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NorCal Couple Scammed Of $18,000 From Fake Checks And Online Payments

NorCal Couple Scammed Of $18,000 From Fake Checks And Online Payments

A retired Northern California couple is speaking out after scammers allegedly drained nearly $18,000 from their checking account through a combination of counterfeit checks and unauthorized online payments, setting off a weeks-long battle to recover their money, according to ABC 7.

The couple first realized something was wrong after stopping at an ATM and noticing that their account balance was far lower than expected. A review of their bank records uncovered three checks they say they never wrote, along with 17 electronic transactions they did not authorize. The fake checks totaled more than $6,500, while the online payments added another roughly $11,400 in losses.

According to the couple, many of the payments were directed to accounts with Verizon, Capital One, and Wells Fargo that had no connection to them.

The report says that they immediately reported the fraud to Chase and closed the compromised checking account. The bank quickly reimbursed the counterfeit checks, but the dispute over the electronic payments proved much more difficult. The couple says they were initially asked to provide documentation showing they did not own the recipient accounts, a process that became frustrating because the other financial institutions could not discuss accounts belonging to other customers.

After filing a report with the local sheriff's office, they were informed their fraud claim had been denied due to insufficient evidence.

The case eventually drew the attention of a local consumer advocacy news team, which contacted Chase on the couple's behalf. After reviewing the matter again, the bank reversed course and refunded the remaining disputed funds, stating that it was able to credit the full amount after receiving the appropriate documentation.

Although the exact source of the breach remains unclear, the couple believes the fraud may have originated after they ordered new checks from a third-party printing company that required them to mail in a voided check. They suspect someone obtained their account and routing numbers during that process and used the information to produce counterfeit checks and submit fraudulent bill payments. The incident highlights how easily criminals can exploit the banking information printed on a paper check if it falls into the wrong hands.

Tyler Durden Mon, 07/06/2026 - 21:20

UAE Crude Output Nears Record High Following OPEC Exit Amid Surge In Chinese Buying

UAE Crude Output Nears Record High Following OPEC Exit Amid Surge In Chinese Buying

The United Arab Emirates raised ‌its crude output to near record highs above 3.8 million barrels per day in June, after the Gulf nation quit OPEC to escape production caps, Reuters reported citing two sources familiar with production data said on Monday. Bloomberg data showed even higher UAE exports, rising to 3.94mmb/d, just shy of the record hit in late 2025.

June's output was the highest since April ​2020, according to Reuters estimates, exceeding levels seen before the Iran war and providing an early ​vindication of the UAE's decision to leave OPEC and OPEC+ on May 1 ⁠to free production from quota restrictions.

The UAE told OPEC it pumped 2.11 million bpd of crude in May at the height of the conflict shut-ins, down from about 3.40 million bpd in February. The International Energy Agency, however, assessed a much higher production level for ​both months, seeing May ​output at 2.8 million ⁠bpd and February at 3.64 million.

Underscoring the supply surge, Abu Dhabi National Oil Company (ADNOC) has been selling crude through tenders at discounted prices, traders told Reuters. The rebound has outpaced that of ​other Gulf producers, many of whom have restored exports through the Strait ​of Hormuz but ⁠remain well below pre-conflict production levels.

Abu Dhabi has argued that years of investment in production capacity ​justified greater freedom to produce oil, with Energy Minister Suhail al-Mazrouei saying at the time of the OPEC exit that the UAE owed it to investors to supply what global markets required "without restrictions".

The jump in output comes as oil markets ​have shifted from concerns over severe supply disruptions during the Iran war, to worries about surplus supply. Brent crude, which hit a four-year high above $126 in late April, was trading at about $72 a barrel on Monday, ‌around levels ⁠seen before the outbreak of the Iran war in late February.

Other Gulf nations also saw a surge in output: combined crude and condensate exports from Saudi Arabia, the UAE, Kuwait, ⁠Iraq and Iran rose by more than 3.5 million bpd from May to 10.07 million bpd, Kpler ​data shows. Vortexa, another cargo analytics company, estimated June flows at 10.2 million bpd, up from 7 million bpd in ​May but still way short of the 16.5 million bpd a year earlier.

Saudi crude exports averaged 4.32 million bpd in June, according to Vortexa data, around 3 million bpd below February levels.
Kuwaiti output rose to 1.65 million bpd in June, roughly triple ⁠May levels ​but still nearly 1 million bpd short of pre-conflict production.
Iraq, ​OPEC's second-largest producer, exported about 780,000 bpd in June, roughly one-fifth of volumes shipped before the conflict, Vortexa data showed.

Since the June 17 agreement between the U.S. and Iran to halt the conflict and restore shipping through the Strait of Hormuz, the backlog of crude stranded in the ​Gulf cleared more quickly, leaving about 23 million barrels still to transit the waterway, said Kpler analyst Johannes ​Rauball.

Meanwhile, in a curious twist, Sparta senior oil market analyst June Goh said that Chinese teapot refineries have emerged as buyers in Adnoc’s latest oil tender, drawn by wider discounts amid a short-term glut. Adnoc sold about 18 million barrels of crude via in fifth tender for loading through August; Upper Zakum was the main grade sold, while some Das also changed hands.  

The observation in this tender is that the Chinese teapots are now out buying, whereas in previous tenders they were not even in the buyer list, indicating that the current discounts are now at a level that competes with Iranian and Russian alternatives.

According to Sparta, the current ‘mini-glut’ reflects mismatch of prompt availability vs usual trading window two months ahead, where Mideast barrels should now be trading for September loading instead. However, unless Asian buyers pile up to refill empty SPRs, these extra barrels will need to first fill up commercial storage and then relieve the pressure in arbitrage trades to the West.

It wasn't just China: California is also buying UAE oil - some cargoes of Adnoc grades moved to US buyers via private negotiations, with likely destinations to US West Coast refineries.

Brent-Dubai EFS doesn’t necessarily need to widen that much more because diving crude differentials are doing most of the heavy lifting to keep the arbs open into northwest Europe

Tyler Durden Mon, 07/06/2026 - 20:55

Has The Breakthrough Moment For Soccer In America Arrived?

Has The Breakthrough Moment For Soccer In America Arrived?

The World Cup is turning into a major ratings boom for US broadcasters, with Fox Sports, Telemundo and Peacock drawing record audiences.

The US Men's National Team (USMNT) is currently 1-0 down against Belgium in a Round 16 match, a game that could mark a breakthrough moment for soccer in America.

About a month into the 39-day tournament, top matches featuring the US, Mexico, England, France and Argentina have helped drive viewership levels rarely seen outside NFL games, according to Fox Sports analytics chief Michael Mulvihill.

"The U.S. matches have out-delivered expectations, but what's been more surprising is some of these matches that are between nations where the American sports fan doesn't know a lot of players and they don't even have that much familiarity with the country itself. A lot of those matches have done really well," Mulvihill said, who was quoted by Variety.

The tournament's broadening appeal has been a boon for advertisers, with unusually strong multi-generational viewing.

The question now is whether the USMNT can secure another win and continue the momentum.

Even before tonight's USMNT results, UBS analyst Robert Krankowski believes that the breakthrough moment has already arrived.

America's youth appears to be highly engaged in the sport.

It appears that moment has already arrived. 

Tyler Durden Mon, 07/06/2026 - 20:30

Micron Breaks Ground On $9 Billion Hiroshima Memory Chip Plant

Micron Breaks Ground On $9 Billion Hiroshima Memory Chip Plant

US memory giant Micron Technology on Saturday broke ground on the expansion of its factory in Japan's Hiroshima Prefecture, a ¥1.5 trillion ($9.3 billion) undertaking to produce advanced memory chips, Bloomberg reported. 

The Boise, Idaho-based company is building the facility in Hiroshima Prefecture to make chips such as high-bandwidth memory crucial for AI processors like Nvidia’s, with shipments to start around the summer of 2028. The Ministry of Economy, Trade and Industry has allocated up to ¥500 billion to help cover the cost.

The move is part of a global ramp up by memory-makers to meet relentless demand for artificial intelligence. Micron is building two leading-edge fabs in Boise and in January held a groundbreaking ceremony for a $100 billion production site outside Syracuse, New York, part of a pledge to increase DRAM production on American soil. South Korea’s SK Hynix and Samsung Electronics are also boosting manufacturing capacity. Meanwhile, Chinese memory maker CXMT, is preparing for what is set to be one of the biggest IPOs in Chinese history

Micron Technology Inc.’s factory in Higashihiroshima, Hiroshima Prefecture, JapanSource: Micron Technology Inc.

“Micron’s very first HBM production wafer — for the memory technology at the heart of AI — was made right here in Hiroshima,” Micron CEO Sanjay Mehrotra said during a ceremony attended by central and local government officials. “When American boldness meets Japanese craftsmanship, you do not get a compromise. You get the best in the world.”

The factory expansion in Japan will help Micron raise power and transmission efficiency in chips needed for AI services and self-driving vehicles. Along with funds to support research and development, the Japanese government has earmarked roughly ¥775 billion for the US company to date.

Japan’s support for Micron, now the only maker of DRAM within the country’s borders, has “invaluable worth,” said industry minister Ryosei Akazawa, who attended the ceremony. But should other overseas chipmakers seek to build factories in Japan, the country is ready to do “all that it can” to help, he said. And judging by the profit margins currently generated by memory companies, in many cases north of 80%, expect an influx of companies willing to be funded by Japan's government to make what is ultimately a cyclical commodity product.

Since 2021, Tokyo has set aside tens of billions of dollars of support for semiconductors and AI, seeking to gain leadership in a sector seen as central for national security. Last month, Prime Minister Sanae Takaichi released a roadmap targeting private and public investment into chips and AI to the tune of ¥101.6 trillion through March 2041, without giving a breakdown on how much would come from government coffers.

“The Hiroshima factory’s strength lies in its ability to quickly deliver cutting-edge and high-performance products to customers,” said Kota Nosaka, representative director of Micron’s Japan unit. “Creating next-generation chips here is directly tied to Micron’s strategy.”

Micron took possession of the Hiroshima factory when it acquired bankrupt Japanese DRAM maker Elpida Memory in 2013 (yes, there is a downside to the memory cycle too, as the world will soon realize).

Japan is home to many corporate linchpins in advanced chip materials and gear, but it has largely ceded leadership in finished semiconductors. Roughly 80% of chip materials the Hiroshima factory needs now comes from Japan, Nosaka said.

Tyler Durden Mon, 07/06/2026 - 20:05

"Reaching A Climax": Hedge Funds Turn Most Bearish On Yen Since 2007, As Former FX Czar Sees 20% Undervaluation

"Reaching A Climax": Hedge Funds Turn Most Bearish On Yen Since 2007, As Former FX Czar Sees 20% Undervaluation

For much of the past year, when the USDJPY disconnected - initially playfully and then terminally - from 2Y yield differentials, FX traders have been asking when and how will this gaping divergence finally converge. Alas, that answer remains elusive still, even as the collapse in the yen has pushed the currency to a generational low, and become an increasingly political topic leading to a surge in Japanese bankruptcies, and a relentless battering of what little is left of Japan's middle class. 

Source: Japan Bankruptcies Surge To All-Time High As A Result Of Plunging Yen

And yet, despite the yen's push into what until just two months ago were seen as unthinkable lows by the BOJ no less (which promptly spent $50BN to prop up the currency this April when it touched 161), the fact that the Japanese central bank allowed the yen to resume its descent through the July 4th holiday despite the unprecedented divergence from fundamentals, where it is now about 25 big figures too cheap...

...  has encouraged hedge funds to keep piling on yen shorts seemingly encouraged by a theory proposed by Mizuho’s Jordan Rochester that the USDJPY has become negatively correlated to yield differentials, essentially representing the EM-ification of Japan (as Bloomberg reminds us, veteran currency traders will recall that we have seen this sort of thing before, via the “Japan premium” applied to short rates and swap yields around 1997-98 as the country’s banking sector was in the process of imploding).

Another source of pressure on smaller businesses may be foreign-exchange hedging, including the use of so-called reverse knockout options, according to Yuji Saito, executive adviser at SBI FXTrade. Such products are widely sold by regional banks as structured hedging products, particularly to small and regional importers seeking to minimize upfront option premiums.

Once the exchange rate reaches a preset knockout level, the option expires and the hedge ceases to provide protection. Companies needing dollars must then either purchase them in the spot market, enter into a new hedge - often at less favorable levels - or leave themselves exposed to further currency moves.

“The weaker the yen gets, the more importers roll into increasingly risky option structures,” Saito said. “Once the knockout level is breached, they are forced to buy dollars in the spot market, creating a negative spiral that puts even more downward pressure on the yen."

Analysts estimate that remaining reverse knockout levels are clustered between 163 and 170 yen per dollar, territory that many firms didn’t think the currency would reach as intervention from the central bank would likely be forthcoming due to the adverse economic impact of such unprecedented currency collapse.

“The number of knockouts could increase if the yen weakens further,” said Hiroyuki Machida, director of Japan FX and commodities sales at Australia & New Zealand Banking Group. “The situation is becoming significant for companies that are unable to pass on higher costs.”

And yet, despite the clear adversely consequences to both Japan's economy and society, the perception that Japan's new PM Takaichi doesn't want higher rates or a stronger yen, is leading to ever greater pile ups inside the short yen trade, which was clearly visible today when the latest CFTC Commitment of Traders data showed that hedge funds are most bearish on the yen since 2007, just before the housing bubble burst. 

An even more remarkable CFTC chart is the one showing non-commercial spec net positioning in the yen, which over the past two years has completed one of the most dramatic swings in history, from record bearish, to record bullish, and back to record bearish again!

The cherry on top was the overnight reco by the Goldman Sachs FX team which capitulated on its bullish yen bias, but instead now sees the currency dropping to a new 40 year low of 165 next. This is how the bank explained it: 

With USD/JPY near its weakest level in 40 years, intervention risk is elevated. But it can only have a short-lived impact if macro fundamentals continue to push in the other direction (as we’ve already seen this year). We think the trend higher in USD/JPY should extend, barring a negative US growth shock or a BoJ pivot towards more aggressive policy tightening—neither of which appears likely over the coming year. Therefore, we are revising up our USD/JPY forecast path to 162, 163, 165 (vs. 160, 158, 155 previously). Without rising recession risk or a pivot towards aggressive BoJ tightening, we think the trend higher in USD/JPY should extend and continue to favor it as a funder for high-carry EM expressions

So with the bulls capitulating and everyone already bearishly positioning, what happens next? Usually precisely the opposite of what everyone expects, since there is nobody left to add to the bearish side. 

Which brings us to the rare contrarian view: pushing back against those speculating that the currency might continue its slide - which as we showed above is pretty much everyone - Japan's former top FX official said the yen should be as much as 20% stronger than it is, or around 130 per dollar

“This isn’t about fundamentals anymore — it’s about how people’s expectations have shifted,” Tatsuo Yamasaki, who served as vice finance minister for international affairs a little over a decade ago, said in an interview Monday with Bloomberg. “But we are reaching a climax.”

Former vice financial minister of international affairs Tatsuo Yamasaki

“I wouldn’t be surprised if the yen were around 130 to the dollar. That’s honestly how it looks to me,” he told Bloomberg, an outcome that would lead to the liquidation of countless FX trading desks. 

Yet, as noted, he remains a lone hawk in a world full of yen bears. The slide along with a relatively tepid response from Japanese authorities has some speculating the rout may have room to run. Jesper Koll, expert director at Monex Group, and Calvin Yeoh at Blue Edge Advisors consider 200 and beyond within the realm of possibility should the Bank of Japan fall further behind in tightening policy.

Yamasaki, now a senior professor at the International University of Health and Welfare, doesn’t see that happening. The BOJ is likely to continue raising rates, while the odds of another Federal Reserve rate hike remain roughly 50%, making a further widening in the Japan-US rate gap far from certain, he said.

“As far as interest rate differentials, yes, the BOJ’s next move is definitely a rate hike, maybe followed by several rate hikes, while the Fed’s next move is still uncertain,” he said. Even if the Fed hikes, it will likely be a one-off move, he said.

“They’ve already issued the warning, and anyone who is still holding short yen positions knows that they risk being punished by an intervention - that is, being forced to unwind those positions,” Yamasaki said. “The finance ministry has already moved beyond the warning stage, and the authorities have demonstrated they’re willing to act.”

Yamasaki also downplayed concerns that Prime Minister Sanae Takaichi’s latest economic and fiscal policies point to a worsening of Japan’s fiscal position. Last month, Takaichi unveiled a growth plan featuring a 14-year, ¥370 trillion investment program combining private- and public-sector outlays, while projecting that Japan’s debt-to-GDP ratio will continue to decline even as the government commits ¥10 trillion in annual spending. The plan appears designed to pair an ambitious investment agenda with assurances of fiscal discipline.

Yamasaki said the market will have a much clearer picture of Takaichi’s fiscal and monetary policy stance later this year as the government compiles its budget for next year. “At that point, I think the market will recognize that there wasn’t a fundamental case for such a weak yen in the first place,” he said. 

Until then, however, Yamasaki said authorities should be prepared for a prolonged battle with speculators.

“If you’re facing a long fight, spending tens of trillions of yen every time the market moves isn’t the answer, because the currency will simply move back again,” he said. “The priority should be to prevent the yen from weakening much further. Once people come to believe that the fundamentals actually point to a stronger yen, I think the currency will appreciate on its own.”

Yamasaki added that “stealth intervention” — small-scale operations that avoid drawing immediate market attention — could be an effective way to keep speculators off balance. Having said that, Tokyo isn’t likely to get any help from its counterparts. He said it would be politically difficult for the US to join such efforts while maintaining its standard opposition to currency manipulation by other nations.
“Basically it’s not going to happen,” he said.

There is another reason why the BOJ will have no choice but to tighten soon: the 20Y JGB yield just hit a new record high overnight, rising 4bps to a new all time high 3.816%. It was 0 in 2019.

Ironically, Yamasaki headed the Finance Ministry’s foreign-exchange market division during a period when Japan was attempting to prevent the yen from doing the opposite, namely strengthening. Authorities spent about ¥35 trillion on intervention between 2003 and 2004 in that campaign. 

Even with Washington unlikely to jump into the market, Yamasaki doesn’t expect any pushback if Japan intervenes.

“I don’t recall a time when the US was on board with Japan’s intervention intentions as much as it is now,” he said, reiterating comments made recently by current forex chief Atsushi Mimura. In a Bloomberg interview last week, Mimura highlighted what he described as “closer-than-ever” communication between Tokyo and Washington on currency matters.

More recently, when the yen was foundering in September 2022, Yamasaki warned of intervention risk. Two days later authorities intervened to support the yen.

Tyler Durden Mon, 07/06/2026 - 19:40

White House Report Accuses Smithsonian Leaders Of 'Extreme Political Activism'

White House Report Accuses Smithsonian Leaders Of 'Extreme Political Activism'

Authored by Aldgra Fredly via The Epoch Times,

A White House report accused leaders of the Smithsonian Institution of adopting an ideological framework that shifted the National Museum of American History away from its mission of historical education toward what it called an "extreme political activism."

People visit the Smithsonian Museum of American History on the National Mall in Washington, on April 3, 2019. Pablo Martinez Monsivais/AP Photo

The 162-page report, released by the White House Domestic Policy Council on July 4, alleges that the National Museum of American History - which is run by the Smithsonian Institution - "fails to substantively present America's founder and founding" in its exhibits.

The report states that the Smithsonian Institution, particularly the National Museum of American History, "cannot be trusted to tell America's story honestly and in a way that is inspiring, unifying, and worthy of our great republic."

"By the intention and at the direction of current museum and Smithsonian leadership, [National Museum of American History] has become the subject to institutional capture by a radical, activist ideology that is fundamentally opposed to telling the noble, honest story of the great country we know and love," it stated.

The council said the museum has not established any exhibit specifically dedicated to the Founding Fathers, the Second Continental Congress, the Declaration of Independence, the American Revolutionary War, or the nation's path to independence and the establishment of constitutional rule of law.

"Our central finding is not that the museum has simply added overlooked stories, corrected perceived errors, or broadened its historical scope," the report stated.

"Rather, it is that museum leadership has explicitly adopted an ideological framework that no longer treats the American story as a shared national inheritance to be taught or celebrated, but as a political instrument to divide, dispirit, and discourage our citizens."

A Smithsonian spokesperson told The Epoch Times by email that the institution "has served the American public with nonpartisan and independent scholarship" for more than 180 years and will remain "committed to doing so."

The National Museum of American History, located in Washington, was originally named the National Museum of History and Technology when it was opened in January 1964. The museum was renamed in October 1980 to better reflect its responsibilities.

According to its website, the museum's collection includes more than 1.7 million objects representing the nation's heritage in the areas of science, technology, society, and culture.

The White House report followed President Donald Trump's March 2025 executive order directing the Interior Department to ensure that public monuments "do not contain descriptions, depictions, or other content that inappropriately disparage Americans past or living."

The order states that many national parks promoted what it described as "distorted narrative driven by ideology."

"It is the policy of my Administration to restore Federal sites dedicated to history, including parks and museums, to solemn and uplifting public monuments that remind Americans of our extraordinary heritage, consistent progress toward becoming a more perfect Union, and unmatched record of advancing liberty, prosperity, and human flourishing," Trump stated in the order.

Tyler Durden Mon, 07/06/2026 - 19:15

2028 Democrat Presidential Hopeful Exposes Party Civil War Against Its Socialist Wing

2028 Democrat Presidential Hopeful Exposes Party Civil War Against Its Socialist Wing

Gov. Josh Shapiro sat down with Dana Bash on CNN's State of the Union this weekend and said the quiet part out loud: his party is being overrun by its socialist and far left flank.

Bash pressed Shapiro on Darializa Avila Chevalier, who won the Democratic congressional primary in New York’s 13th congressional district last month while running as an open socialist.

Chevalier's platform includes abolishing prisons, opening the borders, ending deportations, and granting mercy even to violent criminals. 

Bash also noted that Chevalier attended a pro-Palestinian rally on October 8, 2023, one day after Hamas terrorists slaughtered, raped, and kidnapped their way across southern Israel.

According to Bash, that rally featured antisemitic rhetoric defending the attack. Bash asked Shapiro how he feels, as a Democrat, about someone with those views heading to Congress.

Shapiro tried to have it both ways.

"Well, her district voted for her," he said. But that statement also came with a convenient disclaimer. "But I have profound differences from that particular candidate, based on the citations that you read there. And she's not someone who, you know, seemingly, I would agree with on many things, or that we share similar values. She ran on the Democratic ticket, I guess as a socialist; her voters in that district determined that she was the one they wanted representing them."

Note the hedge. Shapiro was describing someone who wants to shield violent criminals from deportation and who reportedly stood in solidarity with people cheering a massacre of Jews. Yet, the strongest word he could summon was "seemingly."

Bash followed up by asking what Chevalier's win says about the Democratic Party. Here Shapiro dropped whatever remained of the diplomatic pretense. "I think that what our party has to go through, that will be very healthy, and something that we've not really done since the 1992 elections, is to have a battle over what we believe in," he said.

That's a rather pointed reference because 1992 is the year Bill Clinton dragged his party toward the center with promises of welfare reform and law and order, and Shapiro seems to be arguing that's the direction the battle needs to go again, which is clearly not the direction the party is going in.

Trump Derangement Syndrome has spent the better part of a decade radicalizing rank-and-file Democrats who once considered themselves moderates, and the party's growing communist and socialist wing has capitalized on that fever by dragging positions on wealth, taxes, crime, and immigration further left with every election cycle.

The party has also grown more hostile toward Israel, with some pundits arguing it has grown outright antisemitic. That climate may explain why Shapiro sidestepped Bash's question about whether his Jewish faith could complicate a 2028 presidential run. Meanwhile, fellow Pennsylvania Democrat, Sen. John Fetterman, has shown far more willingness to call out his party's antisemitic drift. 

Shapiro, being Jewish and a supporter of Israel, places him on a collision course with a Democratic base growing comfortable nominating candidates who marched in solidarity with people, justifying an attack that included the massacre of more than a thousand Israelis.

On paper, Shapiro is the strongest hand the Democrats hold: a two-time statewide election winner in a key swing state.

But the Democratic Party isn’t the same party it was in 1992, and Shapiro’s remarks on CNN made one thing clear: the party’s civil war is already underway.

Tyler Durden Mon, 07/06/2026 - 18:50

Key Dems Pull Out After Platner Campaign Rocked By Sexual Assault Allegations

Key Dems Pull Out After Platner Campaign Rocked By Sexual Assault Allegations

Update: That didn't take long... key democrats including Sen. Ruben Gallego (D-AZ) and Rep. Ro Khanna have pulled their endorsements of Platner following the allegations, according to Fox News' Bill Melugin. 

"These allegations are very serious and credible. Graham Platner should drop out from the race. I am withdrawing my endorsement," Khanna wrote on X. 

Looks like he's done?

//--> //--> Will Graham Platner drop out by July 31?
Yes 90% · No 10%
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* * * Extremely high quality (BMS 7+) Wagyu. The fat just melts like butter... 

Graham Platner's Senate campaign was thrown into turmoil Monday after a woman publicly accused him of sexual assault in a detailed report published by Politico.

Jenny Racicot, a 41-year-old Maine woman, told reporters Jessica Piper and Adam Wren that Platner sexually assaulted her in late 2021, near the end of an on-and-off consensual relationship that began after the two matched on Bumble in 2019. Before publishing the allegations, Politico interviewed Racicot three times over two weeks, spoke with a man she dated after Platner, and reviewed therapist emails and years-old Facebook messages.

Racicot said she texted Platner that night, telling him not to come over. Then she heard footsteps on the stairs. Platner had let himself into her unlocked rural home, and by her account, he smelled of alcohol and hovered near blackout drunk. She said he climbed on top of her on the couch and kept grabbing her as she told him to stop, knocking over an antique sewing kit and scattering needles without pausing. When she tried to leave the room, he followed her into the bedroom and had sex with her against her will.

"I remember him grabbing my pelvis and being really forceful of me," she said. "I remember the specific moment where I thought to myself, like, 'This is no longer my choice.'"

He fell asleep in her bed. She said she considered forcing him out but feared a blackout-drunk driver on rural Maine roads might kill someone. The next morning, when he tried to put his arm around her, she pushed him away and asked if he remembered the night before. He said he did not. She told him to leave and never contact her again.

Racicot waited several weeks, making sure she was sure she was not pregnant from the assault, before sending Platner an Instagram message stating the encounter was not consensual. That message no longer exists because Racicot deleted her old texts and social media exchanges with him and could not recover them for Politico. Nor did she file a police report, citing shock, confusion, and fear of retaliation. Her therapist heard the account at the time, and emails Racicot shared with the paper show that she sought help to corroborate it. A man Racicot began dating in 2022 also said she described the incident in pieces before sharing the full account in 2023, and his version matched hers.

Politico also reviewed Facebook messages from 2023 in which Racicot warned an acquaintance against getting involved with Platner, telling her that he does not listen when he is drunk. A friend she confided in last summer recalled her describing him as very drunk and unwilling to accept no as an answer.

Platner's campaign called the allegations a coordinated hit by outside political operatives and noted the story landed about a week before Maine's ballot deadline, echoing the timing of allegations that surfaced before the primary. The problem is that Racicot's politics align with Platner's, and her hesitation to come forward stemmed from a conflict between supporting his platform and disapproving of him as a person; she wanted voters to have a full picture of who he is.

The New York Times contacted her in spring 2026, and she shared the assault claim off the record; the resulting article described his behavior in general terms while coverage centered on accuser Lyndsey Fifield, whose Republican ties gave Platner's allies an angle to deflect the accusations, which ultimately did not impact his campaign. His candidacy had already survived offensive online comments and earlier claims he mistreated women, which he denied while attributing past behavior to mental health struggles and alcohol abuse. Prior to the New York Times story, Platner had assured Senate Democrats that no more scandals would come out about him.

Despite the damning allegations in the New York Times story, Platner raised more than $200,000 after the story came out, his best fundraising day since Gov. Janet Mills exited the race. After seeing Fifield's account get minimized because of her politics, Racicot was convinced she had to come forward.

In a video statement posted on social media, Platner denied the allegations but said he was taking time off to reflect on the path forward.

"I wanted to directly address the troubling, serious, and false allegations against me," Platner said. "Any accusation of non-consensual behavior is categorically false." He thanked supporters for building "the largest volunteer base in the history of Maine politics" before arriving at the sentence that counts. "So regardless of the inaccuracy of the reporting, but mindful of the political reality it will inflict, we are taking the time to reflect on the best path forward for the state that I love, the people that I love, the movement I belong to, and the goal of defeating Susan Collins," he said. He closed with a vow that "you never turned your back on me, and I will not turn my back on you now," and the sign-off, "As Maine goes, so goes the nation."

Maine law gives Democrats until July 14 for Platner to drop out of the race and still legally replace him with another candidate.

Tyler Durden Mon, 07/06/2026 - 18:29

SBA, USDA To Combat 'Regulatory Abuse' Lawfare Aimed At Farmers And Ranchers

SBA, USDA To Combat 'Regulatory Abuse' Lawfare Aimed At Farmers And Ranchers

Authored by Naveen Athrappully via The Epoch Times,

The Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA) have signed a memorandum to counter lawfare targeting rural communities, ranchers, farmers, and small businesses.

Ranchers work to evacuate cattle as the Gifford Fire burns nearby in Los Padres National Forest, Calif., on Aug. 4, 2025. AP Photo/Noah Berger

Lawfare refers to the strategic use of legal proceedings to hinder targets. The SBA's agreement with the USDA gives producers a "direct line to report the regulations and rules driving up costs and impacting productivity," the agency said in a July 2 statement.

It also enables the SBA and the USDA to "identify broader patterns of regulatory abuse to advance lasting deregulatory reform."

The USDA will run a centralized portal that will receive lawfare complaints involving federal agencies, which will be shared with the SBA's Office of the National Ombudsman. Any complaint involving the USDA will be handled by the department, while other complaints will be referred by the SBA to the appropriate agencies.

Under the agreement, the SBA is authorized to analyze complaint data to identify recurring lawfare practices, enforcement, or regulatory issues that are assessed as abusive or disproportionate. This is expected to provide insight that would guide deregulatory action for broader reforms.

In a July 2 X post, SBA Administrator Kelly Loeffler said the agreement between the USDA and the SBA lets "producers get back to what they do best: feeding, clothing, and fueling America."

"Family farms should not have to spend time and resources they don't have fighting crushing regulations or costly legal battles waged by radical anti-ag 'environmentalists,' whether they are inside or outside the government," she said.

In its statement, the SBA said the memorandum is in line with a January 2025 executive order signed by President Donald Trump, "Unleashing Prosperity Through Deregulation."

Trump said in the order that the "ever-expanding morass" of complicated federal regulations was creating "substantial restraint" on economic growth and hampering the country's global competitiveness.

For each new regulation issued by any agency, Trump ordered that at least 10 previous regulations be identified for elimination.

Commenting on the memorandum, Agriculture Secretary Brooke Rollins said: "This partnership with the SBA creates clear pathways for redress, ensures fairness in enforcement, and demonstrates that Washington stands with, not against, the hardworking Americans who sustain our country.

"Through the USDA Lawfare Portal and interagency collaboration, we are delivering real protection under the Farmer and Rancher Freedom Framework."

The Farmer and Rancher Freedom Framework is a plan aimed at protecting and preserving American agriculture while ending "onerous regulations" and the weaponization of government against ranchers and farmers, according to a Feb. 11 statement from the USDA.

The plan seeks to defend farmers and ranchers from politically motivated enforcement actions, protect agricultural lands from unnecessary federal projects, and remove burdensome rules that stifle productivity.

It also seeks to reform environmental laws to strike a balance between conservation and common sense.

Deregulatory Actions

The action against lawfare is one of the latest relief efforts aimed at farmers undertaken by the Trump administration.

On Feb. 2, the Environmental Protection Agency (EPA) issued guidance to manufacturers of farm equipment, clarifying that American farmers have the right to repair their own equipment.

The guidance said that manufacturers can no longer use the Clean Air Act to justify limiting farmers' access to repair tools or software.

"EPA is proud to set the record straight and protect farmers. For far too long, manufacturers have wrongly used the Clean Air Act to monopolize the repair markets, hurting our farmers," said EPA Administrator Lee Zeldin.

However, American manufacturers have opposed the right-to-repair rules. In a Sept. 22, 2025, statement, the Association of Equipment Manufacturers said that more than 50 companies met with lawmakers and congressional staff to push back against right-to-repair mandates.

They warned that legislation advancing such requirements stands to "hurt innovation, raise costs, and risk exposing sensitive trade secrets to competitors or foreign adversaries."

Meanwhile, on March 27, the EPA announced another rule aimed at benefiting farmers, removing the Diesel Exhaust Fluid (DEF) sensor system requirement for all diesel equipment. DEF is a solution injected into the exhaust systems of diesel vehicles to reduce nitrogen oxide emissions.

The EPA said there have been concerns among farmers and other diesel vehicle or equipment operators about DEF system failures.

Shutdowns and speed losses caused by such failures compromise the safety and productivity of operators, which are "unacceptable and problematic," the agency said, adding that removing the DEF sensor system requirement is expected to save farmers and truckers more than $13 billion annually.

Tyler Durden Mon, 07/06/2026 - 18:25

On The War For The Soul Of Our Nation...

On The War For The Soul Of Our Nation...

Authored by James Howard Kusntler,

Werewolves Of London

“To use language to obscure reality is to show ‘indifference regarding the truth’ - to lie to the public and cease to treat our fellow citizens as equals.”

 - Justice Clarence Thomas

Now that the grand 250th USA birthday party is over - the speeches, the shrieking warplanes, the dazzling fireworks, the speeches and strawberry shortcake - there is only one way this thing can go. What thing? The war for the soul of the nation. Some mysterious somebody is behind the surging “Democratic-Socialist” craze. Somebody is paying for it. It’s a last-ditch drive to marshal the disaffected, under-employed young voters, choking on their college loans, deranged by anomie, and get them marching in solidarity with X-million illegal aliens to act-out an election jihad so as to squeeze out House and Senate majorities and, ultimately, wreck the nation.

That mysterious background “somebody” is not so mysterious. It just doesn’t self-identify under a banner, but you can easily tell who they are: the, the slippery closet-Marxist Barack Obama and, behind him, the American Deep State nomenklatura desperate to stay out of prison, along with the unelected EU Commission led by the grandmotherly sadist Ursula von der Leyen (plus the banksters behind her). Some call them “globalists.” They are a loose coalition of convenience against the populist threat of Mr. Trump in America and similar populist movements in Europe: AfD in Germany, the two parties of Nigel Farage and Rupert Lowe in the UK, and LePen’s Nationalist Rally in France.

The EU, with its front-men Macron, Merz, and whoever will replace Starmer this month, is currently preoccupied with its stupid effort to provoke Russia into a wider war, using their proxy, Ukraine. Mr. Putin, still advancing through the Donbas, refuses to get drawn-in deeper with the EU despite the drone and missile sorties lately banging-up his oil depots. Mr. Putin is actually a defender of Western Civ — yes, ironic, isn’t it, considering what his country escaped out of in 1991 — but it’s so. Russia has become our natural ally in this struggle as the EU goes all werewolf on both Russia and us. File under strange-but-true.

Contrary to Deep State propaganda, and the IRGC’s bullshit, Mr. Trump has the Iran situation in-hand. We have bigly reduced Iran’s capacity to make trouble in the world and our satellites watch everything they do now, so there will be no Iranian military re-build, no matter how the MOU talks go. They still do have the option of dropping their jihad fixation and acting like a normal nation, but we’ll just have to stand by on that.

What has to happen now in the USA is a summer of accountability. Perp walks. Indictments. Preparation for trials. Many of you are discouraged about this, I know, but please put those black pills back in the medicine chest. Accountability is coming. The mills of the law grind slowly, and its especially difficult since the Deep State has corrupted select precincts of the law, such as the US District Court for the District of Columbia, where rogue judges Boasberg, Chutkan, Sullivan, Howell, Meta, Reyes, Cooper, et al., have made an industry of paralyzing Mr. Trump’s executive branch.

Nevertheless, accountability might also be coming for Chief Justice John Roberts, who wrote the dodgy majority opinion on the SCOTUS’s June 30 “Birth Citizenship” decision (Trump v. Barbara), an epic fail for Justice Roberts (joined by Amy Coney Barrett and the three DEI gals). The 14th Amendment was written to mitigate the disruptions of the Civil War. Section One is clearly aimed at defining the full citizenship of former slaves, and that’s all, not the offspring of casual visitors and border-jumpers. There was considerable clarifying debate on the record about all that in June, 1866, with skeletons still being cleared off the battlefields. The 2026 decision looks like a debacle for reasons also obvious.

The Chief and his harem

What motivated Mr. Roberts to do such a harm? Perhaps he’s just an idiot, but there’s more lurking there.

It’s widely known that the Chief Justice made at least one week-long visit to Norm Eisen, after Eisen had been appointed Ambassador to Prague (2011) by his law school classmate, President Barack Obama. In these final years of Obama-in-office, Norm Eisen was busy plotting so-called Color Revolution in Europe, which climaxed in the 2014 Maidan operation in Ukraine. The purpose was to make Ukraine as a proxy to weaken Russia, and would come to entail massive money-laundering and the setting up of bio-weapons labs there. This was also the period when then-Veep Joe Biden was given the “Ukraine Portfolio” and was busiest with his own grifting enterprise, through son Hunter.

Norm Eisen went on to become the chief lawfare ninja coordinating against the Trump administration with his field captains: Marc Elias, Mary McCord, Andrew Weissmann, and others. All have been involved in suspiciously seditious activities through both Trump terms. What was the Chief Justice confabbing about with Norm Eisen in Prague then? About vagaries of US / EU legal cooperation? Or were they deliberating on tactics for dealing with Barack Obama’s as-then-undeclared successor? Or possibly on bringing color revolution to the US, if Barack Obama’s posterity declared it necessary?

Consider the strange situation that one Sheldon Snook was appointed Special Assistant to Roberts in 2014. Snook is married to lawfare ninja Mary McCord, who served as Acting Deputy Assistant Attorney General for the National Security Division, DOJ (2014–2016) and Assistant Attorney General for National Security, DOJ (2016–2017). She was involved in the initiation of the RussiaGate operation and in 2019 was appointed Special Counsel to Jerrold Nadler’s House Judiciary Committee during the 2019 impeachment inquiry into President Trump — the impeachment that was all about Ukraine. . . and what might have been going on there under Obama, especially Joe Biden shenanigans.

Consider, too, that a scandal has just emerged involving CJ Robert’s wife, Jane, and the enormous commissions she received working at the DC law firm Pillsbury Winthrop Shaw Pittman, and then the legal recruiting outfit Major, Lindsey & Africa (through 2019), and then legal another recruiting firm, Macrae, for placing eminent attorneys into law firms with active Supreme Court case practices. Her income from all this recruiting surpassed $10-million. CJ Roberts did not recuse himself from the cases involving these relationships. This is a still-developing story. . . .

And, of course, an investigation of California Governor Gavin Newsom begun, irony-of-ironies, by the Biden DOJ, has just blossomed into a florid scandal involving shell companies set up by Gov. Newsom’s busy wife, Jennifer, through which millions of dollars were laundered under various fake social and health service initiativs. Newsom appointee Alexis Podesta “wore a wire” during the period and is cooperating in the case. Buh-bye presidential hopes, Guv, and don’t let the cell door whack your ass on the way in.

These are just a few possible appetizers. The main course is coming up.

Tyler Durden Mon, 07/06/2026 - 16:20

On The War For The Soul Of Our Nation...

On The War For The Soul Of Our Nation...

Authored by James Howard Kusntler,

Werewolves Of London

“To use language to obscure reality is to show ‘indifference regarding the truth’ - to lie to the public and cease to treat our fellow citizens as equals.”

 - Justice Clarence Thomas

Now that the grand 250th USA birthday party is over - the speeches, the shrieking warplanes, the dazzling fireworks, the speeches and strawberry shortcake - there is only one way this thing can go. What thing? The war for the soul of the nation. Some mysterious somebody is behind the surging “Democratic-Socialist” craze. Somebody is paying for it. It’s a last-ditch drive to marshal the disaffected, under-employed young voters, choking on their college loans, deranged by anomie, and get them marching in solidarity with X-million illegal aliens to act-out an election jihad so as to squeeze out House and Senate majorities and, ultimately, wreck the nation.

That mysterious background “somebody” is not so mysterious. It just doesn’t self-identify under a banner, but you can easily tell who they are: the, the slippery closet-Marxist Barack Obama and, behind him, the American Deep State nomenklatura desperate to stay out of prison, along with the unelected EU Commission led by the grandmotherly sadist Ursula von der Leyen (plus the banksters behind her). Some call them “globalists.” They are a loose coalition of convenience against the populist threat of Mr. Trump in America and similar populist movements in Europe: AfD in Germany, the two parties of Nigel Farage and Rupert Lowe in the UK, and LePen’s Nationalist Rally in France.

The EU, with its front-men Macron, Merz, and whoever will replace Starmer this month, is currently preoccupied with its stupid effort to provoke Russia into a wider war, using their proxy, Ukraine. Mr. Putin, still advancing through the Donbas, refuses to get drawn-in deeper with the EU despite the drone and missile sorties lately banging-up his oil depots. Mr. Putin is actually a defender of Western Civ — yes, ironic, isn’t it, considering what his country escaped out of in 1991 — but it’s so. Russia has become our natural ally in this struggle as the EU goes all werewolf on both Russia and us. File under strange-but-true.

Contrary to Deep State propaganda, and the IRGC’s bullshit, Mr. Trump has the Iran situation in-hand. We have bigly reduced Iran’s capacity to make trouble in the world and our satellites watch everything they do now, so there will be no Iranian military re-build, no matter how the MOU talks go. They still do have the option of dropping their jihad fixation and acting like a normal nation, but we’ll just have to stand by on that.

What has to happen now in the USA is a summer of accountability. Perp walks. Indictments. Preparation for trials. Many of you are discouraged about this, I know, but please put those black pills back in the medicine chest. Accountability is coming. The mills of the law grind slowly, and its especially difficult since the Deep State has corrupted select precincts of the law, such as the US District Court for the District of Columbia, where rogue judges Boasberg, Chutkan, Sullivan, Howell, Meta, Reyes, Cooper, et al., have made an industry of paralyzing Mr. Trump’s executive branch.

Nevertheless, accountability might also be coming for Chief Justice John Roberts, who wrote the dodgy majority opinion on the SCOTUS’s June 30 “Birth Citizenship” decision (Trump v. Barbara), an epic fail for Justice Roberts (joined by Amy Coney Barrett and the three DEI gals). The 14th Amendment was written to mitigate the disruptions of the Civil War. Section One is clearly aimed at defining the full citizenship of former slaves, and that’s all, not the offspring of casual visitors and border-jumpers. There was considerable clarifying debate on the record about all that in June, 1866, with skeletons still being cleared off the battlefields. The 2026 decision looks like a debacle for reasons also obvious.

The Chief and his harem

What motivated Mr. Roberts to do such a harm? Perhaps he’s just an idiot, but there’s more lurking there.

It’s widely known that the Chief Justice made at least one week-long visit to Norm Eisen, after Eisen had been appointed Ambassador to Prague (2011) by his law school classmate, President Barack Obama. In these final years of Obama-in-office, Norm Eisen was busy plotting so-called Color Revolution in Europe, which climaxed in the 2014 Maidan operation in Ukraine. The purpose was to make Ukraine as a proxy to weaken Russia, and would come to entail massive money-laundering and the setting up of bio-weapons labs there. This was also the period when then-Veep Joe Biden was given the “Ukraine Portfolio” and was busiest with his own grifting enterprise, through son Hunter.

Norm Eisen went on to become the chief lawfare ninja coordinating against the Trump administration with his field captains: Marc Elias, Mary McCord, Andrew Weissmann, and others. All have been involved in suspiciously seditious activities through both Trump terms. What was the Chief Justice confabbing about with Norm Eisen in Prague then? About vagaries of US / EU legal cooperation? Or were they deliberating on tactics for dealing with Barack Obama’s as-then-undeclared successor? Or possibly on bringing color revolution to the US, if Barack Obama’s posterity declared it necessary?

Consider the strange situation that one Sheldon Snook was appointed Special Assistant to Roberts in 2014. Snook is married to lawfare ninja Mary McCord, who served as Acting Deputy Assistant Attorney General for the National Security Division, DOJ (2014–2016) and Assistant Attorney General for National Security, DOJ (2016–2017). She was involved in the initiation of the RussiaGate operation and in 2019 was appointed Special Counsel to Jerrold Nadler’s House Judiciary Committee during the 2019 impeachment inquiry into President Trump — the impeachment that was all about Ukraine. . . and what might have been going on there under Obama, especially Joe Biden shenanigans.

Consider, too, that a scandal has just emerged involving CJ Robert’s wife, Jane, and the enormous commissions she received working at the DC law firm Pillsbury Winthrop Shaw Pittman, and then the legal recruiting outfit Major, Lindsey & Africa (through 2019), and then legal another recruiting firm, Macrae, for placing eminent attorneys into law firms with active Supreme Court case practices. Her income from all this recruiting surpassed $10-million. CJ Roberts did not recuse himself from the cases involving these relationships. This is a still-developing story. . . .

And, of course, an investigation of California Governor Gavin Newsom begun, irony-of-ironies, by the Biden DOJ, has just blossomed into a florid scandal involving shell companies set up by Gov. Newsom’s busy wife, Jennifer, through which millions of dollars were laundered under various fake social and health service initiativs. Newsom appointee Alexis Podesta “wore a wire” during the period and is cooperating in the case. Buh-bye presidential hopes, Guv, and don’t let the cell door whack your ass on the way in.

These are just a few possible appetizers. The main course is coming up.

Tyler Durden Mon, 07/06/2026 - 16:20

Officials Tracking Growing Outbreak Of Legionnaires' Disease In New York

Officials Tracking Growing Outbreak Of Legionnaires' Disease In New York

Authored by Zachary Stieber via The Epoch Times,

An outbreak of serious pneumonia is growing in New York, officials said on July 5.

Eighteen cases of Legionnaires’ disease have been confirmed in several Manhattan neighborhoods, the New York City Department of Health and Mental Hygiene said late Sunday, up from 14 earlier in the day and 10 on Saturday.

The cases are clustered in three zip codes, 10028, 10128, and 10075, on the Upper East Side of Manhattan, the department said.

Legionnaires’ disease is a form of pneumonia caused by Legionella bacteria, which grow in warm water. The disease shares symptoms with influenza, such as fever and chills, and can be fatal if left untreated.

No deaths have yet been reported with the current outbreak.

People who live in the zip codes, or who have recently visited the east side of Central Park, should monitor for symptoms, New York City Health Commissioner Dr. Alister Martin said in a statement.

People who experience symptoms should see a health care provider immediately.

Treatment for pneumonia typically includes antibiotics, according to the Centers for Disease Control and Prevention.

Certain individuals are more vulnerable to the disease, including individuals aged 50 and older and those who smoke or vape.

One way people can contract Legionnaires’ disease is by breathing in water vapor or mist containing Legionella bacteria. People cannot get the disease from other people.

The probable source of the bacteria is a water cooling tower in the area, according to health officials.

The systems, usually located on top of buildings, control the temperature of cooling systems, such as refrigeration and spray mist systems, which contain the bacteria.

The city’s health department is testing all the cooling towers in the area.

“This is not an issue with any building’s plumbing system. It is safe for you to drink water, bathe, shower, cook, and use your air conditioner,” health officials said in a notice to residents.

“Continuing to use your air conditioner is especially important when the city is experiencing extreme heat and temperatures reach dangerously high levels.”

There have been outbreaks of Legionnaires’ disease in the past from plumbing systems in buildings, but there are no signs that this is the case with the current situation, according to officials.

Officials first reported the cluster of cases on July 2. They said at the time that any owners of buildings where cooling towers tested positive for the Legionella bacteria would be directed to carry out full remediation.

A Legionnaires’ disease cluster in central Harlem, also in Manhattan, sickened 114 people in 2025 and left seven dead.

Tyler Durden Mon, 07/06/2026 - 15:45

Officials Tracking Growing Outbreak Of Legionnaires' Disease In New York

Officials Tracking Growing Outbreak Of Legionnaires' Disease In New York

Authored by Zachary Stieber via The Epoch Times,

An outbreak of serious pneumonia is growing in New York, officials said on July 5.

Eighteen cases of Legionnaires’ disease have been confirmed in several Manhattan neighborhoods, the New York City Department of Health and Mental Hygiene said late Sunday, up from 14 earlier in the day and 10 on Saturday.

The cases are clustered in three zip codes, 10028, 10128, and 10075, on the Upper East Side of Manhattan, the department said.

Legionnaires’ disease is a form of pneumonia caused by Legionella bacteria, which grow in warm water. The disease shares symptoms with influenza, such as fever and chills, and can be fatal if left untreated.

No deaths have yet been reported with the current outbreak.

People who live in the zip codes, or who have recently visited the east side of Central Park, should monitor for symptoms, New York City Health Commissioner Dr. Alister Martin said in a statement.

People who experience symptoms should see a health care provider immediately.

Treatment for pneumonia typically includes antibiotics, according to the Centers for Disease Control and Prevention.

Certain individuals are more vulnerable to the disease, including individuals aged 50 and older and those who smoke or vape.

One way people can contract Legionnaires’ disease is by breathing in water vapor or mist containing Legionella bacteria. People cannot get the disease from other people.

The probable source of the bacteria is a water cooling tower in the area, according to health officials.

The systems, usually located on top of buildings, control the temperature of cooling systems, such as refrigeration and spray mist systems, which contain the bacteria.

The city’s health department is testing all the cooling towers in the area.

“This is not an issue with any building’s plumbing system. It is safe for you to drink water, bathe, shower, cook, and use your air conditioner,” health officials said in a notice to residents.

“Continuing to use your air conditioner is especially important when the city is experiencing extreme heat and temperatures reach dangerously high levels.”

There have been outbreaks of Legionnaires’ disease in the past from plumbing systems in buildings, but there are no signs that this is the case with the current situation, according to officials.

Officials first reported the cluster of cases on July 2. They said at the time that any owners of buildings where cooling towers tested positive for the Legionella bacteria would be directed to carry out full remediation.

A Legionnaires’ disease cluster in central Harlem, also in Manhattan, sickened 114 people in 2025 and left seven dead.

Tyler Durden Mon, 07/06/2026 - 15:45

"Arms Race Has Started": War Unicorns Enter M&A Phase As Ondas Snaps Up Kamikaze Drone Maker DZYNE

"Arms Race Has Started": War Unicorns Enter M&A Phase As Ondas Snaps Up Kamikaze Drone Maker DZYNE

The writing is on the wall: defense-tech unicorns, particularly those focused on loitering munitions, autonomous drones, and counter-UAS systems, are positioned for years of growth as warfare changes forever. 

These "war unicorns," as we call them, are increasingly ripe for M&A as larger players race to consolidate across drones and counter-drone systems. The latest example is Nasdaq-listed defense and industrial technology firm Ondas Holdings moving to acquire DZYNE Technologies, a maker of drones, loitering-munition-type systems, and counter-drone technology.  

Ondas Drone Box 

Bloomberg reports private equity firm Highlander Partners will receive $200 million in cash and about $675 million in Ondas stock. Those shares will be locked up for six months.

"The arms race has started," Ondas CEO Eric Brock said in a Bloomberg TV interview. "Over the last 20 plus years we have de-industrialized in the United States. That means the supply chain has moved to China."

The deal expands Ondas' portfolio beyond the civilian drone market into systems developed for military surveillance and reconnaissance, as well as smaller kamikaze drones.

DZYNE BlitzBox Drone 

Ondas said DZYNE is expected to generate $191 million in revenue this year and $300 million in 2027.

Recently, Needham analyst Austin Bohlig told clients of a potential drone procurement supercycle, as the US military prepares to spend billions of dollars on these low-cost systems.

Read the report:

Related:

Separate, but more on war technology coverage:

The Ondas-DZYNE deal further suggests that defense startups focusing on drones and counter-UAS are prime M&A targets for larger companies.

Tyler Durden Mon, 07/06/2026 - 15:25

"Arms Race Has Started": War Unicorns Enter M&A Phase As Ondas Snaps Up Kamikaze Drone Maker DZYNE

"Arms Race Has Started": War Unicorns Enter M&A Phase As Ondas Snaps Up Kamikaze Drone Maker DZYNE

The writing is on the wall: defense-tech unicorns, particularly those focused on loitering munitions, autonomous drones, and counter-UAS systems, are positioned for years of growth as warfare changes forever. 

These "war unicorns," as we call them, are increasingly ripe for M&A as larger players race to consolidate across drones and counter-drone systems. The latest example is Nasdaq-listed defense and industrial technology firm Ondas Holdings moving to acquire DZYNE Technologies, a maker of drones, loitering-munition-type systems, and counter-drone technology.  

Ondas Drone Box 

Bloomberg reports private equity firm Highlander Partners will receive $200 million in cash and about $675 million in Ondas stock. Those shares will be locked up for six months.

"The arms race has started," Ondas CEO Eric Brock said in a Bloomberg TV interview. "Over the last 20 plus years we have de-industrialized in the United States. That means the supply chain has moved to China."

The deal expands Ondas' portfolio beyond the civilian drone market into systems developed for military surveillance and reconnaissance, as well as smaller kamikaze drones.

DZYNE BlitzBox Drone 

Ondas said DZYNE is expected to generate $191 million in revenue this year and $300 million in 2027.

Recently, Needham analyst Austin Bohlig told clients of a potential drone procurement supercycle, as the US military prepares to spend billions of dollars on these low-cost systems.

Read the report:

Related:

Separate, but more on war technology coverage:

The Ondas-DZYNE deal further suggests that defense startups focusing on drones and counter-UAS are prime M&A targets for larger companies.

Tyler Durden Mon, 07/06/2026 - 15:25

When The Monetary Laws Of Physics Change

When The Monetary Laws Of Physics Change

Authored by Mark Jeftovic via BombThrower.com,

“You just wait until the next bear market…”

Last month, I talked about how many of the legendary investors I’ve long followed as well as many of my contemporary financial commentators (speaking specifically of the contrarian ilk), are almost unanimous in the opinion that the AI trade is well into bubble territory and stocks in general are overvalued. Hell, even I think that and I’m personally “all in” on AI and have a fair bit of equities exposure to it (not a tonne, but it’s there, and the biggest winners in the TSC portfolio lately have all been AI stocks and HPC stocks).

Angela sent me this Diary of a CEO interview with Jeremy Grantham – another legend – and she said it was scary. At his peak he managed something like $165B AUM, but he’s down to $80B or $90B now (he also says the only reason he’s still counted as a billionaire today, personally, is because they include the money he’s given away. Grantham has donated over 90% of his net worth to the Grantham Foundation, which invests and incubates primarily green-tech innovation to combat climate change.

Although Thomas Braziel, whose name you might recognize as a notable distressed asset investor who specializes in crypto i.e. Mt Gox claims, FTX, put out an interesting analysis of Grantham’s green tech foundation’s filings – and surmised that what he’s saying on the talk-show circuit isn’t lining up with where he’s actually allocating the foundation’s …money  )

Via: GMO Q4 2025 Letter

Grantham occupies an exalted perch in the pantheon of institutional investors, so when he opines on something, it tends to get picked up on, which one may find somewhat quizzical, given his lifetime batting average isn’t really in the same league as the likes of Buffett, Munger, Klarman, et al.

His lifetime average returns? The closest analog could be the lifetime average of the GMO Global Asset Allocation Composite, which he co-founded.

Their number? 8.43%. And 0.8% of that was because of a one-time litigation settlement received in 2024

Warren Buffett’s lifetime batting average is pushing 20% (19.8%).

The S&P itself, 10%.

In case you’re wondering how somebody became a billionaire by lagging the major index by 200bp over their entire career, it’s because Grantham is proficient at one thing in particular: not losing money.

The TL;DR from the DOAC interview? A lot of people are about to lose a lot of money.

When Stephen Bartlett told him he was invested in SpaceX, Grantham dead-panned, “Good luck with that”.

Bitcoin? “It’s a zero”.

The interview went a bit viral and I saw a lot of “Billionaire says Bitcoin is worthless” headlines in the mainstream financial press. Grantham has since been on a punditry tour (perhaps in promotion of his latest book, “The Making of a Permabear” – yes, really); and the soundbites that are being repeatedly teased out from them are his “Bitcoin is a zero” sermons, in one case getting into a somewhat heated exchange with Joe Kernen on CNBC – where Kernen, incredibly, makes some of my points far less diplomatically than I have here.

After Grantham trotted out the usual “no use case”, “there’s no there there”, “it’s a bubble”, Kernen straight-armed Grantham in the face with his underperformance over the past two decades,

“You’ve done a great disservice to anybody who’s listened to you over the last twenty years”.

Grantham’s response and attempt at a defence, combined with something else he said in the DOAC interview, are all leading up to my point here, while being 100% oblivious to it:

To Joe Kernen: he said “We’ve been in a bull market since 2009, let’s see how all this stuff holds up when the next bear market hits”

To Steven Bartlett: he cautioned how Amazon sold off a staggering 92% during the Dotcom bust.

During the drive to Hamilton for a board meeting, I listened to this short Alex Hormozi clip and his analogy (which he cribbed from Brian Johnson) hit me full force and I finally had a working metaphor that explained what I’ve been trying to articulate about these living legends of finance.

That they’re underestimating the significance of fiat debasement is true, but it doesn’t really explode in your brain as much as make your eyes glaze over.

The analogy is fish are swimming around in water.

Some of them become experts at swimming. They train their entire lives, they practice every day, they study the expert swimmers of yore, and they analyze nearly every aspect of the water they inhabit: it’s PH levels, alkaline, currents, flow – everything.

They know how a slight variance in one factor impacts the others – they know “which way the current is going”.

But over time, the water heats up; they may pick up on this, but they’re never quite prepared for what it means beyond a certain point.

When that point arrives, the water evaporates – and now it’s gas. Steam.

Setting aside for our purposes how this would fry the fish, imagine they’re still alive, but now they’re trying to apply everything they know about swimming in water to this new environment, which is gaseous, not liquid.

They would be flailing and flapping around like the proverbial “fish out of water”.

What happened?

They were never wrong about their fluid dynamics.

The physics changed and they had no model for the new reality.

Hormozi’s short clip was applying this metaphor to AI – which is certainly among the key drivers of the “monetary physics change” that we are now undergoing.

But the point of no return, when the phase shift started, was – I believe, and as Raoul Pal has always said – the Global Financial Crisis of 2007-2009.

That was when the water started turning to gas.

Grantham’s own yardstick measures the current bull market from then – when the central banks stepped in, when The Big Print started and when interest rate suppression and credit expansion became permanent features of the global monetary system (I would argue that the process started in 1980-82, and the GFC was a major tipping point).

Yes, Amazon came off 92% when the dotCom bubble burst. But anybody who had bought, even at the high right before that, is now up about 4,642.7 %

On the new Sovereign Capitalist site, we can model all this out interactively (see below).

Run the interactive widget here

On its surface, Grantham’s fixation on loss avoidance serves a purpose (recall Buffett’s top rules of investing: number one is “Don’t lose money”, number two is “See Rule number one”).

If I ever experienced a staggeringly huge life-changing windfall in one moment, I would carve out a “retire your bloodline”-type allocation and hand it to a guy like Grantham (more likely it would be Vito Maida  over at Patient Capital, here in Canada).

But being good at preserving capital has its own opportunity cost, which is far more pronounced now that we’ve traversed the inflection point into the Exponential Age.

The world has transitioned from flat to hyper-cubed – the architecture is completely different now, and the linear measuring stick known as fiat money is ill equipped for the task of describing it.

To Grantham’s point “you just wait until the next bear market”, there won’t be a next bear market, not until we change that measuring stick.

Until the monetary regime change happens – that “change in physics” – any drawdown, no matter how deep, will be papered over with incessant Big Prints until the system itself completes its metamorphosis.

Today’s post was an excerpt from The Sovereign Capitalist my recently relaunched premium service. This goes beyond a dashboard, it’s more of an operating system for high agency net-producers.  All members get access to the full pre-release version of my new book: The Blueprint – Survive & Thrive in an Overclocked Timeline.

Tyler Durden Mon, 07/06/2026 - 15:05

Hormuz In The Rearview As Asia-US Ocean Container Rates Soar Past $7,900

Hormuz In The Rearview As Asia-US Ocean Container Rates Soar Past $7,900

By Stuart Chirls of AmericanShipper

The container shipping market is being driven by geopolitics, rates, and network reshuffling, but freight-rate volatility and adjustments by carriers to protect schedules and pricing has supplanted Middle East disruptions as top-level concerns.

Asia-U.S. West Coast prices increased 8% to $6,175 per forty foot equivalent unit (FEU), according to Freightos, a data contributor to SONAR ocean market data.

Prices for Asia-U.S. East Coast transportation also rose 8%, to $7,998 per FEU.

SONAR‘s Ocean Supply/Demand Index reflects the surge in trans-Pacific demand, having recovered to year-ago levels

Iran has escalated steps to assert sole authority over vessel traffic in the Strait of Hormuz, writes Freightos Research Head Judah Levine, in a note to clients, even as it negotiates with the United States over terms of a final peace deal.

"Oil volumes out of the Gulf states are rebounding, though marine traffic was paused … following Iranian strikes on transiting vessels and sites in Bahrain and Kuwait,” Levine said. 

The United Nations abandoned ship evacuations after Tehran attacked a Mediterranean Shipping Co. vessel transiting a non-approved route.

As crude oil flows from the Persian Gulf resume, surging peak season demand – and not oil prices – are driving elevated container rates.

“The early start to this year’s peak has sent rates spiking on the main east-west lanes since mid-May,” Levine said, “with carriers shifting capacity from secondary lanes to service this demand, contributing to rate increases on secondary trades too.”

Zim recently launched a new Asia–East Coast South America service, while Hapag-Lloyd updated service rotations. Broader growth across fleets and new vessel orders with shipyards continues, suggesting carriers are still trying to balance network expansion with an increasingly uneven demand amid geopolitical events.

Since mid-May trans-Pacific prices to the U.S. West Coast have climbed 120%, and by 85% to East Coast gateways. By comparison, Asia-North Europe rates are up 70% in that time, and 85% to the Mediterranean.

In a remarkable show of importer confidence in projected consumer spending, “[t]rans-Pacific East Coast rates are now $1,000/FEU higher than last year’s frontloading-driven summer high,” wrote Levine, “with West Coast prices just above their 2025 peak. Europe and Mediterranean rates are $1,300- and $3,000/ per FEU above their 2025 peak season highs, respectively.

The National Retail Federation said 32% of surveyed consumers had started their back-to-school shopping in June, up from 26% in 2025, an indicator for retail spending later in the year.

The surge is delaying traffic at major hubs in South Asia, the Far East and Europe, shrinking available capacity and contributing to upward pressure on rates, Levine said.

The early rush is likely underpinned by an array of factors, from frontloading ahead of carrier fuel surcharges and manufacturer price increases, as well as approaching U.S. tariff deadlines.

“If enough shippers are indeed pulling peak season volumes forward, we could expect the early start to mean an early peak season unwind as well, possibly some time in July,” Levine said.

Volume strength may stretch on a little longer than many shippers may have preferred due to delays at congested ports, he added. “Carriers are set to introduce more rate increases to start July, so the degree of success carriers have with these price hikes should reflect where the market is in terms of this year’s peak-season peak.”

Tyler Durden Mon, 07/06/2026 - 14:25

Xbox Hit With 3,000 Layoffs After CEO Warns Business Is "Not Healthy"

Xbox Hit With 3,000 Layoffs After CEO Warns Business Is "Not Healthy"

Xbox CEO Asha Sharma issued a dire warning to staff on Monday: "Our business today is not healthy. We must reset Xbox."

Sharma's memo, first published on the Xbox website, announced cuts of 3,200 jobs tied to Microsoft's Xbox division, or equal to about 20% of staff, as deteriorating margins and disappointing Game Pass subscriptions have forced the unit into a major restructuring effort.

The 3,200-job reduction will be split into two waves: the first 1,600 layoffs will begin this week, with another 1,600 occurring over the rest of the fiscal year, according to the memo.

Last month, Sharma told employees in another memo that Xbox's "accountability margin," the metric Microsoft uses to reflect profit margin, had slipped to 3% and that annual revenue had tumbled to alarmingly low levels. "Going forward, this cannot continue," she wrote then.

The CEO said:

After careful consideration, I've made the difficult decision to reduce our team by approximately 3,200 throughout FY27. This will include approximately 1,600 role eliminations today, and in addition, four studios will leave XBOX to new management. I recognize that a year-long restructuring creates additional challenges. Unfortunately, it is not possible to make all the necessary changes in a single day, and I wanted to be direct about the scale.

. . .

Our business today is not healthy. We are operating on margins that are 3-10x lower than those of comparable platform and publishing businesses. We entered Gen 9 with a smaller install base and a higher cost structure. To grow, we bet on Game Pass, multi-platform, and a broader portfolio of content. While those businesses have created meaningful value, they did not grow at the pace we expected. As that happened, our core business weakened, and we added more teams, more investment, and more time, hoping for a better outcome. And now the industry is facing the most severe hardware crisis in its history. We must reset XBOX.

She provided color on restructuring across Xbox's content portfolio:

Since 2018, we have aggressively expanded our studio portfolio while the number of games created each month across the industry now outpaces the last ten years combined. We now find ourselves competing not only with the largest publishers, but also with smaller independent studios. It is neither possible nor desirable to own every great independent studio. We have also learned that we are not the best home for every type of studio; in a typical year, we lost 64 cents for every dollar we invested. As we reset XBOX, we will help independent creators succeed by providing open development tools and audiences to realize their vision.

Compulsion Games and Double Fine Productions will return to management and transition to independent studios with their IP, catalog, and runway for their next games. Ninja Theory and Undead Labs have entered terms to join new ownership with funding to complete and grow Senua and State of Decay 3. In France, Arkane's management is beginning required consultation with its Works Council to review potential strategic options.

We are also making reductions across other units, and in some cases, shifting investment to focus on higher priority projects. These changes vary in size across Activision, Bethesda/ZeniMax, Blizzard, King, Mojang, and XBOX Game Studios. None of our first party publicly announced games or projects are being cancelled as part of these reductions.

In addition, Mojang and King will now report directly to me. These two studios have increasingly become platforms and are our largest by monthly active players. They bring critical geographic, demographic, and differentiation to XBOX.

The changes at Xbox come as the broader video game industry remains stuck in a post-pandemic slump. Compounding the pressure is the memory-chip squeeze, fueled by AI data-center demand, which has pushed console production costs higher and forced both Xbox and PlayStation prices to climb.

The release of GTA VI, now about 135 days away, cannot come soon enough. WallStreet analysts expect the blockbuster launch to drive a new wave of console demand and potentially produce some tailwinds for the struggling gaming industry.

Tyler Durden Mon, 07/06/2026 - 12:25

New Jersey Lawmakers Pass Bill To Establish Large Load Data Center Tariff

New Jersey Lawmakers Pass Bill To Establish Large Load Data Center Tariff

By Zachary Skidmore of DataCenterDynamics

New Jersey lawmakers have passed a bill that will direct the state's Board of Public Utilities (PUC) to establish a dedicated data center tariff for facilities with a capacity of 50MW or more, in an attempt to shield other ratepayers from cost increases tied to new builds.

A similar bill was originally proposed in June of last year by Democratic assemblymen Dave Bailey and Joe Danielsen. However, that initial bill was pocket-vetoed by then-governor Phil Murphy, who did not sign it before his term ended.

CoreSite’s NY3 data center is located in Secaucus and offers more than 138,000 square feet of capacity.CoreSite

Following the veto, the bill was replaced with S731, which proposed broader protections than the previous bill. It will now head to Democratic governor Mikie Sherrill for final approval. Assemblyman David Bailey Jr. said Sherrill's office was involved in drafting the latest version and expressed optimism she would sign it.

The new bill is broader than the previously vetoed bill, applying to both existing and new facilities, and lowering the threshold from 100MW. It also aggregates facilities that are under common ownership or on contiguous sites, treating them as a single large data center for purposes of the threshold.

Other provisions in the bill include requiring data centers to demonstrate their project is not proposed elsewhere to avoid speculative applications, providing financial guarantees to take or pay for at least 85 percent of the requested service for ten years, and committing to demand response and flexibility programs. In addition, the bill mandates that large data center customers be curtailed before residential customers during grid emergencies.

It will also require the PUC to prioritize interconnection for data centers that make binding commitments to bring their own clean generation or storage.

The bill is the latest to be passed within a state legislature, with several already enshrined in law, and many others currently making their way through the approval process.

Last month, regulators in Oregon approved a new rate class for data centers and other large loads, which is now in effect.

Before this, Oklahoma’s governor, Kevin Stitt, signed into law a new bill aimed at protecting ratepayers in the state from rising utility and infrastructure costs associated with data centers. This closely followed Florida, whose governor signed into law a similar bill that prohibited utilities from passing data center infrastructure costs on to residential and small-business ratepayers and required large-scale users to bear their full cost of service.

Other states to see similar rules proposed and passed include Ohio, North Carolina, and Virginia, to name a few.

Tyler Durden Mon, 07/06/2026 - 12:05

Truck Driver Accused Of Using Fake Documents To Steal $2.9 Million Cargo

Truck Driver Accused Of Using Fake Documents To Steal $2.9 Million Cargo

By Phil Bring of FreightWaves

Police in Greenfield, Indiana, arrested a California truck driver after officers recovered nearly $2.9 million worth of tungsten oxide powder that police said thieves stole during a cargo theft in Pennsylvania.

According to a June 28 news release from the Greenfield Police Department, officers received an alert around 6 a.m. Saturday regarding a wanted semi tractor-trailer traveling eastbound on Interstate 70 into Hancock County. Police said the truck was connected to a cargo theft that occurred in Pennsylvania on June 25. Officers located the truck and trailer just west of the Greenfield exit at mile marker 104, confirmed the information and conducted a traffic stop.

Police identified the driver as 31-year-old Deepak Kumar of Fresno, California. Authorities said Kumar used fraudulent documents to obtain a load of nearly 40,000 pounds of tungsten oxide powder. Police valued the shipment at $2,857,500 and said it was headed to Mitsubishi Materials Corporation in Japan.

Deepak Kumar, 31, of Fresno, California, was arrested June 27 after Greenfield police recovered a shipment of tungsten oxide powder valued at about $2.9 million. Police said Kumar faces theft-related charges in Pennsylvania. Source: Greenfield Police Department

Greenfield police arrested Kumar at the scene on an active arrest warrant issued by the state of Pennsylvania. According to police, the warrant charges Kumar with theft by unlawful taking of movable property and criminal use of a communication facility.

Officers transported Kumar to the Hancock County Jail following the arrest. Police said the Hancock County Prosecutor’s Office will determine whether Kumar will face criminal charges in Indiana related to the traffic stop and evidence recovered during the subsequent search warrant.

Police said officers impounded the truck and trailer through Inman’s Towing of Greenfield following the traffic stop. Investigators held both as evidence while they requested a search warrant. After a judge issued the warrant, officers searched the trailer and confirmed it contained the reported stolen cargo.

According to police, a representative of Mitsubishi Materials Corporation traveled to Greenfield on Sunday and took possession of the recovered shipment.

The Greenfield Police Department has not identified the Pennsylvania business where investigators allege the cargo theft occurred. Authorities also have not released additional information describing the fraudulent documents investigators said Kumar used to obtain the cargo.

Police have not identified additional suspects or released court documents describing the alleged cargo theft. The department said the Hancock County Prosecutor’s Office will determine whether Kumar will face additional criminal charges in Indiana related to the traffic stop and the evidence recovered during the search warrant.

Tyler Durden Mon, 07/06/2026 - 11:25

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