Zero Rss

China's Memory-Chip Challenger Faces A Test Of How Far US Curbs Can Reach

ChangXin Memory Technologies is approaching a turning point.

The Chinese memory-chip maker has advanced far enough to draw interest from some of the world's largest technology companies, including Apple Inc., which has considered using its chips. But the same growth that has raised CXMT's commercial standing has also made it a more prominent target in the widening technology confrontation between Washington and Beijing.

The Pentagon has blacklisted the state-backed company over alleged links to China's military. In South Korea, prosecutors have accused several former Samsung Electronics employees of leaking proprietary information to CXMT. The company's expansion is also being watched closely by US officials seeking to prevent Chinese semiconductor manufacturers from gaining access to advanced equipment and expertise.

CXMT's success will depend not only on whether it can narrow the technological gap with Samsung, SK Hynix and Micron Technology, but also on whether it can continue expanding without provoking restrictions severe enough to disrupt its supply chain.

That challenge has shaped the company from its earliest days.

CXMT broke ground on its first factory in Hefei in 2017, as another Chinese memory-chip project, sFujian Jinhua, was running into mounting pressure from the US. Washington's actions ultimately derailed Jinhua's rise, creating a cautionary example for Chinese semiconductor companies with global ambitions.

According to Taiwanese think tank DSET, cited by Bloomberg, Jinhua's collapse helped CXMT secure funding from both central government-linked and private investors. It also taught the company to proceed more carefully around the boundaries of US policy.

"This incident not only brought CXMT both central and private investment but also helped the company learn from Jinhua's downfall and carefully navigate around US red lines," DSET said.

That caution has become increasingly important as Washington has broadened its efforts to restrict China's access to advanced semiconductor technology.

In October 2022, the administration of President Joe Biden imposed sweeping export controls covering high-end chips, manufacturing equipment and technical expertise. The measures were intended to slow China's progress in artificial intelligence, supercomputing and other strategically sensitive fields.

CXMT remains unable to obtain the most advanced lithography systems used by its foreign competitors. Its access is largely limited to deep-ultraviolet equipment, which is less capable than the extreme-ultraviolet machines used by Samsung, SK Hynix and Micron to produce their most advanced memory chips.

CXMT's first 12-inch DRAM memory wafers displayed at the 2024 World Manufacturing Convention in Hefei.Source: Costfoto/NurPhoto/Getty Images

That constraint is particularly significant in high-bandwidth memory, or HBM, a class of chips that has become critical to artificial-intelligence infrastructure. HBM allows advanced processors to move large quantities of data rapidly, making it essential to the systems used to train and operate generative AI models.

Samsung, SK Hynix and Micron dominate the global market for those products. CXMT is trying to close the gap without access to the same manufacturing tools, placing greater pressure on its engineering capabilities and domestic suppliers.

Its strategy has been to reduce exposure to Washington by building a supply chain increasingly centered on Chinese companies. A domestic network can make CXMT less vulnerable to direct US controls, while also supporting Beijing's broader campaign to replace foreign semiconductor technology with local alternatives.

The approach does not eliminate CXMT's dependence on overseas equipment and expertise. China still lacks domestic substitutes for some of the most sophisticated tools used in chip production. But CXMT's progress suggests that export controls have not stopped Chinese companies from improving less advanced manufacturing processes or expanding production at scale.

The company has climbed to fourth place in the global memory-chip market, behind Samsung, SK Hynix and Micron. It remains substantially smaller and less technologically advanced than those rivals, but its emergence has begun to challenge an industry structure that has long been dominated by three companies.

CXMT is considering using about 30 billion yuan, or $4.4 billion, from a planned initial public offering to upgrade its technology and expand research and development, according to its listing application.

That investment would support Beijing's goal of securing a larger role in a sector increasingly treated as a foundation of economic and military power. Memory chips are essential to smartphones, computers and data centers, and the artificial-intelligence boom has made advanced products even more strategically valuable.

"Memory is a critical component in the AI infrastructure, and the US and China are the only two countries fueling the infrastructure boom," said He Hui, a Shanghai-based semiconductor research director at Omdia, in a comment to Bloomberg. 

China's restrictions on Micron have also created a commercial opening for CXMT. With one of the three dominant global suppliers facing limits in the Chinese market, domestic customers have stronger incentives to consider a local alternative.

"There are only three players - Samsung, SK Hynix and Micron, and China sanctioned Micron years ago, so this provides a great opportunity for CXMT," He said.

The company's founder, Zhu Yiming, brought experience from both the American and Chinese technology sectors. He studied at Tsinghua University and the State University of New York at Stony Brook before leaving doctoral study to work in the chip industry.

In 2004, Zhu founded the company that would become GigaDevice in a garage in Milpitas, California, with $100,000 in angel investment. When the startup ran short of money, a manager at Tsinghua University's incubator offered funding on the condition that Zhu relocate it to China.

He moved to Beijing with slightly less than $1 million and formally launched GigaDevice in 2005. The company later became a major chip designer and listed in Shanghai in 2016.

By then, Zhu was preparing the venture that would become CXMT. His background helps explain the technical and commercial foundations of the company, but CXMT's current importance extends far beyond its founder.

The company is now a test of two competing strategies.

For Beijing, CXMT is evidence that sustained financing, domestic procurement and industrial policy can produce a viable alternative to foreign chip suppliers. For Washington, its rise raises questions about whether export controls are containing China's technological progress or merely encouraging Chinese companies to build around them.

CXMT's growing profile increases both its opportunities and its risks. Interest from customers such as Apple would validate its technology and give it greater international credibility. But deeper integration into global supply chains would also expose the company to more scrutiny over ownership, security and intellectual property.

The Pentagon blacklist and the South Korean leak allegations show how quickly commercial progress can become a geopolitical liability.

CXMT does not need to overtake Samsung, SK Hynix or Micron to alter the global market. Establishing a dependable Chinese source of memory chips would reduce Beijing's reliance on foreign manufacturers, strengthen domestic equipment suppliers and weaken one source of US leverage.

Zhu Yiming, second right, at GigaDevice’s listing on the main board of the Hong Kong Stock Exchange on Jan. 13, 2026.Photographer: Li Xukui/NBD/VCG/Getty Images Tyler Durden Mon, 07/13/2026 - 17:20

Mind Control: Duncan Trussell On How Social Media Algorithms Weaponize Trauma

Via VigilantFox.com,

Duncan Trussell tells Theo Von why the horrifying stuff the algorithm feeds you is not an accident, and explains what it does to your brain.

It starts with the phone in your hand.

Duncan Trussell tells Theo Von why the horrifying stuff the algorithm feeds you is not an accident, and explains what it does to your brain.

It starts with the phone in your hand.

TRUSSELL: "All of us are staring into these hypno-rectangles. The algorithm, at least my… pic.twitter.com/bPMgRdUReZ

— The Vigilant Fox 🦊 (@VigilantFox) July 11, 2026

TRUSSELL: “All of us are staring into these hypno-rectangles. The algorithm, at least my algorithm, it’s showing me horrible things, people in the midst of psychotic episodes, people in the forest drinking their period blood.”

VON: “It’s crazy dude. They’re definitely scrambling our brains. Because you’ll see like, genocidal killings of children, right?”

VON: “But then immediately it’s like 40% off these ASICS. It starts to confuse your brain, because your brain takes the depth of one that’s so deep and one that means nothing at all, and puts them all in the same plane.”

Then Trussell takes it somewhere darker:

TRUSSELL: “Public assassinations create trauma. Cultural trauma.”

TRUSSELL: “Did you notice, the Charlie Kirk assassination, everyone saw it before they shut it down. All of us had to watch that s**t happen. This produces trauma. The trauma response opens you up to conditioning. It’s the same thing kidnappers use. It’s the same thing people who torture you use.

“They freak you the f**k out so that you disassociate. You don’t want to be there. You go into a sad, foggy place. And then in that place, they show you the ASICS commercial. In that place, they give you some propaganda. In that place, they give you a solution so this will never happen again. This is a known technique for mind-controlling people.”

TRUSSELL: “It’s not just a power dynamic shift, it’s a cultural dynamic shift. Because they inject that moment with however they want to shift the tide.”

VON: “Wow…”

TRUSSELL: “So, Instagram, or any social media, is kind of doing this, but low-level.”

VON: “Microdosing it.”

TRUSSELL: “Yeah.”

Once you see the sequence, you can’t unsee it.

Full episode:

Tyler Durden Mon, 07/13/2026 - 17:00

US Officials Say Iran's Ahmadinejad Was Mossad Asset, Met With Intel Chief In Hungary

Iran's former hardline president Mahmoud Ahmadinejad of all people? 

The New York Times is out with a bombshell report on Monday which alleges that Israel's Mossad has for years sought to cultivate him as an Israeli intelligence asset.

Flash90

The apparent multi-year effort to recruit and re-install Ahmadinejad as leader of Iran has come to nothing, at a moment his status and fate remains unclear amid the fog of war, and after a prior US-Israeli strike on his house during the opening salvos of Operation Epic Fury resulted in him being whisked away from his Tehran neighborhood by his bodyguards.

The story, which cites US officials who are for whatever reason choosing this moment to 'leak' the insider info, begins in the following:

In early 2024, the rector of a university in Budapest received a startling request from a top Hungarian government official.

The official told the rector, Professor Gergely Deli, that Ludovika University of Public Service should hold a climate change conference and extend an invitation to an unlikely guest: Mahmoud Ahmadinejad, the widely reviled former president of Iran.

Even more shocking was the reason. The official told Mr. Deli that the conference was merely a front for Mr. Ahmadinejad to have secret discussions in Budapest with intelligence operatives from Israel, Mr. Ahmadinejad’s avowed enemy.

Back in early March, there were even some (premature) headlines of his death, saying he was 'assassinated' at a moment he was under house arrest at his residence. Supposedly this is what 'freed' him, and since then his whereabouts are unknown.

However, regional reports say he did attend the funeral of slain supreme leader Ali Khamenei earlier this month, and was briefly spotted surrounded by guards while wearing a mask and heavy coat.

The Mossad plot goes all the way back to 2022, NYT detailed based on the sources, and the suggestion is that he played along - seeing some kind of foreign intervention as his path back to leadership over the country. His house arrest sprung from the Iranian government being suspicious of contacts with the Israeli government.

He received Israeli financial support to cover travel and accommodation expenses while going to meet with Israeli operatives in Europe - which Israel prioritized to such an extent that even then-Mossad Director David Barnea personally met Ahmadinejad in the Hungarian capital in 2024. The NYT says that the CIA was eventually read in to the high-risk plan.

But upon the start of Operation Epic Fury and the bombing of his home, Ahmadinejad reportedly soured on the plan - becoming distrustful of the Israelis - and saw it as unrealistic.

From Mossad's point of view, he could emerge as a controllable puppet and new 'face' of the Islamic Republic regime, despite is prior well-documented rhetoric calling for the destruction of Israel and advancement of Iran's nuclear program.

The more believable aspect to this whole alleged saga is that Ahmadinejad was top of the list of West-Israel 'favored' candidates to lead Iran after he personally praised President Trump in a 2019 interview, and argued for a rapprochement between Tehran and Washington.

"Mr Trump is a man of action," Ahmadinejad was quoted as saying. "He is a businessman and therefore he is capable of calculating cost-benefits and making a decision. We say to him, let’s calculate the long-term cost-benefit of our two nations and not be shortsighted."

If Ahmedinejad was a Mossad asset, then everyone could be one?

This is like straight out of a movie. Mind blowing. https://t.co/RU9glcEGyG

— Ragıp Soylu (@ragipsoylu) July 13, 2026

Apparently some of the aspects which made him a candidate, or potential future US-Israeli puppet in Tehran (Delcy Rodriguez-style), was that he had been barred three times from running for president by Iran's unelected 12-member Guardian Council (in 2017, 2021, and 2024). Following his 2017 disqualification, he apparently flipped, becoming a highly vocal critic of Supreme Leader Ali Khamenei.

This isn't the first time the NY Times has floated this story, but the publication is now seeking to fill in more details, apparently.

Amid the ongoing fog of war and heavy propaganda coming from all sides, this could simply by mythology - Hollywood script style - in order to continue sowing fragmentation, distrust, and discord among Iranian ranks. It wouldn't be the first time such a tall tale was spun for such purposes, and the whole thing ultimately will remain unverifiable, for likely at least years to come. 

Tyler Durden Mon, 07/13/2026 - 16:40

Believe All Women - Unless They're Inconvenient

Authored by Frank Salvato via The American Spectator,

The political Left has spent years promoting the slogan "Believe All Women," using it as a powerful weapon against conservatives, especially during critical events like the Brett Kavanaugh confirmation hearings. But this mantra has never been about seeking justice or protecting victims; instead, it serves as a cynical tool for gaining power - a way to undermine opponents while conveniently overlooking the serial abusers, gropers, and predators within their own ranks.

When the alleged victims are conservative women, or when the accused belong to the "right" political party, the Left's proclaimed solidarity vanishes, replaced by silence, excuses, and even cover-ups. This hypocrisy is a fundamental aspect of a movement that prioritizes tribal loyalty over truth, power over principles, and narrative over the genuine suffering of women.

True protection for women requires consistency, evidence, and fairness - not selective blindness from those on the Left.

Take Joe Biden, the dilapidated standard-bearer of the Democrat Party. Tara Reade, a former Senate staffer, came forward with detailed allegations that Biden sexually assaulted her in 1993 by pinning her against a wall and digitally penetrating her. There was corroboration for her claims, including a friend she confided in at the time and a 1993 call to Larry King's show in which her mother referenced the incident.

However, the mainstream media, which claims to support the #BelieveWomen and the #MeToo movements, downplayed the story, questioned Reade's credibility, and defended Biden. The New York Times and the Washington Post published skeptical investigations that minimized Biden's pattern of "inappropriate touching" with multiple women. When Biden denied the allegations, the Left largely shrugged it off and continued to support him.

In contrast, any conservative accusation is met with immediate, intense scrutiny. Reade's claims posed a threat to the favorable image of their presidential candidate, so the media largely ignored them. Women only seem to matter when their stories align with the cause.

Andrew Cuomo, the former governor of New York who was once celebrated as "America's Governor" during the COVID-19 pandemic, faced credible allegations of sexual harassment from multiple women, including former staff members. These women described a troubling pattern of unwanted advances, groping, and a hostile work environment. Cuomo resigned amid the scandal; however, many Democrats rallied to his defense, with some downplaying the allegations as mere political attacks.

The media, which called for resignations in response to lesser offenses by conservatives, treated Cuomo's downfall as a reluctant necessity rather than a justified outrage. Where were the #BelieveAllWomen and #MeToo movements during this situation? Nowhere - because Cuomo was a powerful Democrat.

Al Franken, a comedian who later became a Senator, faced accusations from multiple women regarding inappropriate touching and forced kisses during his career in entertainment and politics. Photos surfaced of him mock-groping a sleeping colleague. Although Franken resigned from his position, many prominent voices on the Left, including some feminists, expressed regret over the loss of what they considered a "good man" and questioned whether the response was proportional. The urgency for judgment, typically directed at Republicans, was replaced by concerns about due process - only when it was convenient for their side.

Keith Ellison, a Congressman from Minnesota and former deputy chair of the Democrat National Committee, faced serious domestic abuse allegations from his ex-girlfriend, Karen Monahan. Her son claimed to have witnessed a video showing Ellison dragging her off a bed by her feet while shouting obscenities and making threats. Medical records and text messages supported aspects of her claims of abuse. Ellison denied all the allegations, and many on the left largely ignored the situation. As a rising star in progressive circles, his actions went overlooked.

There was no sustained outrage or calls for investigation from the usual advocates. In contrast, conservative women making similar allegations would likely have faced heavy scrutiny. Monahan, Ellison's alleged victim, faded into the background.

Eric Swalwell, the California Democrat, continues to face mounting scandals. Multiple women, including a former staffer, have accused him of sexual misconduct, ranging from sending naked, unsolicited messages to rape while the women were intoxicated or incapacitated. One woman provided a detailed account of being assaulted in a hotel room, which is corroborated by texts and eyewitnesses. Although Swalwell has denied these allegations, the consistent pattern raises serious concerns about entitlement.

Despite this troubling situation, the partisan machinery that typically amplifies accusations against conservatives has reacted sluggishly. Swalwell remains prominent in Leftist and Democrat circles, and his ambitions have only recently faced setbacks.

Even Graham Platner, the Democrat Senate nominee in Maine challenging Susan Collins, exposes the farce. Platner enjoyed robust support from the progressive apparatus, including Bernie Sanders allies, as a populist veteran and oysterman - until Jenny Racicot, a Maine woman from the Left who had dated him, came forward with a rape allegation. She detailed how in 2021, an intoxicated Platner entered her home uninvited, ignored her repeated objections, and forced himself on her despite her clear refusal. Only after this credible accusation from within their own camp - reported by outlets like Politico - did the Democrat establishment and mainstream media, including the New York Times, finally cease their backing, with calls for him to withdraw flooding in.

Prior controversies, including other troubling claims about their relationship, hadn't stopped them. But a Democrat woman's direct rape accusation? That finally pierced the protective bubble. The selective timing reveals everything: their #BelieveAllWomen and #MeToo piety is reserved for enemies, not inconvenient allies.

Conservative women, such as those who were criticized during the #MeToo movement or attacked for supporting America First policies, find little support from the Left. The Kavanaugh hearings demonstrated the strategy: use unproven allegations against those who threaten the agenda, and then discard principles when they implicate allies. The media-Democrat complex doesn't genuinely "believe all women"; rather, it selectively supports women at the right time for political gain; for the political "kill shot." Victims who do not fit this narrative - whether they are Republican, conservative, or simply inconvenient - are often dismissed as liars, opportunists, or fabricators; dragged through the mud into the public square.

This hypocrisy undermines trust in institutions - especially the media - and the experiences of genuine victims. Real abuse exists and deserves serious investigation with due process, rather than being used for partisan gain.

The Left's #BelieveAllWomen and #MeToo movements were never based on principles; instead, they served as a performative tactic to consolidate power. They overlook crimes against conservative women because acknowledging those victims would expose the underlying hypocrisy. This mandate only applies when it supports the Marxist, identity-focused agenda that reduces women to mere props in a cultural battle.

True protection for women requires consistency, evidence, and fairness - not selective blindness from those on the Left who preach empathy while practicing ruthless expediency.

Their silence regarding their own predators speaks volumes: power always trumps principle.

Frank Salvato is a 30-year independent journalist focused on constitutionalism and threats to the free West.

Tyler Durden Mon, 07/13/2026 - 16:20

Appeals Court Revives Tylenol Autism Lawsuits Against Kenvue

A federal appeals court has breathed new life into litigation accusing Kenvue of failing to disclose alleged risks tied to taking Tylenol during pregnancy, reversing an earlier ruling that had effectively stopped hundreds of cases, according to a new report from Bloomberg.

On Monday, the 2nd U.S. Circuit Court of Appeals concluded that the trial judge went too far in throwing out testimony from three expert witnesses. The panel said the experts relied on recognized scientific approaches and that disagreements over how to interpret the available research should be weighed through the legal process rather than dismissed outright. The lawsuits will now return to the lower court.

The decision overturns a 2023 ruling that prevented roughly 500 claims from moving forward against Kenvue, the consumer health business that was spun off from Johnson & Johnson. Bloomberg Intelligence has previously estimated that the company could ultimately face thousands of similar lawsuits, creating the potential for billions of dollars in legal exposure.

Bloomberg notes that attorneys representing the plaintiffs said the appeals court recognized that their experts relied on legitimate scientific evidence. Kenvue countered that the ruling was procedural, not a finding that Tylenol causes autism or ADHD. The company continues to argue that the best available independent research has not established a causal relationship between prenatal acetaminophen use and neurodevelopmental disorders.

Recall back in September we noted when President Donald Trump advised pregnant women to avoid Tylenol, bringing renewed public attention to a debate that has divided researchers.Even so, many medical experts and large reviews of existing studies continue to say the evidence does not demonstrate that acetaminophen use during pregnancy causes autism, ADHD, or similar developmental conditions.

"With Tylenol, don't take it, don't take it," Trump said last year, adding that the FDA would issue a notice to physicians over the risk of acetaminophen during pregnancy, and begin the process to make a safety label change. "I think we've found an answer to autism."

In October, we noted that in a Feb. 8, 2018, email obtained by The Epoch Times, Rachel Weinstein, director of epidemiology at Johnson & Johnson subsidiary Janssen, wrote, “The weight of evidence is starting to feel heavy to me.”

Weinstein was emailing Jesse Berlin, Johnson & Johnson’s global head of epidemiology, about a review that concluded that nine studies suggested that use of acetaminophen—the active ingredient in Tylenol—by pregnant women was linked to autism and other neurodevelopmental issues in the women’s children.

The legal battle is unfolding while Kimberly-Clark works to complete its planned $40 billion purchase of Kenvue. The company has said it reviewed the potential litigation risks before agreeing to the acquisition.

Tyler Durden Mon, 07/13/2026 - 15:45

US Energy Efficiency: We Have Come A Long Way

Via RealInvestmentAdvice.com,

The graph below paints a very interesting picture of US energy efficiency and a key structural economic change in this country.

For roughly 25 years after WWII, the US economy’s crude oil consumption nearly tripled. Feeding the growth were a booming post-war economy and strong population growth.

To put consumption in a different context, the graph shows consumption as a ratio to a dollar of real GDP, on a per capita basis.

It shows that consumption per dollar of GDP declined rapidly starting in the mid-1970s, suggesting an increase in US energy efficiency.

The US per capita energy efficiency is less pronounced but noticeable.

In addition to productivity gains and urbanization, there are a few reasons for the gains in efficiency.

• The 1973 Arab oil embargo was a shock to the economy. During this time, a quadrupling of gas prices and long gas lines forced policymakers and consumers to treat oil as a strategic vulnerability rather than a cheap given.

• Washington enacted numerous measures in response to persistently high oil prices in the 1970s. For instance, the Energy Policy and Conservation Act of 1975 mandated US energy efficiency standards for appliances and introduced fuel-economy standards. Legislators also encouraged a shift from oil and natural gas to coal for power generation. Utilities largely stopped building oil-fired plants.

• Structural change was equally important. The economy shifted from heavy manufacturing to services and technology, sectors that require far less energy per dollar of output.

Ironically, AI data centers are now driving a renewed focus on efficiency, this time with natural gas and renewables.

Tyler Durden Mon, 07/13/2026 - 15:25

Credit Card Chargebacks Surge As E-Commerce & Cashless Society Gets Messy For Consumers

US consumers are disputing card purchases at a record pace, as online fraud, confusing billing practices, and sneaky subscription charges drive a surge in chargebacks.

Bloomberg cites new data from research firm Juniper Research on consumers' aggressive use of chargebacks. Last year alone, US consumers filed 158 million transaction disputes, up 29% from 2021 and outpacing overall growth in card spending. Global disputes jumped 46% over the same period.

The increase may reflect not only more legitimate fraud but also subscription traps, unfamiliar merchant names, poor service, and "friendly fraud," in which shoppers mistakenly or knowingly challenge legitimate purchases.

The report continued:

Some of this growth in reported fraud is indeed a reflection of growth in real fraud. More people are getting scammed, especially online.

But according to Michael Greenwood, a senior research analyst at Juniper who focuses on digital payments, that's not the main source of dispute rates. Instead he points to two other phenomena responsible for the ballooning number of chargebacks: growing confusion among consumers over how the transactions on their monthly statements correspond to their actual purchases, as well as an increasing willingness, especially among younger shoppers, to engage in a little bit of fraud of their own.

Rising chargebacks may also signal growing consumer stress, as online fraud and distrust of merchants increase. This appears to be one of the drawbacks of going cashless for some people in the era of e-commerce. Some shoppers are struggling with subscription traps, unclear billing, and deteriorating service, while a growing share are also using disputes to reverse legitimate purchases.

The spike in chargebacks is also hurting retailers, resulting in higher fraud losses and processing costs.

Business revolt? 

Meanwhile, consumers are carrying near-record credit card balances as inflation remains elevated. The average credit card interest rate is hovering near a record high of 22%.

The good news is that consumer credit figures in May fell for the first time since Nov. 2024 as interest rates spiked.

So one drawback of e-commerce and an increasingly cashless economy is the rise in chargebacks. Digital transactions create more opportunities for fraud, billing confusion, and subscription disputes.

Tyler Durden Mon, 07/13/2026 - 15:05

Mick Jagger Has Some Sage Advice For Trump-Hater Springsteen

Authored by Steve Watson via Modernity News,

Mick Jagger is pushing back against the trend of rock stars turning stages into campaign rallies, offering a refreshing contrast to Bruce Springsteen's repeated anti-Trump outbursts.

In a recent New York Times podcast interview, Jagger made his position crystal clear. While contrasting his approach with Springsteen's, he stated: "My job in the live music world is for those people that come to have the best time ... And you don't want to lecture them."

Mick Jagger Says It's Not His Job to Lecture Rolling Stones' Fans on Politics

NYT: "Bruce Springsteen clearly sees his job as engaging in a meaningful back and forth."

MICK JAGGER: "My job in the live music world is for those people that come to have the best time ... And you... pic.twitter.com/PmNaTgLjs7

— Chief Nerd (@TheChiefNerd) July 11, 2026

This comes as Springsteen has made a habit of injecting leftist political commentary into his shows, often targeting President Trump and his administration.

From calling Trump "treasonous and corrupt" during his European tour to labeling America itself a "reckless, unpredictable, predatory, untrustworthy, rogue nation" in a DC concert, the so called Boss has turned performances into platforms for activism.

Grammy-winning musician Bruce Springsteen began his European tour by calling President Donald Trump a "treasonous and corrupt" leader.

Springsteen urged the crowd to rise up, speak out against authoritarianism, and "let freedom ring."

Springsteen has supported every Democratic... pic.twitter.com/eSRpQuFGQl

— Shadow of Ezra (@ShadowofEzra) May 15, 2025

Bruce Springsteen goes on anti-Trump tirade mid-concert.

pic.twitter.com/6LKM0MuZXg

— Oli London (@OliLondonTV) May 15, 2025

Leftist activist Bruce Springsteen went on an unhinged anti-Trump rant during his recent DC concert, calling America a "reckless, unpredictable, predatory, untrustworthy, rogue nation." pic.twitter.com/wkolcjuh5S

— Libs of TikTok (@libsoftiktok) May 29, 2026

Springsteen has relied on a teleprompter for his anti-Trump and anti-billionaire rants, scripting attacks on the "richest men in America" and claims about a president who "cannot handle the truth."

Billionaire Bruce Springsteen uses a teleprompter to read a script bashing Trump and billionaires.

"The richest men in America have abandoned the world's poorest children to death and disease...We have a President who cannot handle the truth." pic.twitter.com/VJPm443zst

— Oli London (@OliLondonTV) May 26, 2026

His latest efforts include an angry 'look at my serious playing face' anti-ICE music video titled "Streets Of Minneapolis," railing against the Trump administration.

JUST IN: Singer Bruce Springsteen releases angry, highly political new anti-ICE music video titled "Streets Of Minneapolis," which was uploaded to YouTube.

Springsteen raged against the Trump administration and called some out by name in the song.

The Hollywood clown... pic.twitter.com/wRGlqRccU9

— Collin Rugg (@CollinRugg) January 29, 2026

Trump has continually clapped back at Springsteen's criticisms.

Trump goes off on Bruce Springsteen: pic.twitter.com/CQurpihfvZ

— johnny maga (@johnnymaga) April 2, 2026

Never forget that Springsteen was among those pushing strict COVID-era restrictions, endorsing concerts limited to the fully masked and vaccinated.

@springsteen is a pedantic tool of govt oppression pic.twitter.com/7k90sMYXZg

— David Dougherty (@Nahanchi7068) July 11, 2026

Fans and commentators have taken notice of Jagger's stance, with many applauding the decision to prioritize the audience's enjoyment over boring lefty sermons.

He gets it. pic.twitter.com/nQFv6sAqyL

— Dennis Michels (@lonecavalryman) July 11, 2026

Springsteen is not engaging in a meaningful back and forth, he's engaging in lies and propaganda.

— Matt Marsden (@matt_marsden123) July 12, 2026

Jagger's been around the block enough times to know how that sort of thing plays out. He's witnessed first hand what happens when musicians lose themselves in political messaging. Good on him for not stepping in it.

— ConquestBarbie (@DParadisio43137) July 12, 2026

Too bad more musicians and actors don't heed Jagger's advice. I have zero interest in supporting any entertainment personality who thinks they have some moral high ground obligation to tell me who I can support politically. It's none of their GD business.

— Sherry Kerdman (@sherry_kerdman) July 11, 2026

Mick knows. I was at a private event where U2 played and the entire show they used the monitors and interstitial comments to tell me to give all my money to Democrats and eradicate the evil that is Trump. Fuck them. pic.twitter.com/5WEhW5pcpU

— Todd Ensz (@EnszTodd) July 11, 2026

Jagger's comments strike a chord in an era where many entertainers seem more focused on pushing ideology than delivering the escapist joy fans pay for.

While Springsteen sees his role as political engagement, Jagger understands that most concertgoers want to rock out, not endure lectures - especially from multimillionaire performers far removed from everyday struggles.

This divide highlights a broader fatigue with celebrities who lecture from their bubbles while ignoring their own inconsistencies. America First means putting fans and freedom first, not turning every stage into a partisan soapbox. Jagger gets it. More should follow.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Mon, 07/13/2026 - 14:45

The Absurdity Of The Hunter Biden Defamation Case

Authored by Jonathan Turley,

I have taught torts, including defamation for over 30 years, but I have never seen the like of the Hunter Biden defamation case.

The defendant made defamatory statements and then just refused to appear. That led to an equally bizarre $1.7 million award by U.S. District Judge Stephen Wilson of the Central District of California to Biden, consisting of just $1 in nominal damages and the rest in punitive damages.

Here is the most interesting line of the opinion: “the damage to Plaintiff’s reputation is difficult to calculate.”

It may be the single greatest understatement in the history of judicial opinions.

However, the court also noted “Plaintiff does not seek actual damages above a nominal amount.”

That means that Hunter Biden’s counsel, in a default case, elected not to argue for compensatory damages due to loss of reputation. Why would he do that?

It might be that he has little reputation to lose and that opening up that part of the case was fraught with perils.  However, it also created a potential major appellate issue. His counsel was making it clear that they were litigating purely for punitives.

For Hunter Biden, this is a much-needed windfall. His art sales notably collapsed with the value of currying favor to the Bidens. He is reportedly being pursued by creditors, including former counsel.

The question is whether the award will stand.

For many critics, Hunter Biden is virtually ‘libel proof” as an individual who has no reputation to lose. However, as we have previously discussed, that status is reserved for the most reviled personalities who cannot be defamed due to the lack of any positive reputation.

Judge Wilson, a Reagan appointee, admits in his opinion that determining reputational harm to someone like Biden is difficult to do and further recognizes the argument that “prior tarnishing of Plaintiff’s reputation may reduce the reprehensibility of Defendant’s conduct.”

The case involves a claim by former Overstock.com CEO Patrick Byrne that Biden took part in an $800 million bribery scheme involving Iran and failed to defend his claims in court.

Hunter Biden has long been accused of influence peddling that generated millions for him and his family. I have been one of his longest critics as part of a corrupt family enterprise.

However, this claim was not one of those that his critics, and Congress, focused on during the Biden years. There is no evidence that he took a bribe or payment in a quid pro quo for releasing the money to Iran.

The lawsuit was part of a flurry of such actions brought against Biden’s critics. Most were later dismissed, but played a part in the scorched-earth campaign of Biden. I was even threatened with such an action after criticizing his counsel and financial backer, Kevin Morris.

As Biden dropped the other lawsuits, this one continued to be litigated. It was an easy kill. Byrne simply did not defend himself and defaulted. That left the matter to Judge Wilson, who was clearly irate.

The opinion recounts an extraordinary pile-up as Byrne sought to replace lawyers:

“Defendant initially attempted to replace Mr. Murphy with three new lawyers: Eric Neff, Tom Yu, and Stefanie Lynn Lambert Junttila. ECF Nos. 290, 291, 292. Ms. Lambert was not a member of the California Bar, and her application to appear pro hac vice was denied2 due to her recent history of unethical conduct, which gave the Court reason to doubt she would abide by the Court’s rules and practices. ECF No. 295. When Defendant learned that Ms. Lambert was not qualified to represent him in this case, Defendant also instructed Mr. Neff and Mr. Yu to remove themselves.

Moreover, Defendant himself, now unrepresented, still failed to appear at trial. Accordingly, the Court issued an order to show cause why it should not enter default judgment against Defendant and ordered the parties to return the following day. At that hearing, on July 30, 2025, Defendant again failed to appear. Mr. Yu, who was not authorized to represent Defendant at trial, argued on Defendant’s behalf for a continuance, in lieu of default judgment.”

The defendant would miss a series of filing and appearance dates, including orders that he appear in person.

Wilson, 85, ruled in his opinion that Byrne acted with “intentional misrepresentation” and “conscious disregard” for Hunter’s rights. Making things worse, Byrne was found to have continued making the false claims after the lawsuit, and said Byrne continued to amplify the false allegations even after Hunter filed the lawsuit against him.

Accordingly, the court found that the “defamation went far beyond mere negligence,” and that Byrne actively sought to spread the false claim on social media and to make the story go viral.

The problem is that the actual compensatory damages are rather to gauge for a plaintiff who was found by Congress to have actively sought to use his influence or access to his father to shake down foreign figures and businesses.

In these well-documented dealings, there were gifts such as diamonds, lavish expense accounts, and a sports car, in addition to massive payments that Hunter claimed were “loans.” There are messages like the one to a Chinese businessman, openly threatening Joe Biden’s displeasure if money is not sent to them immediately. In the WhatsApp message, Hunter stated:

“I am sitting here with my father, and we would like to understand why the commitment made has not been fulfilled. Tell the director that I would like to resolve this now before it gets out of hand, and now means tonight. And, Z, if I get a call or text from anyone involved in this other than you, Zhang, or the Chairman, I will make certain that between the man sitting next to me and every person he knows and my ability to forever hold a grudge that you will regret not following my direction. I am sitting here waiting for the call with my father.”

So, accusing Hunter Biden of influence peddling would hardly seem a material blow to his reputation.

Wilson awarded just $1 in nominal damages to Biden but then ordered $1.7 million in punitive damages. Byrne was also ordered to pay nearly $35,000 in previously imposed court sanctions within two weeks or face an additional $1,000 penalty for each day payment is delayed after the deadline.

That 1:1,700,000 ratio is a bit startling. The general rule is that a ratio of greater than 1:10 in compensatory to punitive damages can raise serious constitutional concerns. What makes this case different is the contempt and default elements.

In 1996, the U.S. Supreme Court decided a case, BMW of North America v. Gore, striking down a punitive damage award. The case involved the practice of the company to repair and repaint cars damaged in transit without telling the customers. The jury in the original trial awarded $4,000 in compensatory damages for the lost value to the car in not having a factory paint job and other damage; it then imposed $4 million in punitive damages for the company’s dishonesty.

The Court stated three factors in crafting punitive awards: (1) the degree of reprehensibility of the nondisclosure; (2) the disparity between the harm or potential harm suffered by plaintiff and the punitive damages award; (3) and the difference between this remedy and the civil penalties authorized or imposed in comparable cases.

Even though the Alabama Supreme Court previously reduced the punitive award by half, the U.S. Supreme Court still found that the award violated the Due Process Clause as “grossly excessive.”

The fact that this case involves nominal damages may allowed for greater leeway in the ratio. See Arizona v. ASARCO LLC, 773 F.3d 1050, 1058 (9th Cir. 2014). That is clearly a critical part of the decision of counsel to ask for only nominal damages while litigating for punitive damages. However, this ratio is astronomical.

Judge Wilson addresses BMW v. Gore but effectively untethers the ratio analysis from this case, precisely what Biden’s counsel had hoped in seeking only nominal damages. It is an approach that would effectively gut BMW v Gore. Any litigants with a bad reputation or insufficient reputational harm could simply ask for nominal damages and then ask for the moon in punitive damages.

However, it gets weirder. I was curious how, without any record on harm, the Court could come up with $1.7 million. It turns out that the Court used the damages awarded by a Canadian court against Byrne in a similar defamation case. That case in a foreign jurisdiction awarded $1.134 million. Wilson simply blithely declares that, since Byrne continues such conduct, “a $1.134 million award would be inadequate to deter this particular Defendant. The Court therefore calculates a punitive damages award of $1.7 million, approximately 50% greater than the total judgment in the prior case.”

That is it. The court simply used the damage award in a foreign torts case and elected to increase it by 50%.  However, that earlier judgment only included $250,000 in punitive damages.

I think that the court is dead wrong on the punitive damages analysis. The only question is whether the extent of Byrne’s contempt and default will work to quiet the concerns of appellate judges.

It is a case worthy of appeal.

It is a fascinating car wreck of a case with a scandal-plagued plaintiff, a defaulting plaintiff, the use of a foreign judgment as the basis for a damages award, and a 1:1,700,000 ratio in damages. We will be watching if an appeal is filed by Byrne.

Jonathan Turley is a law professor and the New York Times best-selling author of “Rage and the Republic: The Unfinished Story of the American Revolution.”

Tyler Durden Mon, 07/13/2026 - 14:05

Dubai's New East Coast Port Signals The Beginning Of End For Iran's Hormuz Leverage

Less than a week into the US-Iran conflict, specifically on March 3, we began to see the writing on the wall: Tehran's leverage over the Strait of Hormuz would eventually erode. That would happen not only because the US military could systematically destroy IRGC's radar sites, coastal missile batteries and drone launch sites along the maritime chokepoint, but also because Gulf states would eventually respond with a generational infrastructure buildout, from new pipelines to coastal ports, designed to entirely bypass Hormuz altogether.

Surprising Fujairah is not a bigger oil terminal: it bypasses the straits completely.

Expect major infrastructure push here after the war. https://t.co/Do1gK7KBDQ

— zerohedge (@zerohedge) March 3, 2026

The emerging theme gained momentum on Monday morning with a new Financial Times report stating that Dubai's state-owned ports and logistics giant, DP World, is considering a massive new port and container terminal on the UAE's east coast, in Fujairah, to bypass the Hormuz chokepoint.

Jebel Ali's port, which handled 15.6 million 20-foot containers last year, is located southwest of central Dubai, toward Abu Dhabi, and was battered over the last several months when Iran closed the strait, sending containerized volume down nearly 95%. That shipping shock, according to an FT source, was enough for DP's executives to begin looking for alternative routes.

Here's more from the report:

DP World was now discussing a term sheet with government officials, with the new project's structure and financing yet to be finalised, the people said. The new port could be completed as soon as within a year and a half, a senior company official said.

The Jebel Ali Port is DP's crown jewel, the largest port and the anchor of the Jafza free zone, which hosts about 12,000 companies.

"Jebel Ali will continue to be Jebel Ali," a senior DP official told the FT. "It will never be downsized."

"We do have our own plan, and we've been very active in terms of looking at the eastern coast as far as DP World is concerned," the senior official said. "It's defensive in case things go wrong," the senior DP official continued.

Shifting part of the port's capacity outside Dubai is a seismic change but not surprising given that UAE's Minister of Foreign Trade Thani Al Zeyoudi recently told Bloomberg in an exclusive interview, "We're moving toward having zero Hormuz dependency and that's regardless of whether it's open or not. It's going to open and we hope that will happen quickly, but we will not stop the new plan."

The plan includes major investments in pipelines, rail, and road links from UAE ports in the Persian Gulf to Dibba, Fujairah, Khor Fakkan and at least one new harbor on the Gulf of Oman coast.

In the early months of the conflict, Saudi Arabia's Hormuz-bypassing East-West pipeline was the prime example of being hedged for a Hormuz closure, able to shift 7 million barrels a day from Persian Gulf loading terminals to those at Yanbu on the Red Sea.

Related:

• Gulf States Considering Network Of New Pipelines To Bypass Strait Of Hormuz

With US-aligned Gulf states in the process of shifting critical energy and container supply chains away from the Hormuz area, this will only accelerate the erosion of Tehran's geopolitical leverage over the chokepoint.

... and now with President Trump reinstating the Hormuz blockade...

... this will only supercharge the bypass theme. 

Tyler Durden Mon, 07/13/2026 - 13:45

"Don't Let China Win": President Trump Presses Senate On CLARITY Act In Final Stretch

Authored by Micah Zimmerman via BitcoinMagazine.com,

The Senate returns to Washington on July 13, with the clock running down on the most consequential piece of crypto legislation in years. Lawmakers now have roughly four weeks to schedule, debate, and pass the CLARITY Act before the August recess. 

President Trump weighed in directly on Monday, posting on Truth Social that “in honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act” and warning that China and other countries “would like to take complete and total control of this major financial ‘happening,'” as well as A.I. 

White House crypto adviser Patrick Witt amplified the urgency, noting the critical week coincides with the one-year anniversary of the GENIUS Act and cautioning, “We cannot afford to delay any longer.”

This is a window many policy watchers see as the last realistic chance to enact comprehensive digital-asset market structure legislation this Congress.

The CLARITY Act would draw a firm regulatory line between the SEC and the CFTC, granting the commodities regulator exclusive jurisdiction over spot markets for “digital commodities” while leaving the SEC to oversee investment-contract assets. 

It cleared the House in July 2025 by a bipartisan 294–134 vote and advanced out of the Senate Banking Committee in May by a 15-9 margin, with two Democrats joining all Republicans. 

Those committee votes, however, came with warnings that floor support was not guaranteed.

This week’s milestone is the release of updated text merging the Senate Banking and Agriculture Committee versions, the clearest signal yet of what survived negotiations and what remains unsettled. 

JUST IN: 🇺🇸 President Trump says "The U.S. Senate should pass the Clarity Act." 🚀 pic.twitter.com/9Y7VxKZ3ck

— Bitcoin Magazine (@BitcoinMagazine) July 13, 2026 Clarity Act issues remain 

The bill missed the July 4 signing ceremony that White House crypto adviser Patrick Witt had targeted, and while meetings ran through the recess, the thorniest issues remain unresolved, according to Crypto in America. Getting to 60 votes may prove harder than getting this far, and with the Republican conference shrinking, Democratic buy-in matters more than ever.

Chief among them is the Blockchain Regulatory Certainty Act, folded into the CLARITY Act as Section 604, which would shield non-custodial software developers from being treated as money transmitters. 

Law enforcement groups argue the language, as written, would hamper investigations into on-chain crime, and Democratic support may hinge on revisions.

An ethics standoff

The more explosive fight is over ethics. Negotiators have yet to reach a CLARITY Act deal with the White House on guardrails around conflicts of interest tied to President Trump’s crypto ventures, after disclosures showed he earned more than $1 billion from crypto-related businesses last year. 

House members have pressed the Senate to act while addressing those concerns, and a coalition of more than 200 companies has urged leadership to bring the bill to the floor. The coalition argued that the bill would establish a clear federal framework for digital assets and help keep innovation in the U.S.

Complicating the math, the death of Senator Lindsey Graham (R-SC) and the continued absence of Mitch McConnell (R-KY) leave Republicans with almost no room for error in reaching 60 votes.

Sentiment is split. Solana Policy Institute President Kristin Smith says momentum is building and a floor vote before recess remains achievable, echoing CFTC leadership calling the bill “so close.” 

Others are wary: Galaxy Digital cut its passage odds to 50-50, citing the shrinking calendar and competing priorities like the NDAA. The firm said the legislation still faces procedural hurdles, unresolved ethics and developer-protection disputes, and a crowded Senate agenda that could delay consideration until September. Galaxy said the odds would improve if Senate leaders commit to a July vote. Odds were as high as 70% earlier this year.

The next four weeks may be CLARITY’s last chance in the 119th Congress.

Tyler Durden Mon, 07/13/2026 - 13:25

This Chevrolet Suburban Is The Secret Service's New Anti-Drone Weapon

For any indication of how seriously the federal government is taking the threat posed by one-way attack drones on the homeland, particularly against President Trump, look no further than the US Secret Service's new Chevrolet Suburban.

The Secret Service’s Counter-Unmanned Aerial Systems Branch operates a specially equipped Chevrolet Suburban Premier, known as “Hindsight,” to detect and mitigate suicide drones and other loitering munitions during National Special Security Events and other high-profile security operations, according to the Instagram account "dmvfireandpolice."

The Suburban is outfitted with an Axis Communications IP camera, radio-frequency antennas, and additional counter-UAS technology, and it appears to have a mobile command station inside.

Dmvfireandpolice reported that the latest sighting of the new anti-drone command center on wheels was at Trump National Golf Club in Sterling, Virginia, as it was departing.

The vehicle is likely outfitted with jamming equipment, yet new details this week of fiber optic drones in Mexico have sparked alarm bells with security experts because these drones - very similar to Ukrainian and Russian ones - are unjammable, which only suggests kinetic solutions are needed.

The drone threat against President Trump materialized last month when far-left revolutionaries were foiled by federal agents in their alleged plot to use suicide drones to target "capitalists" at the UFC Freedom 250 event at the White House.

Trump made an odd statement on Friday: "I’ve been on their list for a long time. That’s what we’re dealing with." He then followed with: "The only thing is, I've left instructions—if anything happens—to just literally bomb them at levels that they've never seen before."

As we have detailed before, there are multiple ways to prepare for the asymmetric-warfare boom, as the US government and private firms race to harden the airspace above high-value assets, from airports and data centers to power grids, stadiums, and other critical infrastructure.

We may also be seeing the early stages of an M&A cycle across the drone and counter-UAS space. Ondas Holdings’ acquisition of DZYNE last week could be an early signal that larger defense and industrial technology firms are beginning to consolidate specialized firms before demand from the Department of War accelerates next year (read that report here).

Tyler Durden Mon, 07/13/2026 - 13:00

Lindsey Graham's Eerie Last Words Revealed

The sudden death of Sen. Lindsey Graham (R-SC) reverberated through the capital over the weekend, and some of the veteran interventionist's final remarks have lent the loss an unsettling poignancy.

Gage Skidmore/Flickr

In a telephone call with an unnamed individual, Mr. Graham, 71, said he intended to seek medical attention for feeling unwell, but only after his scheduled appearance Sunday on NBC's "Meet the Press." On the same call, the senator joked about deferring his own mortality.

"I can't die now. I still need to do the Russia sanctions, get Iran sorted out and do Israeli-Saudi normalization," the senator said, according to Axios.

Graham's office announced his death early Sunday, hours after he returned from Ukraine, where he toured a secret military drone factory and held talks with Volodymyr Zelensky.

The senator also spoke Saturday evening with President Donald Trump about the Ukraine trip and the bipartisan Russia sanctions package he had been working to advance through Congress alongside Sen. Richard Blumenthal (D-CT), the New York Post reports.

Preliminary findings released by the District of Columbia medical examiner's office indicated Graham died from "Aortic Dissection due to Arteriosclerotic Cardiovascular Disease." The condition, a tear in the body's main artery, predominantly affects older men.

Trump said Monday he has recommended that the senator's sister serve as his temporary replacement in the Senate. In a social-media post, the president urged Gov. Henry McMaster (R) to appoint Darline Graham Nordone to fill the remainder of Graham's term, which expires in January.

McMaster is expected to announce his selection later Monday. A special election is scheduled for next month to choose a new Republican nominee in the general election for the seat.

H/T CAPITAL News

Tyler Durden Mon, 07/13/2026 - 12:20

Non-Citizen Voting Arrests Continue To Mount, State Officials Put On Notice

Authored by Bryan Hyde via American Greatness,

The Trump Justice Department has secured roughly two dozen non-citizens voting arrests, prosecutions or convictions in the last few months, with another nearly 90 more cases under investigation.

Just the News reports that the wave of prosecutions represents a growing number of individuals charged in the last year with illegally voting in U.S. federal elections as foreigners.

Department of Justice (DOJ) officials say all 50 states were sent notices this month that election officials can and will be prosecuted too if they allow non-citizens to vote.

🚨 TRUMP DOJ DROPPING BOMBS ON ELECTION CHEATERS

Congressman Jim Jordon just unloaded: While the Save America Act stalls thanks to Senate RINOs hiding behind the filibuster, the Trump Justice Department is WARNING election officials in ALL 50 states, criminal prosecution if you… pic.twitter.com/H6fMxI8KJm

— Gunther Eagleman™ (@GuntherEagleman) July 11, 2026

Assistant Attorney General for Civil Rights Harmeet Dhillon told the Just the News, “This is not some idle threat.”

The letters state that state election officers face potential criminal penalties for “aiding and abetting” non-citizen voting. This includes knowingly retaining non-citizens on voting registration lists or assisting them with obtaining and casting ballots.

State officials were given a strict 5-day deadline by the DOJ to submit explanations of how they are complying with federal voter eligibility laws.

Dhillon drew a clear line on non-citizen voting, saying:

It isn’t just bad policy to let non-citizens vote in federal elections, it’s a crime. And this Department of Justice will intend to prosecute that crime if these election officials, having been informed that they are non-citizens on the voter rolls, knowingly allow those people to vote, enable their enrollment on the voter rolls, are passive in the face of this knowledge, etc.

Dhillon believes the numbers of foreigners illicitly voting in elections is probably higher but has been frustrated that U.S. Attorney offices across the country haven’t made illegal voting a larger priority until just recently.

Federal law requires voters to be American citizens to vote on the federal level, but some states and cities allow non-citizens to vote in local elections.

The DOJ push comes as President Donald Trump tries to persuade a hesitant U.S. Senate to pass the Save America Act that would impose citizenship and voter ID on all federal election voters.

Tyler Durden Mon, 07/13/2026 - 12:00

Strategy Adds $467 Million In Cash, No Bitcoin As StanChart Warns Saylor Needs Clarity In Pivot Message To Convince Investors

Strategy, the largest corporate holder of Bitcoin, raised fresh capital by selling MSTR shares through its at-the-market (ATM) offering last week while leaving its BTC treasury unchanged.

As CoinTelegraph's Helen Partz reports, Strategy sold 4.8 million shares of its Class A common stock for $466.7 million between July 6 and July 12, according to a Monday 8-K filing with the US Securities and Exchange Commission. 

The company did not buy or sell any Bitcoin during the period and reported holdings of 843,775 BTC at an average purchase price of $75,476 per BTC. 

The update comes as investors continue to watch how Strategy balances equity issuance, Bitcoin accumulation and its growing preferred stock offerings as it expands its BTC-focused corporate strategy.

Ahead of Monday's Nasdaq open, MSTR shares were trading down roughly 3%, to $91.80 apiece, according to Yahoo Finance. Bitcoin was trading at about $62,580, down more than 2% in the past 24 hours.

Cash buffer grows to $3 billion

Strategy increased its US dollar reserve to $3 billion as of July 12, up from $2.55 billion a week earlier. The reserve is used to fund dividend payments on its preferred stock and interest payments on its outstanding debt.

The reserve includes expected proceeds from MSTR shares sold through the company's ATM offering that had not yet settled as of the reporting date.

Source: SEC

Strategy has $23.8 billion of remaining capacity under its MSTR ATM offering, including capacity from a new $21 billion offering the company announced on March 23. The company said it may begin selling shares under the additional capacity once the existing offering is substantially depleted.

Last week, Strategy announced it sold 3,588 BTC for about $216 million to replenish its US dollar reserve and fund preferred stock dividend payments.

The transactions included the sale of 1,363 BTC at an average price of $59,256 between June 29 and June 30, followed by another 2,225 BTC at an average price of $60,773 between July 1 and July 5.

In the same June 29 8-K filing, Strategy also reported no BTC purchases, while disclosing the sale of 12.7 million MSTR shares through its ATM offering, generating $1.15 billion in net proceeds.

STRC moves to twice-monthly dividend schedule

Strategy is boosting its USD reserve as it readies its first semi-monthly dividend payment to its STRC preferred stock holders on Wednesday.

Under a new schedule announced on June 8, STRC will use record dates on the 15th and the last day of each month, with payments made on the following record date.

The first semi-monthly record date was June 30, 2026, with the first payment date scheduled for July 15.

Saylor

Additionally, CoinTelegraph's Robert Lakin notes that Strategy co-founder and chairman Michael Saylor again took to social media on Sunday to offer his latest signal to investors, even as one analyst said Saylor’s messaging needed more clarity to help Bitcoin regain its momentum.

“Orange dots tell only part of the story,” was Saylor’s message in a post that accompanied a chart from Saylortracker.com, similar to previous social media messages that have preceded news of Strategy's Bitcoin (BTC) purchases, typically announced the day after his posts.

Need clarity in BTC pivot message to convince investors: StanChart

Standard Charter’s global head of digital assets research, Geoff Kendrick, said Strategy’s recent actions - and Saylor's manner of communicating them - “are muddying the waters for BTC near-term.”

“We think effective communication of MSTR’s new strategy (using BTC to back STRC) is key to reassuring markets that wholesale selling is unlikely; this should in turn support BTC prices,” Kendrick wrote in a note to clients on Friday.

“Indeed, if this signalling proves effective, it should remove the need for MSTR to actually sell any BTC by supporting STRC’s price,” he said.

StanChart sees inconsistencies in “never sell” approach

Kendrick said that Strategy’s long-held “never sell” approach limited what the company could with its industry-biggest digital asset treasury.

“The problem with the ‘never sell’ approach is that it limits what MSTR’s BTC holdings can do — or, perhaps more importantly, what they are perceived to be doing,” the StanChart analyst said.

“MSTR has started to shift its communication strategy on this in recent months. It has sold BTC twice and recently announced a BTC monetization program.”

Source: Standard Chartered Bank

Still, he sees Strategy’s “market signaling” as potentially improving soon and bringing more clarity to the outlook for Bitcoin, on which StanChart maintains its $100,000 year-end forecast.

Shares struggle from year low ahead of earnings report

Investors who bought into the Strategy narrative have not had an easy time in the past 12 months. The STRC preferred shares were formulated to hold a price of $100 apiece. Shareholders saw that par value fall to the wayside last month, to the lowest value since the preferred stock was introduced a year ago.

The common shares, trading under the MSTR ticker, have lost more than 70% of their value since July 2025, closing at $94.64 per share on Friday, down from a 52-week high of $457.22.

The company is slated to report second-quarter earnings on July 30, with analysts consensus of $4.28 per share, according to Yahoo Finance data. Earnings have fallen short of analyst forecasts in six of the last eight quarters, according to Fintel.io data, including a 33.76% negative surprise in the first quarter of 2026.

Tyler Durden Mon, 07/13/2026 - 11:20

Mamdani's Affordability Agenda Flops As NYC Rents Surge To Record Highs

New York City's socialist mayor, Zohran Mamdani, and his radical-left lieutenants in City Hall promised voters free bus rides, government-run grocery stores, cheap housing, and much more. Yet the dream of a left-wing utopia has not materialized. In fact, rents in the NYC metro area just hit a record high.

New data from The Corcoran Group, a major residential real estate brokerage founded in NYC, shows that rents in the metro area have climbed to a new record high.

Manhattan's median rent rose 8% from a year earlier to $5,295, while Brooklyn reached $4,350, also up 8%, according to the report. Manhattan's vacancy rate narrowed to 1.49%. In Queens, Rego Park posted particularly sharp increases, with one-bedroom rents up 12% and studio rents up more than 20%.

"Manhattan renters are chasing a shrinking pool of available apartments, and the result has become predictable — record rents. Available listings dropped 16% year-over-year in June, while the borough's median rent climbed to a new high of $5,295 . Leasing activity clocked in 7% below last year's pace due to the lack of inventory, causing competition to remain fierce. Additionally, June marked one year since implementation of the FARE Act, a milestone that may still be influencing pricing trends, particularly within the non-doorman market. Across the board, quality apartments are commanding a premium, and renters have little room to negotiate," Corcoran COO Gary Malin wrote in the report.

Malin continued, "Brooklyn's rental market is also rewriting the record books. Median rent jumped 8% year-over-year to an all-time high of $4,350 and apartments spent 30% fewer days on the market. This steep annual decline underscores how tight the market has become, with flat inventory and strong demand strong causing available units to rent far faster than a year ago. While lease signings were lower on an annual basis, activity picked up from May as renters moved quickly to secure apartments ahead of the busiest stretch of the summer season. Throughout the borough, competition."

City Comptroller Mark Levine commented on the new report, saying, "NYC's housing affordability crisis is at DEFCON 1. We need to push harder on every front to address our housing shortage."

"Update zoning, invest more City $ in affordable units, lower the time & cost City bureaucracy imposes on construction, get 1000s of vacant regulated units back on the market. We need bold action. This is a crisis," Levine added.

Rents in NYC have just hit an all-time high.

Median market rate in June…

Manhattan: $5,295/mo (+8.2% year-over-year)

Brooklyn: $4,350 (+8.1%)

NYC’s housing affordability crisis is at DefCon 1. We need to push harder on every front to address our housing shortage.

Update…

— Mark D. Levine (@MarkLevineNYC) July 12, 2026

Yet, as Libs of TikTok on X pointed out, "We don't have a housing shortage. We have an illegal alien invasion," adding, "Forty percent of NYC rentals are occupied by people born outside the US."

We don’t have a housing shortage. We have an illegal alien invasion https://t.co/4JW59k17Uu

— Libs of TikTok (@libsoftiktok) July 13, 2026

Last week, the Federal Reserve Bank of Dallas published a new report showing that the "unprecedented boom in unauthorized immigration" sparked a nationwide housing demand shock in the presence of a relatively fixed short-run housing supply, accounting for 30% of home price growth and 20% of rent growth in the average local market during the boom period.

Mamdani and the Democratic Socialists of America bloc at City Hall will never acknowledge the illegal alien invasion has played a major role in tightening NYC's housing market. Instead, the response from far-left clowns is blaming "racist capitalism" and arguing that the existing system must be dismantled for one that actually has never worked anywhere in the world - look at Cuba.  

That leaves a fundamental policy contradiction: Mamdani and his socialist allies claim they can solve the affordability crisis by building more housing, yet that will take years. The easiest solution would be to cooperate with ICE or support deportations, which could reduce pressure on housing, schools, and other public services almost immediately. Good luck reconciling those positions.

Tyler Durden Mon, 07/13/2026 - 11:00

Obama Appointed Federal Judge Blocks Trump Admin's Anti-DEI Grant Conditions

Via American Greatness,

A federal judge in California has blocked the Trump administration’s push to attach anti-DEI strings to federal grant money. The court ruled this week that the executive branch overstepped its constitutional authority by imposing the conditions on a group of West Coast cities and counties.

Obama-nominated U.S. District Judge William Orrick granted a preliminary injunction Thursday barring the Departments of Homeland Security, Justice and the Interior from enforcing the contested conditions against 11 local governments, concluding in a 68-page order that the restrictions likely run afoul of both the separation-of-powers doctrine and the Administrative Procedure Act.

“What defendants seek to do likely violates the Constitution (separation of powers and Spending Clause) and the Administrative Procedures Act,” Orrick wrote.

The suit was filed by the cities of Fresno, Santa Clara, Redwood City, Santa Cruz, Stockton, Beaverton, Corvallis and Hillsboro, along with Los Angeles, San Diego and Santa Barbara counties, all of which argued the administration attached ideological requirements to grants Congress had already approved for public safety, disaster preparedness, policing, fire protection, water conservation and crime victim services.

Orrick sided with the localities, finding the new certification requirements “have nothing to do with or contradict the Congressional purpose” behind the underlying grant programs, and affirming that spending authority ultimately rests with Congress rather than the White House.

“Plaintiffs maintain that ‘[n]othing in the Constitution or federal statutes authorizes Defendants to impose the Challenged Conditions, or anything of the kind, on funds administered through congressional grant programs,'” Orrick wrote. “I agree.”

The conditions at issue required grant recipients to certify they were not running programs that promote diversity, equity and inclusion in violation of federal anti-discrimination law, along with separate provisions encouraging cooperation with federal immigration enforcement and compliance with related executive orders.

The administration has  said such conditions are a legitimate use of executive authority to ensure federal dollars aren’t used to fund discriminatory practices, and the Justice Department is expected to appeal Thursday’s ruling.

Orrick found that letting the conditions stand while the case proceeds would jeopardize funding for programs including anti-terrorism initiatives, disaster mitigation, flood protection, wildfire preparedness, law enforcement training, forensic science, and human trafficking and crime-victim services — writing that the disruption would “irreparably injure plaintiffs and their ability to provide critical services, as well as would threaten public safety.”

The preliminary injunction will remain in effect while the underlying lawsuit moves forward, leaving the administration’s broader anti-DEI funding strategy in legal limbo pending the expected appeal.

Tyler Durden Mon, 07/13/2026 - 10:40

British MP Exposes Secret Society Behind UK's Lurch Toward Socialism

Authored by Ben Sellers via Headline USA,

The stunning transformation of Great Britain in recent years - from a beacon of decorum and stiff upper lips to a cautionary tale of wokeness run amok - has been blamed on everything from socialism to satanism.

However, Rupert Lowe, a member of the British Parliament and founder of the organization Restore Britain, said the reality may be even more sinister.

In a recent appearance on Joe Rogan’s podcast, he said a shadowy group of elites known as the Fabian Society was deliberately trying to wreck the country.

“I don’t know if you’ve ever heard of the Fabian Society, but if you go and have a look at it, it was basically most of the Labour Party for many, many years,” Lowe said, referring to England’s leading left-wing party, the equivalent of U.S. Democrats.

The British people need to understand the powerful malign influence of the Fabian Society. pic.twitter.com/i3uY9sJfj8

— Rupert Lowe MP (@RupertLowe10) July 11, 2026

America’s Left may be facing a similar identity crisis as it tries to shake off the subversive influence of the Justice Democrats, Democrat Socialists of America and other fringe elements that are pushing neo-Marxist ideas.

But the British version has been around for nearly 150 years. The club, founded in 1884, was a direct reaction to the philosophy of Karl Marx (who died a year earlier in London).

Rather than forcing a collectivist government as Marx suggested, through class struggle — which generally led to uncomfortable outcomes for aristocrats — the society advocated for a socialist society to take root slowly and incrementally.

It was the brainchild of intellectuals including the man who first created “My Fair Lady” heroine Eliza Doolittle — playwright George Bernard Shaw. Science-fiction visionary H.G. Wells also counted himself a member.

“It’s the most extraordinary organization,” Lowe told Rogan. “Their emblem is a wolf in sheep’s clothing, as if that doesn’t tell you what they’re doing.”

Among the beliefs it endorsed was eugenics, the idea of breeding out unwanted attributes through various means, scientific and otherwise.

While the Nazis would go on to run with the idea — and ultimately help to effect its demise — the Fabian Society also was rumored to have inspired author George Orwell, whose dystopian 1984 (written in the late 1940s) was set exactly 100 years after the society’s founding.

The Fabian Society was created in 1884, & why George Orwells book is called 1984, as he figured the Fabian Society would have completed their mission within 100 years.

He was a bit off with the timing, but not with their evil agenda & what they are trying to achieve. pic.twitter.com/70LA5kyaHW

— NWO Dissident 1776. (@An89390Anglo) July 10, 2026

According to Lowe, not all of the society’s ideas have vanished entirely. Rather, some of them simply evolved into a modern political framework.

“Everyone should look at the Fabian Society, because that runs deep through the veins of Labour,” he said.

Writing for The Telegraph, former Fabian research director Stephen Pollard sought to dismantle the claims by attacking Lowe as a conspiracy theorist. However, his argument may have only helped to make the case for some that “basically what it wants to do is destroy all good and create a dependency culture.”

After defending ideas like eugenics as having been widely accepted in their time, Pollard insisted that the current society was more concerned with selling magazine subscriptions than world domination.

Many of its policy papers now deal with addressing the nation’s housing crisis.

“To take that and conclude that they are in fact part of a secret cabal dedicated to destroying Britain is not so much misguided as a sign that someone is truly away with the fairies,” he claimed.

Tyler Durden Mon, 07/13/2026 - 10:00

Key Events This Week: CPI, PPI, Retail Sales, Warsh Testifies, China Data, And Earnings Galore

As well as two epic World Cup semi-finals before that, and the start of the Open golf it’s a packed week ahead in markets, writes DB's Jim Reid.

The headline events are tomorrow’s US CPI and Wednesday’s US PPI, alongside Fed Chair Warsh’s first Humphrey–Hawkins testimony before the House Financial Services Committee (tomorrow) and the Senate Banking Committee (Wednesday). Elsewhere, key data includes China’s Q2 GDP and their monthly data dump (Wednesday) and the UK’s May monthly GDP (Thursday) as well as the announcement of a new leader of the ruling UK Labour Party as a special conference on Friday.

Let's run through the key details of the week ahead.

Front and centre is tomorrow’s US CPI report. DB economists expect lower gas prices to pull headline CPI down by -0.16% (vs. +0.47% in May), with core at +0.23% (vs. +0.21% previously). On a year-over-year basis, headline inflation is projected to fall from 4.25% to 3.81%, while core eases only marginally by 2bps to 2.83%.

Wednesday’s PPI will help complete the picture for core PCE. DB economists’ forecast is for a +0.23% increase (vs. +0.32% last month), which would see the year-over-year rate decline by 3bps to 3.38%. Within the details, the price index for portfolio management and investment advice will be worth watching, particularly given the boost from May’s equity rally.

Turning to the rest of the data calendar, Thursday’s June US retail sales and Friday’s industrial production will feed into estimates for Q2 real GDP growth. The preliminary University of Michigan survey (52.0 expected at DB vs. 49.5) on Friday will also be in focus, particularly inflation expectations, which have started to moderate from a high level after recent energy-driven increases.

After a relatively quiet spell for Fed speakers, this week brings a wave of communication ahead of the blackout period starting at the end of the week. Governor Waller begins today with a speech at NYABE. Chair Warsh follows with his testimony on Tuesday and Wednesday, while additional commentary comes after the CPI release (Governor Cook on Wednesday, and Vice Chair Jefferson, Dallas Fed’s Logan, and Kansas City Fed’s Schmid on Friday). This week effectively represents the final window for policymakers to signal their thinking ahead of the July FOMC meeting. Reid expects Warsh to broadly stick to recent messaging and avoid firm guidance on near-term policy moves. In contrast, Waller has historically been more explicit about their reaction function, so today’s speech will be closely scrutinised for clues on their preferred policy path—even though it arrives before the CPI data.

Staying with the global theme, central bank decisions from the Bank of Canada (Wednesday, no change expected) and the Bank of Korea (Thursday, DB forecast a +25bp hike) will also be in focus. In China, growth is expected to slow to 4.4% YoY in Q2 (from 5% in Q1), with June activity data released alongside. More detail is available in our Chinese economists’ full week-ahead note here. Finally, the UK reports May monthly GDP on Thursday, the day before Andy Burnham is expected to be confirmed as Labour Party leader, ahead of him officially taking the PM reins a week today and tapping into the England World Cup winning celebrations. Oh wait this must be another major hallucination.

And just to keep everyone busy, Q2 US earnings season kicks off tomorrow with results from five major US banks. Q1 marked the strongest non-recessionary rebound since the late 1990s, so the bar is high. ASML (Wednesday) and TSMC (Thursday) should also provide an early read on global tech trends. On earnings, tomorrow features JPMorgan, Bank of America, Goldman Sachs, Wells Fargo and Citigroup. Wednesday brings Morgan Stanley alongside ASML, Johnson & Johnson and BlackRock, offering a useful cross-sector snapshot. Thursday is especially busy, with TSMC, Netflix, General Electric and UnitedHealth reporting across tech, industrials and healthcare. By Friday, attention shifts to European names including Volvo, Sandvik and Saab, rounding out the global picture.

Courtesy of DB, here is a day-by-day calendar of events

Monday July 13

• Data: US June federal budget balance, Germany May current account balance
• Central banks: Fed's Bowman and Waller speak, ECB's Schnabel speaks, BoE's Pill speaks

Tuesday July 14

• Data: US June CPI, NFIB small business optimism, May total net TIC flows, China June trade balance, Japan May capacity utilisation, Germany June wholesale price index
• Central banks: Fed Chair Warsh testimony before House Financial Services Committee, Fed's Barr, Cook, Bowman and Goolsbee speak, BoE's Bailey speaks
• Earnings: JPMorgan Chase, Bank of America, Goldman Sachs, Wells Fargo, Citigroup

Wednesday July 15

• Data: US July Empire manufacturing index, June PPI, China Q2 GDP, June retail sales, industrial production, home prices, investment, Japan May core machine orders, Eurozone May industrial production, Italy May general government debt, Canada June existing home sales, May manufacturing sales
• Central banks: Bank of Canada decision, Fed Chair Warsh testimony before Senate Banking Committee, Fed’s Beige Book, Fed's Cook, Williams and Musalem speak, ECB's Nagel and Panetta speak
• Earnings: ASML, Johnson & Johnson, Morgan Stanley, Blackrock, Progressive, Bank of New York Mellon

Thursday July 16

• Data: US July NAHB housing market index, New York Fed services business activity, Philadelphia Fed business outlook, June retail sales, pending home sales, May business inventories, initial jobless claims, UK May monthly GDP, Italy May trade balance, Eurozone May trade balance
• Central banks: Fed's Logan and Schmid speak, Bank of Korea decision
• Earnings: TSMC, UnitedHealth, General Electric, Netflix, ABB, Abbott, Intuitive Surgical, Prologis, Atlas Copco, State Street, Publicis Groupe, Alcoa

Friday July 17

• Data: US June industrial production, import price index, export price index, housing starts, building permits, capacity utilisation, July University of Michigan survey, Italy May current account balance, ECB May current account, Canada May international securities transactions
• Central banks: Fed's Jefferson speaks, ECB's Cipollone speaks
• Earnings: Volvo, Sandvik, Saab

Looking at just the US, Goldman writes that the key economic data releases this week are the CPI report on Tuesday and the retail sales report on Thursday. There are several speaking engagements with Fed officials this week including Chairman Warsh's semiannual Congressional testimony on Tuesday and Wednesday.

Monday, July 13 

• There are no major economic data releases scheduled. 
• 05:25 AM Fed Vice Chair for Supervision Bowman speaks:  Fed Vice Chair for Supervision Michelle Bowman will speak at a Bank Policy Institute roundtable on modernizing financial regulation. Speech text and Q&A are expected. 
• 12:30 PM Fed Governor Waller speaks: Fed Governor Christopher Waller will speak at the New York Association of Business Economics. Speech text and Q&A are expected. On July 6, Waller said, "forward guidance can help speed up policy transmission, but if it is not flexible enough, it can hinder policy transmission." 

Tuesday, July 14 

• 08:30 AM CPI (MoM), June (GS -0.11%, consensus -0.1%, last +0.5%); Core CPI (MoM), June (GS +0.17%, consensus +0.2%, last +0.2%); CPI (YoY), June (GS +3.87%, consensus +3.8%, last +4.2%); Core CPI (YoY), June (GS +2.76%, consensus +2.9%, last +2.9%): We estimate a 0.17% increase in June core CPI (month-over-month SA), which would lower the year-over-year rate by 0.1pp to 2.8% on a rounded basis. We expect soft autos inflation, reflecting a 0.5% decline in used car prices, a 0.1% decline in new car prices, and a 0.1% decline in the car insurance category. We forecast benign readings for the shelter categories—a 0.23% increase in the OER category and a 0.17% increase in the rent category—reflecting the continued slowdown in their underlying trend. We expect more moderate increases in the travel services categories (airfares: +1.5%; hotels: +0.3%), reflecting signals from alternative price data. We expect downward pressure from potential residual seasonality on the communication and new cars categories. We estimate a 0.11% decline in headline CPI—reflecting lower energy prices (-4.4%)—which would lower the year-over-year rate to +3.87% from +4.25%. Our forecast is consistent with a 0.24% monthly increase in the core PCE price index in June. We expect another large increase in the financial services component—reflecting the increase in equity prices in May, which flow through to the component with a lag—to contribute to the larger increase in core PCE prices than the core CPI.
• 10:00 AM Fed Chairman Warsh speaks: Fed Chairman Warsh will testify before the House Financial Services Committee on the Federal Reserve's Semi-Annual Monetary Policy Report. In a panel discussion at the ECB Forum on Central Banking in Sintra, Portugal, Warsh said that “inflation expectations have come down, and inflation risks have come down,” and that if AI causes the supply side to expand, “that has huge implications for monetary policy.”
• 12:40 PM Fed Governor Barr speaks: Fed Governor Michael Barr will speak on artificial intelligence at Federal Reserve Board Annual Financial Inclusion Conference. Speech text and Q&A are expected. 
• 01:00 PM Chicago Fed President Goolsbee (FOMC non-voter) speaks: Chicago Fed President Austan Goolsbee will participate in a fireside chat at the Kenosha Area Business Alliance. Q&A is expected. On June 25, Goolsbee said, “You have seen now a little bit of improvement on this services inflation, and I’ve been identifying that as something that we would want to see. But right now, between the two sides of the Fed’s mandate, the inflation side and the job market side, clearly the problem’s on the inflation side.”
• 01:30 PM Fed Governor Cook speaks: Fed Governor Lisa Cook will moderate a discussion on consumers, artificial intelligence, and financial inclusion at the Federal Reserve Board Annual Financial Inclusion Conference. Speech text and Q&A are expected. 
• 02:55 PM Fed Vice Chair for Supervision Bowman speaks: Fed Vice Chair for Supervision Michelle Bowman will speak on responsible innovation and financial inclusion via a pre-recorded video at the Federal Reserve Board Annual Financial Inclusion Conference. 

Wednesday, July 15 

• 08:30 AM Empire State manufacturing survey, July (consensus 9.3, last 5.7)
• 08:30 AM PPI final demand, June (GS +0.2%, consensus flat, last +1.1%); PPI ex-food and energy, June (GS +0.4%, consensus +0.3%, last +0.4%); PPI ex-food, energy, and trade, June (GS +0.4%, consensus +0.3%, last +0.8%)
• 08:45 AM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will speak at an event organized by Partnership for New York City. Speech text and Q&A are expected. On July 9, Williams said, "The markets still expect oil prices to come down over the next six to 12 months. I think that's a pretty reasonable baseline. I still feel the fundamentals are that energy prices are likely to be around their peak and then to come down over time."
• 10:00 AM Fed Chairman Warsh speaks: Fed Chairman Warsh will testify before the Senate Banking Committee on the Federal Reserve's Semi-Annual Monetary Policy Report. Speech text and Q&A are expected. 
• 01:00 PM Fed Governor Cook speaks: Fed Governor Lisa Cook will speak on the economic outlook at the Exchequer Club. Speech text and Q&A are expected. 
• 02:00 PM Fed releases Beige Book, July meeting period: The Fed’s Beige Book is a summary of regional economic anecdotes from the 12 Federal Reserve districts. The Beige Book for the June FOMC meeting period noted that economic activity increased at a slight to moderate pace for ten of the twelve Federal Reserve Districts and that there were reports of increased credit card usage, fewer retail visits, and stronger demand for necessities. In this month’s Beige Book, we will mainly look for anecdotes related to how consumers and firms are responding to the increase in energy prices from the conflict in the Middle East.
• 06:30 PM St. Louis Fed President Musalem (FOMC non-voter) speaks: St. Louis Fed President Alberto Musalem will deliver welcoming remarks in the 2026 Homer Jones Memorial Lecture at the St. Louis Fed. Speech text and Q&A are expected. 

Thursday, July 16 

• 08:30 AM Philadelphia Fed manufacturing index, July (GS 15.0, consensus 13.0, last 10.3)
• 08:30 AM Initial jobless claims, week ended July 10 (GS 220k, consensus 217k, last 215k); Continuing jobless claims, week ended July 3 (consensus 1,815k, last 1,814k)
• 08:30 AM Retail sales, June (GS +0.1%, consensus +0.3%, last +0.9%); Retail sales ex-auto, June (GS -0.1%, consensus flat, last +0.8%); Retail sales ex-auto & gas, June (GS +0.4%, consensus +0.4%, last +0.5%); Core retail sales, June (GS +0.4%, consensus +0.5%, last +0.7%): We estimate nominal core retail sales increased 0.4% in June (ex-autos, gasoline, and building materials; month-over-month SA), reflecting a continued solid signal from alternative data. We estimate nominal headline retail sales increased 0.1%, reflecting lower gasoline prices.
• 10:00 AM Pending home sales, June (GS -0.5%, consensus flat, last +3.8%)
• 12:30 PM Dallas Fed President Logan (FOMC voter) speaks: Dallas Fed President Lorie Logan will speak in a conversation at the Houston branch of the Dallas Fed. Speech text and Q&A are expected. On June 6, Logan said, "I am increasingly concerned that higher interest rates could be necessary later this year to fully restore price stability and appropriately balance both sides of the Fed’s dual mandate. However, these decisions call for thorough analysis and debate."
• 01:25 PM Kansas City Fed President Schmid (FOMC non-voter) speaks: Kansas City Fed President Jeff Schmid will speak at the Federal Reserve Bank of Kansas City Economic Forum. Speech text and Q&A are expected. On June 4, Schmid said, "The big question now is do we stay patient? Our inflation numbers have probably crept up into the three and a half percent range, which nobody likes. Is it temporary...or do we act? Do we say, okay, now it’s time to raise rates a quarter or two and see if we can’t tamp this thing down?"
• 07:00 PM Fed Vice Chair Jefferson speaks: Federal Reserve Vice Chair Jefferson will speak on the economy and monetary policy at the Stanford Institute for Economic Policy Research. Speech text and Q&A are expected. 

Friday, July 17 

• 08:30 AM Import price index, June (consensus -0.6%, last +1.9%); Export price index, June (consensus -0.4%, last +1.3%)
• 08:30 AM Housing starts, June (GS +12.5%, consensus +11.5%, last -15.4%)' Building permits, June (consensus -0.7%, last -0.9%) 
• 09:15 AM Industrial production, June (GS +0.2%, consensus +0.2%, last +0.1%); Manufacturing production, June (GS +0.2%, consensus +0.1%, last flat);Capacity utilization, June (GS 76.2%, consensus 76.2%, last 76.2%): We estimate industrial production increased by 0.2% in June, reflecting strong auto and electricity production but weak natural gas production. We estimate capacity utilization was unchanged at 76.2%.
• 10:00 AM University of Michigan consumer sentiment, July preliminary (GS 51.5, consensus 51.0, last 49.5); University of Michigan 5-10-year inflation expectations, July preliminary (GS 3.3%, consensus 3.3%, last 3.3%)

Source: DB; Goldman

Tyler Durden Mon, 07/13/2026 - 09:47

Saudi Jets Bomb Sanaa International Airport To Stop Iranian Passenger Plane From Landing

Renewed conflict continues to be potentially breaking out over Yemen, as on Monday Saudi Arabia struck the runway of the Houthi-controlled Sanaa International Airport, amid growing allegations that Iranian flights have increasingly made use of Yemen's airspace.

The Saud-backed Yemeni government which has long been locked in a civil war for the country's future has singled out the Houthi rebels for hosting Iranian flights, warning that its "patience has run out" and that it will respond to any airspace violations.

Illustrative prior image of an Iranian passenger plane operating at Sanaa airport, after over the years direct flights from Tehran have taken place over Saudi objections. via AP

"The Yemeni legitimate government, in cooperation with the regional and international community, and by all diplomatic and legal means, has tried to convince the Iranian regime and the Houthi coup militias in Sana'a to return to the armed forces and not to penetrate the Yemeni airspace with the Iranian planes," an official statement said.

Residents of the Houthi-controlled capital of Sanaa have reported seeing warplanes flying overhead, after Houthi-affiliated Al-Masirah channel indicated the strikes targeted the airport’s landing and takeoff runways.

"In an unjust aggression, the Saudi enemy carried out several airstrikes against Sanaa International Airport," Houthi military spokesman Yahya Saree responded. "The Saudi aggression against Sanaa airport has ended the phase of de-escalation, and it must bear the consequences of its aggression," he added.

Another senior Houthi official, Hazem al-Assad, also threatened in follow-up remarks: "The Saudi regime will discover that it has dug its own grave."

The Iranian plane in question reportedly hasn't been hit or damaged, and was safely diverted to Yemen's Hodeidah International Airport.

The "internationally recognized" Yemeni government has long been propped up by Saudi Arabia, the UAE, and the US, after a lengthy half-decade long UAE/Saudi/US coalition air war failed to dislodge Houthi power. The pro-Saudi government operates out of Aden in southern Yemen, after the country's president fled there a decade ago.

Earlier this month there was another attempted Saudi warplane intercept of an Iranian civilian airliner, which was reportedly carrying Yemenis who had been stranded in Iran back to their home country.

The Houthis at the time of the prior incident said it was "breaking the Saudi-American siege on our people and expelling the occupiers."

As we featured previously, since 2015 Saudi Arabia has imposed a blockade on Yemen's land, sea, and air ports, severely restricting vital commercial and humanitarian imports, including fuel and food.

An Iranian Mahan Air plane landed in Houthi-controlled Hodeidah, marking a further escalation in tensions between Saudi Arabia and the Iran-backed Houthis.

Iran and its allies hailed the landing as a symbolic victory over the Saudi-led blockade. pic.twitter.com/YSjcGMd4s2

— Clash Report (@clashreport) July 13, 2026

The blockade triggered what the UN called one of the most severe humanitarian crises globally, leading millions towards famine and drastically damaging healthcare and water systems.

The Houthis continue to be an important side-player related to the US-Iran war, given they've continually threatened to block the key Bab el Mandab Strait and return the war to the Red Sea region.

Tyler Durden Mon, 07/13/2026 - 08:55