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What's Really Going On? UK Government Announces Mass Stockpile Order, Wargames

What's Really Going On? UK Government Announces Mass Stockpile Order, Wargames

Authored by Steve Watson via Modernity.news,

The British government is preparing to tell ordinary people a blunt message: the state is not coming to save you. Households will be urged to stockpile long-life food, bottled water, essential medicines and even wind-up radios as part of a new national resilience campaign launching later this year.

At the same time, ministers have confirmed Operation Albiston Shadow - the largest home defence wargame exercise in decades - will take place in 2027, testing responses to 'hybrid' attacks alongside a major NATO drill.

Officials frame it all around Russian cyber threats, sabotage risks and the need to update the old Government War Book. Yet the timing and language raise a sharper question about what Whitehall is actually preparing for.

Chief Secretary to the Prime Minister Darren Jones stated "The government will do all it can and we are well prepared - but we can all play our part to keep ourselves and our loved ones safe. This campaign will help the public to take small but important steps to be prepared in case of emergencies and disruption - be that severe weather or a cyber-attack, which can impact access to power, water, or phone signal."

Armed Forces minister Louise Sandher-Jones was more explicit about the external threat: "Russia is not only a threat to NATO's eastern flank. It is a direct threat to the UK homeland and these exercises, together with important measures like updating our 'War Books', will help prepare us to meet that threat, as well as showing the British public how seriously we are taking it."

The Cabinet Office has updated the National Risk Register with new scenarios including cyber attacks on data, water and police systems, digital resilience failures modelled on the 2024 CrowdStrike outage, and foreign interference in democracy.

Operation Albiston Shadow will involve hundreds of officials, ministers and agencies role-playing a multi-day national crisis focused on hybrid attacks below the threshold of conventional war. It is designed to test current assumptions and ensure readiness "should the worst ever happen."

The government is also quietly reviving elements of the old War Book - the detailed Cold War-era plan that once covered everything from industrial mobilisation and food stockpiles to mass casualty management and the survival of government itself. That document was largely abandoned after the Cold War; updating it now signals a serious shift.

On the surface this looks like prudent planning against a hostile foreign power. Russia has been accused of cyber operations, espionage and probing NATO airspace. Prime Minister Keir Starmer has previously cited Western intelligence assessments that Russia could attack a NATO member as soon as 2030.

Yet the distance between the United Kingdom and any realistic Russian ground threat is vast, and the emphasis on household stockpiles, critical infrastructure protection and whole-of-society mobilisation sits uneasily with pure external-defence rhetoric.

This is where the deeper context becomes impossible to ignore. In 2025, Professor David Betz of King's College London, a specialist in modern war and unconventional conflict, publicly argued that the British government is preparing for the possibility of civil conflict at home while using the Russian threat as a politically convenient cover.

Speaking about the 2025 National Security Strategy - which stated "For the first time in many years, we have to actively prepare for the possibility of the UK homeland coming under direct threat" and prioritised protection of undersea cables, energy pipelines and logistics hubs - Betz observed: "there is growing apprehension about the security of Britain, the security of its infrastructure specifically, and about the potential for active conflict at home in a very direct manner, effecting people in a very direct manner."

He continued: "But that's not external in origin, that's internal, and that has to do with the way our society is now configured, it is highly fractured." Betz described a society marked by "Low trust, highly fractured, and highly politically factionalised which is leading us increasingly inevitably into civil conflict."

On the Russian narrative he was blunt: "The fact of the matter is there is a great distance between us and Russia... we are not militarily threatened in a direct way on the ground by any obvious external enemy, even Russia... one of those is not occupying the village green with Russian soldiers, that simply, frankly, is a rather bizarre assertion."

The real concern, he argued, is domestic: "What they're concerned about is domestic conflict, and they perfectly understand this, but that's completely politically toxic for them to say so publicly, hence the convenience of saying 'we need to develop... a citizen's militia for the protection of critical infrastructure'. To say that we're doing this against the potential of Russian attack, which is frankly a logically absurd proposition, but it is convenient as a pretext."

Betz has repeatedly warned that Europe faces a statistically significant chance of civil war in a major country within five years, with spillover risks, and that governments may only be able to prepare rather than prevent the deterioration. His advice to individuals has been practical: reduce exposure to big cities if possible.

Betz's analysis tracks the same societal fractures - low social trust, political factionalism, rapid demographic change and collapsing faith in institutions - that successive governments have accelerated through mass immigration policies while denying their consequences.

Critical infrastructure hardening, citizen resilience messaging and large-scale home defence exercises make perfect sense if planners believe the primary threat could come from within a polarised population rather than from Russian troops landing on British beaches.

Updating the War Book and running Operation Albiston Shadow allow the state to rehearse command, control and societal mobilisation without ever having to admit the internal drivers.

The pattern is consistent with earlier signals. Promises of a volunteer Home Defence Force to protect infrastructure appear to have been quietly shelved amid budget pressures, yet the broader shift toward treating the homeland as a potential battlespace continues.

Officials stress "whole of society" involvement. That language is not limited to foreign hybrid warfare; it is exactly the vocabulary used when states prepare for internal disorder.

None of this proves an imminent civil war. It does show a government that has spent years denying the reality of social breakdown now scrambling to prepare the public and its own machinery for disruption that could overwhelm normal emergency responses.

Telling people to stockpile food and water is an admission that the state cannot guarantee continuity of basic services. Framing the entire effort around Russia provides political cover while the underlying fractures - created by policy choices that prioritised open borders and demographic engineering over cohesion - continue to deepen.

The British public is being told to get ready. The only remaining question is what exactly they are being prepared for. The official answer is Russian hybrid threats. The deeper reading, supported by serious academic analysis of societal conflict, points to something far closer to home.

Tyler Durden Fri, 07/17/2026 - 05:00

Rare Wartime Protests Across Ukraine As Zelensky Moves To Oust Defense Chief

Rare Wartime Protests Across Ukraine As Zelensky Moves To Oust Defense Chief

Rare wartime protests have broken out in Ukraine in the wake of President Zelensky sacking his popular Defense Minister Mykhailo Fedorov - which is reportedly in process but not finalized yet.

The 35-year old defense chief was only six months into his tenure, and is widely hailed as a reformist innovator who has turned the tide of war, having overseen a strategy of punishing wave after wave of devastating drones on Russian energy infrastructure.

via Associated Press

The NY Times on Thursday said that "thousands of people took to the streets of cities across Ukraine on Thursday to protest" his dismissal. 

This marks only the second time of the war that protests of this size have broken out in the capital and other cities, related to deeply unpopular moves and policies of President Zelensky:

The demonstrations were only the second large street protests in Ukraine during more than four years of war. Rallies also took place last year against a move by President Volodymyr Zelensky to neuter anticorruption agencies.

On Thursday, protesters poured into a square in central Kyiv, the capital. They turned out in Odesa, in the south, and in Lviv, in the west. In the frontline city of Kharkiv, in the northeast, more than 300 protesters with cardboard signs crowded sidewalks, chanting “Shame, shame, shame!” Their numbers grew as the morning wore on.

Ukrainians started venting their anger on social media as soon as Fedorov's impending dismissal was announced via Ukrainian national media.

Some of the main protest organizers are actually veterans of the current war with Russia, as one European publication details:

Dmytro Koziatynskyi, a war veteran who was a leading organizer of last summer's mass protests in support of NABU and SAPO, posted on social media ”The defence minister is being removed in the middle of effective – finally effective! – reforms, replaced by someone under whom any hope of reform can be forgotten," referring to Interior Minister Ihor Klymenko, who is poised to replace Fedorov.

“I call on all caring people to come out tomorrow at 9:01 a.m. to Franko Square and show the president that we are against constant reshuffles in the government and replacing effective ministers with convenient opportunists.”

“We will never defeat Russia as long as the same total stagnation and corruption rule our army and our ministries,” Koziatynskyi wrote.

Chief Foreign-Affairs Correspondent of the WSJ, Yaroslav Trofimov, has pointed out that "Many Ukrainians (and not just Ukrainians) see this as Zelensky putting petty politics ahead of winning the war."

If the protests grow rapidly, it could cause Zelensky's external supporters to sour on him...

Fedorov's firing and replacement is not yet fully a done deal. However, Zelensky has been open about a government shake-up and reset, but the motives behind it are unclear and have unleashed confusion across Ukrainian society.

Tyler Durden Fri, 07/17/2026 - 04:15

The Grooming Gang Cover-Up: 250,000 Reasons "Online Safety" Is A Scam

The Grooming Gang Cover-Up: 250,000 Reasons "Online Safety" Is A Scam

Authored by John Wilder via WilderWealthyWise.com,

“These borders are well protected.” – The Fellowship of the Ring

(all memes as found)

Governments around the world trot out the kids whenever they want to remove freedoms.

Protect the children.  It’s always for the children.

The reality is that they don’t care at all about the kids.

Let’s look at the KIDS Act.  The “Kids Internet and Digital Safety Act” has passed the House.  The Senate Democrats have said . . . it’s too weak.  Of course they did.  There appears to be no speech that they love except their own.

But they’re not alone:  the European Parliament’s Online Safety was rammed through during “legislator vacation” using a backdoor procedural trick that required an absolute majority just to kill it.  Now it’s legal for them to sort through “private” messages.  For the kids.

The UK Online Safety Act is sold the same way.  It’s there to protect children.

The real effect is that it pushes everyone toward some form of online ID and forces websites to keep kids off their platforms.  Sites like 4chan and Gab® told them to pound sand because they aren’t a UK website.  All of this is supposedly to protect the kids.

Right.

If that’s true, they need to explain the grooming gangs who have raped an estimated 250,000 girls in the UK.

The reports that came out in June 2026 are horrific.  They underline the point that if you import rapists, they’re going to rape because it’s what they do, and approved.  Indians made a movie back in 1997 called Raja Ki Ayegi Baraat.  The plot is straightforward.

Mala is raped by Raja.  She takes him to court.  The judge sentences them to marry as punishment for Raja.  Raja and his family are cruel and hostile at first, even trying to kill Mala. Over time she wins them over through her kindness and resilience.

Tens of millions of Indians have seen this movie.  That’s the cultural attitude of India on display.

If you import Indians, you’ll get rape, and mainly gang rapes because their upper-body strength is generally less than the average woman in the West.  I know that sounds like a joke, but it’s actually true.  Pakistan is similar, with one in three women reporting rape during their lifetimes in Pakistan, and those are the women they supposedly like.

If you’re not of their religions?

Well, you’re an animal to them, and they can do as they like, so 250,000 rapes is what they like.

Since a license is required to paddle a surfboard on the Thames, I’m sure the justice system is set up to take on actual gang rapists of children?

Well, no.  The report on the 250,000 white English, Scottish, and Welsh girls that were systematically raped over the decades came out in June 2026.  GloboLeftists in the UK mocked the report because of course they did. They had to mock it because there is a hierarchy in their world.  Illegal immigrants who contribute nothing are at the top, because the goal of the GloboLeftist is to destroy whatever nation they’re in.

Sure, GloboLeftists say they’re against rape and against oppressing women, but only when white men are doing the raping and oppressing.  If they rapists and abusers come from a foreign culture, well, rape and abuse as much as you want.  After all, they’re only women.

Based on anecdotal evidence, the police in Europe have zero interest in arresting anyone who isn’t a lawful white citizen.  In several cases, the police brought the young girls that were being sexually abused back to the abusers.  The thankful abusers gave the police a turn on the girls.

Again, I’m not making any of this up. I’d bet money that those police were either Pakistani or Indian, which is another reason why you don’t want foreigners in positions of power.  Imagine how the all-moslim, all-immigrant city council in Hamtramck, Michigan will work to protect Christian rights?  If you go during the citizen comment period the mayor will call you a racist for suggesting that they not name streets for Islamic terrorists.  It won’t be long before the Islamic call for prayer will be broadcast.

Wonder when they’ll require burkas?  The Democrats will no doubt approve and encourage this.

But let’s go back to the UK.  There have been at least three high-profile events that hit the public consciousness in the last month.  The first was the murder of Henry Nowak.  The police didn’t want the footage to come out, but when it did, watching them handcuff a nearly bloodless young English man was heartbreaking.  It turned to rage-inducing when the facts and lies of the Sikh who murdered him came out.

Then a young man was being attacked by three non-English black men, and the police arrested the white guy.  Birmingham Police politely asked that the footage not be shared, but they fully supported the actions of the police in arresting the victim and ignoring the attackers.

The third case didn’t get nearly as much attention, but it was again a white Englishman being attacked while the police arrested him as his attackers mocked him.

So, yeah.

As Ian Fleming wrote:  “Once is happenstance. Twice is coincidence. Three times is enemy action.”

Justice in the courts is similarly absent. In Sweden, a rapefugee wasn’t deported after his three-year prison sentence because the rape “didn’t last long enough.”  In the UK, a rapefugee raped three women in a short period and got a suspended sentence.  But, a white British man was sent to prison for 20 months for saying, “Every man and their dog should be smashing fuck out of [hotel filled with rapefugees].” ‘

He had 1,500 Facebook followers.  The post got six likes.  Off to prison, mate!

How much of this is going on in the United States right now?  How many Patel Motels are filled with H-1Deviant Indians setting up their own grooming gangs?  The data shows that Indians are now leading the sexual abductors in the United Kingdom, and it’s not like we’re getting Indians from a different India over here in the United States.  And the authorities in the United States are actively trying to skew the data as shown below:

No, any government licensing for use of the Internet is not for the kids.  At all.  It’s to make it so no one can talk back against the false reality the GloboLeft creates, so that any speech that they don’t agree with is hate speech.

And by their logic, hate speech isn’t protected speech, so any speech they hate is hate speech.

They just need a way to track you so they can punish you if you complain about children being raped or your people being replaced while Big Tech companies lobby to get your data so that they can maximize your profit potential to them.

But it’s for the kids, right?

Tyler Durden Fri, 07/17/2026 - 03:30

Coalition Of The Willing To Hold Drills Near Ukraine Ahead Of Post-Ceasefire Deployment

Coalition Of The Willing To Hold Drills Near Ukraine Ahead Of Post-Ceasefire Deployment

Via The Libertarian Institute

A bloc of Kiev allies will hold war games in states that border Ukraine in preparation for deploying troops to the country once a ceasefire is reached with Russia. 

Starting early this week, the Coalition of the Willing – a bloc of countries that support Ukraine – met in Paris to discuss providing additional aid to Kiev. French President Emmanuel Macron announced that member states would hold war games in states bordering Ukraine. 

via Ukrainian presidency

The French leader asserted the purpose of the drills was to prepare troops for a peacekeeping mission in Ukraine once a ceasefire is reached with Russia.

Ukrainian media has in follow-up reported on the impending war games as follows:

1,500 British and French troops will deploy to Poland in September for the first joint exercises of the Coalition of the Willing, Poland's Deputy Defense Minister Paweł Bejda said on TVP Info. The maneuvers will focus on moving troops and equipment at scale—transport and logistics, not combat.

"We are preparing for operations connected with the transfer and transport of forces. We want to show that we know how to do this," Bejda said.

However, Moscow says any peace agreement with Kiev must include a commitment from Ukraine not to host foreign forces. Additionally, the Kremlin has ruled out a short-term ceasefire, and wants all negotiations focused on a peace deal to end the conflict permanently. 

On Tuesday, Russian Foreign Minister Sergei Lavrov accused Europe of working to undermine the framework for resolving the conflict established between President Donald Trump and President Vladimir Putin during the 2025 Alaska summit. 

During the Coalition of the Willing summit, countries pledged additional military aid to Kiev. President Macron also said Paris would give Kiev permission to produce French missiles and interceptors in Ukraine.

Kremlin responds, firmly rejecting any scenario of Western 'peacekeeping' troops in Ukraine:

Macron’s move mirrors an action President Donald Trump took last week when he authorized Ukraine to produce Patriot missiles. 

Building factories and establishing supply lines to manufacture advanced munitions in the middle of a war will likely take years to accomplish.

Tyler Durden Fri, 07/17/2026 - 02:00

Ex-Fed Adviser Sentenced To 38 Months For Passing Sensitive Info To China

Ex-Fed Adviser Sentenced To 38 Months For Passing Sensitive Info To China

Authored by Frank Fang via The Epoch Times,

A former senior Federal Reserve official has been sentenced to more than three years in prison for lying to federal investigators about sharing sensitive economic information with Chinese intelligence operatives.

The Department of Justice in Washington on March 11, 2026. Madalina Kilroy/The Epoch Times

John Harold Rogers, 64, was senior adviser for the international finance division of the Federal Reserve Board of Governors, the main governing body for the U.S. central bank, from 2010 to 2021.

He was arrested in January 2025 and convicted by a jury on Feb. 3 of making false statements to investigators conducting the probe, but acquitted on a charge of conspiracy to commit economic espionage.

On July 15, U.S. District Judge Dabney L. Friedrich sentenced Rogers to 38 months in federal prison, followed by 12 months of supervised release.

"John Rogers spent years secretly funneling sensitive Federal Reserve information to Chinese spies, then looked investigators in the eye and lied about it. And when that wasn't enough, he lied again under oath at trial," U.S. Attorney Jeanine Ferris Pirro of the District of Columbia said in a statement.

"Federal Reserve employees entrusted with America's most sensitive economic information cannot sell out their country and their colleagues for personal gain and then expect to hide behind a single word."

Rogers, of Vienna, Virginia, is a U.S. citizen who holds a doctoral degree in economics from the University of Virginia.

'Deliberately Lied'

Rogers began developing a "clandestine relationship" with Chinese intelligence operative Lee Hummin in 2017, after the two met at a conference in China, according to prosecutors.

In the years that followed, Rogers met with Lee and other Chinese associates in hotel rooms in China, using academic classes as a cover while sharing Fed information that Lee had directed him to collect.

His role as senior adviser gave Rogers access to confidential information from the Federal Reserve Board and the Federal Open Market Committee (FOMC), according to his indictment.

The FOMC, the Federal Reserve System's monetary policymaking body, sets the target range for the federal funds rate and directs monetary policy actions, including quantitative easing and tightening.

FOMC information is classified under a three-tier system based on its sensitivity, according to the indictment. The highest tier, or Class I, includes policymaker views and pre-publication drafts of the committee's statements, while Class II covers economic forecasts and open market operations.

In a sentencing memorandum filed in May, prosecutors said Rogers printed Class II FOMC documents and took them with him on a trip to China in June 2019. In another instance, prosecutors said he removed the Class II markings from information and sent it to his personal email account before forwarding it to a professor at China's state-run Fudan University in Shanghai.

On Feb. 4, 2020, investigators from the Fed's Office of Inspector General interviewed Rogers and asked if he had ever shared restricted Fed information outside the Federal Reserve Board. According to prosecutors, he replied, "Never."

"John Rogers deliberately lied to our investigators to conceal the fact he shared restricted non-public Federal Reserve information with intelligence agents working for China," Michael E. Horowitz, inspector general for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau, said in a July 15 statement.

'Abused His Position of Trust'

Prosecutors had sought a 60-month prison sentence against Rogers, saying he had "abused his position of trust," according to the sentencing memorandum.

"He knew that the restricted information he provided to the PRC government could allow it to make untold sums of money by trading with its roughly $1.5 trillion in U.S. Treasury securities and related instruments," prosecutors wrote, using the acronym of China's official name, the People's Republic of China.

After leaving the Fed, he became a professor at Fudan University. According to the sentencing memorandum, he earned at least $900,000 in salary and grants from Fudan University from February 2022 until his arrest in January 2025.

In exchange for the restricted information, Rogers received "tens of thousands of dollars in benefits," and told investigators that he "owe[d] everything to" Lee.

"Through Hummin Lee, the PRC provided the defendant with a new wife, a new family, money, friendship, and professorships at prestigious universities," prosecutors wrote.

Prosecutors argued that a 60-month sentence would serve as a general deterrent because Beijing is known for recruiting current and former U.S. government officials with access to sensitive information.

"The recruitment pattern the evidence established in this case - a foreign intelligence service cultivating a target over years through the gradual development of personal affection and indebtedness, before progressively tasking the target with increasingly sensitive intelligence collection - is not unique to the defendant," prosecutors wrote.

Rogers's lawyers, in their sentencing memorandum filed in May, asked the court to sentence him to time served, noting that he had been detained for more than 16 months, citing his poor health and "regrets [for] having provided an incorrect and imprecise answer" during his 2020 interview with investigators.

"Dr. Rogers recognizes that such conduct is wrong for a federal employee in a position of trust and he regrets having made the statement," his lawyers wrote.

The Epoch Times contacted Rogers's lawyers for comment but didn't receive a response by publication time.

Tyler Durden Thu, 07/16/2026 - 23:25

These Are The Highest-Paying College Majors

These Are The Highest-Paying College Majors

College is one of the largest investments many people make, and a student’s field of study can shape its long-term financial return.

Which Majors Earn the Most by Mid-Career?

The chart below, via Visual Capitalist's Srijaa Chatterjee, ranks college majors by median mid-career wage.

Data from the Federal Reserve Bank of New York compares median wages across dozens of college majors for workers ages 35 to 45.

Engineering and technical disciplines dominate the upper end of the ranking. Alongside the three leading majors, electrical engineering pays a median of $123,000, while computer science, construction services, and mechanical engineering each reach $120,000.

Economics, finance, and business analytics are among the highest-ranking fields outside engineering and computer science, with median wages of $115,000, $112,000, and $109,000, respectively. At the other end of the ranking, several education-focused majors have median earnings between $52,000 and $62,000.

These differences can compound substantially over time. Even a gap of tens of thousands of dollars per year can translate into significantly different lifetime earnings, savings, and investment opportunities.

How Much Does Your Major Matter?

The spread between the highest- and lowest-paying majors exceeds $80,000 annually, suggesting that field of study can have a substantial influence on long-term earnings. While this ranking focuses on workers in their mid-career, we also examined which college majors earn the highest salaries right after graduation, highlighting how pay differences begin early and evolve over time.

Research from the Federal Reserve has found that both a student’s major and institution can affect labor market outcomes, partly by shaping access to higher-paying employers and industries. Majors tied to specialized technical skills may also command higher wages because employers have a smaller pool of qualified candidates.

Salary outcomes are not predetermined, however. Industry, location, work experience, internships, professional networks, and certifications can all influence a graduate’s earnings trajectory.

What About Humanities and Graduate School?

Some studies have argued that humanities graduates can narrow earnings gaps later in life as communication, management, and analytical skills become more valuable. In the current data, however, engineering, computer science, economics, and finance remain the clear leaders in median mid-career pay.

Graduate education can also change the equation. For students pursuing advanced degrees, an undergraduate major may be only one factor shaping future earnings. Professional credentials in law, medicine, business, and specialized technical fields can significantly alter career outcomes.

Salary is also only one consideration when choosing a major. Personal interests, job satisfaction, work-life balance, and career flexibility all matter. Still, for students evaluating the financial return on a degree, field of study remains an important part of the equation.

Want to explore more education and labor market data? Check out Most Underemployed College Degrees on the Voronoi app.

Tyler Durden Thu, 07/16/2026 - 23:00

Watchdog Uncovers Over $750 Million In Improper Unemployment Insurance Payments In New York

Watchdog Uncovers Over $750 Million In Improper Unemployment Insurance Payments In New York

Authored by Naveen Athrappully via The Epoch Times,

The Department of Labor and its Office of Inspector General (OIG) have deployed a joint federal strike team to New York to address "rampant" unemployment insurance fraud plaguing the state.

People queue in line at the James Weldon Johnson Community Center where they are holding a job fair in Harlem, New York, on Aug. 15, 2012. Benjamin Chasteen/The Epoch Times

"New York ranks among the worst states for unemployment insurance (UI) fraud exposure," the OIG said in a July 13 statement.

New York accounted for more than $750 million in improper unemployment insurance (UI) payments and $507 million in fraudulent payments last year. Almost $2 million is lost every day to improper payments and fraud in the state.

Investigators will work together with the Labor Department's strike team members to identify, stop, and recover fraudulent UI payments, OIG said. They will conduct targeted reviews and pursue criminal and civil probes of suspected fraud networks.

"New York is stealing from the American people every single day - draining their hard-earned tax dollars through rampant unemployment insurance fraud and improper payments," Labor Department Inspector General Anthony P. D'Esposito said in a statement.

In September 2022, New York Gov. Kathy Hochul announced a crackdown on UI fraud after the state's Labor Department identified more than $11 million in fraudulent payments in August that year.

In October 2025, Hochul announced raising New York's maximum weekly UI benefit payments from $504 to $869, according to an Oct. 8, 2025, statement from the governor's office.

The Epoch Times reached out to the New York State Department of Labor and Hochul's office for comment, but did not receive a response by publication time.

Unemployment Insurance Fraud

The OIG announcement of deploying a strike team to New York comes almost a month after acting Secretary of Labor Keith Sonderling issued letters to governors of 53 U.S. states and territories, demanding "immediate action" be taken to combat fraud, abuse, and waste in the unemployment insurance program, the Labor Department said in a June 17 statement.

New York has one of the highest improper unemployment insurance payment rates in the nation, exceeding 20 percent, the department said.

Meanwhile, California owes the federal government more than $20 billion following years of fraud and other issues in its UI system. Illinois has improperly paid out more than $320 million, with the improper payment rate exceeding 14 percent.

If the states allow fraud and abuse in the unemployment insurance program, they will "suffer the consequences," Sonderling said. "This department is no longer afraid to use every lever available to ensure taxpayer money is protected."

In its July 12 statement, the OIG said the strike force deployment in New York was in line with recovery efforts led by President Donald Trump and Vice President JD Vance's White House Task Force to Eliminate Fraud.

The task force has "already helped recover hundreds of millions in fraudulent UI funds and strengthened program integrity across multiple states," the OIG said.

Established through a March 16 executive order signed by Trump, the task force seeks to recover billions of dollars stolen from U.S. taxpayers. Officials estimate that roughly $300 billion is stolen from government programs by fraudsters each year.

Both Sonderling and D'Esposito serve on the White House Task Force to Eliminate Fraud, according to a May 13 statement from the department.

The statement cited California, Illinois, Massachusetts, New Jersey, New York, and Pennsylvania as having some of the "most problematic state unemployment-insurance programs."

Combined, the six states account for almost $19 billion in annual unemployment insurance benefit payments. In fiscal year 2025, these states issued more than $2.6 billion in improper UI payments, the department said.

Tyler Durden Thu, 07/16/2026 - 21:45

"The Killer Chokepoint": China's Rare Earth Squeeze Is Reshaping The Global Economy

"The Killer Chokepoint": China's Rare Earth Squeeze Is Reshaping The Global Economy

Artificial intelligence may be driving headlines, but one of its biggest vulnerabilities is an obscure metal that few people have ever heard of. Yttrium, a rare earth element first identified more than two centuries ago, has quietly become an essential ingredient in advanced semiconductor manufacturing, according to the Financial Times. As demand for AI chips accelerates, securing reliable access to the metal has become a growing strategic concern.

"We're in the middle of a sea change in terms of how the global economy works."
— Daniel Yergin, vice-chair of S&P Global, describing the shift away from purely efficiency-driven global supply chains.

That concern stems from a simple reality: China dominates the processing and supply of yttrium, along with many other niche metals that modern industries depend on. Over the past several years, Beijing has tightened export restrictions on a number of critical minerals, giving it increasing leverage over global supply chains at a time when geopolitical tensions with the United States remain elevated.

FT writes that while gallium and germanium have received much of the public attention because of their roles in defense systems and electronics, industry executives increasingly argue that yttrium may represent the bigger long-term problem. One semiconductor supplier called it "the killer chokepoint," warning that the industry faces "an existential risk" until alternative supply chains are fully established.

The uncertainty has triggered a rush among manufacturers to secure inventory wherever they can find it. Companies involved in defense, automotive production and semiconductor manufacturing have reportedly been scrambling for supply, with some executives warning that production could begin slowing or even halting before the end of the year if shortages worsen.

Ironically, the West helped create today's imbalance. Decades ago, many countries were happy to outsource mineral processing because it was expensive, environmentally challenging and labor intensive. China invested heavily instead, building refining capacity and subsidizing production while much of the rest of the world allowed those industries to disappear.

The warning signs were visible long before today's trade disputes. Beijing demonstrated its willingness to use rare earth exports as geopolitical leverage during a dispute with Japan in 2010, but many manufacturers continued relying on Chinese suppliers because the economics remained difficult to match elsewhere. Cheap Chinese production became deeply embedded throughout global manufacturing.

"Thirty years ago, [the west] wanted China to do all the processing of these minerals. We didn't want it because it was too polluting. The west handed over the opportunity."
— Tim Biggs, professor at the Camborne School of Mines.

Rather than imposing outright bans, China now largely controls exports through a licensing system that determines who receives shipments and when. Companies say approvals often arrive unpredictably, making it difficult to manage production schedules or plan inventory. The uncertainty has encouraged widespread stockpiling, sending prices sharply higher across several specialty metals.

Western governments are now racing to reverse decades of dependence. Billions of dollars are being directed toward new mining projects, processing facilities and strategic stockpiles in an effort to rebuild domestic supply chains. Policymakers increasingly frame critical minerals as a national security issue rather than simply an economic one.

Even so, rebuilding the industry will take years. New mines require enormous capital, lengthy permitting processes and significant infrastructure before they can begin producing. Industry executives also caution that if too many projects eventually come online at once, markets could swing from shortages to oversupply, undermining the economics of the very investments governments are trying to encourage.

The fight over AI leadership, therefore, extends well beyond software, data centers and cutting-edge chips. It also depends on securing the obscure raw materials that make those technologies possible. After decades of prioritizing efficiency and low costs, governments and manufacturers are now discovering that resilient supply chains may prove just as strategically important as the innovations they support.

Tyler Durden Thu, 07/16/2026 - 21:20

How AIs Can Reinforce Our False Beliefs

How AIs Can Reinforce Our False Beliefs

Authored by Walker Larson via The Epoch Times,

A recent research paper uncovered an uncomfortable truth: we might be letting AI help us forge fake realities. It's just the latest reminder of the danger inherent in treating AIs as though they're conscious entities or actual persons.

A new study from the University of Exeter suggests that AI chatbots can actively engage with and strengthen users' false beliefs. From personal narratives to conspiracy theories, the interactive, "friendly," and affirming nature of AI chatbots can deepen users' existing delusions.

The study, conducted by Dr. Lucy Osler, examined how AI can participate in and validate users' errant beliefs, including helping form false memories or reinforcing delusional thinking.

The study's Abstract notes, "I suggest we move away from thinking about how an AI system might hallucinate at us, by generating false outputs, to thinking about how, when we routinely rely on generative AI to help us think, remember, and narrate, we can come to hallucinate with AI. This can happen when AI introduces errors into the distributed cognitive process, but it can also happen when AI sustains, affirms, and elaborates on our own delusional thinking and self-narratives."

Because AI chatbots are designed to be responsive, helpful, and friendly - in a word, to give users what they want - they often tend to confirm preexisting biases, rather than challenging them when they need to be challenged. Conversely, when a user challenges an AI, the robot frequently backs down on its claims, revising them to correspond more with what it "thinks" the user believes or is arguing.

The result is that erroneous beliefs aren't simply transmitted from an AI to human - rather, the collaborative AI/human process generates and sustains errors in a more complex and potentially dangerous way than either agent on their own would be capable of.

As Dr. Osler stated in an article in University of Exeter News, "By interacting with conversational AI, people's own false beliefs can not only be affirmed but can more substantially take root and grow as the AI builds upon them. This happens because Generative AI often takes our own interpretation of reality as the ground upon which conversation is built."

Because AI simulates a conversational partner, it enters powerfully into our thinking process - far more powerfully than, say, a notebook or search engine. The AI introduces a pseudo-social element to the thinking process, offering us a sense of social confirmation of our beliefs and narratives. "The conversational, companion-like nature of chatbots means they can provide a sense of social validation - making false beliefs feel shared with another, and thereby more real," said Dr. Osler. For this reason, individuals who already feel isolated or ostracized are particularly vulnerable to this kind of AI affirmation.

The paper explores a few real-world situations where a generative AI system entered into an individual's thought processes in destructive ways. In 2021, a Replika AI companion named "Sarai" reinforced Jaswant Singh Chail's belief that he was a well-trained Sith assassin who needed to assassinate Queen Elizabeth II with a crossbow. The AI told him that he was "well trained," his plan was "viable," and that she was "impressed." At one point, Chail asked the AI, "Do you still love me knowing that I'm an assassin?" It dutifully replied, "Absolutely I do." The robot went on to assure him that he wasn't crazy and that, if he died, they would be united in death. Chail went ahead and actually attempted the assassination in December of that year at Windsor Castle and was jailed for it.

The study placed this incident under the broad heading of "AI-psychosis" - incidents in which users develop mental health problems due to their use of AI, such as parasocial attachments to chatbots or psychotic episodes induced by chatbot conversations.

Another incident cited involves Eugene Torres, who "talked" with ChatGPT about simulation theory (the idea that we live in a digital simulation of a world, not a real one). Torres said that the "conversation" sent him into a paranoid episode in which he believed he lived in an illusion. As the study notes, "Between Torres and ChatGPT, an increasingly elaborate understanding of reality 'as it really was' was generated through their on-going conversations." Torres, unlike Chail, had no prior history of psychotic thinking.

To combat all this, Osler calls for better safeguards on AI chatbots, through mechanisms like better fact-checking and reduced sycophancy.

But is that enough? The problem of AI's co-creating delusional beliefs has to do more fundamentally with our misidentifying AIs as conscious intelligences who can offer real judgments on our fantasies (such as telling us we are "well-trained" and "impressive"). Certainly, I favor more guardrails placed on chatbots. I would be in favor of eliminating their conversational tone completely, to help minimize the danger of personifying them - which is the first step toward confiding in them or seeking validation from them. It'd be better if they worked like highly advanced search engines (which is essentially what they are) versus conversational agents.

Most fundamentally, though, the way to avoid these problems is to return to an acknowledgement of the human soul and the uniqueness of human consciousness. Only by remembering - as a culture - that no amount of technological wizardry can replace the wisdom, insight, and consciousness of a human being can we completely illuminate these kinds of AI dangers.

Before becoming a freelance journalist and culture writer, Walker Larson taught literature and history at a private academy in Wisconsin, where he resides with his wife and daughter. He holds a master's in English literature and language, and his writing has appeared in The Hemingway Review, Intellectual Takeout, and his Substack, The Hazelnut. He is also the author of two novels, Hologram and Song of Spheres.

Tyler Durden Thu, 07/16/2026 - 20:05

What To Know About Iran's Pickaxe Mountain

What To Know About Iran's Pickaxe Mountain

Authord by the Institute for Science and International Safety (view PDF)

On July 13, President Trump made it clear that the nuclear-related Pickaxe mountain facility is on the U.S. target list. In an interview on the Hugh Hewitt show, the President stated, “We have eyes on it and Pickaxe mountain is a possible target for a nice big fat shot right in the front door…We’re watching Pickaxe Mountain very closely. We don’t see any activity there.” Trump finished the interview with a more definitive statement: “We're going to take out Pickaxe Mountain. Tell the Iranians to be ​ready.” The tunnel facility under construction has not been previously targeted in either June 2025 or 2026 war, aside from the destruction of a vehicle on a nearby spoil pile, which we believe was most likely associated with air defense.  Our assessment of satellite imagery to date is that the facility is not yet operational, but construction continues.

This nuclear-related site is south of the Natanz enrichment plant, part of a large perimeter secured site that includes another, smaller tunnel complex, initially built in 2007, which was expanded and hardened in recent years and sealed shortly after the June 2025 war. 

The large mountain harboring the main tunnel complex is called Kuh-e Kolang Gaz La, where Kolang translates to Pickaxe, resulting in today’s nickname of the site.  Construction of the Pickaxe mountain facility started in the fall of 2020, and at the time Iran announced that the underground halls were intended to replace the destroyed above-ground advanced centrifuge assembly facility at the main Natanz site. [1]  The destroyed site was designed to assemble about 6000 advanced centrifuges per year, a large capacity, sized to produce the tens of thousands of advanced centrifuges during and after the phasing out of Joint Comprehensive Plan of Action limits from 2025 through 2030.

The Pickaxe mountain site features two pairs of entrances leading under the ridge of the mountain.  They are assumed to lead to one facility, but this is not guaranteed.  The facility is estimated to be at least 100 meters deep under the mountain.  The mountain has a height of 1608 meters above sea level.  The difference in elevation between the eastern entrance and the mountain ridge is about 145 meters.  The difference in elevation between the western entrance and the ridge is about 100 meters [2].  The difference in elevation between the two sets of entrances of about 50 meters could also indicate that the facility has multiple levels. 

The physical defensive measures consist primarily of a large security perimeter and extensive tunnel entrance hardening.  In 2025, Iran started constructing a double (fence and wall) security perimeter with a patrol route surrounding the entire mountain and adjoining the Natanz Nuclear Complex security perimeter.  All four tunnel entrances are excavated in a channel of rock.  Two of the four tunnel portals feature entrance extensions with subsequent hardening. This includes layers of concrete and earth over the tunnel portal entrances.  Since the wars, Iran partially backfilled the pair of eastern tunnel portal entrances to obstruct ground vehicle access but did not seal them fully as previously noted at the 2007 tunnel, the Esfahan tunnel, or the Fordow underground enrichment plant.

It remains unclear when Pickaxe Mountain could be operational, based only on assessments of satellite imagery.  It is also unclear if Iran still plans on installing a large-scale assembly facility, given the destruction of Iran’s centrifuge program, including Iran’s ability to make centrifuge components needed for an assembly plant.  Nonetheless, if Iran starts to rebuild its centrifuge manufacturing capability, it could plan to install a smaller centrifuge assembly facility in Pickaxe Mountain able to serve a nuclear weapons program.  In addition to the originally planned centrifuge assembly plant, the space available under the mountain could be expected to be large enough to also hold a centrifuge enrichment plant capable of producing weapon-grade uranium.  It is likely large enough to also hold certain nuclear weaponization activities such as making weapon-grade uranium metal and shaping it into nuclear weapon components. 

Any operations inevitably have ties to the outside, including via imported equipment, power supply, ventilation, heating, cooling, construction personnel, operating personnel, and deliveries.  All of these connections to the outside present vulnerabilities that the U.S. and Israel would seem to be able to exploit.

The site, in its present condition, would be more suitable for ground forces to attack or sabotage like the destruction of the advanced centrifuge assembly center, which reportedly involved explosives that were brought into the facility during its construction.

However, vulnerabilities may also exist that can be exploited by deep earth penetrating weapons via aerial attacks.  These would be best identified in facility schematics. Schematics for the Pickaxe Mountain facility have not been seen publicly, however, schematics for two other prominent Iranian nuclear tunnel sites, Fordow and Shahid Boroujerdi, have been. These are two tunnel facilities built by Iran’s Amad nuclear weapons program and attacked in June 2025 and March 2026, respectively; both schematics showed ventilation shafts, and both facilities had ventilation shafts directly targeted in aerial attacks, a weak point that allowed greater internal access for earth penetrating weapons. 

In line with the attacks on these two sites, an attack on Pickaxe Mountain could target the above ground incoming power supply lines, the location of ventilation shaft(s) or equipment, and the open tunnel entrances.  The latest imagery from July 9, 2026, shows that the pair of western tunnel entrances remain open, leaving them vulnerable to both precision strike weapons or a ground operation entering the facility via those tunnels.  Air defenses appear easily overcome as was shown by Israel’s very early attacks on the Natanz enrichment complex in June 2025 and two separate attacks in March-April 2025.  Airstrikes targeting solely the hardened tunnel portal entrances, without shockwaves or blast impact affecting the facility, would likely only temporarily deny Iran access and would add Pickaxe mountain to the list of facilities to be watched closely for Iranian attempts to regain access.   

Figure 1 below shows an overview of the site. Figure 2 shows potential ventilation shaft locations. Figure 3 shows the probable ventilation shaft near the Eastern set of tunnel entrances under construction in 2024. 

Figure 1.  A June 30, 2026, Vantor Technologies image overview of Pickaxe MountainFigure 2.  A June 30, 2026, Vantor Technologies image of Pickaxe Mountain showing potential locations for ventilation shafts.  The one near the eastern tunnel entrance can be considered a “probable” location given the construction identified in 2024 and shown in Figure 3 below. Figure 3.  The probable ventilation shaft near the eastern tunnel entrances under construction in 2024.  Power is supplied to this location via an above-ground powerline that turns into a buried powerline. 

 

[1] David Albright, Sarah Burkhard, and Frank Pabian, “Looking for Evidence of the Construction of Iran’s New Centrifuge Assembly Plant,” Institute for Science and International Security, October 7, 2020, https://isis-online.org/isis-reports/looking-for-evidence-of-the-construction-of-irans-new-centrifuge-assembly. ; David Albright, Sarah Burkhard, and Frank Pabian, “Update on New Construction Activity at Natanz,”  Institute for Science and International Security, October 30, 2020, https://isis-online.org/isis-reports/update-on-new-construction-activity-at-natanz. 

[2]More conservative estimates done earlier in the construction process used a difference of 78 meters in elevation between the Western entrances and the mountain ridge. https://isis-online.org/isis-reports/irans-natanz-tunnel-complex-deeper-larger-than-expected. 

Tyler Durden Thu, 07/16/2026 - 17:40

Canada's Wildfire Management Failures Choke Millions Of Americans With Toxic Smoke

Canada's Wildfire Management Failures Choke Millions Of Americans With Toxic Smoke

Canada's wildfire management policies are once again falling short, as toxic smoke plumes blanket much of the northeastern US and drive air pollution to dangerously high levels. 

Air quality readings in cities including Detroit, Milwaukee, and Toledo exceeded 500, well above the 300 threshold considered unsafe. Chicago, Cleveland, Minneapolis, and Toronto also recorded unsafe levels, while conditions in Washington, Philadelphia, and New York deteriorated into unhealthy territory.

At this time of year, smoke from Canadian wildfires usually pours into the US, exposing tens of millions of Americans to dangerous air quality.

The recurring cross-border pollution is Canada's repeated failure to address wildfire prevention and mitigation adequately.

"Canada continues to fail to manage its forests. Controlled burns, thinning and clearing debris would go a long way toward preventing this from happening every summer," the conservative environmental nonprofit American Conservation Coalition wrote on X. 

It should be investigated whether arson or inadequate forest management has contributed to the wildfire chaos in Canada, which is imposing major health risks on the US. Much of the left-wing media points to climate change, while rarely covering forest management failures.

Tyler Durden Thu, 07/16/2026 - 17:20

Netflix & Spill: Streamer Smashed To 2 Year Low After Forecast Misses Across The Board

Netflix & Spill: Streamer Smashed To 2 Year Low After Forecast Misses Across The Board

It has been a brutal year for NFLX longs, who have seen their favorite stock slide in a straight line since last summer, erasing almost 50% from the July 2025 all time high of $134. And unfortunately for them, it appears this brutality isn't going to end any time soon after the company mangled its Q2 earnings moments ago, reporting mediocre earnings, but more importantly, projecting numbers that missed consensus estimates for both Q3 and and the full year.

First, looking at the historicals, we find results that just barely beat expectations, while US and Canada revenue outright missed.

  • EPS 80c, barely beating the est 79c, and up from 72c y/y
  • Revenue $12.56 billion, +13% y/y, barely beating the est $12.58 billion
    • US & Canada revenue $5.43 billion, +10% y/y, missing estimate $5.52 billion
    • EMEA revenue $4.03 billion, +14% y/y, matching estimate $4.03 billion
    • Latin America revenue $1.58 billion, +21% y/y, beating estimate $1.51 billion
    • APAC revenue $1.51 billion, +16% y/y, missing estimate $1.53 billion
       
  • Operating income $4.19 billion, +11% y/y, beating estimate $4.13 billion
    • Operating margin 33.4% vs. 34.1% y/y, beating estimate 33%
       
  • Cash flow from operations $1.74 billion, -28% y/y, missing estimate $2.93 billion
    • Free cash flow $1.53 billion, -33% y/y, badly missing estimate $2.72 billion... maybe they too are building a data center.

While historical were lously at best - it was the company's projections that spooked the market: the company projected revenue of $12.9 billion in the current quarter and earnings of 82 cents a share, both missing analysts’ expectations. And since most of Wall Street's attention had been on future performance, this was enough to send the stock plunging.

Q3 forecast

  • Sees EPS 82c, missing the estimate 84c 
  • Sees revenue $12.86 billion, missing estimate $13 billion
  • Sees operating income $4.27 billion, missing estimate $4.36 billion
  • Sees operating margin 33.2%, missing estimate 33.5%

Full year forecast 

  • Sees revenue $51 billion to $51.4 billion, saw $50.7 billion to $51.7 billion, midpoint missing estimate $51.38 billion
  • Sees revenue +13% to +14%, saw +12% to +14%
  • Still sees operating margin 31.5%, missing estimate 31.7%
  • Still sees free cash flow about $12.5 billion, missing estimate $13.09 billion

Commenting on the quarter, Netflix said it is "building out our ads business continues to be a top priority and we remain on track to deliver approximately $3 billion in ads revenue in 2026." While the collapse in free cash flow was surprising (and begs the question if NFLX is also building a data center), the company said it is continues to expect annual cash content spend to amortization ratio of ~1.1x.

Commenting on the latest price hike(s)- which now happen every quarter if not every month, the company said that "the results of our recent price changes are consistent with prior changes and our expectations." That bad, huh?

NFLX also said that it was "leveraging AI to provide a more personalized, immersive and interactive experience for members, enhance ads capabilities for brands, and improve the quality of our series and films."

Translation: crap content, now with even more slop.

As noted above, NFLX shares have plunged more than 40% over the last year, as the company’s pursuit of Warner Bros. Discovery and subsequent financial results have caused investors to realize that the leader in streaming has lost momentum. While Netflix still has more subscribers and viewership than any other paid streaming service, engagement has fallen off a cliff as growth in sales and hours spent on the service has been slowing.

If that wasn't enough, Netflix endured a months-long drought of new hits in the first half of the year, during which many returning shows struggled to retain viewers in the new seasons. That dry spell ended with I Will Find You, an adaptation of a Harlan Coben novel, which was Netflix’s most-viewed new original series this year, and frankly, was at best a 4 out of 10. 

Netflix has announced a flurry of new details with popular social media personalities in recent weeks, including YouTube stars Alan Chikin Chow and Nick DiGiovanni, and even touted its use of generative artificial intelligence on about 300 shows.

In other words, it has tried everything and still people are turning off. 

The company sought to reassure restive investors by outlining a plan to sustain growth in the coming years. It is investing in new kinds of programming, such as live sports and video podcasts. Podcasts are attracting more viewers during the day and on mobile devices while live programming has helped attract a lot of customers relative to its actual share of viewing, the company said.

“We are increasingly leveraging these tools to deliver higher quality output more quickly and at a lower cost than traditional methods,” the company wrote in its letter to shareholders. Netflix has resumed offering free trials in select markets as a test.

The amount of time people spend on Netflix grew 2% in the first half of 2026, a slight improvement over a year ago. The company said that was good, especially given the competition from the World Cup and Winter Olympics, which aired on other networks. Netflix also said it will now release its What We Watched report on show viewership annually, rather than twice a year.

None of that however is helping as markets look at the continued decline in growth and wonder, when does it end? Clearly not today with the stock plunging to a fresh 21 month low...

.... and set up for the ultimate head and shoulders pattern.

Tyler Durden Thu, 07/16/2026 - 16:44

The Odyssey Hullabaloo

The Odyssey Hullabaloo

Authored by Victor Davis Hanson via American Greatness,

Acclaimed British filmmaker Christopher Nolan's (The Dark Knight, Oppenheimer) newest film, The Odyssey, opens this week in the United States.

But controversy has already surrounded Nolan's adaptation of Homer's 2,700-year-old epic poem about Odysseus's 10-year struggle to return home after the Achaian victory in the decade-long Trojan War.

Some of the film's actresses have suggested that Nolan is offering a more feminist - and long-overdue - take on the ancient poem. Actress Lupita Nyong'o, in particular, has criticized Homer's purported sexism.

Perhaps her misreading of Homer stems from her admission that, despite receiving degrees from elite Hampshire College and Yale, the 42-year-old actress had never even read the Odyssey until she was cast in the minor dual roles of Helen and her sister Clytemnestra.

The Odyssey was composed orally sometime around 750-700 B.C., contemporaneously with the rise of the Greek city-state. Along with Homer's other epic, The Iliad, The Odyssey marks the inauguration of Western literature. Over the next three millennia, it came to be recognized as not only the earliest but also one of the most profound works of Western civilization.

Far from being sexist, Homer's Odyssey offers a timeless and diverse panorama of powerful, independent, and savvy women.

Take Penelope, the wife of Odysseus and queen of Ithaca. Unquestionably loyal to her missing husband, she outsmarts the bloodthirsty suitors who seek to force her into marriage and seize the kingdom through her steadfast courage and cunning.

She confounds them through a series of brilliant ruses, ultimately enabling her husband's revenge.

Far different, but equally independent and crafty, are the immortal sorceress Circe and the divine nymph Calypso, who both shelter, seduce, and eventually bond with Odysseus. Both ultimately release him to continue his tragic journey home. Together they serve as archetypes of unmarried women who choose to live magical lives on their own sexual, economic, and political terms.

Helen makes a cameo appearance in both the poem and the film. Her beauty is all-powerful and dangerously - even destructively - seductive. It prompts the Trojan boy toy Paris to kidnap her, win her over, and flee back to Troy, setting in motion the decade-long Greek expedition against Troy and the extraordinary effort to bring the beauty home to her cuckolded and vapid husband, King Menelaus of Sparta.

Without the help of the virgin goddess Athena - often regarded as the wisest, most stable, and most humane of the Olympian gods - Odysseus would never have reached home.

By the same token, among the kindest figures in the poem are Odysseus's loyal nurse, Eurycleia, Penelope's trusted confidante, and the young, innocent Phaeacian princess Nausicaa, who befriends Odysseus and ensures her parents' goodwill toward him, eventually securing his safe return to Ithaca.

The monstrous, man-destroying female Scylla and the Sirens are every bit as deadly, but far more astute than the cannibalistic and dimwitted Cyclops Polyphemus.

Far from being sexist, then, The Odyssey offers the earliest - and one of the finest - gallery of capable women in Western literature.

Controversy also arose from Nolan's casting of Kenyan-Mexican-American actress Lupita Nyong'o as a black Helen, contrary to the Spartan queen's ethnicity in Homer's poem.

Cultural appropriation is a heated but often inconsistently applied charge. (When white women wear dreadlocks, that is somehow deemed to be cultural appropriation; black women wearing blond wigs isn't?)

Yet there is a long history of directors using marquee actors to play characters of different races or ethnicities. British actor Laurence Olivier achieved fame by brilliantly playing Shakespeare's black Othello. Mexican-American and Irish Anthony Quinn portrayed a stunning Zorba the Greek. Burt Lancaster, Charles Bronson, and Audrey Hepburn all effectively portrayed Native American characters.

In the age of sophisticated makeup and costuming, great actors can believably play almost any role. Problems arise only when a literary or historical figure's race or gender is so central to the character that it permeates the entire narrative of the film, novel, or poem.

No white actor could play a believable Martin Luther King Jr. or Muhammad Ali. Nor could a black actor be believable as Abraham Lincoln. Nor could a woman realistically play James Bond - Ian Fleming's womanizing playboy and hypermasculine secret agent 007.

Now, in Nolan's defense, Helen is a minor figure in both the poem and the film version of the Odyssey. That she was white in the poem and black in the film does not undermine the adaptation of Homer's poem. But had Lupita Nyong'o perhaps played the key character of Penelope, then the glaring racial disparity might have introduced new and extraneous issues or distracted from the central narrative.

A final note.

The Odyssey is an embodiment of Hellenic culture - and still deeply revered in Greece as an iconic symbol of the ongoing national experience. Given the tradition of brilliant Greek actresses such as Irene Pappas or Melina Mercouri, Nolan might have employed at least one Greek actor or actress in an epic about the indomitable people of Greece.

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

American Naval Academy Cadets Prepare For War With Stoic Philosophy

American Naval Academy Cadets Prepare For War With Stoic Philosophy

Authored by Ret Admiral Cem Gürdeniz via Mavi Vatan Geopolitics,

The United States Naval Academy at Annapolis, which has trained officers for the U.S. Navy since 1845, reports directly to the Chief of Naval Operations (CNO). There is no separate Naval Education and Training Command within its chain of command. Today, Annapolis is not the Navy's only source of commissioned officers. The U.S. Navy also commissions officers through the Officer Candidate School (OCS) and the Naval Reserve Officers Training Corps (NROTC) programs conducted at universities across the country.

Each year, the U.S. Navy commissions approximately 2,500-3,000 new officers, of whom roughly 1,000-1,100 graduate from Annapolis. Although the Academy provides only about one-third of the Navy's annual officer intake, it produces a disproportionate share of its future strategic leaders, fleet commanders, and candidates for the position of Chief of Naval Operations (CNO).

In American naval culture, Annapolis graduates are known as "Ring Knockers." Their distinctive class rings symbolize far more than a shared educational background. They represent the strategic tradition, institutional memory, and elite leadership culture of American sea power. It is therefore no coincidence that Annapolis graduates have historically occupied a dominant position within the U.S. Navy's admiralty and its most critical command appointments.

The Foundation of Imperial Power Is Naval Power

Throughout its history, the backbone of American global and imperial power has been its navy. During the Second World War in particular, aircraft carriers, battleships, cruisers, destroyers, submarines, and millions of tons of ammunition produced by American industry on an unprecedented scale were employed by commanders educated at Annapolis in pursuit of U.S. political objectives. The naval supremacy achieved at the end of the war elevated the United States to global leadership not only in military terms but also economically and geopolitically.

Yet the strength of a navy cannot be measured solely by its ships, weapons, or technology. The decisive factor is the strategic culture, value system, and intellectual tradition that shape the officers entrusted with commanding that force. To understand American naval power, one must therefore examine the historical, philosophical, moral, and spiritual environment in which its officers are educated. This is precisely what makes Annapolis unique and significant.

Annapolis is more than a military academy; it reflects the American state, society, and strategic culture. For that reason, understanding the education provided there and the intellectual outlook of its graduates requires an examination of the political and social environment in which the Academy operates. In particular, the place of religion in American public life and its influence on politics constitute an important element of this broader cultural context.

Religion and Its Place in American Politics

Religion continues to play a significant role in American public life and politics and has become increasingly visible in recent years, particularly through conservative Christian circles and the evangelical movement. Unlike the stricter model of secularism found in much of Europe, the United States has traditionally adopted an approach that does not exclude religion from the public sphere. As a result, religious influence remains evident across many aspects of American society, from education to politics.

Following the strengthening of U.S.-Israel relations after 1967 - and especially during the period that gained momentum after the September 11 attacks - the influence of Christian Zionist circles, particularly evangelical Christians, on American policy toward Israel became increasingly pronounced. Especially within the Republican Party, support for Israel is viewed not only as a strategic necessity but also as a religious obligation rooted in biblical interpretation. During the recent Israel-Iran confrontation, religious services, sermons, and spiritual guidance provided by military chaplains in some U.S. military units reflected this broader trend.

The influence of religion is also visible at the U.S. Naval Academy in Annapolis. The campus contains nine chapels and spiritual support centers serving different faith communities. These institutions function not only as places of worship but also as centers for character development, ethical leadership, spiritual resilience, and the cultivation of the will to fight. Their presence demonstrates that religion has not been excluded from institutional life within the U.S. Armed Forces, rather, it continues to be regarded as one of the elements that strengthen morale, cohesion, and resilience. To fully understand the cultural environment in which Annapolis educates America's future military and political leaders, the continuing prominence of religion in American society must therefore be considered.

Stoic Training for American Naval Officer Candidates

In recent years, the U.S. Naval Academy has undergone a remarkable evolution in its educational philosophy. Alongside traditional military instruction, Stoic philosophy has been incorporated into officer education, introducing cadets to the works of Marcus Aurelius, Seneca, and Epictetus. The objective is not to promote a new belief system, but to develop leaders capable of making sound decisions under uncertainty, enduring hardship, mastering fear, exercising self-discipline, and demonstrating strength of character in combat.

This approach has moved well beyond theory. During the 2024 and 2025 Plebe Summer programs, the Academy introduced a six-week voluntary Stoicism course for incoming midshipmen. Participants learned to distinguish between what lies within their control and what does not; to regard adversity as an opportunity for character development; to confront the possibility of death and failure with composure; to value inner discipline over external recognition; and to judge events rationally rather than emotionally. In this context, Stoicism is taught not as an ancient philosophical tradition, but as practical preparation for the psychological demands of war.

This educational shift also reflects a broader transformation in the U.S. Navy's concept of leadership. At a time when artificial intelligence and autonomous systems are becoming increasingly central to warfare, the Navy seeks to produce officers who are not only technologically proficient but also capable of preserving sound judgment, emotional stability, and psychological superiority under the extreme pressures of combat. In the wars of the future, victory will depend not only on superior technology, but also on the character, resilience, and moral strength of those entrusted to employ it.

Why Stoicism?

Originating more than 2,300 years ago, Stoicism is a philosophy of life that teaches individuals to master their own minds in the face of events beyond their control. No commander can know with certainty what an enemy will do, how a war will unfold, or when death may come. In the face of such uncertainty, Stoic philosophy seeks to replace fear with reason, anger with composure, and despair with a steadfast sense of duty. Stoicism is therefore not a doctrine of passive fatalism but a philosophy for cultivating warriors capable of preserving their will and judgment under the harshest conditions.

This is precisely why Annapolis has reintroduced Stoicism into its curriculum. The objective is not to teach ancient philosophy for its own sake, but to equip future naval officers with the mental discipline required to make sound decisions under pressure, demonstrate psychological resilience, and remain focused on their mission regardless of circumstances.

This educational choice also reflects the U.S. Navy's evolving understanding of "spiritual readiness." The Navy seeks to unite personnel from different religious traditions - as well as those with no religious affiliation - around a common ethic of character, duty, and leadership. In this context, Stoicism provides a secular, non-sectarian framework for moral and character development that can serve as common ground for all. States may adapt to changing patterns of religious belief within society, but military institutions cannot rely on a shared faith alone. To prevail in war, they require officers who share a common character rather than a common creed.

The broader message Annapolis seeks to convey is that the wars of the twenty-first century will not be decided solely by artificial intelligence, hypersonic weapons, or autonomous systems. They will also be contests of the human mind, resilience, and the will to fight. Technology remains only an instrument of war; victory ultimately belongs to those who can employ it wisely under pressure, hardship, and uncertainty.

Perhaps no quotation captures this philosophy better than the words traditionally attributed to the Stoic Roman Emperor Marcus Aurelius: "Be like the rock against which the waves continually break; it stands firm while the raging waters are stilled around it." In war, what ultimately proves decisive is neither enemy fire nor violent storms, but the commander's ability to preserve clarity of mind and firmness of will. At Annapolis, young officer candidates are therefore taught a simple but enduring principle: first master your mind, then fight.

Change in American Society

The U.S. Naval Academy's renewed emphasis on Stoic philosophy represents more than an educational reform; it reflects the impact of profound sociological changes in American society over the past two decades on the nation's military institutions. As affiliation with organized religion has steadily declined - particularly among Generation Z - the number of Americans who identify with no religious tradition, commonly referred to as the "Nones," has grown rapidly. The leadership at Annapolis recognizes that a significant proportion of incoming midshipmen are no longer motivated by traditional religious references to the same extent as previous generations.

This trend is equally evident within the U.S. Navy itself. Approximately 40 percent of enlisted sailors do not identify with any religious tradition, while roughly 15 percent of newly admitted midshipmen at Annapolis report no religious affiliation. This demographic transformation has been one of the principal reasons for incorporating Stoicism into the Academy's broader concept of "spiritual readiness."

According to the U.S. Naval Academy, spiritual readiness is the inner resilience and moral strength that enable a warrior to perform his or her duty with honor under the most demanding circumstances. Rather than reinforcing a particular religious tradition, the Navy seeks to cultivate a shared ethic of character, duty, and commitment among personnel from diverse faiths - or from no faith at all. Consequently, Stoicism has become an integral component of the Academy's spiritual readiness program rather than simply another subject within ethics education. Combat readiness is thus understood in holistic terms, encompassing not only physical endurance, technical competence, and tactical proficiency, but also psychological resilience, moral character, and spiritual strength.

One of the most influential symbols of this philosophy is Admiral James Stockdale. After being shot down during the Vietnam War, Stockdale endured seven and a half years of imprisonment, torture, and solitary confinement in Hanoi. He later explained that his ability to preserve his mental resilience owed much to the teachings of the Stoic philosopher Epictetus. For this reason, Stockdale's experience continues to serve as one of the most powerful sources of inspiration for Stoic education at Annapolis.

This educational choice also reflects a broader feature of American strategic culture. As Samuel P. Huntington argued, military institutions cannot remain completely insulated from social change, yet they must preserve a distinct professional ethic if they are to retain their combat effectiveness. Annapolis' rediscovery of Stoicism is one of the clearest contemporary expressions of this principle. The objective is not to replace or diminish religion, but to place a universal, non-sectarian philosophy of character at the center of officer development, thereby preserving the timeless military virtues required for war in an increasingly diverse and changing society.

Fighting in the Mud

One of the enduring truths of war is that a nation can bomb a country for months, destroy its infrastructure, and exploit overwhelming technological superiority. Yet if it truly intends to impose its political objectives, occupy territory, or establish a lasting order, it must eventually send its young soldiers into the mud. This memorable observation by the American military historian T. R. Fehrenbach, written about the Korean War, captures the timeless essence of warfare. The ultimate measure of military success is not technological superiority alone, but a society's willingness to bear the human cost of war.

It is here that the fundamental distinction between a war for the homeland and an overseas geopolitical war becomes apparent. People are prepared to fight - and, if necessary, die - for their own land, their families, their nation, and their future. It is far more difficult to inspire the same level of sacrifice thousands of miles from home in pursuit of political objectives, energy routes, or geopolitical ambitions that are remote from their daily lives.

The great power competition of the twenty-first century will therefore not be determined solely by artificial intelligence, hypersonic missiles, or autonomous systems. It will also be a contest over how societies understand death, suffering, sacrifice, and the burden of prolonged war. The defining strategic question of the future is not simply who develops the most advanced technology, but which society remains willing to bear the costs of employing it over time. As throughout history, victory will ultimately belong not to those who possess the most sophisticated weapons, but to those whose people retain the determination to endure hardship, accept sacrifice, and, when necessary, continue fighting in the mud until the mission is accomplished.

Conclusion

The transformation taking place at Annapolis, US Naval Academy is far more than an educational reform. It reflects a profound shift in strategic thinking - one that recognizes technological superiority alone cannot guarantee victory in twenty-first-century warfare. The U.S. Navy is seeking to prepare the future warrior not merely as a master of artificial intelligence, hypersonic weapons, and autonomous systems, but as a leader capable of making sound decisions under uncertainty, maintaining psychological resilience, and remaining steadfast in the ethics of duty.

This transformation is driven not only by military necessity but also by the sociological evolution of American society. As affiliation with organized religion declines and individuals from diverse faiths - or from no faith at all - serve under the same uniform, the Navy seeks to cultivate a common will to fight based not on shared religious doctrine but on shared character and enduring values. In this context, Stoicism has regained relevance not as an ancient philosophical school, but as a secular framework for character formation suited to the demands of modern military leadership.

Ultimately, this reflects one of the timeless realities of war. Artificial intelligence may identify targets, autonomous systems may deliver firepower, and algorithms may accelerate decision-making. Yet none of them can overcome fear, embrace sacrifice, or choose to risk death in the fulfillment of duty. The decisive factor in future warfare will therefore remain not technology itself, but the mind, character, and fighting spirit of the human being who employs it.

Perhaps this is the true reason Annapolis has rediscovered Stoicism. The U.S. Navy is not simply developing new weapons; it is shaping the mindset of the future warrior. History has repeatedly demonstrated that victory belongs not to those who possess the most advanced technology, but to those who preserve their discipline, resilience, and will to fight under the harshest conditions.

Sources:

The Stoic Anchor: Expanding Spiritual Readiness at the U.S. Naval Academy, By Commander Matthew Krauz, U.S. Navy, and Marcus Hedahl, June 2026, USNI Proceedings

Improving Spiritual Readiness in the Navy, By Commander Matthew B. Krauz, U.S. Navy, December 2025, USNI Proceedings

Tyler Durden Thu, 07/16/2026 - 15:40

Iran Tells Houthis To Close Red Sea Energy Chokepoint If Trump Bombs Power Grid

Iran Tells Houthis To Close Red Sea Energy Chokepoint If Trump Bombs Power Grid

Yemen's Houthis have long warned of their ability to close the Red Sea oil route, but have by and large stayed on the sidelines of the expanding Gulf regional conflict which is focused on Iran since Operation Epic Fury began.

Things began changing dramatically this month, however, after Saudi warplane incursions into Yemen - which bombed Sanaa International Airport on July 13 - in an effort to prevent an Iranian commercial jet from landing there.

via Marine Insight

The Houthis responded by sending missile and drones on Saudi Arabian airbases and infrastructure, opening up the possibility of renewed Saudi-Houthi war (hearkening back to the more intense war of the prior decade).

Houthi rhetoric is growing, related to the US-Israel war on Iran:

The leader of Yemen’s Houthi movement has denounced US and Israeli collaboration as the source of the problems in the Middle East.

In a televised address, Abdel-Malik al-Houthi also blamed Saudi leaders for advancing US and Israeli objectives in the region. “The United States and Israel are the source of evil and instability in the world,” al-Houthi said.

In a rare moment of the now long-running conflict, on Thursday reports have emerged that Tehran is actively requesting that the Houthis join the war in the scenario that Washington begins attacking Iran's power infrastructure.

This is after President Trump told Fox News on Tuesday evening that "Next week it gets really bad for them because next week comes the power plants."

"Next week comes the bridges. We’re going to knock out all their power plants. We’re going to knock out all their bridges unless they get to the table and negotiate," he warned.

But according to Reuters, Iran still has another escalatory card of its own to play:

Iran has asked Yemen’s Houthi rebels to stand ready to close the Red Sea oil route if the United States strikes Iranian power infrastructure, three sources told Reuters on Thursday, posing a potent new threat to global energy supplies.

The idea has been discussed within the Islamic Republic’s leadership, and the message has been conveyed to Iran’s Houthi allies, two senior Iranian sources and a regional source familiar with the matter said, speaking on condition of anonymity. The sources said the Houthis had been informed recently of Tehran’s request, which has not been previously reported.

It's long been reported that the Houthis have indeed been making preparations to attack shipping by deploying missiles and drones near Bab el-Mandeb Strait, which is the crucial entry point to the Red Sea.

This could obviously greatly exacerbate the global energy crisis - and would likely set off a new round of regional escalation - which might also see Houthi missiles once again targeting southern Israel, but also Saudi Arabia and the GCC allies.

Tyler Durden Thu, 07/16/2026 - 15:20

Cameco And Brookfield Positioned To Lead New Jersey's $24 Billion Nuclear Build Out

Cameco And Brookfield Positioned To Lead New Jersey's $24 Billion Nuclear Build Out

New Jersey has launched a competitive procurement process for new nuclear capacity under the Power New Jersey Act signed last month. The framework targets at least 1,100 MW of electrical power (MWe) at pre-approved sites and carries an estimated $24 billion price tag. 

Westinghouse's AP1000 reactor sits coincidentally at about ~1,200 MWe.

State officials are emphasizing shovel-ready locations and lessons learned from earlier projects to accelerate deployment. Federal financing tools that can cover up to 80% of costs are expected to play a central role, such as from the DOE's Energy Dominance Financing Office.

This state move sits squarely inside the larger federal nuclear effort we have tracked since last fall. We reported in detail on the $80 billion strategic partnership between the U.S. government, Cameco, and Brookfield to advance up to 10 Westinghouse AP1000 reactors. Cameco leadership later indicated the combined opportunity across Department of Commerce and Department of Energy channels could reach as many as 20 AP1000 units. 

Several utility pairs already sit in advanced planning stages, with work progressing on long-lead items and financing models that range from federal build-own-operate structures to support for existing operators.

While state officials and the current procurement documents continue to describe the effort as targeting 1,100 MW, the underlying economics and signals from the federal side point to something larger. 

Cameco (and MIT) has been clear that meaningful cost reductions are likely to appear on the third and fourth AP1000 units, and the DOE’s broader program has consistently favored paired reactor deployments that allow shared infrastructure, long-lead procurement, and supply chain efficiencies. 

Given that the PSEG Early Site Permit already authorizes two units at the site, the publicly stated 1,100 MW floor may simply be the minimum the process is required to deliver while the actual project that clears the competitive negotiation ends up being a full two-reactor plant once the federal financing package and execution commitments are locked in.

Cameco and Brookfield bring distinct advantages into the New Jersey process. Their controlling stake in Westinghouse, combined with direct involvement in the federal large-reactor program and Brookfield's separate partnership with The Nuclear Company to scale deployments, positions them to handle the capital intensity and leverage federal backstops at scale. 

The state's preference for proven large-reactor execution over unproven SMR designs at this stage further aligns with their strengths.

Cameco shares have posted gains of roughly 24% over the past year as the nuclear investment case gained traction. Near-term trading has been more mixed, with some pullbacks coinciding with the momentum trade that nuclear has trended with over the past couple years.

Tyler Durden Thu, 07/16/2026 - 14:45

The Six Vectors Of Gold Remonetization Revealed

The Six Vectors Of Gold Remonetization Revealed

Authored by Ronnie Stoeferle via VonGreyerz.gold,

A look at monetary history reveals that the question of “sound money” was never purely academic in nature but has always been of central importance for economic stability and social order. The past five decades of the pure fiat experiment are, measured against 5,000 years of monetary history, a brief anomaly. And anomalies tend to be corrected.

Our thesis of a remonetization of gold may seem bold at first glance, which makes a clear conceptual framework all the more important. Those waiting for the reintroduction of a classical gold standard will be disappointed: Governments have no incentive to voluntarily relinquish the fiscal and monetary flexibility that the fiat regime offers them. Rather, what is meant is a process in which gold regains monetary relevance. Not necessarily as money in the strict sense, but certainly as the ultimate reference asset for value, trust, and settlement.

This remonetization does not occur by decree, but through function; not through revolution, but through evolution; not a sudden fanfare, but a steadily rising crescendo. Paradigm shifts often creep in through customs, certainties, and economic necessities. Gold is not moving to the center of the system. Rather, driven by fiscal exhaustion, geopolitical fragmentation, and dwindling institutional trust, the system is moving toward gold.

What connects the following six vectors is a shared underlying structure: At each of these junctures, gold regains a key role as a store of value and a safe haven. Not all vectors will become reality simultaneously or in their entirety, but several parallel channels should suffice to sustainably strengthen gold’s monetary relevance. 

The six vectors Vector I: Reserve Function & Sovereignty

Ever since the freezing of Russian reserves in 2022, it has become clear to many market participants that fiat reserves carry not only market risk but also political risk. Gold is the only major reserve asset without issuer risk. Repatriations in Germany, Poland, the Netherlands, and most recently France underscore this trend.

Vector II: Private Remonetization

Not only governments but also institutions are rediscovering gold as a store of value. Pension funds, family offices, insurance companies, and sovereign wealth funds have often held only minimal gold allocations to date. Even small shifts away from the global bond market could trigger enormous demand. Gold is thus evolving from a tactical allocation to a strategic liquidity reserve, from a “satellite” to a “core” investment.

Vector III: Accounting & Recapitalization

Gold functions not only as a reserve but also as an accounting lever. Since 1999, the Eurosystem has regularly valued gold at market prices; the resulting revaluation reserves effectively act as equity. In the US, too, the debate over revaluing gold reserves is gaining traction. In highly indebted countries, gold can thus become an instrument of silent recapitalization.

Vector IV: Anchoring Through Gold-Backed Bonds

Gold-backed government bonds could strengthen confidence and lower financing costs. Proposals such as those by Judy Shelton show that what is at stake is not a new gold standard, but a credibility standard. The difference between an unsecured government bond and a gold-backed one is similar to that between a promise and a pledge.

Vector V: Western Central Banks as Buyers

The major gold buyers in recent years have come primarily from emerging markets. The next phase could begin if Western central banks with low gold holdings—such as Canada, Japan, Australia, or the United Kingdom—replenish their gold reserves. Even moderate target reserves would generate demand equivalent to one year’s worth of mine production.

Vector VI: Digitalization

Tokenization could solve gold’s historical transaction problem. Gold-backed tokens combine physical scarcity with digital transferability. This positions gold as a competitor to fiat payment systems and CBDCs. The key factor remains whether ownership rights, backing, verifiability, and insolvency resilience are robustly structured.

The vectors described do not operate in isolation. A rising gold price improves central bank balance sheets, facilitates policy reassessments, strengthens the appeal of gold-backed bonds, and increases interest in tokenized forms of gold. It is precisely these feedback loops that make remonetization not a single event, but a self-reinforcing process.

Remonetization is taking shape

We are by no means the only analysts pointing to the possible evolution of the monetary system. Zoltan Pozsar had already elevated the debate on a new world monetary order to a new level in 2022 with his article “Bretton Woods III,” against the backdrop of sanctions on Russian currency reserves. He concluded his remarks with the following forecast: “From the Bretton Woods era backed by gold bullion, to Bretton Woods II backed by inside money (Treasuries with unhedgeable confiscation risks), to Bretton Woods III backed by outside money (gold bullion and other commodities).”

There is no question in our minds that we are irrevocably on a journey toward a new global (monetary) order. It will require an internationally recognized anchor of confidence. For several reasons, gold appears to be predestined for this role:

  • Gold is neutral – it knows neither flag nor ideology and is thus free from geopolitical manipulation.

  • Gold has no counterparty risk – unlike any claim or digital account entry, it exists independently, without relying on the promise of a third party.

  • Gold is liquid – with a daily trading volume of around USD 330bn, it ranks among the world’s most liquid assets.

  • Gold cannot be multiplied at will – gold reserves have been growing steadily by around 1.8% per year for decades. This geologically determined supply discipline is the fundamental difference from any fiat currency.

The composition of global currency reserves shows how far remonetization has already progressed. For decades, US Treasury bonds formed the backbone of official portfolios. Since the global financial crisis, the trend has reversed: The share of US bonds held by foreign central banks is declining, while gold is gaining significantly again. Despite significant purchases, emerging markets still hold considerably less gold than Western institutions.

What Connects the Six Vectors: Feedback Loops

As different as these six vectors may seem, they share a common underlying structure. In every case, gold regains monetary significance precisely where the existing system relies on trust, the quality of collateral, or political neutrality. Gold is not becoming more relevant because it has been modernized. It is becoming more relevant because the weaknesses of the alternatives are becoming apparent.

Feedback instead of addition

The key point is that the vectors do not act in isolation but reinforce one another. The cycle reads like a self-reinforcing engine:

  • Accumulation (Vector V) and private demand (Vector II) drive the gold price.

  • A rising gold price improves central banks’ balance sheets (Vector III).

  • Improved balance sheets reduce political resistance to gold-backed bonds (Vector IV).

  • Gold-backed bonds legitimize gold as a reserve asset (Vector I).

  • A higher, legitimized gold price makes tokenized gold products more attractive (Vector VI).

  • Tokenization, in turn, increases demand – and closes the loop.

This positive feedback loop is the actual catalyst. Once a critical mass is reached, the process accelerates on its own. Remonetization is thus not a binary event but a gradual phase transition. It can begin with reserves, gain traction through private portfolios, become politically relevant through balance sheet logic, and open up new areas of application through technological innovations. Those waiting for one big bang will overlook the crucial point: Systemic turning points are not heralded by decrees but by changing practices.

An Overview of the Vectors

 

Arguments against the concept – and why we remain convinced

 

However, there are also factors that argue against the remonetization of gold. The following structural objections deserve serious consideration:

  • The cash flow argument: Gold generates no current income. As long as government bonds are considered risk-free, the institutional incentive remains limited. Counterargument: It is precisely this status that is eroding – see Vector III.

  • The systemic risk argument: An erratic rise in the price of gold would destabilize the debt-based monetary system. Political resistance to this stems not from a conspiracy but from rational politics of interest. Counterargument: An orderly process like the Eurosystem model is in any case more attractive to policymakers than market chaos – the question is not if uncontrolled, but when controlled.

  • The substitution argument: Gold could lose its collateral function to other assets, such as Bitcoin or tokenized commodities. Counterargument: Complementarity is more likely than substitution (see the Bitcoin discussion in Vector III).

What would have to happen for the remonetization thesis to fail? Three scenarios are conceivable:

  • Significant debt reduction through real economic growth or fiscal consolidation

  • Substantial geopolitical détente with the lifting of all sanctions and a return to multilateral cooperation

  • A technological breakthrough in CBDCs that renders gold obsolete as an anchor of trust

Each of these scenarios is possible on its own. However, it is extremely unlikely that they would occur in combination. Remonetization would fail only if several secular trends were to reverse simultaneously.

The burden of proof has shifted

The real flaw in the current debate lies in what is considered normal. Over half a century of fiat regimes has clouded historical memory: The unbacked paper money system is now regarded as the norm, while gold is seen as a relic. Historically speaking, it is exactly the opposite. The past 54 years are the anomaly, and 5,000 years of monetary history are the proper frame of reference.

The burden of proof, therefore, does not lie with those who consider a gradual remonetization plausible. It lies with those who claim that a historically unique fiat regime will be able to function permanently without resorting to monetary anchors.

Back to the monetary future – this is also the title of the 20th-anniversary edition of the In Gold We Trust report 2026. It is not a nostalgic throwback. It is the sober realization that the history of money is longer and more cyclical than a single political cycle. Gold is not returning because it romanticizes the present. It is returning because the present can no longer keep its promises.

The shadow gold price

Should gold return to the center of the monetary system, the question of price consequences inevitably arises. An exact valuation is, by nature, impossible, but analytical approximations at least give us an idea of possible orders of magnitude. The best-known concept is the so-called shadow gold price.

The shadow gold price refers to the theoretical gold price at which the base money supply would be fully backed by gold. In other words: The shadow gold price is the price level at which a return to a fully backed gold currency would be mathematically possible. We do not consider such 100% backing of M0, as is sometimes advocated, to be necessary; it would currently imply a gold price of USD 20,900 per ounce. During the era of the gold standard, the market forced central banks to maintain coverage ratios between one-third and one-half, which corresponds to a current gold price between USD 7,000 and USD 10,400 per ounce.

Let’s take it a step further and look at the global level. The international shadow gold price corresponds to the gold price that would result if the central bank gold reserves were to cover the money supplies of the leading currency areas – the US, the euro area, the UK, Switzerland, Japan, and China – weighted by their share of GDP. The result reveals the extent of monetary expansion: With 100% coverage of the broad money supply M2, the gold price would be just under USD 250,000; even at a moderate 25%, it would be over USD 60,000.

Tyler Durden Thu, 07/16/2026 - 14:30

NYC Council Grapples With Debate Over Bill To Ban Horse-Drawn Carriages

NYC Council Grapples With Debate Over Bill To Ban Horse-Drawn Carriages

Authored by Nicholas Zifcak via The Epoch Times,

The family of Romanch Mahajan delivered emotional testimony over video link and in person on July 15, during a New York City Council hearing about a law that would phase out carriage horse rides in Central Park.

Tearful aunts and uncles of the deceased 18-year-old urged city council to outlaw the horse-drawn carriage rides and spare other families the grief they are still struggling to cope with.

The law, renamed in honor of the teen from India who died on June 17, would stop the city from issuing new licenses and over two years phase out the horse-drawn carriage rides through Central Park by June 1, 2028.

Majahan was thrown from a carriage after the horse spooked and bolted during a ride with his family on June 17 during their visit to New York. At the time the carriage driver had stepped down to take a photo of the Mahajan family in the carriage. City law requires carriage drivers to hold the reins of horses at all times.

Testimony from the family was followed by city officials, animal rights activists, and the union representing carriage drivers, TWU Local 100.

On Tuesday, New York City Council Speaker Julie Menin announced her support for the bill in a video on X, calling the teen’s death “heartbreaking and infuriating,” and preventable. She said it’s time “to begin the transition away from horse-drawn carriages. “

Multiple past attempts to end the horse-drawn carriage rides in Central Park have failed. The previous bill, Ryder’s law, introduced in 2022, was blocked by then-Speaker Adrienne Adams, according to former council member Bob Holden, who introduced the bill and attended Wednesday’s hearing to testify.

City Council members focused on how to help the 208 drivers navigate a career change and how to make sure horses are not sold for meat or end up pulling a carriage somewhere else.

Dr. Gabriel Cook, a veterinarian who was hired by carriage owners to look after the health of their horses, said the bill would be a death sentence for the horses. He said many horse retirement sanctuary facilities struggle financially and are not necessarily a better environment for the horses than their current stables.

Council Member James Gennaro of Queens berated city officials for lax enforcement of city law, demanding to know how many carriage medallions were revoked or suspended for violations in recent years.

“What have you done to enforce?” asked Gennaro when questioning Carlos Ortiz, the deputy commissioner at the city’s Department of Consumer and Worker Protection. Ortiz said there have been suspensions but could not provide exact numbers.

Gennaro favors reforming the industry and introduced a bill on June 11 that would require the city to study ways to improve safety for horses by such improvements as allowing pitching posts in the park to tie horses up and allowing them to start working at 7 a.m., when temperatures are cooler.

Ashley Byrne of People for the Ethical Treatment of Animals (PETA), echoed Gennaro’s argument of “little to no enforcement from the city,” leading to the injury and death of a long list of horses over the past several decades.

Gennaro challenged Byrne in a heated exchange about what PETA has done for horses after the death in June of carriage horse Deniz, which TWU Local 100 has said died from eating poisonous Japanese yew that the Central Park Conservancy had planted within reach of the carriage route. Gennaro said he organized a campaign and reached out to the Conservancy.

“What have I done about a plant?” Byrne shot back at Gennaro as the audience jeered the council member. But Gennaro’s allotted time was up.

Speaking on the topic on July 14, Mayor Zohran Mamdani expressed concern that adequate assistance be provided to carriage drivers, who would be put out of work.

“We support the spirit of the bill,” Mamdani told reporters, speaking at an unrelated press conference on July 14 in Inwood, Manhattan.

He suggested that the council do more to make sure drivers and stable hands employed in the industry find new employment.

Tyler Durden Thu, 07/16/2026 - 13:45

Goldman Slashes Global PC Shipment Forecast As Memory Chip Crunch Derails Upgrade Cycle

Goldman Slashes Global PC Shipment Forecast As Memory Chip Crunch Derails Upgrade Cycle

The global PC market is facing mounting pressure as a worsening memory-chip crunch, limited product availability, and consumers balking at higher prices threaten to deepen the downturn. These headwinds prompted Goldman analysts to "further trim" their PC shipment forecasts for this year and next.

"We further trim our global PC shipment estimates for 2026-27E, considering the near-term pressures of higher memory and CPU costs, and the flattening replacement cycle following the end of Win 10," said Allen Chang, a managing director and head of Goldman's Greater China Technology research team.

Chang continued, "We now expect global PC shipments to be down -14%/ -5% YoY in 2026E/ 27E, followed by zero growth in 2028E (vs. -10%/ +3%/ +3% YoY previously). Our updated PC shipment forecasts are 255m/ 243m/ 244m in 2026-28E, respectively."

Global PC Shipments: -14%/ -5%/ 0% YoY in 2026-28E

Global PC Revenues: -5%/ -2%/ +3% YoY in 2026 / 27E

PC ASP: increasing pricing due to specification upgrades and rising BoM

Global PC shipments: consumer vs. commercial

Chang noted that AI PCs are expected to remain a top growth driver:

We expect global AI PC shipments to reach 150m / 199m in 2026E / 28E (+15% CAGR), vs. 150m / 219m in our previous forecast, indicating 59% / 82% penetration of the total PC shipments worldwide. We expect global AI PC revenues to be US$169bn / 221bn in 2026E/ 28E (+14% CAGR), vs. US$169bn/ $226bn previously. We are positive on AI PC penetration ramp up in 2026E, with continuous introduction of new AI applications, such as OpenClaw and Seedance by Bytedance.

We expect global Gaming PC shipment to reach 26m / 28m in 2026E / 28E (+4% CAGR, vs. -2% CAGR for overall PC shipments), indicating 10% / 12% penetration of the total PC shipments worldwide. We expect global Gaming PC revenues to be US$46bn / $52bn in 2026E/ 28E (+7% CAGR, vs. +1% CAGR for overall PC revenues), riding on customers' rising specialized needs for PCs. We model global Gaming PC ASP to increase, driven by specification upgrades (report link), including graphic card platform upgrades, thinner design, AI features, silent mode, and long durability, which would bring better user experience when enjoying triple-A games.

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

Tyler Durden Thu, 07/16/2026 - 13:25

Senate Unanimously Votes That Sam Bankman-Fried Should Never Get A Pardon

Senate Unanimously Votes That Sam Bankman-Fried Should Never Get A Pardon

Authored by Micah Zimmerman via BitcoinMagazine.com,

The Senate passed a resolution on Wednesday stating that Sam Bankman-Fried should “under no circumstances” receive executive clemency, a rebuke of the FTX founder’s request that President Donald Trump commute or pardon his sentence.

The measure, S. Res. 772, cleared by unanimous consent, a procedure that adopts a resolution when no senator objects. It expresses the sense of the Senate that Bankman-Fried should receive neither a pardon nor a commutation, and it affirms the chamber’s commitment to “the rule of law and integrity of the United States financial system.” 

The resolution is nonbinding and does not limit the president’s constitutional power to grant clemency.

Senators Cynthia Lummis, a Wyoming Republican, and Ruben Gallego, an Arizona Democrat, sponsored the measure. The two serve as the top Republican and top Democrat on the Senate Banking Committee’s digital assets subcommittee. They introduced the resolution on June 17, days after Bankman-Fried filed a formal pardon application with the Justice Department.

Lummis is the crypto industry’s most committed advocate in Congress and has spent years drafting the legislation the industry seeks. On this measure she has led the push to keep one of the industry’s most infamous figures in prison. “He had his day in court,” Lummis said when she and Gallego introduced the resolution. Gallego’s statement closed with four words: “Keep him locked up.”

The text of the resolution states that Bankman-Fried’s 25-year sentence “reflects the extraordinary scale and deliberateness of his crimes, his lack of remorse, and the catastrophic harm inflicted upon millions of victims.”

Bankman-Frieds’ attempts to get out of jail

Bankman-Fried, 34, filed his petition on June 8. His application seeks a “pardon after completion of sentence,” a form of clemency that would not erase his conviction but would restore civil rights such as voting and jury service and lift barriers to licensing, employment, and housing after he leaves prison. 

He is not eligible for release until around 2044.

Trump said in a January interview that he had no intention of pardoning Bankman-Fried. During his second term the president has granted clemency to other figures tied to crypto and to online markets, including Binance founder Changpeng Zhao and Silk Road creator Ross Ulbricht, along with other white-collar offenders.

A jury convicted Bankman-Fried in November 2023 on seven counts tied to the collapse of FTX, a case prosecutors described as one of the largest financial frauds in U.S. history. American customers lost more than $8 billion. A judge sentenced him to 25 years in prison in 2024.

Bankman-Fried ran two companies at the same time. FTX was a crypto exchange, which holds customer money the way a broker does and is not supposed to spend it. Alameda Research was a trading firm he owned. 

He moved billions of dollars in FTX customer deposits to Alameda, which used the money for trades, venture investments, political donations, and Bahamian real estate. FTX’s software exempted Alameda from the rules that would have forced it to cover its losses like any other trader.

The arrangement came apart once Alameda’s balance sheet was found and reported that much of what the firm counted as assets was FTT, a token FTX had created and could issue at will. The collateral behind Alameda was, in effect, an asset its sister company had invented. The exchange Binance said within days that it would sell its FTT holdings, and the price of the token dropped.

Customers moved to withdraw their deposits, and FTX could not return the money because it was no longer there. The exchange filed for bankruptcy on Nov. 11, 2022.

CoinDesk was the first to report on FTX’s dubious balance sheets.

Tyler Durden Thu, 07/16/2026 - 11:05

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