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Bad Signs: Christopher Nolan's "The Odyssey" Looks Like A Woke Disaster

The signs are not looking good.  Christopher Nolan's version of Homer's classic Greek epic "The Odyssey" was, at first, greatly anticipated.  The director's filmography is largely celebrated with blockbusters like Interstellar, The Dark Night, Dunkirk and Inception.  However, woke ideology is like a virus infecting everything in Hollywood, and rumors were spreading from very early in the production that wokeness has invaded the brain of Christopher Nolan. 

Even though the vast majority of "woke coded" films fail miserably at the box office, the Tinsel Town cult continues to lose billions of dollars every year pumping out one disastrous production after another.  If we apply the universal definition of insanity (making the same mistakes over and over and expecting different results), then Hollywood is truly a lunatic asylum.

Well, it appears that the rumors of the new Odyssey adaptation being a leftist propaganda vehicle are true.  The long running blackout on casting decisions now makes perfect sense, because it's a DEI circus.

It is now confirmed that Nolan's film features a race-swapped Helen of Troy.  The "most beautiful woman in the world" will be played by Lupita Nyong’o, a Kenyan-Mexican actress.  Truly a downgrade from previous iterations of the story on film.  Not to mention, Helen of Troy was a Greek - A Spartan Princess.    

  

But the sideshow doesn't end there.  Nolan has also been forced to defend his decision to cast rapper Travis Scott in “The Odyssey” after receiving harsh backlash.  The filmmaker addressed the controversy surrounding Scott’s appearance:  

“I cast him because I wanted to nod towards the idea that this story has been handed down as oral poetry, which is analogous to rap..."

Perhaps one of the most contrived and idiotic explanations ever spoken.  Unless you're making "Mel Brooks' The Odyssey", there is no reason for this decision.  

Keep in mind, this is an Ancient Greek epic, a story depicting some mythological elements, yes, but also historically important to the pillars of western civilization.  And, by modern standards and genetic standards, Ancient Greeks would be considered largely "white" today. 

Sub-Saharan Africans, though mentioned as "Aitheopes" in Greek literature, were an exceedingly rare minority and are never mentioned in Homer's Odyssey as prominent characters.  In fact, only one fleeting character is mentioned as black; a figure named  *{pointer-events:auto;} .r-12vffkv{pointer-events:none!important;} .r-12ym1je{width:18px;} .r-135wba7{line-height:24px;} .r-13qz1uu{width:100%;} .r-13tjlyg{transition-duration:0.1s;} .r-13wfysu{-webkit-text-decoration-line:none;text-decoration-line:none;} .r-146iojx{max-width:300px;} .r-1472mwg{height:24px;} .r-14j79pv{color:rgba(83,100,113,1.00);} .r-14lw9ot{background-color:rgba(255,255,255,1.00);} .r-158ssxm{max-height:calc(64px * 15);} .r-15ysp7h{min-height:32px;} .r-16dba41{font-weight:400;} .r-16y2uox{flex-grow:1;} .r-176fswd{transform:translateX(-50%) translateY(-50%);} .r-1777fci{justify-content:center;} .r-17bb2tj{animation-duration:0.75s;} .r-17c3jg3{background-color:rgba(0,0,0,0.80);} .r-17gznlh{animation-name:r-t2lo5v;} 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Then there's Zendaya, cast as Athena, the Greek Goddess of Wisdom.  At least she's not a dude, but Zendaya is the most over-exposed actress in Hollywood and doesn't come across as "wise" or Greek.   

And it gets worse.  Actress and trans activist Ellen Page (now known as Elliot Page) is confirmed as a cast member in the film.  It is not known which role she will play, but leaked info suggest that she is set to play Achilles, known as the greatest of all the Greek warriors. 

This might be the most ridiculous casting choice of all time, given that Page is a hundred pound skeleton, and also a woman.

It is a common woke propaganda trope to race-swap and gender swap figures from western classics and European history.  From black female viking warriors, to black Roman Emperors, to Black Cleopatra (she was Greek and white) to black royals in the British court and female knights defending the realm; no historical setting is safe from Marxist rewrites that defy the record of events. 

The message being sent is clear:  We control history now, and the European west has been targeted for erasure. 

Christopher Nolan's decisions come off as incomprehensible, until we look into his inspirational sources.  The director's source material for his adaptation is the very first "interpretation" by a female scholar, published in 2017.  Emily Wilson, a far-left activist, essentially rewrote The Odyssey as a feminist exploration on the "evils of masculinity".  She is noted for describing most women as "slaves", instead of servants or maids, and highlighting the "evils of ancient forms of patriarchy".     

“We should be shocked that the English-speaking world hasn’t had a translation by a woman,” Wilson said during a visit to Harvard. “Slightly more women than men get Ph.Ds. in the classics in the U.S., and yet the vast majority of translations that readers read in English for classics are by men. This is an issue, and we should talk about it.”  

Her work is a perfect example of why it's best to keep modern women away from interpreting the classics.  The British-born professor, in a lecture titled “Translating ‘The Odyssey’: Why and How”, stated:

“It’s very visible to me how misogynistic some of these translations are, and not because they were consciously imposing misogyny, but they had some unconsidered biases...Men are never asked about their gender, and this omission is seriously distorting. It’s very clear gender has an impact on men’s work.”

Wilson also injected modern vernacular into her interpretation, which is allegedly applied in the Nolan version of the story.  In the highly insulated and inbred world of academia, this kind of rhetoric is considered a revelation.  However, to everyone else, it sounds like a blend of pretentious conceit and woke zealotry.

It is also a fact that, in order to be considered for an Oscar, a film is now required to have at least one non-white/non-straight lead or significant role. At least 30% minor roles non-white/non-straight people.  And, at least two Departments headed by non-white/non-straight people.  But not all of Nolan's choices can be explained away by his bid for an Oscar.     

In other words, The Odyssey is most likely going to be a theatrical flop.  Nolan was smart to hide his casting choices until now (the movie trailers also try to hide the casting), but the film's July release gives the public plenty of time to discover the truth before they waste their money.  It could have been the movie that saved Hollywood, but instead, it is escalating into yet another epic woke bomb. 

Tyler Durden Thu, 05/14/2026 - 16:40

Minnesota 'Culture Of Fraud' Enabled More Than $9 Billion In Misused Taxpayer Funds, Panel Says

Authored by Janice Hisle via The Epoch Times (emphasis ours),

A “culture of fraud” infected Minnesota state agencies, resulting in more than $9 billion in taxpayers’ money squandered, a new legislative report says.

State Rep. Pam Altendorf listens as fellow Republican Rep. Isaac Schultz discusses a report released at a meeting of a fraud prevention committee in the Capitol in St. Paul, Minn., on May 13, 2026. Livestream from the Minnesota House of Representatives/Screenshot via The Epoch Times

“We finally pulled the curtain back—and the public is grateful,” state Rep. Kristin Robbins, chair of the Minnesota House Fraud Prevention and State Agency Oversight Committee, said May 13 during a session that summarized 16 months of investigative work.

Many fraudsters “came to believe that fraud was tolerated and paid in a big way,” according to a report that Robbins released at the meeting. The report summarizes the committee’s attempts to dissect how state agencies became so mired in fraud.

Testimony from dozens of witnesses, including state employees and whistleblowers, demonstrated that Gov. Tim Walz’s administration neglected “basic due diligence” to protect taxpayers’ money, and instead “prioritized getting as much money out the door as possible” via government-benefits programs, the report says.

The administration also allegedly punished whistleblowers and “ignored and consciously downplayed shocking levels of fraud” in more than a dozen Medicaid-funded programs, such as autism services, medical transportation, and adult day care, according to the document.

“All of these failures have created opportunities for serial fraudsters to steal billions from Minnesota taxpayers across multiple programs for years,” the report says, estimating $300 million in federal meals fraud and $9 billion in Medicaid fraud. Those numbers exclude “potential hundreds of millions more in fraud in child care” and the Supplemental Nutrition Assistance Program, the report notes.

The governor’s office did not respond to The Epoch Times’ request for comment by publication time.

Walz has repeatedly defended his track record on tackling fraud, including in a May 6 news release, stating: “We’ve made significant progress to strengthen programs and root out fraud. Today, we’re building on our success by putting an even stronger structure in place; adding leadership, improving oversight, and ensuring these programs are managed with the discipline and accountability Minnesotans expect.”

Robbins said accountability is lacking because no one in state government has been fired for failures, nor even for falsifying records—a finding that the Office of Legislative Auditor, a state watchdog, released early this year.

The new report from Robbins’s committee was released May 13, the same day that Vice President JD Vance, who heads a new anti-fraud task force, announced that the federal government was withholding $1.4 billion from home health and hospice operations suspected of fraud across the nation. So far this year, fraud concerns prompted federal officials to withhold $350 million from Minnesota’s Medicaid program.

Five Republicans including Robbins prepared the report. The committee’s trio of Democrats were invited to prepare their own version, mirroring a practice used in Congress.

Two Democratic committee members at the meeting, Reps. Dave Pinto and Emma Greenman, did not say whether they would take that step. Both disputed what they called “partisan” characterizations in the report; Pinto and Greenman abstained from voting on the GOP-authored report. All four Republicans who were present voted to accept it.

State Rep. Emma Greenman speaks during a meeting of the Fraud Prevention and State Agency Oversight Policy Committee in the Capitol in St. Paul, Minn., on May 13, 2026. Livestream from the Minnesota House of Representatives/Screenshot via The Epoch Times

Republican Rep. Isaac Schultz noted that despite allegations of partisanship, he sees signs of cooperation between the two parties. Just two weeks ago, the legislature approved “four great fraud-prevention bills on a bipartisan basis that were supported by members of this committee,” Schultz said, adding that one such bill called for “stopping grants going to convicted fraudsters.”

Remedies Proposed

The 84-page report contains numerous recommended changes in agency procedures and culture, and highlights broken internal processes.

For example, a law requires the Department of Human Services to annually review whether Medicaid beneficiaries are indeed eligible. The agency regularly skipped those verifications, and had conducted none since 2020, the report says, possibly costing “tens of millions of dollars.”

Under pressure from the committee and the public, the department conducted a review on March 20. It found “31,529 ineligible Minnesotans were receiving benefits,” who were then removed from the rolls, the report says.

Agency bureaucrats, who “viewed their role as supportive consultants rather than providing actual oversight” as they doled out taxpayers’ money, must instead use their authority to withhold payments and take other action, the report says.

The report also calls for agencies to log whistleblower complaints and hotline reports, then report those, along with actions taken, to lawmakers.

Fraud concerns and suspicious billing trends need to be tracked and reported too, the report says.

Another major recommended change: “Require electronic attendance records for child care, adult day care, sober homes, autism centers ... and other billable services ... before payments can be made.”

Committee’s Value Debated

The committee—the first of its kind in state history—began working in January 2025, nearly a year before Minnesota’s massive fraud scandals gained widespread national attention and sparked multiple federal probes.

As Robbins opened what could be the committee’s final meeting, she encouraged state lawmakers to re-establish the committee when the legislature reconvenes next year.

“The work we’ve done has hopefully carved a path for the next legislature in the next biennium to continue this important work,” she said, calling it “historic.”

State Rep. Kristin Robbins speaks at the Capitol in St. Paul, Minn., on May 13, 2026. Livestream from the Minnesota House of Representatives/Screenshot via The Epoch Times

The Republican lawmaker withdrew her bid for the governorship May 1, saying she would fight for improvements “from the outside” after her current term as a state representative expires in January 2027.

“It’s going to take many years, unfortunately, to undo the damage that has been done to taxpayers and vulnerable residents,” Robbins said. “But we must continue to expose the fraud, to strengthen internal controls and to make sure that fraudsters and agency officials are held accountable.”

Democrats Pinto and Greenman said the committee should have proposed legislation that could spark meaningful changes.

“Fighting fraud is urgent. Solutions were needed now,” Pinto said.

Robbins and other Republicans responded that the committee’s role was investigative, not legislative, and that the committee’s findings did inspire proposed laws.

Greenman said the document contains “misleading” information, and “no Democratic leader [is] left undisparaged” in the report. She defended the work of Minnesota Attorney General Keith Ellison in prosecuting fraud cases, and said the report fails to give him due credit.

Tyler Durden Thu, 05/14/2026 - 16:20

India Panics, Further Tightens Gold Flows As Rupee Collapses

Well, that escalated quickly...

With the Rupee accelerating its declines to ever lower record lows against the dollar, Indian authorities have stepped up capital controls, focusing on curbing demand in the gold 'exit' route.

4 days ago, there were no signs of import duty hikes as Prime Minister Narendra Modi  issued a rare weekend appeal urging citizens to forgo gold purchases as well as unnecessary foreign travel in order to help hold up the currency..

2 days ago, tariffs were more than doubled on gold and silver imports to 15% and 6% respectively.

And today, they are doing even more with India now tightening the advance authorisation route, effectively capping how much gold individual exporters can bring in through that channel. 

A government notification stated that imports of bullion exceeding 100 kilograms would be subject to prior authorization, adding that any subsequent imports would only be granted after exports equivalent to 50% had been carried out.

The notification also introduced stricter checks for first-time applicants seeking permission to import gold under the scheme.

The government has also linked future import approvals to export performance.

India, the world’s third-largest oil importer, has been hit hard by the inflationary shock caused by energy disruptions in the Persian Gulf. 

Higher import bills have driven sharp foreign-exchange outflows, pushing the rupee down to a record low and prompting the Reserve Bank of India to step in and sell dollars.

And the fact that gold is the country’s largest import item after crude oil does not help, which is why India is doing everything in its power to limit capital outflows. 

As UBS explains, the new curbs don't directly restrict the importing banks, but it does limit how much metal each participant can access, reducing the ability to build larger positions and tightening flows through the system.

The broader backdrop is that India is no longer purely a jewellery-led market.

Demand has become more investment‑driven, with a growing share of imports moving into financial holdings, including ETFs.

A significant part of last year’s import surge appears to have gone into investment rather than fabrication, which changes how the market behaves. During the initial phase of the recent Middle East escalation, Indian ETFs were among the first to react, selling roughly ~20 tonnes in the opening week of the move.

More immediately, demand has already been soft in recent weeks, as reflected in recent import data.

Monthly India Gold Imports below in tonnes, source: UBS

Near‑term uncertainty around fertiliser (urea) supplies also poses a risk to this year’s crop cycle, with the key monsoon period running into August, which could weigh on rural incomes and, by extension, gold buying.

The recent moves underscore policy concerns around curbing import-led dollar outflows from high foreign exchange-draining sectors, Madhavi Arora, economist at Emkay Global Financial Services said.

“We expect gold imports to fall by around 20-25% this year due to these steps.”

New Delhi is weighing several further emergency steps to shore up foreign-exchange reserves and limit the damage from the war in the Middle East.

If demand does recover, however, as seen in previous tightening cycles, attempts by the government to limit capital outflows via precious metals will only encourage activity to re‑route via unofficial channels (with smuggling picking up when the onshore market is constrained), to preserve purchasing power, and it is only a matter of time before India joins the rest of the financially suppressed developing world in actively pursuing such non-fiat alternatives as tether and bitcoin if the traditional gold and silver pathways are limited. 

Tyler Durden Thu, 05/14/2026 - 15:40

DOJ Sues DC Bar Over Its Prosecution Of Former Trump Lawyer, Calls It "Partisan Arm Of Leftist Causes"

Authored by Troy Myers via The Epoch Times (emphasis ours),

The Department of Justice (DOJ) filed a complaint on May 13 against the D.C. Bar, alleging it has acted as a “partisan arm of leftist causes.”

The U.S. Department of Justice in Washington on April 27, 2026. Madalina Kilroy/The Epoch Times

According to the DOJ, the agency seeks to advance President Donald Trump’s directives to end the weaponization of the federal government while nullifying the D.C. Bar’s prosecution of former Assistant Attorney General Jeff Clark.

D.C. Disciplinary Counsel Hamilton P. Fox III, the D.C. Office of Disciplinary Counsel, the D.C. Court of Appeals, the District of Columbia itself, the D.C. Bar, and others are named as defendants and accused of unlawfully prosecuting Clark based on his internal deliberations of potential fraud in the 2020 presidential election.

The Epoch Times reached out to the D.C. Bar for comment and was referred to the D.C. Board on Professional Responsibility, which did not immediately respond to a request for comment.

Clark wrote a draft letter for his litigation on potential fraud, which was never issued, and the D.C. Court of Appeals’ disciplinary authorities punished him over it, according to the complaint.

The D.C. Bar and others’ investigation and discipline of Clark were improperly based on “their disagreement with Mr. Clark’s performance of his discretionary Executive Branch duties, particularly with respect to a predecisional and deliberative document about potential election fraud in Georgia, which remains the subject of criminal investigation and civil litigation years later,” the complaint said.

Allowing proceedings against Clark to continue would mean state bar authorities can exert control over the executive branch, the DOJ said, adding, “That is not the law.”

The DOJ cited the supremacy clause of the U.S. Constitution, or preemption, as a cause for dismissing proceedings and discipline against Clark. Preemption, the DOJ said, prevents states and the District of Columbia from regulating or interfering with federal officials performing their duties.

In the complaint, the DOJ also argued that a 2024 Supreme Court decision, Trump v. United States, offers protection for Clark.

In that landmark ruling, the justices said the president is entitled to absolute immunity “for conduct within his exclusive sphere of authority” because the president should have the “maximum ability to deal fearlessly and impartially with the duties of his office.”

The president would enjoy little immunity if federal attorneys could be targeted and disciplined for internal deliberations, the complaint said.

In the news release, the DOJ said this filing furthers Trump’s executive order, “Ending the Weaponization of the Federal Government,” and his presidential memorandum, “Preventing Abuses of the Legal System and the Federal Courts.”

“The D.C. Bar will no longer be permitted to probe sensitive Executive Branch deliberations and target Executive Branch officials with whom they happen to politically disagree,” Associate Attorney General Stanley Woodward said. “Federal attorneys will once again be free to share their candid legal advice with their bosses and colleagues.”

In a similar case to Clark’s, the DOJ said it filed a statement in support of former interim U.S. Attorney Ed Martin, who is looking to have the D.C. Bar’s prosecution of him taken up in a neutral federal court.

The DOJ noted in its news release that three former attorneys general have acknowledged that the D.C. Bar’s push to discipline federal attorneys “for making recommendations, factual assertions, and providing legal advice during confidential internal agency deliberations on law enforcement and sensitive public policy” is “improper and constitutionally impermissible.”

“President Trump promised to put an end to the weaponization of the legal process, and today’s lawsuit against the D.C. Bar makes good on that promise,” Woodward said.

Tyler Durden Thu, 05/14/2026 - 15:20

Zelenskyy's Former Right-Hand Man Yermak Arrested In $10.5 Million Money Laundering Scheme

Ukraine’s High Anti-Corruption Court ordered the pre-trial detention of Andriy Yermak, the powerful former head of President Volodymyr Zelenskyy’s Office and once the country’s second-most influential figure, on money-laundering charges tied to a high-profile corruption scheme.

The ruling marks a dramatic fall for Yermak, who served as Zelenskyy’s closest aide from 2020 until his resignation in late 2025 amid earlier raids. He was taken into custody directly from the courtroom following the decision.

Charges and Allegations

Ukraine’s National Anti-Corruption Bureau (NABU) and Specialized Anti-Corruption Prosecutor’s Office (SAPO) named Yermak a suspect on May 11 in a scheme involving the laundering of approximately 460 million hryvnias (about $10.5 million or €9-10 million).

Prosecutors allege he participated in an organized criminal group that funneled illicit funds - originating from kickbacks at the state nuclear energy company Energoatom-through shell companies and fake contracts into the construction of a luxury residential complex (known as “Dynasty”) in the affluent village of Kozyn, south of Kyiv.

The broader “Midas” investigation into Energoatom reportedly uncovered a pattern where contractors paid 10-15% kickbacks to officials to secure or maintain deals. Funds were allegedly laundered between 2021 and 2025 via elite real estate development.

Yermak faces charges under Part 3 of Article 209 of Ukraine’s Criminal Code (legalization of criminally obtained proceeds). A conviction could carry up to 12 years in prison.

After multi-day hearings, the High Anti-Corruption Court (HACC) imposed 60 days of pre-trial detention starting May 14, with an alternative of bail set at 140 million hryvnias (roughly $3.2 million). Prosecutors had requested a higher bail of 180 million hryvnias (about $4 million).

Yermak was remanded in custody immediately, though he could secure release if the full bail is posted while the case proceeds. His legal team plans to appeal the ruling.

Yermak’s Response

Yermak has strongly denied all allegations, calling them “groundless” and “baseless.” He stated he owns only one apartment and one car, and has no involvement in the luxury development.

After the hearing, he told reporters: “I don’t have that kind of money, and my lawyer will now work with friends and acquaintances [to raise the money for bail].” He added that he respects the court, has “nothing to hide,” and is proud of his service to Ukraine during the war. He mentioned visiting the front lines weekly and receiving international support, though he said he would not use it to influence the judiciary.

His defense argues the case lacks merit and may carry political undertones.

Background and Political Impact

Yermak rose from a film producer and diplomat to become Zelenskyy’s chief of staff, wielding immense influence over policy, appointments, judiciary, and even early peace negotiations with Russia before the full-scale invasion. Critics accused him of consolidating power and sidelining longtime allies of the president.

He resigned in November 2025 after NABU raids on his properties linked to the wider Energoatom probe. Zelenskyy has not been implicated, and anti-corruption officials have stressed the president is not a subject of the investigation.

It is no wonder Democrats just love corrupt Ukraine. pic.twitter.com/wqKy6PjzWp

— Marcus Notrealius (@TheLieKeeper) May 14, 2026

The case comes as Ukraine faces intense pressure to combat high-level graft to advance EU membership and sustain Western support amid the ongoing war with Russia. It has sent shockwaves through Kyiv’s political elite and fueled public frustration over wartime corruption.

This remains a developing story. The investigation is ongoing, with potential for more suspects and revelations as the case moves forward.

Tyler Durden Thu, 05/14/2026 - 15:00

Biden FBI Quietly Hid Trump Prosecution Files For Potential Post-2028 Case

Authored by Luis Cornelio via Headline USA,

Another trove of newly unearthed Biden-era files suggest that the FBI attempted to retain purported evidence related to its prosecution of President Donald Trump until 2030 — when he would presumably be out of office.

The documents, reported Tuesday by Just the News, add to a growing body of records that have detailed the breadth of the aggressive actions targeting Trump, Republican lawmakers and conservative organizations connected to the 2020 election.

According to the report, the retention effort came as part of a broader push to preserve materials gathered by then-Special Counsel Jack Smith following the dismissal of related cases. Such materials are typically handled under DOJ procedures once a case is closed.

The documents in question were reportedly created in 2025, as Trump was preparing to return to office in January, and relate to investigations tied to the certification of the 2020 presidential election.

The decision to retain the evidence has raised questions about whether federal officials were preserving the option to revisit the case after Trump leaves office, when DOJ rules barring the prosecution of a sitting president would no longer apply.

The case itself was closed without prejudice, meaning it could be refiled at a later date.

As reported by Just the News:

“One of the key ‘Case Closing’ documents obtained by Just the News – originating from the FBI’s Washington Field Office’s CR-15 team – was dated a couple of weeks into Trump’s second term, on February 5, 2025, when many holdover FBI agents and leaders were still in place.

The newly-released closing document from early 2025 repeated the extensive claims of criminality against Trump, which had been pursued by Smith and the bureau, and it sought to retain all of the evidence for a half decade until at least February 2030, when Trump would be a former president once more and thus when the DOJ guidance prohibiting the prosecution of a sitting president would no longer be in force.”

According to the outlet, the document — titled “Arctic Frost – Election Law Matters – Sensitive Investigative Matter” — included supporting materials such as a “Deputy Special Counsel Concurrence” and the “Retention of Evidence Approval.”

In response to the findings, FBI Director Kash Patel said he had moved to eliminate the office involved in handling the matter.

“The American people deserve to know how this egregious weaponization of power to target political opponents and President Trump happened inside an institution meant to protect them,” Patel told Just the News.

“We shut down the weaponized CR-15 squad, and we are going to keep following the facts until there is full accountability. The FBI exists to protect the country, not to preserve political prosecutions for a future administration.”

Tyler Durden Thu, 05/14/2026 - 14:40

With GOP Help, House Dems Force Vote To Give Another $1.3 Billion To Ukraine

In a rebellion defying the priorities of Speaker Mike Johnson, House Democrats have teamed up with two Republicans and an independent in a parliamentary maneuver that will force a vote on a bill that would give another $1.3 billion in military aid and other assistance to Ukraine, as that country continues to lose territory in its war with Russia.  

"We look forward to seeing the House pass this bill quickly and encourage the Senate to take it up without delay. The ​brave men and women of Ukraine ​are waiting," said NY Rep. Gregory Meeks, ranking member of the House Foreign Affairs Committee and the author of the bill.  

A view, by Zelensky’s former press secretary whose interview went out on Tucker Carlson show last night. https://t.co/kkKP5HxnCQ

— Leonid Ragozin (@leonidragozin) May 12, 2026

All 215 House Democrats signed a discharge petition, a means by which representatives can bypass House leadership's agenda-setting role and compel a vote on a bill. Seldom used over House history, discharge petitions are showing their potency in a House ruled by a narrow majority, as is the case today. Most famously, Republican Rep. Thomas Massie and Democratic Rep. Ro Khanna used the maneuver last year to compel a vote on forcing the release of the Epstein investigation files. For this Ukraine bill, the Democrats were joined by two Republicans -- Pennsylvania Rep. Brian Fitzpatrick and Nebraska Rep. Don Bacon -- along with California independent Kevin Kiley, who earlier this year left the GOP. 

Kiley's signature on the petition pushed to the required 218. "Recent Ukrainian gains have created an opportunity for peace, but the collapse of the recent ceasefire shows that leverage is needed for diplomacy to succeed," he said in a statement. That will force Johnson to bring a vote to the floor on the Ukraine Support Act, which has three major thrusts: 

• Reaffirming US support for both Ukraine and NATO, and enacting measures for Ukraine's reconstruction
• $1.3 billion in aid and -- get this -- up to $8 billion more in direct loans that could prove to be LINOs -- loans in name only
• More sanctions and export controls on Russia, targeting officials, financial institutions, and the oil and mining sectors

The yellow area shows the last part of the Donetsk oblast that Russia has yet to seize control of. The Luhansk oblast is to the northeast, while the next two oblasts moving southwest are Zaporizhzhia and Kherson, with Crimea at the southernmost end (via Russia Matters) 

Though the House may pass the bill, the push to give more money to Ukraine will face an uphill climb in the Senate. The discharge-petition development comes as Ukraine and Russia moved on from a brief ceasefire and resumed blasting each other, though -- for now -- at a reduced tempo. Russia has continued to make gradual progress in taking control of both the Luhansk and Donetsk "oblasts" which together comprise the Donbas region of Eastern Ukraine. Moscow is insisting that Ukraine's ceding of the last parts of the Donbas is a precondition to resumed peace talks.  

Not accounting for another potential $1.3 billion thrown into the Ukraine war -- to say nothing of the money pit that is the US-Israeli war on Iran -- the US government was in February projected to post a fiscal-year 2026 deficit of $1.9 trillion. Not that anyone in Washington cares. 

Tyler Durden Thu, 05/14/2026 - 14:20

Cable Crashes As Burnham Signals Challenge To UK PM Starmer

Update (1345ET): Following Wes Streeting's earlier resignation "having lost confidence" in Starmer's leadership, the UK PM is now under further pressure as Andy Burnham opened a possible path to challenge Keir Starmer for the prime minister’s job, after a Labour member of Parliament resigned and urged the Greater Manchester mayor to run for his seat.

Andy Burnham

Bloomberg reports that the MP, Josh Simons, announced plans to step down from his Manchester area seat, freeing up a House of Commons constituency that Burnham would need to mount a bid to become leader of the governing Labour Party.

“I am standing aside so that Andy Burnham can return to his home, fight to re-enter Parliament, and if elected, drive the change our country is crying out for,” Simons wrote.

“Nothing short of urgent, radical, courageous reform will make a difference.”

With UK bond markets closed, the outlet for positioning after this headline (and the anxiety over "radical reform") was the FX market and cable plunged on the news...

Burnham separately said he would seek permission from Labour’s National Executive Committee, a panel dominated by Starmer loyalists that blocked a similar bid earlier this year.

“Much bigger change is needed at a national level if everyday life is to be made more affordable again,” Burnham said in a statement to Manchester Evening News.

“This is why I now seek people’s support to return to Parliament: to bring the change we have brought to Greater Manchester to the whole of the UK and make politics work properly for people.”

There will be several hurdles standing in Burnham’s way. Starmer’s allies on Labour’s governing body blocked him from contesting a seat in the Manchester area when it became vacant earlier this year, citing the need to avoid a costly election for the mayoral post he would have to vacate. They could do so again.

*  *  *

With UK PM Starmer's leadership under increasing scrutiny, UK Health Secretary, Wes Streeting, has issued a statement via social media that he is resigning his post.

Wes Streeting

Streeting says that while there are good reasons to remain in post, he has lost confidence in Starmer’s leadership:

"As you know from our conversation earlier this week, having lost confidence in your leadership, I have concluded that it would be dishonourable and unprincipled to [remain in post]."

He went on:

"It is now clear that you will not lead the Labour Party into the next general election and that Labour MPs and Labour unions want the debate about what comes next to be a battle of ideas, not of personalities or petty factionalism.

Setting out the reasons for his resignation, he pointed to last week's "unprecedented" local elections results, in which the government's "unpopularity" was "a major and common factor" across Britain, the threat of Reform UK as one of the key reasons for his departure from government, and policy "mistakes".

"Where we need vision, we have a vacuum. Where we need direction, we have drift. This was underscored by your speech on Monday," he wrote.

pic.twitter.com/9qI2Bj35ZK

— Wes Streeting (@wesstreeting) May 14, 2026

Streeting is widely thought to be planning to challenge Starmer for the Labour leadership, but he does not announce the start of a formal bid in his letter.

For now there is little to no reaction in GBP or gilts (as several market observers believe any new leadership will deliver more orthodox and less "free shit" fiscal policies) but Polymarket shows the odds of Starmer being gone by the end of May are soaring...

Allies of Mr Streeting, who handed in his resignation as the Health Secretary on Thursday, have made little secret that he is ready to become prime minister and has a comprehensive plan to change the country.

Here is The Telegraph laying out what a Streeting premiership look like?

The economy

Mr Streeting said last year that he was “really uncomfortable with the level of taxation in this country”, suggesting he would resist further increases. Speaking in December, he admitted the Government was “asking a lot” of individuals and businesses with historically high taxes. But he also warned Britain had “a level of indebtedness that we need to take very seriously”, indicating that tax cuts would also be unlikely. He has previously defended Labour’s decision to increase employers’ National Insurance, saying the raise had paid for more NHS appointments. Mr Streeting has previously proposed several radical changes to the tax system. In a 2020 interview, he suggested equalising capital gains tax with income tax, replacing inheritance tax with a “lifetime gifts tax” and increasing corporation tax. He also said all new tax and spending plans should be put through a “progressive impact test” to ensure they helped people on low and middle incomes. But unlike his Left-wing rivals, he has also long advocated that Labour should stick to strict fiscal rules, balancing day-to-day spending with tax revenues.

Defense

Mr Streeting caused a stir in Westminster last month when he suggested that savings should be found from the welfare budget to fund defence. The Health Secretary acknowledged that Britain needed to put more money into the military and that the cash “has to come from somewhere”. While he ruled out taking the money from the NHS budget, he signalled an openness to find it from other areas of spending, such as benefits. Other than on that issue, Mr Streeting has largely backed Sir Keir’s plans to boost defence spending to 3 per cent of GDP by the mid-2030s. Last month, he defended the Government’s handling of the military, insisting that Britain was still “the cornerstone of European defence and security”. Defending the repeated delays to the Government’s defence investment plan, he said Downing Street was taking the time to “get it right”.

Brexit

Mr Streeting is one of the most high-profile Remainers in the Cabinet and was a passionate campaigner for Britain to remain in the EU. Last year, he strongly suggested Labour should consider taking the UK back into a customs union with Europe, saying it would boost growth. But he did insist that the manifesto pledge not to return to freedom of movement with the Continent must stay, ruling out the single market. “The best way for us to get more growth into our economy is a deeper trading relationship with the EU,” he told The Observer in December. “The challenge is any economic partnership we have can’t lead to a return to freedom of movement.” Mr Streeting has long been an advocate of closer EU ties. In 2018, while a backbencher, he rebelled against then leader Jeremy Corbyn, calling for him to commit Labour to keeping Britain in the single market and a customs union.

Immigration

Mr Streeting is naturally a liberal on immigration and has repeatedly signalled his discomfort at the Government’s clampdown on visas and asylum. He criticised Sir Keir’s “island of strangers” speech and has previously said Britain relies on migrants to care for an ageing population. Last November, he admitted he was not comfortable with plans laid out by the Home Secretary to deport families who arrived in the UK illegally. In a 2018 speech, Mr Streeting argued that “we rely on attracting people from overseas, particularly with our ageing population and shrinking working-age population”. But as far back as then, the Health Secretary was stressing the point that Britain needed to increase education and training for its domestic workforce. It is a principle he has taken into government, criticising the health service’s reliance on foreign doctors and admitting voters had “lost confidence in the immigration system”.

The NHS

One of the most notable things Mr Streeting has done in his two years in post is abolishing NHS England, the world’s largest quango. The decision came as a surprise to Westminster and demonstrated that the Health Secretary was unafraid to make significant structural changes to government. It will also put him and his ministers back in direct control of the NHS, hinting at a hands-on approach and a willingness to take on personal responsibility. Waiting lists have fallen on Mr Streeting’s watch and pledges to further improve the health service would be a core part of his premiership. He has also shown himself willing to go to war with the medical unions, warning that their pay demands for junior doctors would “break the country”. But although he has repeatedly spoken of the need to reform the NHS, any change to its funding model would be off the table under Mr Streeting. The Health Secretary has attacked Nigel Farage, the Reform UK leader, for suggesting the UK should consider moving to a French-style public insurance model.

Streeting is only one of the party figures likely to throw their hats into the ring in the event of a formal leadership contest. Former deputy premier Angela Rayner said Thursday morning that she had been cleared of wrongdoing in a probe into her tax affairs, while there is a large faction on the party’s left working to secure a parliamentary seat for Manchester Mayor Andy Burnham, who can’t run without one.

For Starmer to face a formal leadership challenge, a potential successor would have to be nominated by 20% of Labour Members of Parliament. The party currently has 403 MPs, putting that threshold at 81. The ensuing contest would be decided by preferential votes by Labour Party members and affiliates, with precise voting eligibility set by Labour’s governing body.

Tyler Durden Thu, 05/14/2026 - 13:45

Separate Peace? Saudi Arabia Floats Regional Non-Aggression Pact With Iran

Are regional Gulf countries seeking to forge there own separate peace deals with Iran, apart from the United States? That's what fresh Thursday reporting in the Financial Times suggests.

The report says Saudi Arabia is supposedly considering a non-aggression pact between the Middle East states and Iran after the military conflict between the United States and Iran ends, the FT indicates.

via Express Tribune

Citing diplomatic sources, it describes that Riyadh is assessing a model of the Helsinki Process, which helped reduce tensions in Europe during the Cold War, and created an uneasy East-West peace in post-WW2 Europe. 

The driving rationale behind the potential diplomatic framework is that while Iran is "weakened," the reality is that it still "poses a threat to its neighbors."

An Arab diplomat cited by FT said that a non-aggression pact modelled along the lines of the Helsinki process is something likely to be embraced by most Arab and Muslim states, as well as by Iranian leader.

"It all depends on who is in it - in the current climate, you are not going to be able to get Iran and Israel... Without Israel, it could be counterproductive because after Iran, they are seen as the biggest source of conflict. But Iran is not going anywhere, and this is why the Saudis are pushing it," the source stated.

The Abraham Accords have theoretically attempted to build a normalization and non-aggression foundation involving Arab states and Israel, but other countries and populations in the region are suspicious of it for the very fact that it is seen fundamentally as a pro-US and pro-Israeli axis of alignment. 

As for for Tehran and Riyadh, they recently have experience with direct, good faith talks, given that it was only in 2023 that China made history when it brokered a landmark normalization deal between Iran and Saudi Arabia - after which mutual embassies opened and went into operation.

This week, Reuters and other sources revealed for the first time that at the height of Trump's Operation Epic Fury which began in late February and endured through March into early April, the UAE directly fired back on Iran as it was under attack by drones and missiles. Also interesting is the fresh revelation that Israeli PM Benjamin Netanyahu made a secret visit to the UAE as the Iran war was in full swing - though UAE has officially denied it, perhaps not wanting to inflame Arab public sentiment.

Kuwait also reportedly directly attacked Iranian interests, and additionally the Saudis attacked Shia Iraqi militias seen as cooperating with Iran.

Highways, railroads and ports in Saudi Arabia, the U.A.E. and Oman have been transformed into an emergency logistics lifeline during the Iran war, bypassing the Strait of Hormuz

With talks between the U.S. and Iran deadlocked, the conflict has devolved into an economic war of… pic.twitter.com/bgnzBmGc6g

— Joshua Landis (@joshua_landis) May 13, 2026

Interestingly, US intelligence and the governments involved kept this under wraps for many weeks, and it suggests just how close the world was to witnessing a broader regional war that could have quickly spun out of control. Before the series of disclosures, it was widely assumed that only the United States military was 'defending' the UAE, Kuwait, Qatar, Saudi Arabia, and Bahrain. But clearly some of these countries were hitting back against the Islamic Republic on their own.

Tyler Durden Thu, 05/14/2026 - 13:40

After "Fantastic Day" With Xi, Trump Touts 200-Jet Boeing Deal As China Offers Hormuz Help

Summary: 

• Trump says Boeing Secured a 200 'Big' jet order from China

• Trump says President Xi wants Hormuz reopened, won't give Tehran weapons 

• Trump, Xi Put Hormuz, Iran, Trade, Taiwan At Center Of Historic Beijing Summit

Boeing-China Jet Deal

A highly anticipated Boeing jet deal appears to have materialized after the first day of President Trump's summit with President Xi Jinping. 

Fox News reports that Trump said Boeing secured an order for 200 "big" jets from China. He said the order was initially for 150, but the final figure will be 200

Trump Says China Will Help On Reopening Hormuz 

It is nearly midnight in Beijing, and President Trump is still speaking on the record with corporate media, offering additional insight on the first day of the summit and state banquet with Chinese President Xi Jinping.

In comments to Fox News, Trump said Xi offered to help pressure Iran to reopen the Strait of Hormuz, signaling that Beijing may be willing to use its leverage over Tehran.

*TRUMP SAYS CHINA'S XI OFFERED TO HELP ON IRAN: FOX NEWS

— zerohedge (@zerohedge) May 14, 2026

This comes as energy insiders and traders warn that continued closure of the Strait through the end of the month could spark a worsening energy shock.

Trump also said Xi would not provide weapons to Tehran.

*TRUMP: XI SAID HE WON'T GIVE MILITARY EQUIPMENT TO IRAN https://t.co/9s2HQn4rPs

— zerohedge (@zerohedge) May 14, 2026 Trump, Xi Put Hormuz, Iran, Trade, Taiwan At Center Of Historic Beijing Summit

President Trump and Chinese President Xi Jinping are currently seated at the main table at a state banquet. President Xi called the visit historic, and said U.S.-China ties are "stable" amid talks with Trump's team.

President Xi offers a toast at the state banquet dinner in Beijing: "To the bright future of China-U.S. relations, and the friendship between the two peoples, and to the health of President Trump and all of the friends present." pic.twitter.com/VmJeU4Xk1f

— Rapid Response 47 (@RapidResponse47) May 14, 2026

According to a White House readout, Trump and Xi agreed that the Strait of Hormuz should remain open to free navigation and that Tehran should not charge a fee to ships using the critical waterway.

Key notes from the White House readout (courtesy of Bloomberg):

• Trump Had A Good Meeting With Xi: White House Official

• Leaders Discussed Increasing China's purchases of Agriculture

• Trump, Xi Agreed Hormuz Must Remain Open: White House Official

• U.S. Says Xi Made Clear China Opposes Militarization of Hormuz

• Both Sides Agreed Iran Can Never Have A Nuclear Weapon: U.S.

• U.S. Says Xi Expressed Interest in Purchasing More American Oil

From the Bilateral Meeting in Beijing:

President Trump had a good meeting with President Xi of China. pic.twitter.com/WaH8hR1ZV3

— The White House (@WhiteHouse) May 14, 2026

Both countries agreed that Iran can never have a nuclear weapon. pic.twitter.com/7hYMIBoTZY

— The White House (@WhiteHouse) May 14, 2026

Beijing also signaled interest in buying more U.S. oil to reduce China's reliance on crude and crude products transiting the Hormuz chokepoint. This signifies how the U.S.-Iran conflict is rewiring global energy flows.

Trump-Xi talks also covered fentanyl, securing market access for U.S. companies in the mainland market, and increasing Chinese investment in American industries and purchases of U.S. agricultural products.

"American enterprises are deeply involved in China's reform and opening up, a process from which both sides have benefited," Xi told the leaders of U.S. companies accompanying Trump on the trip. Those CEOs include Tesla's Elon Musk, Apple's Tim Cook, Boeing's Kelly Ortberg, and Nvidia's Jensen Huang.

The two sides discussed ways to enhance economic cooperation between countries, including expanding market access for American businesses into China and increasing Chinese investment.

Leaders from many of the United States’ largest companies joined a portion of the meeting. pic.twitter.com/i3Q1ogde2E

— The White House (@WhiteHouse) May 14, 2026

Xi continued, "China's door to the outside world will only open wider."

On the agricultural front, Bloomberg reported that China renewed import licenses for hundreds of U.S. beef plants, reviving trade that will help ranchers and farmers.

Xi was quoted as saying that China and the U.S. agree to build a "constructive and strategically stable relationship" that will serve as a framework for China-U.S. relations over the next three years and beyond.

On the subject of Taiwan, Xi told Trump bluntly that Sino-U.S. relations would enter an "extremely dangerous place" if Trump ignored Beijing's demands over Taiwan.

Back at the state banquet, Trump invited Xi to Washington on Sept. 24.

Overall, it appears that day one of Trump's summit with Xi was positive.

.@POTUS delivers remarks at the state banquet dinner at the Great Hall of the People: "It was a fantastic day, and in particular, I want to thank President Xi, my friend, for this magnificent welcome... and for so graciously hosting us on this very historic state visit." pic.twitter.com/lcFTC7wUY9

— Rapid Response 47 (@RapidResponse47) May 14, 2026

Earlier, Trump and Xi took a walk at an ancient temple in Beijing.

.@POTUS in China: "It's great — a great place. Incredible. China is beautiful." pic.twitter.com/Xiu7KSCvpL

— Rapid Response 47 (@RapidResponse47) May 14, 2026

"The China-U.S. Summit is ongoing, with expectations for any breakthroughs low," UBS analyst Justinus Steinhorst told clients earlier.

UBS analyst Shuo Yang noted, "It has been a subdued Asia session, with markets in wait-and-see mode into the Trump-Xi meeting."

Treasury Secretary Scott Bessent joined CNBC and said the U.S. and China are seeking to lower tariffs on some trade, starting with $30 billion in non-critical areas. Bessent also noted that Chinese officials are "doing what they can" to reopen Hormuz. 

Bessent added that Boeing is nearing a "large" plane order from China, but did not specify whether those orders would be for narrow-body or wide-body jets.

Tyler Durden Thu, 05/14/2026 - 13:30

Did You See Hakeem Jeffries' Press Conference Tantrum?

Authored by Matt Margolis via PJMedia.com,

House Minority Leader Hakeem Jeffries is having a rough time right now. For months, the Speaker’s gavel looked to be easily within his reach come November, but recent developments have made it look like it could slip away. 

He’s a little touchy about it. During a press conference on Wednesday, Jeffries had a bit of a tantrum, not only invoking the Confederacy but snapping at a CNN reporter who dared to ask him a question.

Last month, the Supreme Court issued a 6-3 ruling in Louisiana v. Callais, striking down Louisiana’s congressional map as an unconstitutional racial gerrymander. The ruling opened the door for several red states to redistrict and eliminate race-based districts.

To say Jeffries isn’t taking it well is an understatement.

"Because we know this unprecedented assault on black political representation, the likes of which we have not seen since the Jim Crow era, the ghost of the Confederacy has afflicted the United States Supreme Court majority and is invading and haunting the nation right now," Jeffries said.

"And we take that seriously. And we know it's going to continue, which is why Democrats are committed to launching a decisive and overwhelming response in advance of the 2028 election, to ensure that it's the American people who are the ones who get to decide who's in the majority in the House, who's in the majority in the Senate, and ultimately in 2028, who gets elected as the next president of the United States of America.”

But it was his exchange with CNN's Manu Raju that got genuinely uncomfortable. Raju pressed Jeffries on Democrats' failed attempt to gerrymander Virginia's congressional maps when the Supreme Court of Virginia ruled that the process Democrats used to eliminate four GOP-leaning districts violated the state constitution, invalidating that map as well. Groups aligned with Jeffries had spent over $40 million on the failed effort.

"Mr. Leader, I mean, you ultimately lost this. Do you take personally—" Raju began.

"Who lost?" Jeffries shot back, clearly angry.

"You lost in court—"

"Who lost?"

"Democrats did," Raju said.

"Do you take personal responsibility for investing so much time and resources, tens of millions of dollars, in an ultimately fruitless effort?"

"We did the right thing," Jeffries said, "and this effort is not over."

Hakeem Jeffries loses it when called out for his unconstitutional racist gerrymandering scheme.

JEFFRIES: Who lost?

RAJU: YOU LOST! In court.

JEFFRIES: Did the voters lose?

RAJU: The Democrats did. Do you take personal responsibility for an ultimately foolish effort? pic.twitter.com/2ryGiBVnjP

— RNC Research (@RNCResearch) May 13, 2026

As you can see, Jeffries got a bit undignified there, trying to distance himself from the failed effort that the Democratic Party wasted tens of millions of dollars on. On top of that, multiple red states are now redrawing House districts in the wake of Callais. While some are moving aggressively, others are stalled by legal challenges and political calculations.

Sabato's Crystal Ball now gives Republicans a slight edge in Safe/Likely/Leans seats, and prediction markets now show the GOP favored to retain the Senate while closing the gap in the House race.

The overall trajectory is clear — and it's not favorable for Democrats.

The problem for Democrats, of course, isn’t just the short-term implications but the long-term structural problem they face. The 2026 midterms and the 2028 presidential election may be their last chance to win back power before the math and the map become too big a hurdle for them to overcome. Population shifts mean blue states will lose congressional seats after the 2030 census, costing them Electoral College votes as well.

In other words, Jeffries is in full panic mode, and he’s having a hard time hiding it.

Tyler Durden Thu, 05/14/2026 - 13:20

Trucking Stocks Tumble As Supreme Court Ruling Risks "Extinction Event" For Freight Brokers

The US Supreme Court ruled late Thursday morning that freight brokers can face state-law negligent hiring claims when they hire unsafe trucking firms that later cause crashes.

FreightWaves founder Craig Fuller responded to the ruling on X, saying, 

OMG, this is the most pivotal moment in trucking history since Deregulation. It could be an extinction event for 30-50% of all freight brokers.

OMG, this is the most pivotal moment in trucking history since Deregulation.

It could be an extinction event for 30-50% of all freight brokers.

Matt Lefler and I will be on the air at 11AM ET to discuss. Live, streaming on X. https://t.co/sc3eKgWV3S

— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) May 14, 2026

In other words, this decision will raise liability costs across the freight industry but could force out unsafe trucking firms, some of which have hired illegals.

Landmark win for trucking safety this morning.

The Supreme Court rules UNANIMOUSLY against the broker that helped put the illegal alien who hit Dalilah Coleman on the road.

As a result of this decision, trucking brokers can be liable for negligently giving loads to illegal… https://t.co/0pYntFxiDx

— Senator Jim Banks (@SenatorBanks) May 14, 2026

The case, Shawn Montgomery v. Caribe Transport II, US, No. 24-1238, centers on C.H. Robinson, which arranged a shipment carried by Caribe Transport II. The carrier's driver struck Shawn Montgomery's tractor-trailer in Illinois, causing severe and permanent injuries. Montgomery alleged that C.H. Robinson should have known Caribe posed safety risks given its poor federal safety rating.

Justice Amy Coney Barrett, writing for the High Court, said the Federal Aviation Administration Authorization Act does not shield brokers from such claims because states retain authority over safety "with respect to motor vehicles." The ruling reverses the Seventh Circuit and sends the case back for further proceedings.

Justice Brett Kavanaugh, joined by Justice Samuel Alito, said the case was close but agreed that Congress did not intend to leave brokers in a "black hole" with no meaningful safety accountability. He also acknowledged that the ruling could lead to higher litigation, insurance, and due diligence costs, which may ultimately raise shipping costs.

The Trump administration urged the justices to rule against Montgomery's claim, saying that allowing liability for freight brokers under state tort law would create regulatory nightmares for the nation's freight transport industry.

Bloomberg litigation analyst Holly Froum noted:

CH Robinson, Landstar, JB Hunt Dealt Costly Supreme Court Ruling

Trucking brokers including CH Robinson, Landstar along with companies with transportation brokering operations like JB Hunt, Werner Enterprises and others were dealt a setback by the US Supreme Court's May 14 ruling allowing states to impose personal-injury liability for trucking accidents. A majority of the justices found that state law negligent hiring claims could continue and weren't preempted by federal law, as we expected they would.

Shares of C.H. Robinson and Landstar fell after the ruling, while JB Hunt moved higher.

Trucking advocacy group American Truckers United stated on X, "A bomb has dropped on the criminal freight brokers!"

Tyler Durden Thu, 05/14/2026 - 12:40

Are Markets F***ed? Collum And Pomboy To Address Everything Bubble

LIVE NOW:

https://t.co/VzsW6va0Px

— zerohedge (@zerohedge) May 14, 2026

*************

As the S&P continues to reach new highs in the mid 7000s, leaving the COVID era 3000s as a forgotten fevered dream… and AI euphoria fueling increasingly speculative bets across Wall Street and Main Street, the sane among us need to ask the question: when will reality hit?

In tonight’s ZeroHedge debate, hosted by the legendary Dave Collum, Macro Mavens founder Stephanie Pomboy and Michael Lebowitz will break down the most dangerously overvalued sectors of today’s market. From AI to private credit… and debate how, when, and where the unwind may begin.

Nasdaq is up almost 30% since the end of March. Howbowdah?

— Dave Collum (@DavidBCollum) May 13, 2026

The discussion will examine whether the AI boom has become detached from economic reality, whether Nvidia’s 43 PE ratio makes any sense, and whether private credit gating is the canary in the coal mine. With liquidity tightening beneath the surface and credit conditions deteriorating, Collum and the gang will discuss ways to preserve wealth before the cycle turns.

The conversation will also focus heavily on the Federal Reserve’s next chapter under incoming Fed Chair Kevin Warsh, whose prior statements indicate a hawkish stance… but that’s been true of past chairs before they held the helm. Is Warsh a genuine monetary hawk willing to tolerate market pain to restore credibility to the dollar and contain inflation? Or will he ultimately cave under political and financial pressure like Jerome Powell during COVID?

However, let's not forget that Warsh voted for QE and bailouts and parroted Bernanke's nonsense during the GFC.

— Michael Lebowitz, CFA (@michaellebowitz) April 21, 2026

For investors trying to position themselves ahead of what could be the next major repricing event, or for those who just want to hear about how horrible the economy really is… join Collum, Pomboy, and Lebowitz this evening.

The debate will stream live on the ZH X account and homepage at 7pm ET. See you there.

Tyler Durden Thu, 05/14/2026 - 12:20

Bessent Says US, China To Launch AI Safety Talks After Trump-Xi Meeting In Beijing

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

Treasury Secretary Scott Bessent said on May 14 that Washington and Beijing would begin formal discussions on artificial intelligence (AI) safety protocols following meetings between U.S. President Donald Trump and Chinese leader Xi Jinping in Beijing. Bessent’s comments come as the rival powers sought to stabilize ties strained by trade disputes, the Iran conflict, and AI competition.

U.S. Treasury Secretary Scott Bessent arrives at Incheon International Airport ahead of a scheduled meeting with South Korean President Lee Jae Myung and trade talks with Chinese Vice Premier He Lifeng in Incheon, South Korea, on May 13, 2026. Kim Soo-hyeon/Reuters

Speaking to CNBC from the sidelines of the Trump–Xi summit, Bessent said the United States and China—which he described as the world’s “two AI superpowers”—were preparing to establish a framework on AI best practices and safeguards aimed at preventing advanced models from falling into the wrong hands.

“The two AI superpowers are going to start talking,” Bessent said.

“We’re gonna set up a protocol in terms of how do we go forward with best practices for AI to make sure non-state actors don’t get a hold of these models.”

Bessent said the United States would seek to embed “U.S. values” and American-led best practices into emerging global AI standards, adding that Washington was engaging Beijing from a position of technological strength.

“The reason we are able to have fulsome discussions with the Chinese on AI is because we are in the lead,” he said. “I do not think we would be having the same discussions if they were this far ahead of us.”

The remarks came as Trump and Xi concluded the first major round of meetings during Trump’s two-day visit to Beijing, his first trip to China since returning to office for a second term.

In a White House readout issued after the meeting, Washington said the leaders discussed expanding economic cooperation, increasing Chinese investment in the United States while expanding market access for American businesses into China, boosting Chinese purchases of U.S. agricultural products, and maintaining freedom of navigation through the Strait of Hormuz.

A subsequent White House readout said both countries agreed that the Strait of Hormuz must remain open to “support the free flow of energy.” The strait is a key maritime chokepoint that normally handles around one-fifth of global energy shipments but has been heavily restricted by Iran amid its war with the United States and Israel.

The readout noted that Xi expressed Beijing’s opposition to the militarization of the strait or to Iran charging tolls for use of the critical waterway. Both countries also agreed that Iran “can never have a nuclear weapon.”

AI, Chips, and Investment Talks

AI and semiconductor policy were among the issues discussed at the summit, Bessent told CNBC, with the U.S. delegation’s visit set against a backdrop of intensifying competition between Washington and Beijing over advanced computing technologies with military and economic applications.

Bessent said he expected a major “step-function jump” in upcoming AI model releases from Google and OpenAI. He also addressed the ongoing debate over potential U.S. approvals for Nvidia’s sales of advanced AI chips to Chinese companies.

When asked about reports that Washington had cleared sales of Nvidia’s H200 AI chips to several major Chinese technology companies, Bessent said there had been “a lot of back and forth” on the issue but did not indicate that any finalized agreement had been struck.

Nvidia Chief Executive Jensen Huang joined Trump’s delegation to China alongside a large group of U.S. corporate executives, including leaders from Tesla, Apple, BlackRock, Boeing, and Qualcomm.

The H200 chip, part of Nvidia’s Hopper line of AI processors, is significantly more powerful than the export-restricted H20 chip previously designed for the Chinese market. Critics in Washington have argued that allowing Beijing access to such advanced chips could accelerate China’s military modernization and narrow the U.S. advantage in AI.

“The H200 is one of the most advanced AI chips on the market, and it is currently used to produce frontier AI systems with military applications,” a group of U.S. lawmakers wrote in a December 2025 letter expressing concern about the Trump administration’s decision to permit H200 sales to China, arguing that it “undercuts” national security.

At the same time, administration officials and some technology advisers have argued that controlled sales could preserve U.S. technological dominance while generating revenue for U.S. companies and taxpayers.

“This policy will support American Jobs, strengthen U.S. Manufacturing, and benefit American Taxpayers,” Trump wrote in a December 2025 social media post, noting that sales of the H200 would only go to “approved customers in China.”

David Sacks, chair of the president’s Council of Advisors on Science and Technology, said at the time that he believes sales of the H200 would discourage competitors such as Chinese company Huawei.

Chris McGuire, senior fellow for China and emerging technologies at the Council on Foreign Relations, said in an analysis that H200s could give China’s AI computing power trajectory a threefold boost.

Catherine Yang, Owen Evans, and Troy Myers contributed to this report.

Tyler Durden Thu, 05/14/2026 - 12:00

Bombshell CIA Testimony: Fauci Accused Of Intentionally Burying COVID Lab-Leak Evidence

Authored by Steve Watson via Modernity.news,

A CIA operations officer provided explosive sworn testimony Wednesday before the Senate Homeland Security and Governmental Affairs Committee, accusing Dr. Anthony Fauci of directly intervening in the intelligence community’s review of COVID-19’s origins.

James Erdman III, a veteran CIA special operations officer, told senators that in August 2021 the intelligence community was on the verge of concluding the virus most likely leaked from a lab in Wuhan, China. Days later, that position reversed with no clear explanation.

Erdman stated under oath: “Dr. Fauci’s role in the cover-up was intentional. Dr. Fauci influenced the analytical process and findings by leveraging his position to ensure the IC consulted with a conflicted list of curated subject matter experts, public health officials, and scientists.”

BREAKING: A CIA whistleblower just testified UNDER OATH that Anthony Fauci DIRECTLY meddled with intelligence agencies to cover up the COVID lab leak.

Every day that Fauci remains free is an INJUSTICE.

Per the whistleblower, the CIA was on the verge of calling it a lab leak —… pic.twitter.com/V6c4Xx67zd

— Nick Sortor (@nicksortor) May 13, 2026

He added that intelligence leaders “purposefully downplayed the lab origin” and “knew the virus came from Wuhan but pushed the natural origin narrative anyway.” Erdman testified that CIA scientists had circulated papers noting “all the conditions were present for a lab leak,” yet senior analysts ultimately buried or softened those assessments.

Senator Rand Paul pressed Erdman on the timeline. Paul described the Biden administration’s final moves as a “clean-up operation,” noting: “Scientific analysts concluded multiple times between 2021 and 2023 that a lab leak was the most likely origin of COVID-19. Yet those conclusions never shaped the official narrative… It was not until after the 2024 election that the outgoing Biden administration directed the CIA to issue an assessment not because of new intelligence, but so officials could walk out of the door claiming there was nothing left to find.”

Sen. Rand Paul: "CIA scientists from an early time…were concluding that a lab leak was the most likely hypothesis?"

CIA whistleblower James Erdman III: "There were agencies within the IC circulating papers…that said that all the conditions were present for a lab leak." pic.twitter.com/qBp8BCrYvg

— Breaking911 (@Breaking911) May 13, 2026

Senator Bernie Moreno (R-OH) demanded accountability. He told the witness: “All these hearings are important. What you said is super critical… But where is the accountability? This is what I hear from my constituents all over Ohio… they want to see the perp walks.”

Moreno continued: “Anthony Fauci is sitting sipping margaritas somewhere with his multi-million dollar financial success as a result of duping the American people into putting an experimental vaccine into their bodies or risk losing their jobs. He’s not accountable to anybody.”

Senator Bernie Moreno just demanded the one thing everyone has been waiting for on Covid:

“Where is the accountability?”

He told the CIA whistleblower James Erdman III that hearings are nice — but the people want perp walks, starting with Anthony Fauci.

MORENO: “All these… pic.twitter.com/uV0i7mpNmF

— Overton (@overton_news) May 13, 2026

Senators Ron Johnson and Rand Paul pushed back after the CIA labeled the public hearing “political theater.” Johnson stated: “This committee needs an apology! This is not political theater. This is what the American people need to see.” Paul added: “Closed-door testimony doesn’t provide oversight. Public testimony provides oversight.”

? NOW: Sens. Ron Johnson and Rand Paul go off on the CIA for calling their COVID coverup hearing with a CIA whistleblower "political theater"

JOHNSON: "This committee needs an apology! This is not political theater. This is what the American people need to see."

PAUL: "The CIA… pic.twitter.com/B4KVfuM8gP

— Eric Daugherty (@EricLDaugh) May 13, 2026

Fox News reporter Bill Melugin noted the complete absence of Senate Democrats from the Homeland Security Committee hearing, despite several members serving on the panel. One Democrat, Sen. Ruben Gallego of Arizona, walked past the media setup but did not enter the room.

Fox’s Bill Melugin just exposed the stunning no-show by Senate Democrats at the CIA whistleblower hearing on Covid.

Not a SINGLE Democrat was in the room — even though several sit on the Homeland Security Committee.

MELUGIN: “There are no Senate Democrats inside of that hearing… pic.twitter.com/dERE0QpHWY

— Overton (@overton_news) May 13, 2026

Erdman also raised separate concerns about oversight of declassification efforts. He claimed the CIA “took back 40 boxes of JFK and MK-Ultra files” that Director of National Intelligence Tulsi Gabbard was reviewing.

The whistleblower further alleged the agency “illegally monitored the computer and phone usage” of investigators working on the COVID-19 origins probe under presidential direction. He said: “These were Americans being spied on illegally while carrying out duties directed by the President and under the authority of the Director of National Intelligence.”

CIA whistleblower claims the agency “took back 40 boxes of JFK and MK-Ultra files” that Tulsi Gabbard was reviewing for declassification.

The whistleblower also alleges the CIA “illegally monitored the computer and phone usage” of Gabbard’s investigators during the probe into… pic.twitter.com/AIRfS2utQE

— Shadow of Ezra (@ShadowofEzra) May 13, 2026

The testimony aligns with earlier official reviews of the pandemic’s beginnings.

It builds on the White House’s comprehensive lab-leak assessment released in April 2025 and Department of Defense and Defense Intelligence Agency reports indicating the Biden Pentagon may have suppressed aspects of the origins investigation.

It also connects to prior reporting on gain-of-function research and public statements downplaying alternative theories, including pieces examining the experiment that may have started the pandemic.

The hearing underscores ongoing scrutiny of how federal agencies assessed and communicated the virus’s origins more than six years after the first cases emerged in Wuhan.

No immediate response from Fauci or the CIA was available at the time of publication beyond the agency’s statement criticizing the subpoena process. Further developments in related inquiries are expected.

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 Thu, 05/14/2026 - 11:20

Russia Sends Over 1500 Missiles, Drones On Ukraine In 48 Hours After V-Day Ceasefire

Soon on the heels of the successful 3-day and US-backed 'V-Day' ceasefire between Russia and Ukraine, Russian forces have unleashed several days of drone and missile barrages on Ukrainian cities, especially the capital. It seems the Kremlin is bent on 'payback' for several weeks of effective Ukrainian long-range drone attacks which have badly damaged several Russian oil refineries and energy sites.

BBC reports Thursday that "At least seven people have been killed, including a 12-year-old girl, in Kyiv after Russia launched a massive wave of drone and missile strikes on the Ukrainian capital and other regions, officials have said."

The death toll is expected to rise given bodies are still being pulled from under the rubble of a destroyed apartment building in Kiev, while local emergency agencies say at least 20 people are feared missing. Dozens more were wounded in the attack, with at least 21 initially being transported to the hospital.

via Associated Press

Thursday marks the third day in a row Ukraine has witnessed deaths from the now unrelenting drone attacks, which followed the last day of the ceasefire, which expired on Monday.

President Zelensky later announced that the military tallied that Russia sent more than 670 drones and 56 missiles targeting the country overnight. This ranks it as among the largest aerial assaults since the war started in 2022.

Zelensky stated that the strikes hit at least 180 sites across Ukraine, including over 50 residential buildings, but also claimed an "overall interception rate" of 93%.

He additionally added a 48-hour tally: "In total, since midnight yesterday, Russia has used more than 1,560 drones against our cities and communities," he said on X.

"These are definitely not the actions of those who believe the war is coming to an end," he added, referring to Putin's Saturday speech wherein he hinted a the 'end' of the special military operation ending.

This week's strikes have been particularly devastating against large civilian neighborhoods. According to an Associated Press description:

As dawn broke on a clear day in Kyiv, a scene of devastation came into focus in the capital’s leafy Darnytsia neighborhood, located between a suburban forest and the Dnieper River. Wisps of smoke rose from the collapsed nine-story apartment block, where emergency workers dug under concrete slabs and took people away on stretchers. The building’s entrance was smashed in the strike, preventing residents from escaping.

All 18 apartments in the building were destroyed, officials said. Among the dead was a 12-year-old girl, Mayor Vitali Klitschko said. Zelenskyy said seven people were killed, with at least 20 people believed to be missing.

Minister of Foreign Affairs of Ukraine Andrii Sybiha in the latest overnight attack aftermath took to X to appeal to world leaders: "At the very time when leaders of the most powerful countries are meeting in Beijing, and the world hopes for peace, predictability and cooperation, Putin launched hundreds of drones, ballistic and cruise missiles at the capital of Ukraine," he wrote.

🗺 Approximate map of Russian missile and drone strikes across Ukraine over the past 24 hours

The map highlights particularly massive attacks on Kyiv, as well as a large number of targets in western Ukraine.

As a reminder, since yesterday evening alone, Russia has attacked… pic.twitter.com/GJ8UGmMrNG

— NEXTA (@nexta_tv) May 14, 2026

Speaking of Putin, he added: "Only pressure on Moscow can make him stop." However, it seems White House attention has been absorbed in the Iran war and ongoing Hormuz blockade standoff, and the impact on global energy.

While Presidents Trump and Xi are expected to dialogue on finding a way toward peace in the Russia-Ukraine war, most attention has been paid so far to what's next in the Persian Gulf. The question of Ukraine peace has taken a back seat for much of the past year.

Tyler Durden Thu, 05/14/2026 - 11:00

Iran Proclaims Safe, Toll-Free Passage For 30 Chinese Tankers Amid Xi-Trump Summit

During President Trump's ongoing state visit to China, he and President Xi Jinping agreed that the ‌Strait of ‌Hormuz must be open for ‌the ⁠free flow of energy. They along with their senior officials have expressed agreement that no country can ​be allowed to exact shipping tolls in the Strait of Hormuz.

Following this, Thursday saw Iranian state media proclaim that some 30 Chinese vessels are being allowed safe passage by Iran. Bloomberg also freshly reports, "The vessels were allowed to pass the Strait of Hormuz with the coordination of the Iranian authorities and Islamic Revolutionary Guard Corps’ navy, state TV reports, citing an IRGC naval official." While it's as yet unknown or unclear whether the US Navy side of the de facto blockade will also let them pass, Reuters has also reported the following:

Iran ‌has begun allowing some Chinese vessels to transit through the Strait of Hormuz following an understanding over Iranian management protocols for the waterway, the semi-official Fars news agency said on Thursday, citing an informed source.

via Reuters

In particular the move also follows formal requests by China's foreign minister as well as Beijing's ambassador to Iran, with Tehran reportedly agreeing based on safeguarding the two allies' strategic partnership.

Bloomberg cited the IRGC official as saying of the Iranian protocol for passage, "A new era in the Strait of Hormuz has started as many countries of the world and fleets have accepted that the best, quickest and simplest way for transiting this very important waterway is only though coordination with the IRGC’s naval forces."

This was after Wednesday saw the key milestone of a Chinese supertanker carrying 2 million barrels of Iraqi crude having successfully passed through the Strait of Hormuz, after previously being stranded for more than two months.

Also of note is that the Chinese Cosco Shipping tanker did not have to pay tolls. According to The Wall Street Journal:

Lloyd’s List Intelligence data show the Yuan Hua Hu crossed the waterway through the corridor in the north controlled by the Islamic Revolutionary Guard Corps.

Ship trackers said the vessel switched off its transponder while sailing from an anchorage in Dubai towards Larak, then came back online for a couple of hours before going dark again. Ships crossing through Larak pay an average of $2 million each, according to brokers.

The Yuan Hua Hu is the third Chinese state-owned tanker to leave the Gulf since the start of the war.

State Department spokesperson Tommy Pigott emphasized earlier this week that Washington and Beining "agreed that no country or organization can be allowed to charge tolls to pass through international waterways like the Strait of Hormuz."

China imports the bulk of its energy from the Middle East, and while it has amassed substantial crude oil stockpiles that are helping it weather the worst of the crisis - anecdotally over 1.4 billion barrels - restoring normal flows from the Persian Gulf is important for one of the world’s top energy importers.

Are Iran and China coordinating behind the scenes to seek to take negotiating leverage away from Trump?

Chinese companies are in talks for major new arms sales to Iran, explicitly ignoring Trump's letter to Xi before his arrival.

And in return, Iran just granted more than 10 Chinese ships, including oil tankers, passage through the Strait of Hormuz — preempting any U.S. attempt to… pic.twitter.com/k4H3vG0vgb

— MeidasClips (@MeidasClips) May 13, 2026

Earlier in the war, reports emerged that Beijing had pressured Iranian officials to stop attacking vessels carrying crude oil and LNG via Hormuz. Judging from later events that involved Iranian strikes on vessels in the chokepoint, Tehran did not yield to the pressure.

Tyler Durden Thu, 05/14/2026 - 10:55

Indian Ship Sunk Near Oman; Iranian Commandos Seize Vessel Off UAE

Summary: 

• Indian Cargo Ship Sinks in Suspected Drone Attack off Oman 

• Iranian Commandos Board & Seize Honduras-Flagged Ship Off UAE

Indian Cargo Ship Sinks Near Oman

Maritime data company Windward revealed on X:

Indian cargo vessel sunk by suspected drone attack off Oman The MSV HAJI ALI (MMSI: 419908021) has gone down in the Strait of Hormuz region. The 57m vessel was running dark (AIS disabled) at the time of the incident.

The ship had recently transited from Somalia. All crew members have been successfully rescued. No fatalities reported. Note: As a vessel under 500 GT, it does not have a formal IMO number.

This incident highlights the escalating risks for smaller commercial vessels operating in regional chokepoints. While attention is often on large tankers, small tonnage like the Haji Ali is increasingly exposed in this shadow war.

Iranian Commandos Board & Seize Honduras-Flagged Ship Off UAE

It appears the Iranians have boarded and seized another ship in the Persian Gulf region - this time as the vessel was anchored off the coast of the United Arab Emirates, and while it was reportedly en route to Iranian territorial waters.

The UK Maritime Trade Operations (UKMTO) said Thursday that the vessel was seized by "unauthorized personnel", with the initial incident being reported about 38 nautical miles northeast of the UAE port of Fujairah.

via Reuters

The agency said the ship's company security officer reported that "the vessel has been taken by unauthorized personnel while at anchor and is now bound for Iranian Territorial Waters."

UKMTO said it is seeking more information incident and urgently advised vessels operating in the area to report any suspicious activity. While the agency did not immediately identify the vessel, Reuters in follow up interestingly described that is a mere fishery research vessel. According to the report:

A vessel was boarded by unauthorized personnel ​on Thursday while at anchor northeast of the ‌United Arab Emirates port of Fujairah and was heading towards Iranian territorial waters, United Kingdom Maritime Trade Operations said.

Two maritime security sources ​said the ship was believed to be the Honduras-flagged ​Hui Chuan fishery research vessel.

Ship tracking data on the MarineTraffic platform indicates vessel ⁠was last seen in the Gulf ​of ‌Oman, just within Iran's exclusive economic ​zone (EEZ) on ⁠May 12; however, an EEZ can still be considered international waters - though the Iranians are apparently not interpreting it that way.

In the face of the ongoing US naval blockade of Iranian ports, Tehran is seeking to assert its geographic and military leverage, enforcing an 'Iranian protocol' over the vital Strait of Hormuz oil and goods shipping waterway.

This week has seen Iran begin to let more Chinese vessels through, at the request of Beijing, and reportedly without imposing tolls either.

Bloomberg freshly reports Thursday of 30 Chinese ships, "The vessels were allowed to pass the Strait of Hormuz with the coordination of the Iranian authorities and Islamic Revolutionary Guard Corps’ navy, state TV reports, citing an IRGC naval official."

Diplomacy has taken a back seat at the moment, as each warring side seeks to 'wait out' the other in hopes that enough economic pain can be imposed to 'cry uncle' - as President Trump himself has recently expressed.

Tyler Durden Thu, 05/14/2026 - 10:45

Today's Soap Operas – Coronation Streeting, Eastenders, And Succession

By Michael Every of Rabobank

In the UK --where the 30-year gilt yield sits at 5.74%, the highest since 1997-- politics is abuzz with rumors centre-right Health Secretary will resign to take on PM Starmer in a leadership contest, which left-wing Energy Secretary Miliband is expected to join to prevent any Coronation Streeting, as left-wingers Rayner and Burns may try to as well. This is 24 hours after King Charles read out the Starmer government’s legislative agenda, which includes using a Henry VIII-era statute to force the UK to readopt EU laws without (yet) wanting to rejoin. As UK political commentators put it, the struggling Labour Party needs to decide what it’s for - and depending on what happens next, it remains to be seen if that includes the markets. Indeed, several left-wingers have been openly derisory about concerns over potential Labour policies lifting gilt yields. 

Logically, a (successful) political party should try to understand the context in which its policies will operate. As a social media commentator points out, while Labour built the welfare state in 1945 when the UK was broke, which remains its proud legacy, “Attlee's settlement was bankrolled by imperial surpluses, Marshall Aid, sterling's privileged role within Bretton Woods, capital controls that turned domestic savers into a captive bond market, and inflation that quietly torched the real debt. It sat on top of a state a fraction of today's size, financed by a young workforce, riding reconstruction productivity growth.” Raise your hand if you think the present geoeconomic backdrop, and that of the UK, meets those criteria – and the bond market will also get a vote. 

As the Financial Times relatedly underlines ‘Why global imbalances matter’, as they are the root of our geopolitical and geoeconomic problems (which, ironically, is why we rarely talk about them?), another long-running soap opera is playing in Beijing. 

In Eastenders, Trump, with a billionaire CEO entourage, is meeting Xi after posting in Air Force One that he will be asking him “to ‘open up’ China so that these brilliant people can work their magic, and help bring the People’s Republic to an even higher level!” Indeed, as some talk of UK Labour going back to the 1970s, the US language is also of Nixon–Mao 2.0, albeit from a very different starting point. Everybody gets how important these talks are, but few consider the full US *and* Chinese contexts, and many takes are colored by what they think of Trump. Some think Xi now has all the cards; others that the US still has some aces. 

We will have to wait and see if we get a Grand Bargain that reshapes geopolitics and geoeconomics – and, yes, imbalances; smaller agreement on tariffs, tech (as the Netherlands protests a US proposal to further bar chip giant ASML from the China market), and even Taiwan; a de minimis Farce Two Trade Deal can-kicking exercise, or a Great Escalation. 

On which note, some media suggest China might be prepared to put pressure on Tehran, yet the New York Times reports that Chinese firms are plotting arms sales to it. Which will it be? 

While Europe is on the sidelines of the UK, US-China, and Iran dramas, that doesn’t mean it’s absent. Yesterday, the FT reported Euroclear, one of Europe’s largest financial intermediaries with over €43 trillion of assets under custody, is considering accepting China onshore bonds traded in Hong Kong as collateral, not just offshore bonds as now. Euroclear states this would support Beijing’s efforts to promote yuan internationalisation to counterbalance the global dominance of the USD… at a time when the EU’s push for strategic autonomy, heightened by the Iran War energy crisis, is accentuating the need to boost global usage of the euro, not the yuan. 

That’s particularly the case in trade commodity finance, where the single currency only accounts for around 6% of the global total in SWIFT, and even less considering more of that trade is being done on China’s CIPS system. 

Of course, Euroclear is free to do whatever it wants, but it remains to be seen how this plays out politically and geopolitically now the news is out - the US will note the timing well, just as Trump is in Beijing looking for bargains. 

If this is seen as a European bargaining chip vs. the US in a game of geoeconomic poker, note USD swaplines have now been openly politicized by the US Treasury via Argentina and the UAE, and next Fed Chair Warsh has stated that even Fed swaplines are not an area subject to central-bank independence.  

Or is this a plan for Succession from the current Eurodollar system, which the US is now openly advertising it is going to transmogrify into something else via neo-mercantilist tariffs, economic statecraft, and US dollar stablecoins? Note successions can be disputed, and the candidates aiming to fill some large shoes can fall far short of the giants they have to replace. 

Against that backdrop, Warsh was just voted in as Fed Chair by the Senate, in the narrowest confirmation (55-45) in US history – that shows how contested even ‘apolitical’ central banking now is. He will take over that key role with his predecessor Powell refusing to leave the FOMC table, which will be an ‘interesting’ dynamic; and with the 30-year US Treasury yield hitting 5% for the first time since 2007 as headline and core CPI rise due to the Iran War.

On which, the Middle East remains on edge. Not only did the UAE, and Saudi, reportedly strike Iran pre-ceasefire, but the Saudis and Kuwait both just hit Iran-backed militias in Iraq; the Iranian foreign minister threatened the UAE after Israeli PM Netanyahu claimed he and the head of Mossad had visited Abu Dhabi during the fighting – which the UAE has denied; Lebanon has filed a UN complaint against Iranian interference; and the Gaza Board of Peace envoy has stated the stalled ceasefire has failed to meet the expectations of both Israel and Palestinians, which appears to be down to Hamas’ refusal to disarm.

Things are also fluid re: Ukraine. The Ukraine Support Act won enough signatures to force a vote in the US House of Representatives; the US is close to signing a strategic defence deal with Ukraine for drone tech; NATO boss Rutte is asking allies to commit 0.25% of GDP to Kyiv but is running into opposition from France and the UK; the US just cancelled the deployment of troops to Europe as part of Trump’s drawdown pledge; Switzerland is considering rival defence systems after Washington delayed delivering Patriot missiles to it; and the Russian parliament voted to allow Putin to order troop deployments abroad to protect Russian citizens facing arrest, detention, trial, or other perceived persecution by foreign nations and international courts – note the EU has several countries with Russian minorities, and aims to eventually expand to include others that also do.

So, back to today’s soap operas – Coronation Streeting, Eastenders, and Succession.

Tyler Durden Thu, 05/14/2026 - 10:30

Cisco Surges Most Since Dot-Com On Raised Outlook, AI-Focused Job Cuts

Cisco Systems shares posted their biggest gain since the Dot-Com boom-and-bust era after the networking giant delivered third-quarter results that beat analysts' estimates. The company also announced a workforce restructuring, aligning with a broader hyperscaler playbook that cuts labor costs and redirects capital toward AI infrastructure and data-center buildouts.

Cisco raised its fiscal 2026 outlook, guiding for $62.8 billion to $63 billion in revenue and $4.27 to $4.29 in adjusted EPS, while also issuing a stronger-than-expected fourth-quarter sales forecast.

The catalyst that sent shares into a parabolic move early in the U.S. cash session was demand for AI. Cisco boosted its expected fiscal 2026 hyperscaler AI orders to $9 billion from $5 billion, signaling stronger traction in supplying the networking infrastructure needed for data center buildouts. Shares surged more than 16%, marking their best day since May 2002.

Stock is at a record high.

UBS analyst Simon Penn summed up third-quarter results and guidance:

They reported EPS and revenue beat and Q4 guided EPS and revenue was upgraded.

Q3 EPS was $1.06 versus forecasts of $1.04 and Q3 revenue was $15.8 bn versus forecasts of $15.5 bn.

Looking forward, they increased Q4 EPS guidance to $1.16-1.18, above forecasts of $1.07. Q4 revenue guidance also beat, at $16.7-$16.9bn versus estimations of $15.82.

Cisco reported FY2026 orders from hyperscalers $9 bn, up from prior $5 bn.

CEO Chuck Robbins wrote in a blog, "The companies that will win in the AI era will be those with focus, urgency, and the discipline to continuously shift investment toward the areas where demand and long-term value creation are strongest."

"While we are reducing roles in some areas, we are making clear, strategic investments," Robbins added. That includes spending on chips, fiber optics, security, and the use of AI by its own employees, he noted.

Robbins said the company will undergo a workforce restructuring and shed fewer than 4,000 jobs, or less than 5% of the total employee base. This restructuring comes as it pivots toward data center buildouts.

Here's analyst commentary from Goldman's Nelson Armbrust:

Cisco Earnings Validate Networking is an AI Bottleneck

Drivers of the Earnings Beat : Cisco +15% pre mkt, the primary catalyst was a massive acceleration in AI infrastructure orders, which reached $1.9 billion in the quarter alone. Year-to-date AI orders hit $5.3 billion, prompting management to nearly double its full-year AI order guidance from $5 billion to $9 billion. Beyond AI, the beat was supported by a 50% year-over-year surge in networking product orders and a multi-billion-dollar campus networking refresh cycle. Additionally, Cisco announced a strategic restructuring to cut approximately 4,000 jobs (5% of its workforce) to reallocate capital toward high-growth areas like silicon, optics, and AI.

Broader Market and AI Infrastructure Implications

• Validation of Hyperscaler Capex: Cisco's results provide a "clean" data point confirming that AI spending by hyperscalers (Meta, Microsoft, Google) is not just sustained but accelerating. This reduces fears of an imminent "AI air pocket" in capital expenditures.

• Networking as the New AI Bottleneck: The shift in demand toward Cisco's Silicon One and Acacia optics suggests that the market is moving from a "compute-first" phase (Nvidia GPUs) to a "connectivity-first" phase, where high-speed networking is critical to prevent data bottlenecks in massive AI clusters.

Goldman's Delta One desk noted:

Cisco delivered strong guidance while continuing to cut heads… effectively reinforcing the "AI replacing labor while driving infrastructure demand" story.

Across the major hyperscalers, white-collar workers remain on edge as layoffs accelerate - from Meta's plan to cut roughly 10% of its workforce to Oracle's elimination of thousands. The pattern of behavior among hyperscalers is capital reallocation by slashing labor costs to free up more spending for AI infrastructure, with capex estimates approaching $700 billion this year. That AI-driven 

Tyler Durden Thu, 05/14/2026 - 10:15