Zero Rss

China Is Learning To Use Less Oil, And That's A Bigger Deal Than It Sounds

By Julianne Geiger of OilPrice.com

Three months into the biggest oil supply disruption in modern history, China appears to have discovered something that should make oil bulls at least a little uncomfortable.

It can get by on less fuel than anyone thought.

China's gasoline and diesel demand has been falling for years as electric vehicles gained market share and economic growth slowed. But the latest drop has surprised even seasoned observers.

According to Reuters, gasoline sales at Sinopec, China's largest refiner and fuel retailer, fell 8% year over year in April, while diesel sales dropped 6%. Goldman Sachs estimates that consumption of gasoline and related products may have fallen by as much as 20%.

China has slashed crude imports since the Iran war began, with May imports plunging 29% to 7.8 million barrels per day—the lowest level in eight years. Until recently, many analysts viewed those cuts primarily as a function of China's enormous oil stockpile and high crude prices.

Now another explanation is emerging: China may simply need less fuel.

Rail travel rose roughly 10% in March and April. Subway ridership continues to climb. Electric taxis are becoming increasingly common. Most notably, EV charging volumes surged 69% from a year earlier to a record high in April, according to the China Charging Alliance.

That shift comes as China's refiners are already grappling with weaker economics. Sinopec cut refining runs earlier this year as Middle Eastern supply disruptions squeezed crude availability, while Beijing has sharply reduced fuel exports to preserve domestic supplies.

The property downturn isn't helping either. Diesel demand from construction, long one of China's most reliable sources of consumption growth, continues to weaken as projects stall and budgets tighten.

The question now is whether the trend sticks.

China's refiners can only draw on inventories for so long. The country still maintains one of the world's largest crude stockpiles, but even a billion barrels eventually run out. At some point, imports will need to recover.

What remains unclear is whether gasoline demand will recover with them.

For decades, China's economic growth was one of the oil market's most dependable bullish arguments. Today’s reports may have some rethinking the strength of that argument.

Tyler Durden Fri, 06/12/2026 - 06:30

BofA Sees "Runaway Price Risk" In Spot Sulfur As Global Supply Chain Freezes

Sulfur is a critical industrial input produced as a byproduct of oil refining and natural gas processing. With roughly half of the world's seaborne sulfur trade trapped behind the Hormuz maritime chokepoint, another 15% stuck in Kazakhstan due to export-logistics blockades, and demand destruction still insufficient across global markets, Bank of America analysts warn that spot sulfur prices have further upside potential.

Matthew DeYoe, research analyst at BofA Securities, covering all things ag, materials, and chemicals, wrote in a note, "The market is working through unprecedented supply shortages, and prices are inflecting accordingly. Spot sulfur is now ~$1,200/mt, vs a more normal <$200/mt longer term price."

"The inflation is destroying demand across some industries, notably phosphates and pulp & paper, but we are not killing demand fast enough, and margins for metals like copper and lithium are strong enough to keep prices bid," DeYoe noted.

DeYoe said his team spoke earlier this week with Fiona Boyd of Acuity Commodities about global sulfur and sulfuric acid markets, coming away with a clear takeaway: the market is facing an unprecedented supply shock, yet demand destruction has not gone far enough. With supply trapped behind the Hormuz chokepoint, export logistics disrupted in Kazakhstan, and metals producers still able to absorb higher input prices, Boyd warned that spot sulfur prices likely have more upside from here.

DeYoe warned, "Hormuz + Kazakhstan + Russia = runaway price risk."  

He explained further:

Roughly 50% of the world's seaborn traded sulfur is caught behind the SOH and another 15% is trapped in Kazakhstan given export logistic blockades. In total this represents ~30% of the world's sulfur capacity, though it is compounded by sulfuric acid export bans from China and a 3-4mn tonne shortfall to annual Russian exports on account of attacks by Ukraine. Inventory liquidation is helping to buffer, notably in China, which is drawing down its stocks, and Canada, which has ample supply. However, the latter is expensive and slow to mobilize, while the former is running out (Boyd expects 2-4 weeks of safety stock left). Because sulfur is largely a processing byproduct, it is price inelastic, so don't expect more supply because economics are better. Alternatives, such as pyrite, are increasingly sought, but it can't fill the hole. This all puts upside risk to sulfur price.

The near-term fix for the energy crunch, which extends far beyond sulfur markets, is reopening the Hormuz chokepoint. Yet DeYoe warned that even if Hormuz were reopened soon, it would take months to rebalance the market and repair damaged assets. This suggests prices will remain elevated through the end of the year.

Related coverage on the sulfur market:

• Gulf Shock May Spark Shortage Of World's Most Critical Industrial Chemical, Used Heavily In Mining

DeYoe highlights that Mosaic is in focus. Sulfuric acid is a key input for phosphate fertilizer production, and Mosaic relies on sulfur from US Gulf Coast refineries. He noted that high sulfur costs could pressure Mosaic's second-half profits and cash flow, potentially requiring a debt raise. He also added that the odds of US government intervention to restrict sulfur exports to protect domestic DAP fertilizer production could increase.

Professional subscribers can find much more on Gulf energy shock here at our new Marketdesk.ai portal.

Tyler Durden Fri, 06/12/2026 - 05:45

Traders Are Shorting Oil As If The Hormuz Crisis Is Over

Authored by Tsvetana Paraskova via OilPrice.com,

• Oil traders are increasingly betting on lower prices, with short positions in Brent crude tripling since late March despite the loss of roughly 13 million bpd of supply from the Middle East.

• Physical market fundamentals are tightening rapidly, as global inventories have fallen by about 250 million barrels and key storage hubs like Cushing are approaching critically low levels.

• Analysts warn the market may be underestimating supply risks, with even a reopening of the Strait of Hormuz unlikely to provide immediate relief.

In yet another sign that the paper oil market may be too complacent about the magnitude of the supply disruption in the Middle East, trades have been boosting their short positions in oil futures for most of the past two months.

Since the beginning of April, portfolio managers have been increasingly betting that oil prices would fall, according to the latest available commitment of traders (COT) data from exchanges as of June 2.

Shorts on Brent Crude tripled between the end of March and the beginning of June, per the data compiled by energy analyst John Kemp.

As of June 2, the short positions in Brent Crude had jumped to their highest level since January, when the U.S. captured Venezuelan leader Nicolas Maduro and the market expected increased supply from Venezuela in the coming months.

The surge in short positions and the weeks-long selloff of longs in the past eight weeks suggest traders are betting that supply will be restored soon.

The paper market plays on hopes, expectations, sentiments, and fears, and the sum of all these right now appears to be that the hedge fund and portfolio manager community is reluctant to bet on a summer of actual physical supply shortages.

But the paper market may soon face the reality of crumbling global inventories, including in the United States, where stocks at Cushing, the delivery point for WTI Crude, are just a few weeks away from dropping to minimum operational levels.

Too much noise about the ceasefire, which is being tested almost daily with one strike or a retaliatory hit after another, doesn’t help the paper market that may have become too detached from the magnitude of the supply loss.

Traders react to every signal of ‘imminent deal’ with selloffs, only to start buying oil futures again when Israeli strikes in Lebanon, U.S. ‘self-defense’ strikes on Iran, or Iranian hits at regional infrastructure threaten to unravel the fragile ceasefire.

All the while, paper market participants continue to hope for an imminent resolution and a reopening of the Strait of Hormuz that would flood the market with oil. And that’s been their hope for three and a half months now.

The thing is, even a full reopening of the Strait would not lead to immediate relief for buyers. First, ship owners and operators will need to have guarantees that they wouldn’t be caught off-guard with stranded tankers again. Then, the oil cargoes will need weeks to reach buyers—weeks that the market may not have amid peak summer demand season.

The world has lost about 13 million barrels per day (bpd) of oil supply, the International Energy Agency (IEA) said in its market report for May.

“Mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace,” the IEA said, adding that observed global inventories, including oil on water, were drawn down by 250 million barrels over March and April, or by 4 million bpd.

Sooner rather than later, oil on water volumes and onshore inventories will be depleted, leaving demand destruction the only buffer to cap oil price spikes.

Moreover, the extreme price volatility and the noise about a deal coming any day now are sidelining part of the trader community.

“Participants continue to sit on the sidelines, given the market's fluidity, uncertainty, and headline-driven nature,” ING’s commodities strategists Warren Patterson and Ewa Manthey said in a note on Wednesday.

“This is reflected in the aggregate open interest in ICE Brent, which has continued to trend lower and stands at its lowest level since August 2025.”

Many traders have been shorting oil since April in the hope that the ceasefire and the negotiations would yield a peace deal before the world runs out of buffers to offset most of the supply disruption.

“The buffers and the shock absorbers are being steadily drawn down, and the ability for the market to absorb this imbalance is drastically diminished today versus where we started and over the next few weeks,” Chevron’s CEO Mike Wirth said at the Bernstein 42nd Annual Strategic Decisions Conference at the end of May.

“We're likely to see those pressures flow through more directly to physical prices, and there's more upward pressure that I would expect as we get into June and certainly into July.”

According to the Wednesday note of ING’s strategists, “With no imminent deal in sight and with the global oil market tightening significantly every day, we see upside to prices, particularly if these disruptions linger into the third quarter, a period of seasonally stronger oil demand.”

Tyler Durden Fri, 06/12/2026 - 05:00

SpaceX Prices Biggest Ever IPO At $135 Per Share

While there was little doubt as to SpaceX's actual IPO price, which due to its novel structure was always going to be $135, and unlike the proposed IPO price ranges as is customary for other initial offerings, moments ago SpaceX (SPCX) made it official when it filed a free writing prospectus (FWP) which confirmed the company sold 555.6 million shares at $135 each, for a total size of $75 billion (excluding the greenshoe), making history with the biggest-ever IPO, launching it into the top ranks of the largest public companies and putting founder Elon Musk on the verge of becoming the world’s first trillionaire. For context, SpaceX is more than double the size of the previous largest IPO - Saudi Aramco’s $29.4 billion listing in 2019. The SpaceX registration statement was declared effective June 11. The details of the pricing are shown below.

At $135, SpaceX will have a market value of $1.77 trillion. Accounting for employee stock options and restricted share units, the pricing gives it a fully diluted valuation of about $1.8 trillion. SpaceX’s market value will rank it among the top 10 public companies globally, and make it larger even than Musk’s own Tesla. According to Polymarket, there is a 84% chance the IPO closes above its offering price tomorrow, and a 46% chance it rises more than 20%.

Nearly 50% odds on Polymarket that SPCX rises 20% ($2.2TN market cap) on its first day of trading, and 84% odds it closes above its offering price. https://t.co/UfN4FOlP7T pic.twitter.com/6U0S0HDyt1

— zerohedge (@zerohedge) June 11, 2026

SpaceX, which made a net loss of $4.9bn in 2025, is made up of three businesses: space exploration, including its Falcon and Starship rockets; connectivity, such as its Starlink satellite constellation providing high-speed internet access; and artificial intelligence, though its xAI division.

Musk’s fan base in the retail trading community is a crucial component of the deal: they have placed more than $100 billion in orders for the stock, Bloomberg reported, far more than the 20% of shares that had been reserved for them.

Yet not everyone is so excited. Noted short-seller James Chanos on Wednesday called it “a hopes-and-dreams IPO” driven by enthusiasm for Musk and artificial intelligence rather than the fundamentals of a company that has yet to post a profit.

“The total addressable market for space is infinite,” Chanos, founder of Chanos & Co., said at the iConnections Global Alts conference in New York on Wednesday. “You can build whatever stories you want — colonies on Mars, factories on the moon, data centers in space — to justify the valuation.”

Investment research group Morningstar calculated that SpaceX is worth only $63 a share – half the IPO price – and warns there is “a major disconnect between market expectations and underlying fundamentals”.

Michael Field, the chief equity strategist at Morningstar, suggests investors should sit out the IPO and wait for “a more attractive entry point down the line”.

“We believe the business has real strengths, particularly in Starlink, but with so many unknown and untested technologies underpinning much of the valuation price, particularly within the AI business, we think the valuation is extremely speculative,” Field said.

Still, even among the skeptic about the company’s current valuation, many acknowledge Musk’s achievements building Tesla and SpaceX into giants - and making money for investors, thanks in part to his loyal retail investor fanbase.

Coupled with rule changes that could fast track the stock into benchmark gauges like the Nasdaq-100 Index (if not the S&P where there will be at least a one year delay), demand from passive funds and retail investors unable to buy at the IPO price should set the stage for a solid cohort of buyers for shares of the rocket, satellite and AI company once they start trading.   

“It’s probably the most hopeful IPO,” said Kim Forrest, chief investment officer at Bokeh Capital Partners, adding that she doesn’t buy IPOs. Buyers of SpaceX “want to be part of the future,” she said. “And I think that’s oddly hopeful in this time when we’re moving between the poles of greed and fear.” 

As Bloomberg notes, SpaceX is the first of three major IPOs expected to capitalize on stock investors’ appetite for the leading AI companies, a seemingly insatiable demand that has propelled benchmark US indexes to records this year despite the acceleration in inflation and economic disruption caused by the war in Iran. Anthropic PBC and OpenAI, two of the company’s AI competitors, are expected to go public as soon as this year and could seek valuations of more than $1 trillion each, so the performance of SpaceX’s stock will be as closely scrutinized by Silicon Valley venture capitalists as it is by Wall Street traders. The deluge of public equity, on top of an $85 billion equity offering from Alphabet Inc. and the potential for other big-tech firms to follow suit, is triggering a debate over whether there is enough investor demand to meet the incoming supply.

“It’s a big deal as a kind of precursor for Anthropic and OpenAI,” said Anthony Saglimbene, chief market strategist at Ameriprise. “When I look at all three of those and the amount of capital that these companies are raising, it tells me that the demand for AI is still very strong even though we’ve seen more volatility. And I think some of that volatility in the market has been positioning around the expectations for these IPOs.”

A successful showing in public markets would make Musk a trillionaire, and his wealth could boom even further if he meets performance-based conditions for awards of as many as 1.3 billion additional class B shares in aggregate, split into tranches. It would be no small feat to earn all those shares. The company’s market capitalization needs to reach $7.5 trillion, it will have to complete non-Earth-based data centers capable of delivering 100 terawatts of computing power per year, and establish a permanent human colony on Mars with at least 1 million inhabitants.

Musk, who won’t be able to sell any shares until a year after the start of trading, is expected to control 84% of the voting power after the IPO. His control over SpaceX’s governance includes effectively being able to choose the board members, which means only he can remove himself as CEO.

And now that the pricing is done, we wait for the actual stock to break for trading tomorrow - with the usual several hour delay - at which point we will see if it was wise for SpaceX to issue such a small float with such a large retail participation. Notably, according to Polymarket, the odds that the IPO closes with a market cap above $2.2 trillion 

 

Tyler Durden Fri, 06/12/2026 - 04:48

France Is Latest EU Country To Ban & Sanction Israel's Finance Minister

A growing list of Western countries have imposed individual sanctions and travel bans on two Israeli hardline ministers who advocate for Jewish supremacy over the Middle East, evidenced in their expansionist policies from the West Bank to Gaza to Syria.

The two in question are Minister of National Security Itamar Ben Gvir and Israeli Finance Minister Bezalel Smotrich. France is the latest country to ban Smotrich, after the United Kingdom, Australia, Canada, New Zealand and Norway already did the same.

via EPA

Spain, Slovenia and most recently Ireland have also banned both, citing that they call for violence against Palestinians on the basis of their ethnic identity. 

French Foreign Minister Jean-Noel Barrot this week explained that France is banning Smotrich because he "actively promotes the annexation of the West Bank, which he openly claims, the creation of new settlements in the West Bank, the re-colonization of Gaza, the economic collapse of the Palestinian Authority and its harmful consequences for the Palestinian population."

"This is a policy that the overwhelming majority of the international community, firmly committed to the two-state solution, cannot accept," Barrot wrote on X.

The legal action targets "those responsible for the escalation of settlement activity and violence in the West Bank," Barrot said.

As expected, Israel's foreign ministry in turn quickly condemned the sanctions as "disgraceful."

The Israeli "government has condemned some settler violence, but that rings hollow when there is scant accountability" - the UK had earlier said of similar measures it adopted.

Smotrich as national finance minister bluntly stated last year that the Gaza Strip is a "real estate bonanza." Further he claimed at the time that he was talks with the Americans on how to divide the enclave up once the Palestinians are kicked out.

There is "a real estate bonanza" in Gaza that "pays for itself" and he had "already started negotiations with the Americans," he said at a past conference in Tel Aviv, according to local media.

"We have poured a lot of money into this war. We have to see how we are dividing up the land in percentages," Smotrich said, explaining that "the demolition, the first stage in the city’s renewal, we have already done. Now we just need to build."

Tyler Durden Fri, 06/12/2026 - 04:15

CJ Hopkins: How I Learned To Stop Worrying And Love The New Normal Reich

Authored by CJ Hopkins via ConsentFactory.org,

So the German Supreme Court has ruled on my case. Their ruling is that they will not rule on my case. They sent my attorney a letter to that effect. It literally says:

“The constitutional complaint will not be accepted for a ruling. No explanation is provided. This ruling is incontestable.”

So I am now officially a “hate criminal” in Germany. I was already pretty much a “hate criminal” in Germany, but now it’s official. This is Germany’s supreme court. There is no higher court to appeal to.

OK, sure, there’s the European Court of Human Rights, the international court of the Council of Europe in Strasbourg, but it doesn’t have the power to enforce its rulings, and the German authorities and courts have made it clear that they couldn’t care less about anyone’s opinion of their paranoid and authoritarian behavior.

So I’ll be going back to Berlin District Court for sentencing.

I was originally acquitted by the Berlin District Court, but the district prosecutor wasn’t happy with that verdict, so the prosecutor appealed to the Berlin Appellate Court, which overturned my acquittal, which prompted me to appeal to the Federal Constitutional Court (i.e., the Bundesverfassungsgericht, Germany’s supreme court) which has now basically told me to go fuck myself, so now I have to go back to the court that acquitted me to be sentenced for the crime I didn’t commit.

I assume that most people reading this column are familiar with my case by now, but, if you’re not, here are a few of my previous columns and some press coverage that will bring you up to speed.

Press coverage:

What Happens Where Free Speech is Unprotected, The Atlantic
Where “hate speech” censorship is worse than on U.S. campuses, Washington Post
Satirist C.J. Hopkins Sentenced in German Speech Case, Racket News
Der Provokateur, Die Zeit
Meinungsfreiheit in Gefahr durch Strafjustiz in Deutschland, Neue Zürcher Zeitung
Autor C.J. Hopkins verurteilt, Berliner Zeitung
Der kafkaese Prozess gegen C.J. Hopkins, Multipolar
The American Author Living An Orwellian Nightmare, Discourse Magazine
Scandalous verdict: US author C.J. Hopkins found guilty, Aya Velázquez
„Das ist verrückt,“ Multipolar
The Thought Police Are Here, Crisis Magazine

My columns:

The Global Crackdown on Dissent
Modern Book Burning in New Normal Germany
A Visit by the German Thought Police
Fear and Loathing in New Normal Germany
The People’s Court of New Normal Germany
The Verdict
The Criminalization of Dissent (Revisited)

The short version is, back in 2022, I posted two tweets protesting the Covid mask mandates, and I put the cover art of my book, The Rise of the New Normal Reich, in those tweets. The German authorities didn’t appreciate that, so they censored the tweets, banned my book, and prosecuted me for “disseminating propaganda, the contents of which are intended to further the aims of a former National Socialist organization.” I would include an image of the cover of my book, but, if I did, the German police would probably raid my house again and steal my new computer.

However, here’s the cover of an issue of Der Spiegel …

My book cover art is more or less exactly like that, except the swastika on my book is behind a medical-looking mask, instead of a German flag, as on the Spiegel cover.

It goes without saying that the German authorities are not prosecuting Der Spiegel for “disseminating propaganda, the contents of which are intended to further the aims of a former National Socialist organization.”

If you’re wondering why the German supreme court decided not to rule on my case, and why the judges refused to provide any explanation for their decision … well, just imagine if they had been forced to explain, in writing, for the record, why the Spiegel cover is legal, but the cover of my book is a “hate crime.”

That might have been a bit embarrassing, professionally.

I don’t want to antagonize the supreme court, or the Berlin district prosecutor, or any other German authorities, or they’ll send the police to raid my home again, but, if you happen to be a journalist, and you want to ask them to explain the difference between the Spiegel cover and the cover of my book, the judge you want to talk to is Professor Doctor Stephan Harbarth, LL.M. (Yale). He’s the big honcho at the German supreme court, and is the one who was in charge of reviewing my appeal.

And you could also ask Stephan about my second appeal, or constitutional complaint, as they call it here in Germany. That one is regarding the police raid of my home, and the confiscation of my computer, and the German authorities’ attempt to force me to stop distributing my book worldwide. As I noted, they already banned it in Germany.

That appeal, or complaint, is still pending at the supreme court. I’m certain, after he reads this column, the professor will make sure that it receives proper consideration according to the German constitution, and the rule of law, and basic democratic principles, which the Federal Republic of Germany holds in the highest regard.

Oh, and, if you live in Germany, and want to read more about my prosecution, and other adventures with the New Normal authorities, you can buy my book, Fear and Loathing in the New Normal Reich, which was published by Skyhorse Publishing last year. The Germans haven’t banned that one yet.

I imagine they’ll get around to it eventually.

Tyler Durden Fri, 06/12/2026 - 03:30

New Pakistani Strikes On Afghanistan Kill 13 Civilians, Taliban Says

Several months ago, close in time to when the US-Iran war started, a separate conflict had erupted further east, along the Af-Pak border and even reaching as deep into Afghanistan as far as Kabul (where Pakistani airstrikes rained down).

Hostilities have abruptly flared up again along the Afghan-Pakistan border overnight as cross-border airstrikes launched by the Pakistani military killed 13 civilians, according to Afghan Taliban officials.

Getty Images

The aerial attacks impacted the Afghan border provinces of Kunar, Khost, and Paktika, stated Zabihullah Mujahid, according to Afghan officials.

There has been relative calm in the situation as a months-long ceasefire largely held, but the new bombardment marks the deadliest single episode in several weeks.

The Pakistani side has made no mention of civilians, but instead says its operation killed over two dozen armed militants:

Pakistan's government said on Wednesday that 26 "militants" linked to the Tehreek-e-Taliban Pakistan (TTP) group were killed in the attacks. 

"In the aftermath of recent terrorist incidents in Pakistan .... precise and calibrated Strikes were carried out along Pakistan Afghanistan border areas on hideouts and safe havens," Pakistan's information minister Attaullah Tarar posted on X.

He did not comment on any civilian casualties after Afghan authorities, who have denied Afghanistan is used for militancy, said at least 12 people, including children, were left dead in the strikes.

An AFP correspondent has offered a vastly differing account, with on report saying: "An AFP journalist saw a house completely destroyed in the southeastern province of Khost, where residents were digging graves to bury those killed in the overnight attack."

Taliban government spokesman Zabihullah Mujahid stated in the aftermath that "11 children, one woman, and one elderly man were killed" in strikes on Khost, Kunar and Paktika provinces.

Pakistan's military released footage and its own counter-narrative:

Pakistan's Information Minister: 26 terrorists killed in strikes on hideouts along the Afghanistan border. pic.twitter.com/22r3dnMV8V

— Open Source Intel (@Osint613) June 10, 2026

Since the Taliban returned to power in 2021, relations between Afghanistan and Pakistan, which share the disputed 1,600-mile Durand Line, have shifted from cautious engagement to open hostility.

The history has been marked by shifting from one-time allies to on-and-off again enemies. Many analysts are pointing to 'blowback' for Pakistan after sponsoring the Taliban's rise in the first place, decades ago (which also had the help of the CIA in 'Operation Cyclone'). Islamabad accuses Afghanistan of sheltering Tehrik-i-Taliban Pakistan (TTP) militants who carry out cross-border attacks.

Tyler Durden Fri, 06/12/2026 - 02:45

'Full Force Of The Law': British PM Threatens Belfast Anti-Immigration Rioters While Lowe Says 'Millions Must Go'

Via Remix News,

British Prime Minister Keir Starmer has threatened Belfast’s nighttime rioters with the “full force of the law” after they conducted arson attacks on cars and homes on Tuesday night after a brutal video went viral featuring a Sudanese man trying to behead a disabled Scottish victim.

“The scenes in Belfast last night were shocking and completely unacceptable. There is no justification for the violence and disorder that we saw threatening our communities, nor for those who encouraged it, online or elsewhere. It is clear that people were targeted last night because of their background and I will not tolerate it. Those responsible will feel the full force of the law,” wrote Starmer on X.

The scenes in Belfast last night were shocking and completely unacceptable.

There is no justification for the violence and disorder that we saw threatening our communities, nor for those who encouraged it, online or elsewhere.

It is clear that people were targeted last night…

— Keir Starmer (@Keir_Starmer) June 10, 2026

On the other end of the spectrum, Restore Britain leader Rupert Lowe says “millions must go” in response to the attack on disabled 44-year-old Scottish victim Stephen Ogilvie.

Lowe went even further, stating that “civil servants, judges, and politicians” must be “held to account for what has been done to this country.”

“If they have knowingly placed unvetted dangerous third world savages in our communities, near our children, then a Restore Britain Government will aim to prosecute them. If that includes Reform’s Robert Jenrick and Suella Braverman, then so be it. When they held the power – they welcomed that Sudanese monster into our country and handed him a visa. An attempted beheading followed their decision,” he continued.

Millions must go. pic.twitter.com/hHXXYa2bwQ

— Rupert Lowe MP (@RupertLowe10) June 10, 2026

I want people finally held to account for what has been done to our country.

Civil servants, judges, politicians.

If they have knowingly placed unvetted dangerous third world savages in our communities, near our children, then a Restore Britain Government will aim to prosecute…

— Rupert Lowe MP (@RupertLowe10) June 10, 2026

Starmer’s Labour Party has accused tech billionaire Elon Musk of fueling the nighttime riots in Belfast. Protests turned violent on Tuesday evening after a shocking video showed a Sudanese man violently attacking Ogilvie with a knife before he was saved by locals who beat the perpetrator.

Houses are being burned down in Belfast in response to yesterday's attempted beheading of a man by a Sudanese migrant.

Videos are surfacing of several HMOs (Houses in Multiple Occupation — properties frequently contracted by the UK Home Office to accommodate asylum seekers)… pic.twitter.com/X7kD94nWX9

— Remix News & Views (@RMXnews) June 9, 2026

Yesterday evening, dozens of masked men gathered in residential areas and set fire to several houses, a shop, and numerous vehicles.

Labour Party leader Anna Turley partly blamed Musk and his news platform X for the riots after Musk shared several posts on Tuesday that had called for protests. Turley told Times Radio: “I think we need to acknowledge and see that social media plays a role in this. And I think there are actors with evil intentions who are often sitting many, many kilometers away.”

The knife attack follows a range of other heinous attacks and high-profile incidents involving foreign nationals in Great Britain. Numerous people shared calls for demonstrations, which were also picked up and further disseminated by Elon Musk.

While rallies in London, for example, were peaceful, groups of masked rioters gathered in Belfast before sunset and began setting fire to cars and buses. In the later hours, they directed their anger at houses where migrants also lived. A Middle Eastern supermarket was also set on fire.

Read more here...

Tyler Durden Fri, 06/12/2026 - 02:00

Why China's Population Decline Is Irreversible

Authored by Antonio Graceffo via The Epoch Times,

China’s demographic collapse is so advanced that even an immediate return to replacement-level fertility cannot prevent a massive population decline because there are simply too few women of childbearing age.

The ageing crisis facing China is well documented and widely reported. The crisis stems from a combination of longer life expectancies and a reduction in births below the replacement level of 2.1 children per woman. The result is a smaller workforce, a smaller pool of taxpayers, a smaller group of consumers driving the economy, and a growing population of retirees who need financial and medical support.

China’s ageing crisis, however, is so acute that this framing misses a crucial structural issue.

Currently, the pool of women capable of bearing children is so depleted that even an overnight return to replacement-level fertility cannot prevent substantial population decline.

China has approximately 190 million women of childbearing age. Even if the fertility rate immediately rose to 2.1, the population would still decline by more than 40 percent by the end of the century. The demographic pyramid has already determined the outcome. The trajectory is irreversible.

China’s population has contracted for four consecutive years. According to the National Bureau of Statistics’ 2025 Statistical Communiqué, the total population stood at 1.40489 billion at the end of 2025, a net decrease of 3.39 million people. Births numbered 7.92 million against 11.31 million deaths, yielding a natural growth rate of negative 2.41 per thousand, the steepest annual loss on record outside of the 1959–61 famine caused by Mao’s misguided policies.

The 2024 uptick, driven by the auspicious Year of the Dragon, proved to be an outlier. Births fell 17 percent in 2025, reaching the lowest level since the founding of the People’s Republic in 1949.

Rhodium Group’s April 2026 analysis projects that even if births remain at 2025 levels for the next decade, the annual population decline will widen to 7.6 million by 2035, implying a cumulative loss of nearly 60 million people between 2026 and 2035, roughly equivalent to the population of France.

By mid-century, RAND projects that China could lose 250 million people from its current population of 1.4 billion. The United Nations’ longer-range estimate puts China’s population as low as 663 million by 2100 if current trends persist.

The crude birth rate of 5.63 per thousand in 2025, confirmed by the National Bureau of Statistics, was the lowest since 1949. China’s total fertility rate (TFR) has fallen to approximately 1.0, less than half the replacement level of 2.1, placing it among what demographers classify as “lowest-low” fertility societies, alongside South Korea and Singapore.

The one-child policy, which began in 1980, prevented hundreds of millions of births, reducing the average number of children per family from six to fewer than two. As the CCP became aware of the looming demographic collapse, the policy was relaxed to allow two children in 2016 and then expanded to three children in 2021.

However, the shift to a two-child policy resulted in only a brief uptick in births, while the expansion to three children had almost no meaningful impact.

The cohorts now entering peak childbearing age are the children of the one-child generation, already a reduced cohort, and are now themselves having fewer children than their parents did. Each generation compounds the deficit of the last.

In major cities, the situation is worse still. Beijing’s population aged 20 to 29 fell from 4.6 million in 2015 to 2.5 million in 2024, a drop of more than 2.1 million, while residents aged 60 and above rose by more than 1.7 million during the same period. Shanghai recorded approximately 107,000 births against 164,000 deaths in 2025, a natural decrease of 57,000, offset only by net in-migration of more than 100,000. Rhodium Group notes that China’s most-developed coastal provinces are growing solely through internal migration, not reproduction.

The number of women of childbearing age has been further reduced by sex-selective births. China’s sex ratio stands at 1.04 males per female overall, with the imbalance more pronounced in younger cohorts. The population of women in their twenties fell by 35 million between 2010 and 2021. Those women were never born. They cannot be incentivized, legislated, or subsidized into existence.

On current decline projections, China’s elderly population aged 65 and over stands at 211 million, while the 50 to 64 age cohorts add another 325 million. Those cohorts will die before a new generation reaches maturity. United Nations projections estimate that China’s population will fall from 1.4 billion to 633 million by 2100 under current trajectories, the largest absolute population loss of any nation over that period. Even an immediate return to replacement-level fertility would not reverse the trend.

With only 190 million women of childbearing age, there are simply not enough potential mothers to offset the mortality burden of the older generations. The 40 percent decline estimate is conservative relative to the UN baseline because it assumes fertility immediately and permanently returns to 2.1, a scenario no demographer currently projects.

The CCP is not unaware of the crisis. Xi Jinping has publicly called for a new culture of marriage and childbearing. The government has extended maternity leave, offered cash bonuses for newborns, and eliminated tax incentives on contraceptives. None of these measures have worked. In fact, they have all been tried before and failed. South Korea, facing a similar ageing crisis, spent roughly $280 billion on pro-natalist programs over two decades, more per capita than any country in history, and still watched its fertility rate fall from 1.08 in 2006 to 0.68 by 2024.

Money and incentives cannot manufacture women who were never born. The demographic collapse is now mathematically guaranteed. The CCP may have finally defeated China.

Tyler Durden Thu, 06/11/2026 - 23:25

Black Activism In America Has Become Cultural Poison

Much like the feminist movement (or any leftist movement), black rights activism in America has mutated from its original form into something bizarre and monstrous.  Civil rights conflicts tend to be born from legitimate grievances if a society's intention is to create general "equality" under the law.  But this is only the surface view, the lipstick, the young and naive version of what these movements are all about.

They appeal to the western sense of honor, reason and fairness. However, there is such a thing as suicidal empathy.  The western world has become so infatuated with the idea of total equality that many people are willing to overlook the undeniable and sometimes dangerous differences between ethnic groups and their subcultures. 

Lacking the ability to discern and yes, discriminate to a logical degree, is not something the west can afford to do.  What happens when civil rights become a license for cultural elimination?  White people, a minority in decline with 11% of the global population, have to stop exercising empathy and start exercising caution. 

The Karmelo Anthony case is just one of many examples of expansive minority violence against white Americans being justified in the name of civil rights.  To be sure, there are many black conservatives out there who do not agree and they are being targeted by left-wing activists for speaking out.  But sadly, a vast majority of blacks in the US are captured by the far-left plantation. 

They don't want to leave, because woke ideology tells them they are perpetual victims.  And in the mind of perpetual victims everything is permissible.  All behavior is justified, including murder and the destruction of the host civilization.  Even Austin Metcalf's family, the true victims in this situation, are not safe.

Low-IQ animals scream racist slurs at Austin Metcalf’s family as they leave the courthouse 🚨

They then block their car in to stop them from leaving peacefully…

Imagine your brother/son was just murdered and you have to deal with these hysterical freaks ↘︎ pic.twitter.com/qwwciAkMV6

— Matt Wallace (@MattWallace888) June 10, 2026

The interesting thing about the political left and minority movements in general is that they reveal their hand every time they suffer a loss, as much as when they celebrate a win.  These are frothing and rabidly emotional groups and they cannot control themselves in the slightest.  With the sentencing of Karmelo Anthony for the murder of 17-year-old Austin Metcalf, the "champions" of civil rights are out in force threatening mob violence, attacks on innocent white bystanders and they are calling for more murders.

In other words, they want revenge for Karmelo Anthony being rightfully punished.  They believe they are above punishment.  They believe they are beyond the law.  They think they should be allowed to do whatever they want to white people because they see themselves as victims of white society.  This kind of mentality only ever leads to one thing: Tragedy. 

Karmelo Anthony supporter: "What do I tell my 5 boys? What do we do now!?"

Uh… don't murder? pic.twitter.com/DGrnCbhhe6

— End Wokeness (@EndWokeness) June 9, 2026

Walking away is exactly what Karmelo Anthony should have done.  It's what any sane person with half a brain would do.  But, in a weak ghetto culture where pride is inflated and misplaced, if someone "disrespects" you, it's the same as if they tried to kill you.  Therefore, killing them is not only reasonable, it's applauded by your peers. 

"Austin Metcalf got what he deserved, Rosa Parks days are over" pic.twitter.com/dprgvKOf0r

— End Wokeness (@EndWokeness) April 8, 2025

Reverse the skin colors of the people involved in this scenario and see if people like this woman make the same argument.  If it was Austin Metcalf that stabbed Karmelo Anthony over a shove, they would be calling for Metcalf's head.  They would be calling Metcalf a coward and a psychopath.  If Metcalf was exonerated for murder by the court system, there would be riots in the streets.   

There is no reasoning with such people, because they don't want justice, they want power. 

🚨 NOW: BLACK PANTHERS are attempting to launch a RACE WAR outside the Collin County Courthouse after Karmelo Anthony was found GUILTY

“We got to tell our kids the truth that this is a RACIST-ASS COUNTRY We gotta tell them the truth.”

“THIS IS A WAR”

“Don't NOBODY want to hear… pic.twitter.com/MoCQSQRQlE

— Nick Sortor (@nicksortor) June 9, 2026

Shocking video out of Florida shows a black man riding up to a White man and accusing him of being on the jury that convicted Karmelo Anthony before punching him, despite him being tried in Texas.

“I thought you wuz on da jury selection fo Karmelo, my b.” pic.twitter.com/Wqekvvnisj

— Right Angle News Network (@Rightanglenews) June 10, 2026

Punishment for crime, for black activists, is an act of war.  And once again they claim to be the victims, the defenders, the righteous rebellion.  And so, there's nothing to be done.  The violence will simply continue - A new "fiery but mostly peaceful" summer is on the horizon.  And, the only thing that will stop it is an immovable mountain of consequences. 

When the reaction from civilized society against black activists is swift and merciless, this is when their culture of chaos will end. 

Tyler Durden Thu, 06/11/2026 - 23:00

US Investigating Iran War Critic Trita Parsi, Co-Founder Of Non-Interventionist Think Tank

Via Middle East Eye

The Trump administration has launched an investigation into prominent Iran war critic Trita Parsi, according to a report in the Free Press.

According to US officials and documents reviewed by the pro-Trump outlet, officials are looking into the possibility of deporting Parsi, who holds both Iranian and Swedish citizenship.

via the Quincy Institute

Parsi, who is co-founder and executive vice president of the Quincy Institute for Responsible Statecraft and co-founded the National Iranian-American Council (NIAC), has been a vocal opponent of the ongoing US attacks on Iran.

A Trump official told the Free Press that US Secretary of State Marco Rubio had been "very clear" in his intentions to tackle “people who support adversaries of ours and whose work furthers their agenda and undermines our security.

“Anyone who seeks to undermine the US, we're taking a hard look at," the official said.

Since the beginning of the US-Israeli attack on Iran in February, the Trump administration has increasingly targeted figures of Iranian descent in the US.

In April, Hamideh Soleimani Afshar and her daughter Sarina were detained and had their residency permits rescinded after they were – incorrectly – identified as relatives of former Iranian military commander Qassem Soleimani by far-right influencer Laura Loomer.

Despite denying their links to Soleimani, the pair remain in custody in Texas.

The US also detained and revoked the green cards of relatives of former Iranian minister Masoumeh Ebtekar in April.

Parsi is a critic of the Islamic Republic whose family fled to Sweden to escape persecution in Iran. He has faced attacks from Iranian monarchists and pro-Trump figures over his opposition to the conflict.

He has also been highly critical of US backing for what many call Israel's genocide in Gaza and its attacks on Lebanon.

Speaking to Middle East Eye in May, Parsi warned that the US's ability to secure a deal with Iran would ultimately come down to its ability to restrain Israeli attacks in the region.

"If Trump either cannot or will not do so, then the value of any agreement with Washington comes sharply into question," he said.

A couple of years ago, the Quincy Institute, an anti-interventionist think tank, tallied which experts most often testified before the House Foreign Affairs Committee between 2021 and 2024, under both Democrats and Republicans. The second most frequently invited think tank was…

— Trita Parsi (@tparsi) June 9, 2026

"A ceasefire that leaves Israel free to reignite hostilities at will – while the United States remains unable to prevent itself from being dragged back into conflict – offers little assurance of stability. Under such circumstances, the utility of a deal with Washington diminishes dramatically."

MEE contacted the US State Department and the Department of Homeland Security for comment, but had received no response from either at time of publication.

Tyler Durden Thu, 06/11/2026 - 22:35

JPM Call With Axon Reveals Race To Fortify U.S. Data Centers Against Kamikaze Drone Swarms

Axon Enterprise is moving beyond its legacy police body-camera and TASER products and rapidly expanding into drones, robotics, and counter-drone systems, positioning itself as a top supplier in the public safety sector, according to JPMorgan analysts.

In a note on Wednesday, JPM analysts led by Joseph Cardoso said recent FAA rule changes regarding beyond-visual-line-of-sight drone operations have removed a key barrier to scaling drones for first-responder programs, while expanding demand for counter-drone threat technology across law enforcement, critical infrastructure, and large public venues.

Cardoso and his team hosted Axon's Jeff Kunins, Chief Product Officer and Chief Technology Officer, on a call earlier this week and focused on the evolving U.S. drone market, industry trends, and Axon's positioning:

1. Regulation finally catches up, driving inflection point for DFR and CUAS. The past year represents an inflection for drone-as-first-responder (DFR) and counter-drone (C-UAS), anchored by regulatory changes, including: 1) FAA/TSA rule changes in Aug-25 related to Beyond Visual Line of Sight (BVLOS), which removed the requirement for human observers, a prerequisite that had been a barrier to scaling, since prior rules mandated a oneto-one human observer per drone, undermining the core value proposition of faster and cheaper response times relative to human responders; and 2) the Safer Skies Act, passed in Dec-25, extending drone mitigation authority to select state & local agencies, an important milestone with standalone detection only functional in nuanced situations. While still early, changes have been characterized as seminal rather than incremental, reflecting regulation catching up to the technology, with the SFPD, for example, already conducting DFR missions in dense urban corridors and overall deployments expanding rapidly

2. Counter-drone mitigation boasts an expansive toolkit, albeit with no "winner" to date. The mitigation technology landscape was characterized as a land rush, with heavy investment underway and no settled winners to date. For example, a wide range of tools is available in the market today, including RF jamming, cyber takeover, directed energy lasers, interceptor drones, and kinetics (both destructive and non-destructive), none of which have demonstrated a high success rate across both mitigation effectiveness and cost, particularly against the backdrop of what can be safely deployed in crowded civilian environments. As a result, the market is expected to undergo a rapid iterate-and-fail evolution over an extended period, making it a critical decision for companies to determine where to focus.

3. Highlights tale of two stacks with integrated DFR and open counterdrone. Relative to DFR, the importance of a vertically integrated stack was emphasized, particularly given the need for the operating experience to be tightly coupled with the drone itself, which drove Axon's decision to closely align and partner with Skydio. By contrast, counter-drone will likely remain an open ecosystem for some time, given the unknowns around which cocktail of sensors and effectors will deliver the best results related to producing superior detection and mitigation outcomes from any arbitrary hardware mix.

4. Made in America expected to be a durable tailwind. The durability of American-made policy tailwinds was underscored, as Axon highlighted: 1) companies like Skydio have surpassed Asia-based alternatives on price-performance and product-market fit for law enforcement use cases; and 2) restrictions on foreign drone and camera suppliers due to data-security concerns, have broad bipartisan support

5. Beyond blue lights, drone opportunity expected to be sizeable across enterprise use cases. The enterprise opportunity for drones was characterized as large, immediate, and growing fast off a small base. Use cases highlighted include perimeter security for data centers, logistics networks, and corporate campuses, as well as operational applications such as automated indoor inventory checks, with Axon noting hourly drone patrols at its HQ and inventory checks at its warehouses. On the counter-drone side, demand is already concrete in corrections (contraband drops) and increasing for critical infrastructure, with recent Middle East drone attacks on data centers cited as a motivator for U.S. operators to seek prophylactic capabilities. Importantly, security adoption is expected to come first, followed by operational use cases that broaden the TAM over time.

6. Axon is participating across multiple drone opportunity fronts. Axon is participating across three areas related to drones: 1) outdoor DFR, with Skydio integrated into Fusus real-time crime center (RTCC), Axon Evidence, and the rest of the portfolio, such as body cameras (request button) and 911 solutions; 2) indoor tactical drones for SWAT-type use cases; and 3) counter-drone via Dedrone, which combines first-party hardware (RF sensors, RF mitigation) and software with third-party hardware (additional sensors and effectors), an area where Axon noted its leadership across state & local as well as FedCiv markets, including deployment in every NFL stadium.

Recall that we have been tracking Axon's drone deals with Ukrainian companies and observing how the company is positioning itself as a key importer of battlefield-tested drone and counter-drone technology.

In late January, we noted that the global data center buildout, power grid modernization wave, and broader AI infrastructure boom were missing a critical layer of low-altitude air defense against small drones. One month later, multiple data centers in the Gulf region were hit by Iranian one-way attack drones, underscoring how quickly that threat moved from scenario to reality (read here).

Our view is that the U.S. has major air-defense gaps across data centers, power assets, logistics hubs, and other critical infrastructure. Those vulnerabilities could be exploited by bad actors, creating massive demand for counter-UAS systems to fill gaps in air defense.

Tyler Durden Thu, 06/11/2026 - 22:10

Florida Supreme Court Allows New GOP Congressional Map To Remain In Place

Via American Greatness,

The Florida Supreme Court on Wednesday declined to block a new congressional map approved by Republican lawmakers earlier this year.

The map allows the districts to remain in place as the state prepares for upcoming elections.

The decision marks a victory for Gov. Ron DeSantis and Republican leaders who advanced the mid-decade redistricting effort following a US Supreme Court ruling involving Louisiana’s congressional map.

DeSantis signed the revised map into law in May after the nation’s highest court ruled that Louisiana’s congressional plan, which included an additional majority-Black district, violated Section 2 of the Voting Rights Act.

The new Florida map could strengthen Republicans’ position in the state’s congressional delegation.

Republicans currently hold a 20-8 advantage in Florida’s US House seats, and the revised districts could potentially expand that margin to as much as 24-4.

The legal challenge was brought by several Democratic groups that sued the state shortly after the map was enacted.

A Florida judge previously rejected efforts to stop the map from taking effect.

On Wednesday, the Florida Supreme Court upheld that decision in a 6-1 ruling, according to The Hill, refusing a request for a temporary injunction against the new districts.

The ruling means the map will remain in place while other legal challenges continue.

Opponents of the map wanted the court to require Florida election officials to continue using the congressional districts from the previous election cycle during the state’s August primaries.

The court  declined that request.

Tyler Durden Thu, 06/11/2026 - 21:45

Fed Up With Food Delivery App Fees & Tips? Barclays Has Terrific News

Whether consumers are ordering from Uber Eats or DoorDash, delivery costs before tips now average roughly $8 to $10 per order. Add in the tip, and the basic meal for one at Chipotle, such as a burrito bowl, moves into unaffordable territory for many working-class folks. The result is that food delivery, once pitched as a mass-market convenience, is increasingly looking like a discretionary luxury.

Barclays internet equity analyst Ross Sandler penned a note on Wednesday titled "Autonomous Food Delivery Likely Hits Critical Mass By 2030," covering how automation in last-mile delivery could push delivery costs down to as little as $1 per order.

"The promise of autonomous food delivery is still a few years out, but showing very positive signals in markets that have been quick to embrace it. AVs should reduce the cost of delivery for both marketplaces (currently $8-$10 per order) and for consumers (tipping, $5 per order) down to as low as $1 per order," Sandler wrote in the note.

He continued, "As witnessed already in select APAC geos with low delivery costs, when this kind of improvement happens to the cost curve, consumer adoption should go through the roof. China's online food delivery penetration is 40% of orders in tier one cities, well ahead of the US, with cost being the biggest delta.

"UBER and DASH have a number of strategies in place in both SDR (sidewalk delivery robotics) and drones, but claim that these efforts are not likely to hit a material percentage of orders until 2030 and beyond."

The analyst sees "sidewalk delivery robots as the nearer-term opportunity. Current costs are around $5 to $7 per drop, but could fall toward $1 over time as utilization improves. Drones offer faster delivery and a larger "wow" factor, but regulatory hurdles, battery limitations and airspace approvals make the path more complicated."

Automated last-mile food delivery will certaintly improve the economics, and the added benefit is no tip.

Once delivery costs plummet, likely by the end of the decade, improved affordability should drive more people to order restaurant meals at home.

All of this is welcome news from Sandler's team at Barclays, but delivery costs are unlikely to decline meaningfully until automation is added to the last-mile process. Even then, the path to $1 delivery fees with no tip won't be frictionless. Local politicians and regulators could slow the adoption of automation with policies because voters will revolt over job displacement. Still, the benefit is obvious: cheaper delivery and no tip required, something almost everyone can agree on.

Guy breaks down how ridiculous food delivery app fees have gotten... 

This guy breaks down how ridiculous food delivery app fees have gotten.

He shows how a $4.99 iced coffee can easily turn into $19+ once you add the service fee, delivery fee, tip, and priority fee. Even if you subscribe to the app to “save money,” you’re still hit with multiple… pic.twitter.com/CLGsCeW3jr

— End3of6Days9 (Helen) 🇺🇸 (@end3of6days9) June 9, 2026

Kevin O'Leary says Gen Z is financially cooked... 

Kevin O’Leary says Gen Z is financially cooked when people making $70K a year are spending $28 on lunch pic.twitter.com/7s820Xnhg9

— Mikli (@CryptoMikli) May 18, 2026

Professional subscribers can read more about automation and AI at our new Marketdesk.ai portal. 

Tyler Durden Thu, 06/11/2026 - 21:20

Middle Schoolers' Reading & Math Scores Remain Below Pre-Pandemic Levels, US Results Show

Authored by Aaron Gifford via The Epoch Times,

Although math and reading scores for 9-year-old students across the country have improved slightly over the past three years, their 13-year-old peers have seen no gains in the same subject areas, according to U.S. Department of Education data released on June 10.

Still, scores for both age groups remain below the levels before the COVID-19 pandemic in both subject areas.

That’s according to the latest release of the Nation’s Report Card, which provides new data for the two age groups dating back at least three years.

For the 9-year-olds, average scores last year were 4 points higher in both reading (218 out of 500) and math (238 out of 500) than those in 2022.

For the 13-year-olds, average reading scores have remained at 256 since 2023, while math scores decreased by 1 point from 2023 to 270 last year.

The data, summarized by the federal agency’s National Assessment of Educational Progress office, are based on standardized assessment scores across all states for both public and private school students.

For the latest report, the office examined scores of more than 7,000 9-year-olds and more than 8,000 13-year-olds across more than 400 schools.

Stagnant or declining scores on the Nation’s Report Card across all grade levels in recent years have been a topic of debate among federal leaders. President Donald Trump and Education Secretary Linda McMahon advocate eliminating the Department of Education, promoting universal school choice, and incentivizing states and local school districts to make improvements based on local priorities for public education. They’ve enjoyed support from Republican members of Congress.

Democrats have called for preserving the federal agency and providing more state and federal funding for public schools. During committee hearings in the past year, members also opposed private school voucher initiatives and criticized charter schools for taking funding away from public schools based on the per-pupil aid formulas.

The Department of Education has not yet released comments on the latest report.

The latest Nation’s Report Card data coincide with a new report from the National Council on Teacher Quality, a nonprofit organization made up of industry experts who review the effectiveness of teacher training programs. Its latest research indicates that about half of the nation’s colleges and universities with education programs of study aren’t providing effective reading instruction based on the most recent proven bodies of research.

Reading outcomes, the report said, won’t improve without better teacher preparation.

Child literacy advocates and leaders in both K–12 and higher education across the nation urge policymakers and university administrators to consider the council’s recommendations to reverse this negative trend.

“When a new teacher walks into a classroom without a solid grounding in the science of reading, we’ve already put that teacher—and every child in front of them—at a disadvantage,” Anne Wicks, a program director at the George W. Bush Institute policy center, said in a statement.

“This is fixable, and it’s time to act.”

Tyler Durden Thu, 06/11/2026 - 20:55

"It Was Like Two Bucks": Homeless Residents Say They Were Paid To Vote In Los Angeles Mayoral Race

Shocking videos posted on social media show multiple homeless Skid Row residents claiming they accepted cash payments ranging from $2 to $5 in exchange for voting for Los Angeles Mayor Karen Bass and city councilwoman Nithya Raman in last week's mayoral election.

Spencer Pratt was eliminated from the mayoral race on Monday, after Raman secured the number two spot in what many believe was a mathematically improbable surge in votes from post-Election Day mail-in ballots.

Skid Row is home to almost 4,000 people and has the highest concentration of homelessness in Los Angeles County. (Gina Ferazzi / Los Angeles Times)

A man who identified himself as Kevin Shepherd says he cast a mail-in ballot for Bass after being offered $2 and negotiating the payment up to $4. He says he completed the ballot and deposited it into a ballot box. When asked whether payments extended to Raman as well, Shepherd confirmed they did. He also told investigators that outreach workers showed up in the area "three to five times a week" in the weeks leading up to the election, with multiple organizations cycling through.

Rene Johnson, 39, told a similar story. She says she received $5 after being directed to vote for Bass and describes groups regularly moving through Skid Row asking residents to sign paperwork.

"But, you know, at the time, I didn't know that that was going on," Johnson said. "I was just trying to make five bucks, you know? But I didn't do the fraud." Asked directly whether she believed the arrangement amounted to fraud, Johnson did not hesitate. She called it "fraudulent behavior" and said she believed people were being taken advantage of.

A third, unidentified woman who says she lives on the street described a recurring pattern of politically motivated visits. "It was like two bucks," she said of her payment, adding that "yeah, they come out here all the time." A fourth resident, Mark Sanchez, says canvassers paid him on multiple occasions to sign materials tied to local officeholders. "To sign a petition for the mayor or different things in office, and they paid me $4 or $5 in different accounts," Sanchez said. "It happened more than four or five times."

WOAH 🚨 Homeless women living on Skid Row in Los Angeles says someone came and had her fill out a ballot for Karen Bass

They told her who to vote for and then paid her $2 for the vote

She says “they come out here all the time” to get votes for Democrats

“They told you to vote… pic.twitter.com/BEuPbM1RKg

— Wall Street Apes (@WallStreetApes) June 9, 2026

The content creator who filmed the videos says a friend who works nearby tipped him off after witnessing political volunteers operating in the area during the run-up to Election Day. He spent roughly two hours talking to residents. "Everybody said it was normal," he said, describing what he heard on the street about the paid ballot activities.

Don Garza, a disabled military veteran who has lived on Skid Row since 1999, offers perhaps the sharpest indictment of what has allegedly gone on there. He says voter registration drives run by nonprofit organizations have been a fixture of life in the area for years. "We are tired of it. We don't want people coming in and deciding elections and taking advantage of us," Garza said. "Every one of them thinks they have claim to our voice. They think they speak for us."

The California Post previously reported that thousands of homeless voters were registered at Los Angeles shelters despite many not actually residing at those facilities. A Venice shelter with 185 registered Raman voters received $600,000 in taxpayer money with ties to Raman's office. The pattern suggests something more systematic than a few isolated transactions.

🚨Los Angeles Election Fraud Caught on Hidden Camera

LA election petitioners were caught on tape giving homeless individuals other voters' information, instructing them to forge voter names and signatures, and offering cash and drugs as incentives to register to vote. https://t.co/lCmAAPktyR pic.twitter.com/mf4dsxv4Md

— James O'Keefe (@JamesOKeefeIII) June 8, 2026

Ballot harvesting, which involves collecting completed mail ballots and delivering them on voters' behalf, remains legal in California, but the Los Angeles chapter of the Democratic Socialists of America has published a how-to guide that illustrates how close that line can be pushed.

WATCH: Some Skid Row residents tell @FOXLA they’ve been offered cash, cigarettes and other incentives to sign political petitions and paperwork.

The allegations come days after a longtime petition circulator pleaded guilty in a federal voter registration case. pic.twitter.com/SAtnmwGG0k

— Matthew Seedorff (@MattSeedorff) June 11, 2026

The California Post could not independently verify the residents' accounts on camera. However, it is hard to dismiss the consistency of the testimony across multiple unconnected individuals.

However, paying people to vote is clearly illegal. California Elections Code Section 18521 prohibits any person from receiving money, gifts, loans, or other consideration in exchange for voting or refraining from voting for any particular candidate. Section 18522 makes the flip side equally illegal, barring anyone from offering or providing such inducements. Violations carry criminal penalties.

U.S. Attorney Bill Essayli says his office will investigate the concerns the Post has uncovered and will "follow the evidence" to determine whether the law was broken.

Tyler Durden Thu, 06/11/2026 - 20:30

Australian Financial Watchdogs Back New Powers To Curb Money-Laundering Via Crypto

Authored by Rex Widerstrom via The Epoch Times,

Australian crime-fighting and financial agencies are moving to prevent the use of cryptocurrency for money laundering, scams, and money-mule activities.

Illustration of Bitcoin and Ethereum coins held together in front of diverses EURO banknotes in Paris, France, on June 5, 2026. Joao Luiz Bulcao/Hans Lucas/AFP via Getty Images

The Australian Banking Association (ABA), Transparency International, and the regulator, AUSTRAC (Australian Transaction Reports and Analysis Centre), are backing a proposal to amend the Anti-Money Laundering and Counter-Terrorism Financing Act.

The change means the CEO of AUSTRAC can limit or stop a "reporting entity" or institution from using a "high-risk mechanism," such as cryptocurrency, to transfer funds.

The CEO must be satisfied that transferring funds has or will cause "significant harm to either the financial system, the Australian community, or both."

Currently, there are around 19,000 reporting entities, including banks and credit unions; non-bank lenders and stockbrokers; gambling and bullion service providers; and remittance service and virtual asset service providers (VASPs).

All are required to have processes and controls in place to protect their systems from criminal misuse.

Yet that number will soon expand to over 100,000 when new sectors, including lawyers, accountants, conveyancers, real estate professionals, and dealers in precious metals and stones, come under Australia's anti-money laundering and counter-terrorism financing regime from July 1 this year.

Sector-Wide Powers Needed, AUSTRAC Argues

Senator Michaela Cash asked what evidence suggested AUSTRAC's current powers were inadequate.

Daniel Mossop, the centre's national manager for policy rules, said current law mandated that the agency take a case-by-case approach, looking at individual businesses.

"What we can't do is have a look at a sector or a channel or a product and say, 'On the basis of what we are seeing here, there is an unacceptable risk,' [and] when you're dealing with really high-risk things, [it] becomes more inefficient.

"What we've seen over the last few years is a proliferation of new channels, payment methods, and products ... the real diversification of the market.

"When we have looked at some of these channels, what we have seen is high levels of criminal misuse in particular sectors, and that has caused us, along with the department [of Home Affairs], to start questioning whether the policy and legislative settings are right to deal with that type of threat," Mossop said.

Cash then asked officials whether they would support a change requiring the AUSTRAC CEO to report to Parliament on any prohibitions imposed.

Andrew Warnes, first assistant secretary of Home Affairs' criminal justice division, said there would be a "range of information" available and that lawmakers could always overturn the CEO's decision.

"We do not expect the power will be used particularly regularly," Warnes said.

"It will be a power that will be used occasionally, at best, based on our discussions with AUSTRAC. And when you look at the use of other powers in AUSTRAC's legislation, this is going to sit at the higher end, and you will have that parliamentary review, ostensibly of [every decision].

"A review mechanism is ultimately a matter for parliament, if it wants to do it. I expect this will be used on such a sparse occasion that your review will only be looking at one example. The next mechanism that might be banned might not have even been invented yet."

Crypto ATMs Major Area Of Concern

One are of concern is cryptocurrency ATMs, which have proliferated from 23 machines in 2019 to about 2,000 today - Australia has the third highest volume of such machines globally.

AUSTRAC told the committee it estimates that almost 150,000 transactions, totalling over $275 million, occur every year via crypto ATMs, with about 99 percent being cash deposits to make purchases.

The ABA says (pdf) they have been linked to "significant scam-related activity, high-risk cash-based transactions, and the rapid movement of illicit funds."

The recent Crypto Crime Report, shows a 162 percent year-on-year increase in the amount of cryptocurrency received by criminals.

That led the ABA to suggest the new powers be used on that channel than on banks.

"Banks are already subject to prudential supervision by APRA (Australian Prudential Regulatory Authority) and market conduct regulation by ASIC (Australian Securities and Investment Commission), both of which hold comparable product intervention powers," said Chris Taylor, the ABA's chief of policy.

"Extending the AUSTRAC CEO's power to ADIs (Authorised Deposit-taking Institutions) creates overlapping regulatory authority without a corresponding uplift in risk mitigation."

Further, crypto ATMs charge fees of up to 17 to 19 percent, or more, on the purchase of cryptocurrency.

"There's clearly some degree of consumer harm or some risk of consumer harm going on," Taylor argued.

"AUSTRAC's data is clearly showing that people who are using these ATMs are either themselves subject to a scam or they are involved in money mule activities, which is helping to move criminal proceeds, either from scams or from other types of illicit activities, so we really struggle to see a legitimate use case here."

A large number of scam victims tricked into sending money via crypto ATMs were elderly, Taylor said.

"When AUSTRAC first released this data, they talked about an 85-year-old woman who had physically fed in, over the course of a year, $325,000 of her life savings. That's heartbreaking."

The banks also want the period during which any channel was prohibited to be reduced from 3 years to 18 months, in line with the powers of ASIC.

Transparency International supported the bill, saying in its submission that, "For too long, Australia has been a major destination for kleptocrats, organised crime gangs, and corrupt officials to wash their illicit funds. Much of this dirty money flows out of low and middle-income countries."

The bill also amends the meaning of financing terrorism to include new offences of providing monetary support to a state sponsor of terrorism.

Tyler Durden Thu, 06/11/2026 - 20:05

Cops Bust India-Based Gold Scam Before Widow Loses $700K

A widow who was told her Social Security funds were being used to support terrorism nearly lost $700,000 in a gold scam, according to WOOD ABC 8.  

The fraudsters convinced her to buy gold, but a suspicious coin dealer alerted authorities before the transaction could be completed. Ben Soldaat, owner of Grand Rapids Coins, noticed several red flags. The woman seemed confused, unusually urgent, and showed little interest in the gold itself. Concerned she was being manipulated, he contacted the Kent County Sheriff’s Office.

Investigators learned the woman had been told by a caller posing as a Social Security agent that criminals were using her account for terrorism, drug trafficking, and money laundering. She was instructed to buy gold so law enforcement could supposedly track the offenders.

Yug Chauhan

Working with detectives, authorities set up a sting operation. Instead of real gold, an undercover officer posing as the woman delivered a package of chocolate gold coins to the courier sent to collect it.

The report says that the courier, 20-year-old Yug Chauhan of Illinois, was arrested and charged with false pretenses over $100,000 and using a computer to commit a crime—both 20-year felonies.

Investigators believe the scam originated in India and are continuing to pursue those behind it.

Officials say gold-related scams targeting seniors are becoming increasingly common nationwide, often involving callers who impersonate government agents. They stress that family members and businesses play a critical role in spotting warning signs before victims lose their savings.

The targeted woman ultimately recovered her money and later thanked Soldaat for intervening. She hopes her experience serves as a warning to others, noting that many scam victims are not as fortunate.

Tyler Durden Thu, 06/11/2026 - 19:40

Raising Girls Who Won't Be Bullied Off The Starting Line

Authored by Patti Garibay via RealClearPolitics,

The parents of California high school track athlete Reese Hogan did something no parent should have to do. They went to the press to ask why Gov. Gavin Newsom is fine letting a biological boy compete against their daughter for a girls' title. Reese put in the hard work required for a girl to take home the title. Reese is the one who deserves the trophy. But in 2026, asking for a fair race makes you the troublemaker.

A few hundred miles up the coast, Nicki Minaj said she's done biting her tongue. Her California home keeps getting "swatted," and Newsom's office hasn't lifted a finger. She accuses Jay-Z and Roc Nation of trying to destroy her career.

To be clear, Minaj has made choices and taken positions many conservative Christians wouldn't endorse. But that's precisely what makes this so revealing. Even someone who once fit in so comfortably within an elite cultural crowd can be cast out the moment she refuses total ideological conformity. She has become a whistleblower of what many women already knew: The woke crowd celebrates women only as long as they stay compliant. The second you deviate from the approved script, you're on your own.

Let's think about that for a minute. A rap star with millions of fans feels she's run out of room in today's celebrity culture. If she can't speak her mind, what hope does a stay-at-home mom in Cincinnati have when she shows up to a school board meeting?

These examples illustrate that feminism is no longer about women. It's about sticking to a script. Question the script - about your body, your faith, your daughter's locker room, your right to stay home and raise babies - and the same crowd that once chanted about your "liberation" will call you a danger to society.

Our girls grow up watching this unfold, learning very early what kind of woman this culture will tolerate.

Nowhere is the script more obvious than in the fawning reception over the new novel "Yesteryear." The book imagines a so-called "tradwife" taken back to 1855 to suffer for the sin of choosing motherhood and modesty. The reviews are exhausting. The point is not subtle. Women who choose home, husband, and Sunday morning church are to be pitied or mocked. Never mind that those women are some of the happiest people I know. Never mind that the moms I meet for coffee tell me their grandmothers had something we lost, and they want it back.

More than 30 years ago, mothers like me looked at what the Girl Scouts had become and knew we needed an alternative. Our daughters deserved more than moral relativism dressed up as girl power. We started with 10 American Heritage troops in Cincinnati. Today we have tens of thousands of members across the country. Not just because we are counter-cultural, but because we are anchored, and we're clear about who these girls are and Whose they are.

Here's what clarity looks like for girls today. It's a seven-year-old learning to tie a square knot and pray confidently out loud with her troop for the first time. It's a 12-year-old earning her camping badge while learning the simple, biological fact that God created us male and female. It's a high-schooler putting her phone in a basket at troop meetings and rediscovering what her own voice sounds like.

That is the future. It is bold and brave in a way that the loudest voices cannot tolerate. It's a simple yet profound message I will keep sharing with young girls every chance I get. I hope other women break free of perceived barriers about what women should say or think. When they do, they'll find genuine freedom in choosing courage, conviction, and clarity, and stepping into the calling God himself placed on their lives.

To Nicki, and to every woman who feels she has been kicked out of a club she didn't even want to join, I would say this: You are not crazy, and you are not alone. Real freedom was never found in burning down every wholesome thing your great-grandmother believed in. That isn't liberation. It's just a new kind of bondage, dressed up as progress. Real freedom is what God designed for us from the beginning - life inside the guardrails of His perfect love and wisdom.

To the parents of Reese Hogan, and to every parent watching this nonsense and wondering if anyone is paying attention: We are. We are raising girls who will grow into women who refuse to be bullied off the starting line.

The feminism our culture peddles today has decided to trash women. But common-sense Americans will be over here doing what we have always done - raising bold and brave girls, one campfire and one prayer at a time.

Tyler Durden Thu, 06/11/2026 - 19:15

Trump Nominates US Attorney Jay Clayton As Director Of National Intelligence

Authored by Jack Phillips via The Epoch Times,

President Donald Trump on Thursday said he is nominating Jay Clayton, the U.S. Attorney for the Southern District of New York, to be his director of national intelligence.

The move comes weeks after former intelligence chief Tulsi Gabbard said she is stepping down from the role.

Trump, in announcing the decision on Truth Social, wrote that “few people anywhere” in the legal community have as much respect as Clayton, the former head of the Securities and Exchange Commission (SEC), whom the president also described as “highly respected.”

“I encourage the United States Senate to confirm Jay as soon as possible,” he wrote in the post.

Last month, Gabbard announced she was stepping down as the head of the Office of the Director of National Intelligence (ODNI) because her husband was diagnosed with a rare form of cancer.

Federal Housing Finance Agency Director Bill Pulte was named by Trump to serve as acting director in a move that drew pushback from Democratic and some Republican lawmakers.

Pulte will serve as the acting U.S. intelligence chief and would take over from Gabbard later in June, Trump said on Tuesday.

Last week, the president told the Wall Street Journal that he would encourage Pulte to downsize parts of the intelligence office, which oversees 18 federal agencies and units.

“I’d like to see it smaller. I think there are a lot of people in there that shouldn’t be there,” Trump said on June 5, adding that Pulte has broader latitude to make significant changes due to his being the acting head of the ODNI.

“You’re less shackled,” he said. “It sort of gives you more power, you know, for a somewhat limited period of time.”

Going further, Trump suggested that the ODNI could even be “terminated” in its entirety, noting that a similar downsizing process was undertaken at the Department of Education.

“We’ve made the Department of Education much smaller, and likewise, this should be much smaller,” he added.

Trump praised Pulte as a “very smart guy” while speaking to reporters last week and added that he “may find out some things about the rigged elections.”

The decision to name Pulte as acting director, however, prompted Democratic opposition to renew Section 702 of the Foreign Intelligence Surveillance Act (FISA) in a vote earlier this week.

“Just voted NO again on a clean FISA reauthorization. We shouldn’t allow the government to conduct warrantless surveillance of Americans—especially with Bill Pulte in charge,” Rep. Sara Jacobs (D-Calif.) wrote in a post on X as the House failed to extend the provision.

Some Republican senators, meanwhile, indicated they would not have voted to appoint Pulte if Trump nominated him.

“The Senate doesn’t have any role to play in terms of confirming acting officials, but I see no evidence of any qualifications for that job,” Sen. John Cornyn (R-Texas) told The Hill about Pulte.

Clayton had served as head of the SEC from May 2017 until December 2020.  He also served as the head of the prominent law firm Sullivan & Cromwell, one of the largest in the world.

Tyler Durden Thu, 06/11/2026 - 18:25