Zero Hedge

With Dismissed Lawsuits And DOE Support, Holtec Delays Palisades Nuclear Plant Restart Further

With Dismissed Lawsuits And DOE Support, Holtec Delays Palisades Nuclear Plant Restart Further

Holtec announced last week that the major refurbishment projects at Palisades are complete.

Reactor vessel inspections, head penetration replacements, steam generator tube refurbishment, primary system decontamination, and operator training all wrapped up. New fuel now sits on site, ready for loading. The company called it a "watershed moment" and shifted focus to grinding through the remaining work.

Yet there is still no restart date…

     “Holtec International remains on track to restart operations at Palisades in October 2025

These are the comments provided by a Utility Dive article in 2025 after they spoke with Holtec’s International Director of Government Affairs and Communications Patrick O’Brien.

Needless to say, that date has passed. Starting earlier this year, the company pivoted to the vaguer line that Palisades would restart "when the plant is ready for long-term operations." CEO Kris Singh told the Financial Times he still expects the plant back this year, ahead of the March 2027 power supply contract. But "this year" is now half over with no firm schedule attached.

When the $1.5 billion DOE loan closed in 2024, expectations centered on a late 2025 restart. As the first deadline came to pass near the end of 2025 and the beginning of 2026, material issues, particularly with steam generators, had pushed the target into the middle of 2026. 

Each update added a few more months. Now the language has softened further into "steady progress" and "when ready." More than 5,000 individual work activities remain on the checklist. Most are described as routine maintenance, testing, inspection, and operational readiness items. 

The legal and financial pieces have at least moved forward. A federal court dismissed the environmental groups' lawsuit challenging the NRC exemption that allows a decommissioned plant to restart. 

Holtec is also preparing an IPO that multiple outlets peg at a roughly $10 billion valuation.

Palisades was always presented as the easiest restart project on the table. An existing plant on an existing site, with a recently operating license framework, the first major DOE loan guarantee, and novel NRC regulatory pathways created specifically to enable it. If any restart should have translated funding, approvals, and major refurbishment work into electrons on the grid without prolonged slippage, this was the one. 

The repeated movement of internal targets and the current shift to “when the plant is ready for long-term operations” instead makes reactor restarts look more uncertain and execution-heavy than simply licensing and building a new plant from scratch. That undercuts the core industry argument that restarts represent the lowest-risk, fastest path to new nuclear capacity.

Tyler Durden Sun, 07/12/2026 - 14:35

Clashing Over Saylor, Strategy, And Bitcoin's Biggest Risks

Clashing Over Saylor, Strategy, And Bitcoin's Biggest Risks

Submitted by QTR's Fringe Finance

Sometimes the best conversations happen after an argument.

That's exactly what unfolded this week when I sat down with fund manager Larry Lepard for a discussion that almost never happened. After disagreeing earlier in the week over my criticism of Michael Saylor, Strategy, and the company's evolving Bitcoin strategy, we decided to hash it out publicly in a podcast/debate. Stupid thing to get in the way of a friendship, right?

The result wasn't a shouting match. It was a substantive debate between two people who actually agree on more than they disagree. We both remain skeptical of today's euphoric markets. We both think most of crypto outside of Bitcoin is likely worthless. And we both believe Bitcoin deserves to be taken seriously as a macro asset.

Where we disagree is on Strategy. My argument was never that the company is headed for an imminent collapse. In fact, I acknowledged that its new Bitcoin monetization framework, dedicated cash reserves, and more disciplined capital allocation likely buy the company significant time while improving financial flexibility.

My concern is with management credibility. Earlier this year Michael Saylor insisted Strategy would not become a Bitcoin seller. Today, the company has sold Bitcoin as part of its capital management strategy while shifting its messaging toward liquidity and balance sheet flexibility. I also questioned why "Bitcoin Yield," once heavily promoted by both Saylor and CEO Phong Le, has largely disappeared from public messaging now that the metric has become less favorable. To me, consistency matters, especially when investors are being asked to trust management.

Larry's response was that I'm confusing adaptation with deception. He argued management simply adjusted after learning where the market's tolerance for leverage actually sits. Rather than signaling distress, he believes the company's new emphasis on liquidity strengthens the business and reassures investors that dividend obligations remain easily manageable.

His broader point was that the balance sheet simply doesn't support the bearish narrative. With roughly $6 billion of debt against tens of billions of dollars in Bitcoin holdings, Larry believes Strategy remains well insulated, even if Bitcoin suffers another major drawdown.

I pushed back by arguing that the entire bull case rests on assumptions continuing to hold. Bitcoin has never existed alongside equity markets this expensive, nor has there ever been a corporate treasury vehicle as large as Strategy simultaneously serving as one of the market's biggest buyers while now acknowledging it can also become a seller.

Leverage changes the equation. Every preferred issue, dividend obligation, and financing decision adds another layer that depends on Bitcoin continuing to appreciate over time. If Bitcoin performs as expected, those obligations remain manageable. If it doesn't, they become increasingly important.

Larry countered that I was overly focused on downside scenarios while overlooking Bitcoin's asymmetric upside. He pointed to prior drawdowns, increasing institutional adoption, ETF ownership, and long-term network growth as evidence that Bitcoin continues following the same path it always has.

One place we found plenty of common ground was on crypto more broadly. Larry argued most of the crypto ecosystem is ultimately worthless while Bitcoin increasingly resembles digital gold. I largely agreed, though I noted that a collapse elsewhere in crypto could still create broader risk-off pressure that spills over into Bitcoin and highly levered companies like Strategy.

The biggest takeaway wasn't who won the debate. It was that markets need more conversations like this. Healthy skepticism shouldn't automatically be confused with pessimism, and pointing out risks isn't the same as predicting disaster.

Larry remains convinced Strategy is one of the market's best long-term opportunities.I remain convinced that management credibility, leverage, and changing narratives deserve scrutiny. Reasonable people can disagree. That's exactly what made the conversation worth having.

Now you can watch the full debate 100% free and decide for yourself.

(WATCH THE FULL DEBATE, 100% FREE, HERE). 

--

QTR’s Disclaimer: Please read my full legal disclaimer on my About page hereThis post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.

This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions.

As of May 20, 2026 I personally no longer actively trade (read my story here). My investing/saving is done by recurring contributions mostly to sector ETFs and a few select equities, trusted third parties who oversee my accounts, and advisors. Such advisors or funds, through individual equities, options, index funds, mutual funds, ETFs, or other securities, may have positions in, exposure to, or holdings of names mentioned herein that I know nothing about. Basically, via index funds, ETFs and individual equities it is possible I could own, have exposure to, or not own anything at any point. As of the same date, May 20, 2026, in an attempt to lead a healthier lifestyle, I’ve also excluded myself from fantasy sports, sports betting, online and in-person casinos and prediction markets.

And all positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullshit my way through things easier.

The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.

Tyler Durden Sun, 07/12/2026 - 14:00

"The Same Monstrous Theme... Collectivism"

"The Same Monstrous Theme... Collectivism"

Authored by The Federalist Papers Project (@TheFederalist1) via X,

Ayn Rand was right when she wrote these words, and she is still right now.

“Fascism, Nazism, Communism and Socialism are only superficial variations of the same monstrous theme: collectivism.”

That is the part too many people refuse to understand.

These systems may use different slogans.

They may wave different flags. They may promise different futures.

One may speak in the language of nationalism, another in the language of equality, another in the language of compassion, another in the language of revolution.

But underneath the branding, the heart of the thing is the same.

The individual is pushed aside. The family is weakened. Faith is mocked or controlled.

Property becomes conditional. Speech becomes dangerous. And the State becomes the final authority over your life.

That is collectivism.

It always starts with beautiful promises. Free this, fair that, justice for all, power to the people. But somehow, every time, the people end up with less power and the rulers end up with more.

Why anyone would want this in America is beyond my understanding.

The only explanation that makes sense is that generations have been trained not to recognize the pattern. They were taught to hate capitalism, distrust liberty, and look to government as the answer to every problem. That did not happen by accident.

A free people cannot stay free if they forget what freedom is.

That is why this warning matters.

Rand was not saying these systems are identical in every historical detail. She was saying they all lead back to the same ugly principle, the group over the person, the State over the citizen, the collective over the individual soul.

Different heads.

Same beast.

And once that beast gets inside a nation, it does not leave quietly.

Tyler Durden Sun, 07/12/2026 - 12:50

Mexican President Seeking Legal Action Against The US Over Deaths Of Alien Migrants

Mexican President Seeking Legal Action Against The US Over Deaths Of Alien Migrants

Should foreign governments be allowed to support or fund lawsuits against the US government over its immigration and enforcement policies?  US sovereign immunity aside, the very idea of foreigners trying to influence American immigration law through indirect civil suits sounds insane.  Why, oh why, should Americans care what Mexico thinks?

To put the issue in context, it's important to understand that the Mexican government has been actively encouraging and enabling mass illegal immigration into the US for decades.  This strategy accomplishes a few things simultaneously:

First, the southern border acts as a steam valve for poverty stricken malcontents and criminals.  Mexican leaders like to have the option of leaving the door open to citizens crossing illegally into the US en masse because this means less mouths to feed, less strain on social services and less crime for Mexico. 

Second, the Mexican economy relies heavily on foreign remittances.  Illegals from Mexico enter the US, work under the table, then wire around $64 billion back home every year.  Mexico's annual federal welfare programs cost only $57 billion per year.  In other words, remittances from migrants in the US are bigger than Mexico's entire welfare budget.

It has become increasingly clear since Donald Trump took office in 2025 that far too many third-world countries are using the US as a cash cow for their own national economies.  And, they have been doing this primarily through illegal immigration, or, work visa and refugee loopholes.  Without Trump's migrant crackdown, this problem may have never been exposed to the wider public. 

Third, mass immigration acts as a destabilizing element in US politics and economics.  There are many socialist elements within Mexico, not to mention Central and South America, who would like to quietly sabotage the US to make way for "La Raza" - An ideological movement of Hispanic activists that wants to invade and reconquer North America. 

They aren't satisfied with simply bleeding the US for a trickle of wealth.  Rather, like any group of barbarians at the gate, they want to pillage the entire country because they live under the delusion that they're "owed" something.  This agenda, of course, relies heavily on progressive politicians staying in power in the US, which is not currently the case. 

Claudia Sheinbaum said on Thursday that her government plans to file criminal complaints in the U.S. regarding ​Mexican citizens who have died in immigration custody or while being targeted in anti-immigration ‌operations. The goal is to escalate these complaints while supporting civil suits. Fourteen Mexican nationals have died while in the custody of U.S. Immigration and Customs Enforcement, and three more died in arrest operations conducted by the agency, the Mexican government said.

The latest incident in Houston involved an arrest which was disrupted by a Mexican migrant who was not the original target of the operation.  Agents report that the man tried to ram them with his van while they were looking for a different suspect.    

Lorenzo Araujo, a Mexican immigrant who had lived in the United States without authorization for 35 years, was on his way to work with three other men.  When agents tried to stop the vehicle, the encounter quickly escalated when he allegedly tried to run them over.  An agent shot Mr. Araujo in the abdomen. He died at a hospital hours later.  Suspects generally only end up dead when they present a physical threat to ICE agents.   

Mexico's president intends to exploit these events as a way to rally lawfare operations.  She seems to believe that she can leverage against deportation policies by burying the Trump Administration in litigation.  She's not alone.  Democrats are also using similar tactics while ignoring the circumstances of the shootings and the self defense of immigration agents. 

When it comes to deportations, illegal immigrants do not have the same constitutional protections as American citizens.  Due process for migrants only involves identifying them as legal or illegal.  If they are illegal, then they can and should be kicked out of the country with haste.  No trial.  No jury.  No wasted time or wasted taxpayer money.

It makes no sense that Democrats under the Biden Administration can open the borders to millions of illegals without any legal checks and balances, then they demand that the Trump Administration pursue years of court cases to remove just a handful.

Meanwhile, it's obvious that Mexico's government has every reason to subvert the deportation process.  By labeling it a "human rights violation" and creating a legal fog, the Mexicans, like the Democrats, are hoping they can stall the accelerating deportations so that their economy can continue to benefit from the parasitic relationship they have with the US. 

Mexico's only goal is to create as many obstacles as possible with the expectation that Democrats will eventually return to power and open the floodgates once again.  

Tyler Durden Sun, 07/12/2026 - 12:15

'Witness List Expanding...': A Seth Rich Scenario

'Witness List Expanding...': A Seth Rich Scenario

Authored by James Howard Kunstler,

"Witness list expanding in multi-conspiracy probe out of Fort Pierce. . . ."

- Paul Sperry, Real Clear investigations.

The scene: February of 2027, a federal courtroom in Fort Pierce (St. Lucie County), Florida, the third day of trial in the RussiaGate matter.

Defendants seated on the right (from the judge’s vantage) are so numerous they require two tables, including John Brennan, James Comey, James Clapper, Andrew McCabe, Rod Rosenstein, Strzok & Page, Bruce Ohr, Lisa Monaco, Mary McCord, Christopher Wray, Marc Elias, and seven other former federal officials.

Former President Barack Obama and former Sec’y of State Hillary Clinton, named as “unindicted co-conspirators,” are not present in the courtroom for the sake of decorum. Former MI6 agent, the slippery Christopher Steele, purveyor of the infamous “dossier,” is on-the-lam, whereabouts unknown. The charges against the bunch are Seditious Conspiracy (18 U.S. Code § 2384), Conspiracy to Obstruct Justice (18 U.S.C. §§ 1503, 1512, 1519), Conspiracy Against Rights / Deprivation of Rights Under Color of Law (18 U.S.C. §§ 241, 242), Perjury (18 U.S.C. § 1621), Concealment (18 U.S.C. § 1001).

At 10:00 a.m., a “surprise” witness is ushered into the room...

Gasps erupt from all angles.

The witness is immediately identified by his snow-white hair and beard. Everybody sees it is Julian Assange. He is a surprise witness for security reasons. He has been flown from Sydney to New Delhi to Frankfurt, and finally to Miami in a US government airplane, the lone passenger.

Recall: in June 2024, Assange reached a plea deal with the US DOJ: guilty on one count of conspiring to obtain and disclose classified US national defense information. He was sentenced to sixty-two months (time served), crediting the approximately five years he had already spent in Britain’s Belmarsh prison while fighting extradition — but not counting the six years and ten months he was holed-up before that in the Ecuadorian embassy in London. There was no additional jail time, supervision, or financial penalty.

Assange is sworn and seated, led through preliminary questions as to his identity, place of residence, his former occupation running the news service known as Wikileaks, blah blah. The prosecuting federal attorney will now turn to the subject of one Seth Rich — remember him? The twenty-seven-year-old was working for the Democratic National Committee (DNC) in 2016 as Voter Expansion Data Director. At 4:00 a.m. July 10, 2016, Rich was found dead, shot twice in the back, on Flagler Place NW, in the Bloomingdale neighborhood of Washington, D.C., in what police called “a botched robbery.”

Rather bizarrely from a police procedural standpoint, Rich’s wallet, stuffed with money, his watch, and his cell phone remained on his person. Only his laptop was taken in the “robbery.” It has been a “cold,” unsolved case all these years.

Sometime before the murder, as early as Spring 2016, well before the Democratic party’s nominating convention, Assange’s Wikileaks received a large packet of information containing as many as 58,000 emails hacked out of the account of John Podesta, Hillary Clinton’s campaign chairman. The emails detailed many curious machinations inside the DNC that year, including sketchy efforts underway to derail Clinton’s rival, Bernie Sanders, excerpts from Clinton’s paid private Wall Street speeches (e.g., to Goldman Sachs), references to Clinton’s health problems, her private email server issue, various Clinton foundation dealings, and a lot of strange chatter about “pizza” and other mundane food items that would eventually spawn the “PizzaGate” story alluding to alleged child sex cult activities centered around John Podesta and his brother Tony.

It was quite a juicy load. But Wikileaks sat on it until just before the election. That spring and summer, Hillary was already laboring under the scandal about the private email server she had set up in her suburban Chappaqua, NY, home. She had apparently used it casually when she ran the State Department to conduct official government business, including classified information, instead of her official government email address. That itself was against the law, apart from what else the content of the Podesta email trove revealed. The FBI had been working the server case that spring, and just weeks before the convention, FBI Director Jim Comey made a big public show of exonerating Hillary, declaring incorrectly that he declined to prosecute — since it is not the FBI’s job to prosecute, only investigate, and for the DOJ to actually decide whether to prosecute. But he did add for the record that her doings had been “extremely careless.”

Anyway, Comey’s blunder became a low-grade scandal unto itself, colored by the suspicious meeting a month earlier between Bill Clinton and then Attorney General Loretta Lynch in her official airplane parked on the tarmac of the Phoenix airport. Both claimed they just talked about their grandchildren. Hence, Comey letting Hillary off the hook in July had the odor of a set-up. She was duly nominated July 26, 2016.

In October, 2016, Wikileaks began dribbling out the hacked Podesta emails they had obtained earlier that year, just in time for the election. To complicate things, the FBI and the New York City police were just then investigating former Rep. Anthony Weiner, husband of Clinton’s closest aide Huma Abedin, for sending sexually explicit messages to a minor. In the course of things, they obtained Weiner’s laptop, which was stuffed with 140,000 additional emails between Ms. Abedin and Hillary. Yikes!

On October 28, 2016 (eleven days before the election), Comey sent a letter to Congress notifying them that the FBI was reviewing these newly discovered emails to determine if they contained classified information (they did), in effect re-opening Hillary’s private server case. Comey later testified he felt obligated to inform Congress to avoid accusations of a cover-up close to the election. He called it a “no-win situation.” On November 6, 2016 (two days before Election Day), Comey announced the review found no new evidence warranting charges, reaffirming the July conclusion.

All of this intrigue revolved around the question of who, exactly, hacked those DNC emails. In June 2016, a cyber-security outfit called CrowdStrike, run by former FBI agent Shawn Henry, identified two Russian intelligence-linked groups — Cozy Bear and Fancy Bear — as responsible for the DNC hack. By that time, the Steele Dossier was already circulating between the CIA, the FBI, and the White House. The Russia collusion story (the RussiaGate hoax) was busy being born. Russia Russia Russia !!! It was all the people of the USA heard the whole four years of the first Trump term.

Which brings us forward to the courtroom scene, February, 2027, Julian Assange in the witness chair. The young lead federal prosecutor (one of several) in the room, finishes his preliminary questions and asks Assange: “Are you willing to tell the court now, who exactly was your source for the DNC emails?” Assange has kept it secret for all these years. But he had been very badly abused by some of the very US government officials who are sitting at the two defendant’s tables, and he is rather sore about all the years he had to hide out in the Ecuadorean embassy in London before the Americans induced the British authorities to stuff him in Belmarsh prison for another five.

“Yes,” he says placidly.

“It was a young man named Seth Rich. He copied it onto a thumb-drive directly from the DNC.”

And that is how all the bullshit about RussiaGate finally dissolves into a rancid cloud of sedition for the folks slumped in their seats on the defendants’ side of the courtroom.

Shout out to the valiant podcaster Mel K for pointing us in the right direction on this one.

Tyler Durden Sun, 07/12/2026 - 11:40

Ukrainian Expert Dismisses Trump Pledge On Patriot Missile License As Empty PR

Ukrainian Expert Dismisses Trump Pledge On Patriot Missile License As Empty PR

President Trump's declaration from the NATO summit in Turkey this week saying that he'll give Ukraine a license to produce Patriot defense systems has been met with a lot of skepticism, both among Ukrainians and internationally. 

"We’ll give them the right to make Patriots. We’ll show them how to do it," Trump had said. "I think they can produce them pretty quickly."

via Associated Press

Zelensky seized on the opening, telling reports on Thursday, "America has recognized Ukraine as a country that is ready to do this" and urged Ukrainian and American officials to now work "without pauses" to finalize the licensing arrangements.

Immediately the Associated Press raised some relevant questions, such as: What exactly would Ukraine be allowed to produce?... also while pointing out that under the best conditions, getting such production off the ground would take 'years'. It wrote:

Anatolii Khrapchynskyi, development director of the Fly Group Ukraine defense company, said Trump’s wording was ambiguous because he referred broadly to producing “Patriots,” without specifying whether he meant missiles, launchers, radar systems, command centers or components.

Missile production alone involves a vast supply chain, Khrapchynskyi said, with hundreds of companies making parts such as control surfaces, engines, guidance systems and communications equipment.

Following this, on Saturday Ukrainian economist and financial analyst Alexey Kushch - considered an expert of Ukraine's defense production - was cited in regional media as dismissing Trump's promise as mere empty PR.

His commentary is below, featured in Russian media:

"I think that was a marketing statement," Kushch said in an interview with Novyny. Live news website, referring to Trump’s pledge. According to him, only Semi-Knocked Down (SKD) production of Patriot missiles could be launched in Ukraine, using imported components. "Such production sites should be protected," the expert explained. "The whole of Ukraine is exposed to [enemy] fire, and missiles can even reach the Transcarpathian Region," he said. According to Kushch, Patriot production could be localized in his country only after the hostilities end.

"We don’t have a [Turkish] Bayraktar plant, or [German] Rheinmetall production either here yet," he added.

As for Trump's initial comments, he had also explained that American defense firms are already building "four plants" in the US and claimed that "all of our companies will be able to do this in two to three months."

There have notoriously been immense backlogs when it comes to Patriot production, and there's said to be great global demand among US allies, especially given depletions which have come as a result of the Iran war.

Tyler Durden Sun, 07/12/2026 - 11:05

"Planet's Strongest Heat Dome" To Bake America's Heartland

"Planet's Strongest Heat Dome" To Bake America's Heartland

What some meteorologists are calling the "planet's strongest heat dome" is set to build over America's heartland next week. Triple-digit temperatures are expected across the northern Plains, with dangerous heat pushing eastward into parts of the Mid-Atlantic.

"The planet's strongest heat dome will develop over the Intermountain West and Plains into next week," meteorologists Ben Noll wrote on X, adding, "This will produce rare levels of heat up to around 110 degrees in Idaho, Wyoming, Montana and the Dakotas. On Sunday, Billings, Montana, could be hotter than Phoenix!"

Meteorologist Jeff Berardelli also sounded the alarm, saying, "Whopper of a heat dome coming, and that's no exaggeration! In all aspects: size, longevity, and especially intensity this will be extreme. The heat dome should shatter all-time records for upper level pressure in the Northern Plain States." 

Bloomberg data for the Lower 48 show that forecast high temperatures will be comparable to those recorded during the last heat wave from late June into early July.

High temperatures in Washington are expected to reach 100F by midweek.

Temperatures in New York City are expected to reach the high 90s by Wednesday.

It is likely that the PJM Interconnection grid will withstand the second round of heat, as the Trump administration has made it a priority to ensure maximum power generation during hot days when cooling demand surges.

Beyond grid stability concerns during peak-load hours, attention will likely turn to agricultural markets as critical growing regions bake under extreme heat. Wheat futures in Chicago surged 3% on Friday. 

Tyler Durden Sun, 07/12/2026 - 09:55

"What Makes It Even Stranger...": Trump Describes Saturday Night Phone Call With Lindsey Graham Hours Before Senator's Death

"What Makes It Even Stranger...": Trump Describes Saturday Night Phone Call With Lindsey Graham Hours Before Senator's Death

Update (1815ET):

Officially, Graham died of an aortic dissection due to Arteriosclerotic Cardiovascular Disease, according to preliminary findings by the DC Medical Examiner - so who knows. An aortic dissection is characterized as a tearing of the aortic wall. 

Update (1135ET): President Trump has weighed in on Graham's death, telling Meet the Press that Graham called him in the 'early evening,' to tell Trump he was 'all set for the Save America Act,' and that it may have been the last call Graham made. 

"what makes it even stranger is that I got a call last night sometimes in, you know, the early evening, maybe in the 7:00's. And he called and he said, "We're all set for the Save America Act,"" Trump told host Kristen Walker. "He was pushing the Save America Act like crazy. He got back, said he just landed from Ukraine. I said, "That's a long trip to make.""

Graham notably toured a top secret Ukrainian 'Skyfall' drone factory (see more below) days before his death, where the country's deadly 'Baba Yaga' Vampire bomber drones are manufactured. He also announced an upcoming Russian sanctions package, and said that the US can learn a lot from Ukraine's UAV advancements.

"I believe that it would be a huge mistake for America not to cooperate with Ukraine in the field of drones. They are ready to help us, because we were ready to support Ukraine in the most difficult times," Graham said. 

When asked about a replacement for Graham, Trump said "I have somebody that I think would be great. But I don't want to say it now because, you know, it's too soon with Lindsey. I don't want to even talk about anybody. But I do have somebody that I think is really good."

International Response

In reaction to Graham's death, Ukrainian President Volodymyr Zelenskyy paid tribute, describing Graham as “a true defender of freedom and of the values that make our world safer.” He highlighted that Graham had visited Ukraine ten times during the war, noting they were in constant dialogue. Zelenskyy added that Graham had been working on key initiatives in recent weeks to advance peace, including stronger sanctions against Russia. Ukrainian Foreign Minister Andrii Sybiha called Graham a “true friend” and “one of the strongest voices” supporting Ukraine in its war against Russia. He praised Graham for pushing to bolster sanctions on Russia and for helping provide Ukraine with the means to defend itself.

NATO Secretary-General Mark Rutte described Graham as “a powerful advocate for America who believed strongly in the NATO Alliance” and noted that he was actively working to end Russia’s war against Ukraine.

* * *

Lindsey Graham, the Republican foreign-policy hawk from South Carolina, died abruptly on Saturday following what his office described as "a brief and sudden illness," according to a statement posted on X.

"On the evening of Saturday, July 11, U.S. Senator Lindsey Graham passed away from a brief and sudden illness. Senator Graham's family appreciates prayers at this time and asks for privacy during this incredibly difficult period," Graham's office said.

Graham had served in the Senate since 2003 and was seeking a fifth term. He was in Kyiv on Friday touring a major drone factory before returning to Washington, where he was scheduled to appear on NBC's "Meet the Press" on Sunday morning.

Emergency personnel responded to his home in Washington on a reported cardiac arrest on Saturday evening, according to NBC News.

President Trump commented early Sunday on Truth Social about the passing of the senator, calling him a "true American Patriot."

Trump said, "Senator Lindsey Graham, one of the greatest people and Senators I have ever known, is dead! He was always working, and was a true American Patriot. Lindsey will be greatly missed!!!"

To note, Graham was on an Iranian kill list. Just days ago, Trump said if he was assassinated, then "bomb them at levels never seen before." 

Graham was once a fierce Trump critic, denouncing him during the 2016 presidential campaign before transforming into one of his most loyal supporters. He also advocated a hard line against Iran and consistently backed a strong US military posture overseas.

Tyler Durden Sun, 07/12/2026 - 09:35

Tehran Declares Hormuz Closed, But Ships Are Still Transiting

Tehran Declares Hormuz Closed, But Ships Are Still Transiting

The Strait of Hormuz’s southern shipping channel remained open Sunday morning despite a sharp escalation in tit-for-tat attacks, with the US launching a third round of airstrikes on Iran and Tehran retaliating against US-linked targets across Arab Gulf states.

"Commercial traffic through the Strait of Hormuz continued at reduced levels, with vessels transiting via both the southern Omani corridor and the northern Iranian-controlled route," the Joint Maritime Information Center wrote in a note early Sunday.

JMIC added, "Traffic patterns continued to reflect operator caution following recent attacks."

US Central Command said the overnight strikes on Iran were to neuter its ability to attack commercial ships in the Hormuz chokepoint after a Cyprus-flagged container vessel was heavily damaged near the critical waterway. Iranian media reported explosions across key coastal and energy facilities, including Bushehr, Asalouyeh, and Bandar Abbas.

Our overnight US-Iran wrap detailed that Tehran retaliated with missile and drone attacks on US-linked military facilities in Jordan, Qatar, Kuwait, Bahrain and Oman. Qatar said it intercepted incoming missiles, while air-defense sirens were reported across several Gulf states. Read the report here.

Despite Tehran declaring the Hormuz chokepoint "closed until further notice," JMIC's update on the southern Omani shipping corridor and Bloomberg data show a trickle of activity, which may only suggest Tehran's total control of the strait is waning.

As for the normalization of tanker flows in the Hormuz chokepoint, the timeline now appears to be slipping. Many institutional desks had already priced in a gradual reopening and lowered their Brent and WTI forecasts (Citi was the latest), but that outlook now looks on hold.

 

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

US Population Growth Prospects Corrected Downwards

US Population Growth Prospects Corrected Downwards

The population of the United States is projected to keep on climbing beyond 2100. However, the rate of increase that can be expected until 2050 has been significantly corrected downwards over the last couple of years.

As Statista's Katharina Buchholz reports, according to the Congressional Budget Office, 349 million people live in the United States in 2026. In 2050, this is expected to have risen to 364 million. In 2019, previous to the coronavirus pandemic, the 2050 forecast had still shown a U.S. population of 389 million.

 U.S. Population Growth Prospects Corrected Downwards | Statista

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As seen in the data, U.S. population projections were substantially impacted by Covid-19, as the country experienced high excess mortality and projections kept being corrected downwards due to this fact. In the years when the pandemic subsided, forecasts showed higher expected population numbers again, while 2025 and 2026 projections trended lower once more. The latest 2026 forecast reached a new low compared to the previous years' ups-and-downs as U.S. net immigration fell majorly in 2025.

As a reversal of low birth rates seem more and more unlikely, immigration continues to keep U.S. population growth afloat. Immigrants have contributed more to it than net births have since the second year of the coronavirus pandemic. At this point, net births (births minus deaths) took a major hit from which they never fully recovered. The Congressional Budget Office expects U.S. net births to turn negative around 2030, at which point only immigration will be contributing to U.S. population growth.

But the U.S. population is not just growing slower, it is also aging in the process. While in 2026, there are 2.7 working-age Americans (25 to 64 years old) per one American aged 65 or over, this will have changed to 2.2 to 1 in 2056 as the big cohort of baby boomers continues to cross this age threshold. As a result, more strain is expected on safety net system like Social Security, Medicare or Medicaid.

Tyler Durden Sun, 07/12/2026 - 08:45

EU Eyes 2040 Electrification Target To Slash Oil and Gas Dependence

EU Eyes 2040 Electrification Target To Slash Oil and Gas Dependence

Authored by Charles Kennedy via OilPrice.com,

The European Commission is set to unveil next week an electrification target for 2040 in a bid to reduce the need for fossil fuels and strengthen the renewable energy sector in the EU, according to a draft proposal seen by Bloomberg News.

The Commission, the EU’s legislative arm, is expected to propose on July 17 a target for the share of electrification, still unspecified, as part of the energy consumption in the bloc by 2040.

“With decisive action at all levels, Europe can become the first electro-continent,” the European Commission said in the document seen by Bloomberg News.

This profound transformation will require investments and lead to savings and benefits well beyond the energy system, from clean tech manufacturers to the installation sector, from more modern and competitive industries to emissions and pollution reduction in European cities.”

Higher electrification rates could help the EU replace two-thirds of its gas consumption and halve its oil consumption, according to provisional EC estimates in the draft proposal.

The expected decline in fossil fuel consumption could reduce the bloc’s energy import bill by a total of $228 billion (200 billion euros), the EC reckons.

The EU’s current electrification rate is about 23% and has been stagnant at around this number for nearly a decade. At the same time, countries like China, Japan, and South Korea have exceeded a 30% electrification rate.

The EU currently has an implicit electrification rate target of 32.5% by 2030, according to estimates by clean energy think tank Ember based on the individual National Energy and Climate Plans.

The EU Electrification Action Plan, expected next week, would contain an “ambitious electrification target,” European Commission President Ursula von der Leyen said earlier this year.

The electrification target is expected to be expressed as a yet-to-be-defined percentage share of energy consumption by 2040, according to the draft document seen by Bloomberg News.

Tyler Durden Sun, 07/12/2026 - 07:50

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