive. However, with CBDCs widely entrenched, participation in the wider economy would be impossible.

The globalists asserted that de-banking and economic banishment was not a program of “forced vaccination” (although that was the ultimate endgame). Rather, they argued cynically that people still had a “choice” – They could take the vax and live a somewhat normal life within the system, or, they could refuse the vax and be cut off from the economy, and thus cut off from most of society and likely die from abject poverty.

This is the political left’s “consequence culture” argument.

I really hope people never forget the insanity of this era and how close we came to an Orwellian hellscape. Never forget; the globalists and the political left tried to extort you into becoming a medical slave for the rest of your life. And their plan was to use economic access as the leverage to force you into submission.

So what happened? Where did all the rhetoric about CBDCs go? It was everywhere for four years and then, it was dust in the wind. Why have central banks gone radio silent?

Sadly the plan has not been canceled, it has only been moved to the background and it continues to develop behind the curtain. The Bank for International Settlement (BIS) seems to be at the helm, for now, and is pushing forward with various projects to test CBDCs in cross border trade and tracking. Currently, they are working on “Project Agora”.

Project Agora is testing the process for “tokenization” of central bank reserves – Meaning, they want to make it possible for central banks to trade assets with each other using a blockchain ledger without complications. This would be a primary step in the eventual tokenization of all central bank transactions, including transactions with corporate banks and governments.

It should be noted that the Trump Administration and the US Senate has been issuing executive orders and legislation to block the Federal Reserve from engaging in CBDCs until at least 2030. However, the Fed seems to be ignoring these demands. According to the BIS, the Fed is STILL participating in Project Agora and the Fed has not announced any withdrawal from that program.

Interestingly, the BIS avoids using the acronym “CBDC” in most of their latest project announcements. But, this is exactly what they are working on. They do mention all national legal frameworks still apply within their ledger transactions. To translate, that means that central banks and allied governments will retain tracking and control of all assets that are traded through the system (No anonymous transactions and all transactions can be frozen).

This should be worrying for everyone and the implications are staggering. The BIS and its central banking partners are quietly building the framework for national digital currency systems to interact with other national digital currency systems.

In the end, the BIS and its allies will become the middlemen for all the world’s transactions. Furthermore, once national CBDCs become the norm, the elites are only one step away from introducing a GLOBAL CBDC: A one-world digital currency.

I continue to believe that the introduction of this system will require the collapse of the US dollar. But, this event may not happen the way many of us originally imagined. I and many other economists initially believed that the alternative digital currency system to unseat the dollar would be introduced through the BRICS economic bloc, which has been working closely with the IMF.

We also argued that a crash would have to occur through internal sabotage, clearing the path for a dollar collapse.

Something seems to have changed. The influence of the BRICS has been greatly diminished in the past five years. The plan may not be to crash the dollar from within the US through domestic mishap or sabotage, at least not right away. Rather, the plan might be to introduce CBDCs in every western country that is politically cooperative with the globalists and cut out the dollar over time as the world reserve.

Recent announcements from the European Union and the European Central Bank suggest that they are preparing to bring in CBDCs regardless of what the US does.

In other words, it looks as though far-left governments in Europe, Australia and Canada plan to build a global currency network that cuts out the dollar in order to crash its reserve status. They can then say it was entirely the fault of backwards conservative Americans who “live in the past and refuse to go digital…”

Meanwhile, the Federal Reserve continues to work with the BIS and the globalists to make the dollar ready for tokenization with the expectation that Americans will eventually be forced to go along with the agenda, or risk being left in the dust.

Will this strategy work? It’s hard to say. The pandemic plan failed and only ended up radicalizing millions of people against the globalists by default. On top of that, the mass immigration agenda in Europe is not going over well and it’s driving the citizens to replace liberal governments with hard-right parties like Restore and AFD. But, when money becomes the weapon, things can turn ugly fast. CBDCs could create unprecedented social and political leverage for the globalists.

Luckily, the public is already well aware of the existence of CBDCs and many of the threats they pose. The globalists can try to hide their projects in a fog of obscurity and they can try to change the terms by using words like “tokenization”, but the populace is still going to recognize the dangers because their radar is now up.

Tyler Durden Thu, 07/09/2026 - 16:20

Jack Smith's Team Exposed Classified Materials, Senator Finds

Zero Hedge -

Jack Smith's Team Exposed Classified Materials, Senator Finds

Authored by Zachary Stieber via The Epoch Times,

Prosecutors with the office of former special counsel Jack Smith left classified materials unsecured and provided materials to at least one person without confirming that person needed to see them, a senator said on July 8.

A set of messages from Smith’s team showed that in 2024, the team left a facility designated for the review of sensitive information open overnight, and potentially longer.

“Who opened the [facility] yesterday?” one member of the team asked in a message.

“No one opened it yesterday because no one closed it the day before,” another member replied.

A second set of messages from 2024 outlined how the team provided classified materials to an unidentified person despite not having confirmation that the person needed to see the materials.

The incidents took place as Smith’s team, which was part of the Department of Justice (DOJ), was prosecuting then-presidential candidate and former President Donald Trump for allegedly mishandling classified materials during his first term as president.

“Talk about the pot calling the kettle black,” Grassley said in a statement.

“According to these messages, Biden DOJ personnel may have committed the very offense for which Jack Smith was prosecuting President Trump. These records expose yet another double standard of justice.”

Grassley also wrote in a post on X that the messages “indicate hypocritical [and] careless behavior” and “merit further investigation.”

He pointed to how some former officials, such as former Secretary of State Hillary Clinton, mishandled classified information but were not charged.

Grassley asked Todd Blanche, the acting attorney general, for more records, including whether the facility that was left unlocked contained any material that was part of Smith’s prosecution of Trump, and whether the DOJ investigated Smith’s team for giving classified information without the need-to-know confirmation.

“The Department is aware of the concerns raised in Senator Grassley’s letter and takes the safeguarding of classified information very seriously. Every official entrusted with sensitive materials must follow strict security protocols without exception — a standard Jack Smith’s team apparently failed to meet as they pursued a politically weaponized prosecution of President Trump,” a DOJ spokesperson told The Epoch Times in an email.

“As with any alleged security lapse, the Department reviews such matters through established internal processes to determine whether protocols were followed, whether classified information was compromised, and whether any corrective steps are warranted. The Department will continue to apply those procedures rigorously, consistent with our longstanding commitment to protecting national security and maintaining the integrity of our operations.”

Smith, who has said his investigation was proper, was appointed in November 2022 by then-Attorney General Merrick Garland to manage investigations into Trump, who at the time was out of office.

Federal prosecutors later charged Trump with violations of federal law governing the handling of classified information, as well as other charges such as illegally interfering in the 2020 presidential election.

Prosecutors dropped the cases after Trump won the 2024 election, noting that he would soon be president.

Part of Smith’s final report was released to the public prior to the start of Trump’s second term, outlining how Smith believed the evidence against Trump would have resulted in a conviction. A federal judge later ruled that the other part shall never be made public.

Tyler Durden Thu, 07/09/2026 - 15:40

Jack Smith's Team Exposed Classified Materials, Senator Finds

Zero Hedge -

Jack Smith's Team Exposed Classified Materials, Senator Finds

Authored by Zachary Stieber via The Epoch Times,

Prosecutors with the office of former special counsel Jack Smith left classified materials unsecured and provided materials to at least one person without confirming that person needed to see them, a senator said on July 8.

A set of messages from Smith’s team showed that in 2024, the team left a facility designated for the review of sensitive information open overnight, and potentially longer.

“Who opened the [facility] yesterday?” one member of the team asked in a message.

“No one opened it yesterday because no one closed it the day before,” another member replied.

A second set of messages from 2024 outlined how the team provided classified materials to an unidentified person despite not having confirmation that the person needed to see the materials.

The incidents took place as Smith’s team, which was part of the Department of Justice (DOJ), was prosecuting then-presidential candidate and former President Donald Trump for allegedly mishandling classified materials during his first term as president.

“Talk about the pot calling the kettle black,” Grassley said in a statement.

“According to these messages, Biden DOJ personnel may have committed the very offense for which Jack Smith was prosecuting President Trump. These records expose yet another double standard of justice.”

Grassley also wrote in a post on X that the messages “indicate hypocritical [and] careless behavior” and “merit further investigation.”

He pointed to how some former officials, such as former Secretary of State Hillary Clinton, mishandled classified information but were not charged.

Grassley asked Todd Blanche, the acting attorney general, for more records, including whether the facility that was left unlocked contained any material that was part of Smith’s prosecution of Trump, and whether the DOJ investigated Smith’s team for giving classified information without the need-to-know confirmation.

“The Department is aware of the concerns raised in Senator Grassley’s letter and takes the safeguarding of classified information very seriously. Every official entrusted with sensitive materials must follow strict security protocols without exception — a standard Jack Smith’s team apparently failed to meet as they pursued a politically weaponized prosecution of President Trump,” a DOJ spokesperson told The Epoch Times in an email.

“As with any alleged security lapse, the Department reviews such matters through established internal processes to determine whether protocols were followed, whether classified information was compromised, and whether any corrective steps are warranted. The Department will continue to apply those procedures rigorously, consistent with our longstanding commitment to protecting national security and maintaining the integrity of our operations.”

Smith, who has said his investigation was proper, was appointed in November 2022 by then-Attorney General Merrick Garland to manage investigations into Trump, who at the time was out of office.

Federal prosecutors later charged Trump with violations of federal law governing the handling of classified information, as well as other charges such as illegally interfering in the 2020 presidential election.

Prosecutors dropped the cases after Trump won the 2024 election, noting that he would soon be president.

Part of Smith’s final report was released to the public prior to the start of Trump’s second term, outlining how Smith believed the evidence against Trump would have resulted in a conviction. A federal judge later ruled that the other part shall never be made public.

Tyler Durden Thu, 07/09/2026 - 15:40

Starbucks Using AI To Build Software Replacing Applications It Buys From Microsoft, IBM

Zero Hedge -

Starbucks Using AI To Build Software Replacing Applications It Buys From Microsoft, IBM

Corporate America has been desperate to see a burst of productivity (i.e., cost cutting) emerging from the latest flood of agentic AI euphoria, and it is slowly starting to get it. Not everyone will be pleased.

Starbucks is developing in-house tools with the help of artificial intelligence that could replace some software applications it now buys from companies such as Microsoft and IBM. 

According to Bloomberg, the coffee chain, whose stock price has gone nowhere in the past 3 years, is building alternatives to a Microsoft system that tracks inventory and an IBM tool that manages maintenance. Some of the Starbucks-developed software could roll out by the end of next year, pending the results of testing, the report notes.

Before the advent of advanced AI models, businesses were tethered for years to their technology vendors due to fear of business disruption and the complexity of building in-house tools. But AI is shifting that calculus as it makes it easier to develop applications from scratch and as companies push workers to use the technology (especially when it means those very same workers are teaching AI models how to do their work for them).

This is hardly new: at the start of 2026 the software sector cratered as Wall Street expressed doubts about the "terminal value" of business models that can easily be disrupted by AI. Since then, sentiment has stabilized but leading software companies still face concerns about whether they’ll be able to fend off competition from products built by upstarts, or their own customers, using AI. This phenomenon has weighed on software stocks this year, with Microsoft and IBM both trailing the S&P 500.

Shares of both companies fell during trading on Thursday, with Microsoft down 2.4% and IBM sinking 5.2% at 9:30 a.m. in New York, following the Bloomberg report..

Starbucks spends about $400 million a year on software alone, CTO Anand Varadarajan told workers in an internal forum earlier this year. “There’s clear opportunities to reduce the spend in software,” Varadarajan said. In-house software can be cheaper, an incentive for companies such as Starbucks, which is looking to cut $2 billion in costs as part of a broader turnaround effort. That said, in the long run, building can lead a company to pay higher maintenance and labor costs.

When it comes to technology, Starbucks company is reviewing “every contract and service,” according to the presentation seen by Bloomberg. In some cases, that includes building products to replace software that its engineers have to heavily tailor anyway. As an example, the company has been working for several years on building a point-of-sale system that would take the place of Oracle Simphony.  In a blog post earlier this year, the company said AI and other technology advancements will support its long-term growth and free up baristas to focus more on customer service.

AI-assisted coding was also key to developing the platform that could replace the IBM tool. Starbucks has been pushing tech workers to use artificial intelligence, even factoring usage into their bonuses, which is ironic since the better the model, the less need for the person who created it meaning the bonus will likely be their last.

To be sure, there’s skepticism about how much, or how quickly, AI can speed up and automate work. Starbucks recently pulled an AI-powered system to track inventory at stores, reverting to manual counting; According to Reuters, that tool was part of CEO Brian Niccol's efforts to fix the coffee chain's persistent product shortages that he has blamed for hurting sales. The app - designed to improve Starbucks’ visibility into shortages at stores - frequently miscounted and mislabeled items, such as confusing similar milk types or ​missing them altogether. It also continues to use software from third-party vendors, including from companies such as Microsoft. 

The Starbucks enterprise technology team is on track to reduce its budget by about $30 million in the fiscal year ending in late September, according to the internal presentation. That includes cutting about $10 million in software spending. Another $13 million will be saved mostly by cutting back on contractors from professional services firms and backfilling some roles with its own staff. Starbucks is setting up offices in Nashville and India that will house some tech workers, while others will remain at its Seattle headquarters. The company has cut about 2,300 jobs since February of last year, including many in tech.

Tyler Durden Thu, 07/09/2026 - 15:20

The Low VIX Hides Fierce Undercurrents

Zero Hedge -

The Low VIX Hides Fierce Undercurrents

Via RealInvestmentAdvice.com,

Goldman Sachs’ volatility desk made the following comment:

With the VIX back to its lowest levels in more than a month, our Vol desk is focused on hedging opportunities as 1-month S&P implied correlation is near its lowest level in 20 years.” 

Simply, a low VIX can convey a sense of market calm on the surface, yet implied correlation tells a different story.

The VIX, based on option trading data, measures the implied volatility of the S&P 500 index.

A low VIX means traders expect the market to be relatively calm with not much volatility.

Conversely, a higher VIX reflects expectations for high levels of volatility.

Today, the VIX is relatively low with a 16 handle today, as S&P 500 index option trades appear complacent.

Implied correlation measures how much S&P 500 stocks are expected to move together.

When implied correlation is high, as it was during COVID, the 2022 interest rate shock, and more recently at the beginning of the Iran conflict, macro forces dominate trading activity, and stocks tend to go up or down together.

When correlation is low, stocks decouple. Individual company fundamentals, technical setups, and momentum chasing drive returns.

As we see in the chart below, the implied correlation is at a 20-year low.

The low VIX implies smooth sailing ahead, while a record-low implied correlation suggests the market could be at risk.

Goldman is hedging the risk of a correction, i.e., an implied correlation spike.

Often, when implied correlation rises sharply from extreme lows, as it did in August 2024 during the yen carry trade unwind, the divergences that kept the index calm disappear.

Stocks start moving together again, and most of the time they move down.

This condition is not a warning to expect a market downdraft, but it does suggest that risk awareness is critical.  

Tyler Durden Thu, 07/09/2026 - 12:20

NYC Tower Owner Prepares To Rebuild 15 Floors After I-Beam Failure

Zero Hedge -

NYC Tower Owner Prepares To Rebuild 15 Floors After I-Beam Failure

Fears of a possible collapse at a condo tower under construction near Grand Central Terminal had abated by the end of the week, but the incident only signals the massive engineering challenges tied to Manhattan's office-to-apartment conversion boom.

The former Pfizer headquarters at 235 East 42nd Street, being converted by David Werner and Nathan Berman's Metro Loft Management into more than 1,600 residential units, has become a high-profile example of the risks of repurposing aging office towers into housing at scale to achieve socialist NYC Mayor Zohran Mamdani's strategy to address the metro area's housing shortage.

Metro Loft CEO Nathan Berman told Bloomberg in an interview that 15 stories were added to part of the building, and that two columns beneath were insufficiently reinforced, leading to a failure that caused some of the 15 cantilevered floors above to sag.

Via Bloomberg

Berman said Metro Loft now plans to replace the facade, slabs, and steel on those floors: "We are prepared to rebuild that portion of the building."

"It will be reskinned, everything will be leveled, fixed in place, and it will be brand new," he said.

Tuesday morning's column failure prompted evaluations of the building and surrounding structures, as well as street closures for fear the building would collapse. Since then, crews have been working to install temporary supports.

James LaFave, a professor of civil engineering at the University of Illinois Urbana-Champaign, told the outlet, "Engineers rationally overestimate what they think the loads would be, underestimate how strong they think elements would be to simplify it, and therefore you would end up with a substantial margin of safety."

LaFave noted, "For something to have caused the level of buckling seen in that column there, it's not some small perturbation from expectation that would make that happen. It's something substantial."

Tyler Durden Thu, 07/09/2026 - 12:00

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