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Waymo Recalls Robotaxis After Cars Drive Into Construction Zones

Authored by Jill McLaughlin via The Epoch Times,

Waymo has recalled its entire fleet of vehicles after some of its driverless cars were caught speeding into freeway construction zones.

The voluntary recall on June 13 of the California-based tech company’s 3,871 vehicles is to fix its 5th-generation Automated Driving System (ADS) software so that it will recognize and avoid construction zones.

“Waymo’s mission is to be the world’s most trusted driver, and the data shows that we’re making roads safer in the communities in which we operate,” a Waymo spokesperson told The Epoch Times.

The National Highway Traffic Safety Administration’s (NHTSA) estimates that the entire fleet carries the software defect, according to the agency’s safety report.

“Under certain circumstances the [autonomous vehicles] may enter and drive at speed in freeway construction zones due to inappropriately prioritizing the avoidance of other freeway hazards and/or failing to recognize the construction zone,” NHTSA stated in the report.

Waymo investigated one such incident on April 11 and five on April 19 in which Waymo cars autonomously drove past ramp closure signs into freeway construction zones in Phoenix, Arizona, according to the report.

The company’s field safety committee implemented driving restrictions on April 20 until more improvements could be made, according to the report.

On May 18, seven Waymo vehicles in the San Francisco Bay Area entered freeway lanes in construction zones by driving between cones designating the lane’s closure. In this case, the software did not prioritize avoiding the other freeway hazards or failed to recognize the construction zone.

The safety committee put restrictions in place after the May incident, Waymo reported.

The recall is a notice of the company’s intent to improve its software and address the problems.

Waymo voluntarily restricted freeway operations in May while making improvements to the software to avoid other freeway hazards.

No collisions or injuries were reported as a result of the construction zone incidents. The company started offering public riders trips using freeways last November in the San Francisco, Los Angeles, and Phoenix areas.

The 5th-generation Waymo Driver on the all-electric Jaguar I-PACE. Waymo

This is Waymo’s second full-fleet recall this year.

In May, the U.S. Transportation Department issued a recall of Waymo’s 3,791 vehicles after one of its vehicles drove into a flooded and impassable road in San Antonio, Texas, and was swept away despite the car detecting that the road might be impassable.

The company notified federal and state regulators before filing a voluntary federal software recall that was published by the NHTSA, according to a company spokesperson.

New Ojai Rides

On May 28, Waymo rolled out its newest vehicle—the Ojai—featuring its 6th-generation technology serving riders in San Francisco, Los Angeles, and Phoenix.

The boxy, baby blue robotaxi is a fully electric and designed to be fully autonomous. The vehicle is designed for full accessibility with braille and screen readers.

The 6th-generation Waymo Driver is integrated into the all-electric Ojai. Waymo

The doors open like an elevator and the cabin is meant to feel like a “living room on wheels” with large LED screens and customizable temperatures and music, Waymo said.

Waymo plans to expand Ojai’s service area to include Denver, Las Vegas, and San Diego before opening it to more cities later this year, according to the company.

Tyler Durden Mon, 06/22/2026 - 19:15

China Gold Imports Soar To Two Year High, As Hong Kong Gold Bar Imports Surge Ahead Of Clearing System Launch

China’s monthly gold imports reached their highest in more than two years in May, showing the world’s biggest buyer’s appetite for bullion remained resilient as prices remained under pressure; the number prompted some to scratch their heads as to where all this gold is going in light of tepid official central bank purchases, coupled with the lowest gold withdrawals from the Shanghai Gold Exchange since the covid outbreak. 

As Bloomberg reports, imports were around 163 tons last month, the highest since March 2024, according to customs data released on Saturday. Volumes for the first five months of 2026 were about 692 tons, up by about 76% from a year earlier. 

Chinese demand for physical bullion bars, as well as metal linked to gold accumulation plans (low-barrier products that allow investors to buy gold incrementally), have been among the main drivers of the surge, said Song Jiangzhen, a researcher at the Guangzhou Southern Gold Market Academy. 

China also started implementing a new import licensing regime for gold from June 1, with certain banks facing fewer restrictions. But the change may have prompted some banks to use up their existing quotas before the new system began, Song said.

Curiously, in its latest official monthly update, China's central banb, the People’s Bank of China (PBoC) only increased its gold reserves by nearly 10 tonnes last month, its 19th consecutive month of bullion purchases. The State Administration of Foreign Exchange (SAFE) announced on Sunday that China's official gold reserves rose by 320,000 troy ounces or 9.95 tonnes in May to a total of 74.96 million troy ounces or 2331.52 tonnes.

China's total foreign exchange reserves rose to $3.4422 trillion at the end of May, increasing by $31.7 billion or 0.93% from April. This is the highest level for China’s FX reserves since November 2015; they have remained above $3.3 trillion for the past 10 months.

SAFE attributed the growth of reserves to a number of factors, including a firmer US Dollar Index and rising global asset prices, adding that China's sound economic momentum has underpinned the stability of its reserves.

Experts have noted that China's rising foreign exchange reserves are closely linked to the country’s export performance.  China's total foreign trade in the first four months of 2026 rose to $2.39 trillion, an increase of 14.9% year-on-year, with exports rising by 11.3% percent to $1.37 trillion and imports rising 20% percent to $1.01 trillion, according to the latest data from China's General Administration of Customs

According to the latest central bank gold purchase tracker from Goldman, of the 59 tonnes of gold purchased by central bank in April, China's PBOC was estimated to have bought 24 tonnes of gold, or well below the recent pace of imports which are about 5x greater. While the pace of central bank gold purchases has moderated to ~50 tonnes/month on a 3-month (seasonally adjusted) and 12-month moving average basis, Goldman views the ongoing diversification trend as structural.

Goldman remains bullish on gold, with continued central bank diversification the main structural driver of the bank's constructive base case for gold prices, contributing 9% to its forecast for appreciation by Dec26. As we highlighted last week, a recent World Gold Council survey supports Goldman's optimistic view: a record 45% of the 76 central banks surveyed between February and May expect to increase their own gold reserves over the next 12 months, while ~90% expect global reserves to rise with the remainder expecting broadly stable holdings. As a result, Goldman assumes continued central bank accumulation of 50t/month in 2026 and 40t/month in 2027.

Meanwhile, as Kitco notes, China’s domestic gold market has shown definite signs of cooling in recent weeks. 

“Amid heightened market uncertainty, gold ETFs have seen an overall reduction in assets under management, with several funds experiencing significant net outflows,” noted a report from Gelonghui Finance. “As of June 3, 14 gold ETFs recorded combined net outflows exceeding RMB 10 billion [$1.48 billion] over the past month.”

“The previously widely accepted investment view of 'buying on dips amid falling gold prices' has started to face divergence under current volatile market conditions,” they added.

Gold prices have retreated by about a quarter from the record highs reached in January, weighed down by EM selling (most notably Turkey in the early days of the Iran war), and global inflation fears amid the war in the Middle East which have pushed the US dollar sharply higher. While strong buying from Chinese consumers was a key catalyst for the January frenzy, domestic demand has since moderated, but without a major slump.

Adding to the mathematical mystery, the latest numbers from the Shanghai Gold Exchange (SGE) showed that gold withdrawals in May totaled only 63.5 tonnes – the lowest level since February of 2020 during the first wave of the COVID-19 outbreak, and around half of what they were in March of this year. Industry professionals told Gelonghui Finance that “while short-term gold price volatility may persist, the core rationale supporting gold’s strategic allocation value remains intact over the medium to long term.”

In other words, there appears to be a gap between near record imports, tepid official central bank demand, and muted gold withdrawals from the SGE. 

This is not a new development: as we documented previously, China is well known for indicating just modest central bank purchases, even as total Chinese purchases of gold on the London OTC market are orders of magnitude higher. 

China reported 5 tonnes of gold purchases in February (160k oz per PBOC).
China actually bought 50 tonnes of gold in February (per GS) pic.twitter.com/oQifGszNcQ

— zerohedge (@zerohedge) April 13, 2025

Separately, Bloomberg also reported that at least four of the 11 banks participating in Hong Kong’s new gold clearing system are importing large bullion bars in preparation for the mechanism’s planned launch in July.

Traders are receiving orders from some of the clearing banks to move 400-ounce gold bars into the city, Bloomberg reported citing people familiar with the matter. The bars meet the London Good Delivery industry standard.

The 400-ounce bars are typically traded by banks and sovereign entities in London, the world’s largest bullion trading hub, but are less common in the Asian market, which is dominated by much smaller kilobars. The banks need to build up inventories to allow for physical delivery when clearing begins next month.

By launching its gold clearing system, Hong Kong is securing first-mover advantage in a push to become Asia’s preeminent hub for bullion trading. Last week, Singapore announced its own plans to launch a clearing mechanism by the end of the year.

Both cities are aiming to capitalize on strong demand in Asia, where many investors remain bullish about the long-term prospects for the precious metal as an alternative store of wealth despite the recent drop in price as the war in the Middle East fanned concerns around inflation and higher interest rates.

In an emailed response to questions, a spokesperson for the government agency behind the system, known as the Financial Services and the Treasury Bureau, said the clearing company had been “working closely with the market to formulate the framework and rules of the clearing system” and that preparatory work had entered its final stage.

Eleven banks are on the board of the Hong Kong Precious Metals Central Clearing Company. Some of these lenders will become clearing banks from the launch, whereas others will take longer to build up their bullion capacity. While Hong Kong plans to start by using the London Good Delivery standard, its future plans are still to be decided, the people said.

In Singapore, the clearing system will be aligned with the London Good Delivery framework for large bars, as well as delivery and settlement standards for kilobars adopted by major exchanges in Chicago and Shanghai.

Tyler Durden Mon, 06/22/2026 - 18:50

Ron Paul: Trump's Attempt To End The Iran War Infuriates The Uniparty

Authored by Ron Paul

Against the odds, the Memorandum of Understanding signed by the US and Iran appears to be holding, after threats and counter-threats. It may collapse, but it has survived a first round of talks between the two sides in Switzerland over the weekend.

President Trump started a war on Iran against all sober guidance and in violation of the US Constitution's requirement that only Congress can declare war. There must be a reckoning for our elected leaders who violate their oath of office, the Constitution, and simple common sense.

However, what is more telling is the reaction when President Trump finally took the correct move and attempted to end the war. The neocons who had hailed him as a great leader – Levin, Bolton, Pompeo, etc. – suddenly turned against him when he turned against further escalation of the war.

via CNN

Even Trump’s top funder, Miriam Adelson, attacked Trump in her newspaper Israel Hayom. "You could have been the greatest president of all, but you failed," the newspaper wrote in an editorial.

Not much gratitude from the Israel-first crowd, even if the war was started to benefit Israel.

And more telling even than this was the reaction of the "opposition" party in Congress, the Democrats. They attacked him harder for ending – or at least pausing – the war more than for starting the war in the first place!

Sen. Adam Schiff (D-CA) called the MOU a "capitulation." Sen Chris Murphy (D-CT) called the MOU an "embarrassing document." Sen. Amy Klobuchar falsely claimed that President Trump was paying Iran $300 billion to re-open Hormuz.

This is more evidence – as if any is needed – that our foreign policy is run by the "uniparty." When it comes to wars, there is no Republican Party nor is there a Democratic Party. There is only the "yes!" party.

Congress remains silent in the run-up to war. Congress remains silent when the President launches a war. Congress even remains silent when the war begins going badly. It is only on those rare occasions that a president takes steps to correct his mistake that Congress finds its voice.

Yes, there is plenty to criticize. After weekend talks, the US side, led by Vice President JD Vance, is celebrating as a "breakthrough" that the Strait of Hormuz is open again and that Iran has reportedly agreed to the return of UN inspectors. But the Strait was open before this war and UN inspectors were in Iran before President Trump unilaterally pulled out of the JCPOA "Iran Deal" in his first term.

The only difference now is that we burned through likely several hundred billion dollars, we lost dozens of aircraft and other military equipment, and we likely lost more service members than the Pentagon is admitting.

It is a reminder of why the Founders intended to make sure that any war must be declared by the people’' Representatives before the first bullet is shot: it should be very hard to launch wars.

Nevertheless, those who are truly against the wars should, in my opinion, hold their fire for the time being in hope that a lasting resolution can be found. The President is being attacked from all sides by the war party. Now may not be the best time for the peace party to join in.

Tyler Durden Mon, 06/22/2026 - 18:25

JD CEO Warns 700,000 Delivery Workers Will Be Replaced By Robots "Sooner Or Later"

The founder of China's largest e-commerce and logistics companies fired off a warning shot to hundreds of thousands of delivery workers that the rise of automation and AI adoption in the last-mile will result in hundreds of thousands of job losses "sooner or later." 

Richard Liu, founder and chair of JD.com, told the audience at the Asia-Pacific Economic Cooperation CEO Forum in Beijing on Sunday, according to the Financial Times, that 700,000 delivery workers will be replaced by robots "sooner or later."

"In the future, when robots are delivering parcels, sooner or later, there will be a day when couriers are basically no longer needed," Liu said, adding, "It will definitely be robots delivering parcels. But I really do not want our 700,000 brothers to go without meals, without jobs."

Liu's timeline for the robotic takeover of last-mile delivery was vague and uncertain, but a number of robot delivery companies are already in pilot programs or commercialization across major Chinese cities.

He said JD has signed deals with 120 schools to retrain couriers for roles such as robot maintenance and repair, noting that the rise of robots will require new technical jobs. 

Liu elaborated on the shift of some couriers into robot repair jobs, saying "robots are machinery . . . they will always, at some point, have faults."

His comments come as China's gig economy continues to expand, with temporary and blue-collar platform workers expected to reach 320 million this year, or about 40% of urban employment. At the same time, youth unemployment remains elevated, raising concerns that robotics and AI could squeeze both blue-collar and white-collar workers.

The pace at which China adopts automation across its economy should outpace the U.S., given that development is happening at hyperspeed and many of the world's robotics supply chains are based in the world's second-largest economy.

You were promised robots that take the night shift.

The pitch writes itself. Machines that never tire, never quit, never ask for a raise. The end of human labor as we know it.
Here's what the money actually bought.

Figure is worth $39 billion. It has 40 robots loading parts at… pic.twitter.com/eeLXjHKp82

— Rand Group (@randgroup) June 22, 2026

Earlier this month, Barclays internet equity analyst Ross Sandler published a note titled "Autonomous Food Delivery Likely Hits Critical Mass By 2030," outlining how automation in last-mile delivery could push delivery costs down to as little as $1 per order in the US. 

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

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

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

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

A recent UBS note on forecasts for global shipments of humanoid robots suggests the surge will begin later this year or next and really erupt in the 2030s. 

There was also news earlier that Nvidia is pushing to develop software and chips to improve humanoid robot safety and enable closer human interaction, including physical collaboration in workplaces.

First signs:

• $150 Humanoid Robot House Cleaning Service Threatens To Undercut Maid Services

The next evolution of AI is robotics, displacing blue-collar jobs in the physical world. We suspect the adoption rate will be much slower in the U.S. than in China because supply chains are not as robust in the West. But for workers in jobs that can be easily replaced by robots, such as last-mile delivery or production-line work, it may be time to find a construction job as the historic data center buildout progresses.

Blue-collar or white-collar, no one is safe from the AI revolution, as Goldman analysts revealed the top 20 college degrees most exposed to AI job disruption (read here). 

We suspect that, just like data center buildouts and localized resistance, there will be public uproar when jobs are eliminated by robots later this decade.

Tyler Durden Mon, 06/22/2026 - 18:00

"F**k Around And Find Out": Philly DA's Campaign Slogan Comes Back To Bite Him

Authored by Jonathan Turley,

District Attorney Larry Krasner is something of a bargain for Philadelphia. According to the Pennsylvania Supreme Court, he has not only been serving as the city’s prosecutor but effectively as its top public defender.

Krasner’s record is the subject of a scathing new opinion, which accuses him of leading a dishonest effort to undermine major criminal cases to engineer new trials for defendants.

Krasner has long cultivated a reputation as the champion of the left. We were both liberal students in the same class at the University of Chicago. While I moved to the political center, Krasner moved even more dramatically to the far left. Funded by George Soros as part of his campaign to elect social justice warriors as prosecutors, Krasner has used his office to threaten to arrest FBI agents and to “hunt down” ICE officers, to the delight of the far left.

The chest-pounding has not resulted in any such roundups, but the press remains good for Krasner in cultivating his image as the avenging angel of the perpetually enraged.

That is why the recent opinion from Pennsylvania’s Democratic-controlled Supreme Court was so surprising. It appears that even these liberal justices have had enough.

In Commonwealth v. Brown, Justice Kevin Dougherty (joined by Justices Sallie Updyke Mundy, Kevin Brobson, and Daniel McCaffery) denounced Krasner and his office for a pattern of misleading and mendacious filings to undermine the criminal cases of murderers and other convicts.

These defendants filed for relief under Pennsylvania’s Post Conviction Relief Act.

The Act allowed for an adversarial process to determine whether defendants should receive new trials. However, the district attorney’s office routinely abandoned the field, leaving defendants essentially unopposed in their demands.

The Supreme Court wrote that such concessions robbed the public of “the benefits of opposing advocacy.”

It went even further in alluding to Krasner’s possible political and ideological motivations in pandering to the far left.

“When relief is not dictated by the record and law but merely advocated for personal, political, ideological, policy, or other non-legal reasons, a prosecutor’s concession does not minister justice,” the opinion states.

“It facilitates injustice.”

Then came the haymaker — a finding that Krasner’s concession was “not reliable” and that Krasner’s office had “violated its duty of candor,” “withheld material evidence from the court, opposed efforts by amici to gain access to this evidence, submitted a false stipulation of fact, misstated facts in its pleadings, failed to conduct a reasonable investigation, and opposed a required evidentiary hearing.” In this case, the justices wrote, the “predictable result was the erroneous grant of a new trial.”

The justices cited a pattern by which, since 2018, his office has conceded relief in roughly 100 murder cases like the one at issue. It found that his office engaged in “numerous instances of untrustworthy concessions, lack of candor, misrepresentations of fact, lack of adequate investigation, and avoidance of hearings. And the problems are poised to continue.”

The justices were clearly alarmed because there are more than a thousand cases still in the pipeline, and Krasner’s office is expected to continue what they called “its checkered concession program.”

To give you an idea of the cases where Krasner’s office struggled to undo the conviction of murderers, consider the facts of the 1984 case of Robert Wharton. Wharton was convicted of first-degree murder and sentenced to death for the 1984 strangulation and drowning deaths of Bradley and Ferne Hart. Wharton was upset about a debt, so he broke into their home, killed the Harts, and then turned off the heat, leaving their seven-month-old baby, Lisa, to freeze to death. The baby miraculously survived.

The court expressly cited Krasner’s prosecutors for making misrepresentations to the court. That included the claim by Krasner’s office that the family of the victims had bizarrely favored undoing the conviction. It was later discovered that Krasner’s staff had consulted only one relative, who was not the couple’s surviving daughter. The daughter, in fact, vehemently and understandably opposed the move. Krasner was ordered to write apology letters to the family.

Ultimately, the actions of Krasner’s office were so outrageous in this case that a panel of judges disbarred his supervisor for repeatedly lying in an effort to overturn the conviction. Krasner’s subordinate, Nancy Winkelman, was also barred from handling cases before the court for three years.

In response, Krasner did what he always does: He suggested that the criticism furthered racism and threatened democracy. He declared that the criticism of his office “undermines the value of a vote in Philadelphia” and defended his staff as merely furthering the work of racial justice: “On the eve of Juneteenth, we should all remember that reform is necessary in every era. And that those who bring needed reform sometimes are made to pay a price.”

This is vintage Krasner. His office was found to be both dishonest and negligent, but the district attorney cites his own misconduct as proof that his office is fighting hard for racial justice.

It did not matter that in 2021 a court admonished Krasner for creating what amounted to an unconstitutional blacklist of police officers whom he would not call as witnesses, even if their testimony was required to convict a criminal.

It did not matter that Krasner was admonished by a state Supreme Court justice in 2022 for abusing the grand jury process in an unhinged effort to charge a police officer with a crime.

Krasner feeds a rage addiction with uncut, pure criminal justice crack. It is a formula that has served him well with the media and the voters. Like Atlanta’s Fani Willis, he actually turns court sanctions into a badge of honor with voters who distrust the police and the criminal justice system.

In fact, the more the courts condemn him, the more he suggests that the criticism is just evidence of a prejudiced, unjust legal system.

None of this comes as a surprise for a candidate who expressly adopted “F— around and find out:” as his 2025 reelection slogan. But courts are finding out a bit too much about how Krasner himself has been … well … messing around with the legal system.

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

Tyler Durden Mon, 06/22/2026 - 17:40

"I Want Guns": Bill Maher Blasts California's "Ridiculous" Self-Defense Laws

Bill Maher just cornered California Democratic Rep. Ro Khanna when he admitted he 'wants a gun,' - but that it makes "no sense" to own one in California because "you might be the one to go to jail" for using it.

Khanna's answer was some grade-A bullshit. As The Vigilant Fox notes: 

Bill Maher confronts Ro Khanna over California's "ridiculous" gun laws.

Maher caught Khanna off guard when he revealed he wanted a gun — but complained it makes "no sense" to own one in California, because "you might be the one to go to jail" for using it.

Khanna tried to sound... pic.twitter.com/cf0nmkcINf

— The Vigilant Fox ? (@VigilantFox) June 20, 2026

MAHER: "What does the panel think of the Supreme Court ruling that habitual marijuana users can't be banned from owning guns? Now you have my attention... That's awesome. That's fair. I want guns and I can't have them because I don't, because it's illegal."

KHANNA: "You don't strike me as a gun guy. You would want guns?"

MAHER: "Of course!"

KHANNA: "Okay, I didn't know that."

MAHER: "Why wouldn't you want a gun?"

KHANNA: "I don't know. I mean, I don't have a gun, but I mean, I respect the Second Amendment. I just, I wouldn't have thought that you had guns."

MAHER: "I mean, I don't because of that! But yes. I mean, I can't expect the police to be everywhere like that... And of course, another complaint I would have about California is it almost makes no sense to have one because you almost can't use it! Because if you do, you might be the one to go to jail. I mean, you can shoot an intruder in your house, but you better do it exactly right. He better be in your bedroom facing you... You shoot him on the lawn, you're going to go to jail. I mean, that's kind of ridiculous, isn't it?"

KHANNA: "I'm for investing in police. I'm for having public safety. I don't think the answer to crime should be everyone takes justice into their own hands."

MAHER: "Even if there's somebody in your house?!"

KHANNA: "Well, of course, if they're in the house. Self-defense."

MAHER: "Well, that's what we're talking about."

KHANNA: "Yeah, but... there are cases where people have taken the law in their own hands, shot folks who are innocent."

Tyler Durden Mon, 06/22/2026 - 17:20

When Will Gasoline Prices Return To Pre-War Levels?

Authored by Robert Rapier via OilPrice.com,

• Oil futures have quickly priced in a favorable outcome from U.S.-Iran diplomacy, but physical oil flows, shipping networks, and refinery supply chains take much longer to normalize.

• Low global inventories and the need to replenish strategic and commercial stockpiles could create significant demand for crude even after supply disruptions ease.

• Gasoline prices are influenced by refining capacity, inventories, distribution costs, and seasonal demand, meaning pump prices may remain elevated even if crude oil continues to fall.

Gasoline prices have started to fall, and that is welcome news for drivers. After months of pain at the pump following the war with Iran and the disruption of traffic through the Strait of Hormuz, even modest relief is noticeable.

But falling from crisis levels is not the same thing as returning to normal.

That distinction may define the next several months in the oil market. The developing U.S.-Iran agreement has given traders a reason to mark down crude prices. Markets are forward-looking, and they have quickly priced in a scenario in which the Strait of Hormuz reopens, Gulf exports resume, and the energy shock that pushed gasoline prices sharply higher begins to fade.

That may ultimately prove correct. But the physical oil market does not move as quickly as futures prices. Tanker routes, insurance markets, shipping backlogs, refinery crude slates, and depleted inventories all take time to normalize. Even if the diplomatic framework holds, the path back to pre-war gasoline prices is likely to be slower and more uneven than the recent drop in crude prices might suggest.

Prices Are Falling, But From Very High Levels

The national average gasoline price had climbed from under $3 a gallon before the conflict to more than $4 during the spring. Over the past three months, gasoline prices were more than $1 a gallon above pre-war levels, with consumers facing the combined effect of higher crude oil prices, refinery disruptions, and seasonal fuel demand.

That is why recent declines can be both real and incomplete. A drop from $4.50 to $4.05 is meaningful. It helps household budgets and eases some inflation pressure. But it still leaves gasoline far above where it was before the conflict began.

This is where the public conversation can become misleading. If prices fall for several weeks, some will argue that the oil shock is over. But the relevant question is not whether gasoline prices can come down from their highs. They already have. The better question is whether they can quickly return to pre-war levels.

That is a very different question.

Futures Markets Move Faster Than Tankers

Oil prices react immediately to headlines. A reported ceasefire, a diplomatic framework, or a sign that the Strait of Hormuz may reopen can move crude futures within minutes. That is exactly what happened as traders began to discount a lower geopolitical risk premium.

But moving physical barrels is different.

The Strait of Hormuz is the most important energy chokepoint in the world, and months of disruption cannot be unwound with a press release. Ships that were delayed have to be rescheduled. Insurers have to reassess war-risk premiums. Crews and cargo owners need confidence that passage is secure. Ports must deal with congestion. Refiners that changed crude sourcing patterns may not immediately switch back.

That is all important because gasoline prices are tied not only to the price of crude oil, but to the availability of the right crude in the right place at the right time. If refiners are still competing for prompt cargoes, or if logistical constraints keep barrels from flowing smoothly, gasoline prices can remain elevated even as futures markets anticipate relief.

Low Inventories Create A Bullish Backdrop

The bigger issue is inventories. During a major supply disruption, the world does not simply consume less oil and wait patiently for the crisis to end. It draws down inventories. Commercial stocks fall. Strategic reserves may be tapped. Refiners and importers use whatever supply they can secure. 

For example, the U.S. Strategic Petroleum Reserve, which was already drawn down significantly in response to Russia’s invasion of Ukraine, has now been further drawn down to its lowest level since 1983.

When the crisis eases, those barrels have to be replaced.

That creates what could be called an inventory trap. Reopening Hormuz is bearish for oil prices because it allows more supply to move. But the need to refill depleted inventories is bullish because it creates additional demand for barrels just as the market is trying to normalize.

In other words, the end of the disruption does not necessarily create an immediate glut. It may instead trigger a period of aggressive restocking.

This is especially important for countries that rely heavily on imports from the Persian Gulf. Many will want to rebuild strategic and commercial inventories before the next geopolitical flare-up. Companies may do the same. If buyers conclude that inventories are too low for comfort, they may bid for barrels even as traders are assuming the crisis premium should disappear.

That restocking demand can put a floor under oil prices.

Gasoline Does Not Track Crude One-For-One

Another reason gasoline may not quickly return to pre-war levels is that crude oil is only one component of the pump price. It is the biggest component, but not the only one.

Refining margins, distribution costs, taxes, seasonal fuel specifications, regional supply constraints, and local inventories are all factors. Gasoline prices often rise quickly when crude spikes, but the decline can be slower when crude falls, particularly when refiners are still dealing with tight supply or strong demand.

This is also the time of year when gasoline demand tends to be seasonally strong. The summer driving season adds pressure just as the market is trying to recover from a major geopolitical disruption. Even if crude continues to ease, gasoline inventories and refinery utilization will help determine how much relief drivers actually see.

That is why a lower Brent crude price does not automatically mean a quick return to $3 gasoline.

The Market May Be Pricing In A Best-Case Scenario

None of this means gasoline prices cannot keep falling. They can. If the Iran agreement holds, if Hormuz traffic normalizes faster than expected, if inventories rebuild smoothly, and if crude prices continue to decline, drivers should see further relief.

But that is a favorable scenario with many moving parts.

The risk is that markets have already priced in much of the good news. They are assuming that the diplomatic breakthrough translates quickly into normal shipping flows, lower crude prices, lower inflation pressure, and a calmer economic backdrop. That may be too much to assume before the details of the agreement are known and before tanker traffic has returned to normal levels.

There are several ways this could disappoint. The agreement could be delayed. Implementation could be uneven. Shipping insurance could remain expensive. Regional security concerns could persist. Countries could compete aggressively to refill depleted stocks. Any of those factors could slow the decline in oil and gasoline prices.

That does not mean another price spike is inevitable. It simply means the market may have moved from fear to relief faster than the physical system can justify.

The Big Picture

The developing Iran agreement is good news if it reduces the risk of a wider war and allows the Strait of Hormuz to reopen. It should help bring oil prices down from the extreme levels reached during the conflict. Consumers should welcome that.

But the oil market is not a light switch. Reopening a chokepoint does not instantly refill inventories. It does not immediately clear the tanker backlogs. It does not erase insurance risk. It does not automatically bring gasoline prices back to where they were before the first missiles flew.

The most likely outcome is not that gasoline prices stay at crisis levels forever. It is that the road back to pre-war prices is far slower than many consumers expect.

Gas prices are falling. That part is real. But the bullish backdrop from low inventories, restocking demand, and lingering logistical risk has not disappeared. Until those issues are resolved, the market may struggle to deliver the kind of quick, complete relief that drivers are hoping for.

Tyler Durden Mon, 06/22/2026 - 17:00

Tehran Disputes Vance Claims On Nuclear Inspections & Assets For Agriculture Funding Amid Oil License Deal Summary

• Unfreezing Assets divergence in official rhetoric: "It is not true that Iran's blocked funds will be used to buy grain, and it is not mentioned in any understanding,"
• Nuclear Inspector divergence: Vance said Iran agreed to admit nuclear inspectors, but Iranian state media denied any such agreement was reached.
• Oil Relief: The U.S. issued a 60-day license allowing Iranian oil production and sales as part of the emerging negotiation framework.
• Talks Continue after top negotiators depart Switzerland: Both sides described the Switzerland talks as constructive, with technical negotiations set to continue over the next 60 days.
• Hormuz Commitment: The U.S. says Iran agreed to keep the Strait of Hormuz open, easing market concerns, though major issues remain unresolved.

//--> //--> //--> Strait of Hormuz traffic returns to normal by end of June?
Yes 7% · No 94%
View full market & trade on Polymarket

*  *  *

Difficulties on Lebanon Front Remain

"There will be no Israeli withdrawal from Lebanon except through negotiations in Washington, given that the mechanisms for implementing the ceasefire agreement will only be discussed in Washington," (Military Sources via AI Jadeed). It must be remembered that the Lebanese government and national army have no real military power to bring Iran-backed Hezbollah to heel. And the White House is also struggling to reign in its number one regional ally Israel.

Iran has on numerous occasions threatened to blow up the peace deal with the US if the Lebanon crisis is not solves. Some of the latest as relayed by Bloomberg:

• Israel refuses to hand over the Majdalzoun facility to the Lebanese army and insists on detonating it, amid reports that residents have been warned of the force and magnitude of the explosion, equivalent to a three-magnitude earthquake.
• Israel will not agree to withdraw' from certain strategic points, therefore the situation on the ground remains complex and the picture unclear.

More Divergence in Official Rhetoric from Switzerland

Vice President JD Vance earlier outlined a proposal under which any future release of frozen Iranian assets would remain subject to US oversight, allowing Washington to influence how the funds are spent. According to Vance, the concept was developed by Jared Kushner and would direct the money toward purchases of American agricultural goods.

The big assertion: "We wanted to make sure that we set up a process where if we ever unfreeze Iranian assets, we can ensure that money, that Iranian money, goes to help the people of Iran and not to fund terrorism," Vance said.

After first denying Vance's claims on nuclear inspectors being 'agreed' by Tehran to reenter the country--

now this...

"It is not true that Iran's blocked funds will be used to buy grain, and it is not mentioned in any understanding," Iran's Tasnim reports. This 60-day period is likely to be filled with more constant claims and counterclaims regarding what's been agreed to or not, and the crisis remains highly fluid and the 'brink of war' return is ever present, also given the sensitive Lebanon situation. 

US Vice President JD Vance has suggested that any future release of frozen Iranian assets could be structured to ensure the funds are used for civilian purposes, including the purchase of American agricultural goods “for the benefit of the Iranian people".

According to @TreyYingst of Fox News, Iran has committed to allowing inspectors from the International Atomic Energy Agency (IAEA) back into Iran to work to locate and dismantle key nuclear facilities. Per the report, Vice President JD Vance, alongside Envoy Jared Kushner, were… pic.twitter.com/6twiRPIhka

— OSINTdefender (@sentdefender) June 22, 2026 State Media Says Vance Claim on Nuclear Inspectors 'False'

Iranian state Fars is reporting that US Vice President Vance's earlier in the day announcement that Tehran agreed to the return of IAEA inspectors to the country is "false", citing a government source.

"There was no talk of the presence of inspectors in the country in the Swiss negotiations," Fars says. And so the divergent rhetoric continues to be a serious issue, even as this is only the very beginning of an expected long-haul 60-day nuclear negotiation process. 

Each side has been accusing the other of jumping the gun on premature statements and official leaks to the press. Also it could be that the return of inspectors is part of the framework for the future, but that Vance perhaps stated it as accomplished fact - and apparently Tehran doesn't yet see it that way. Al Jazeera reports on Iran's current official stance:

Iran will continue its cooperation with the International Atomic Energy Agency (IAEA) in line with existing procedures, foreign ministry spokesman Esmail Baghaei told IRNA.

The interactions with the IAEA will take place in “accordance with the approvals of the Islamic Consultative Assembly and the decisions of the Supreme National Security Council”, IRNA quoted Baghaei as saying.

🚢Lots of oil leaving Strait of Hormuz (dark and visible)
🛢️Plus SoH bypass pipelines still going full throttle
⛽️US / Japan / Europe SPR barrels still flowing
🇮🇷 Iranian oil now legal for (at least) next 60 days
🇨🇳China remains on an oil buying strike

— Javier Blas (@JavierBlas) June 22, 2026 US Issues 60-Day License For Iranian Oil Sales As Tehran Agrees To Hormuz Access, Nuclear Inspections

As part of the MoU framework, and ongoing technical peace discussions in Switzerland (with US and Iranian teams still though - though Vance and Ghalibaf have at this point departed after their 18-hour first round achievement - Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil - it stated in a huge forward-momentum development. Treasury Secretary Scott Bessent announced on X:

Vice President JD Vance described an initiative for unfreezing Iranian assets that would grant the US approval over what Tehran can purchase using the money.

He said the plan, conceived by President Donald Trump’s son-in-law Jared Kushner, would require the money be spent on…

— Giovanni Staunovo🛢 (@staunovo) June 22, 2026

Under President Trump and Vice President Vance, we continue to make the world safer and more prosperous. In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country. As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil.

Oil dropped to low of day on the significant latest development:

Some further details:

• US AUTHORIZES SOME SALES OF CRUDE OIL OF IRANIAN ORIGIN
• US LICENSE AUTHORIZES SALES THROUGH TO AUGUST 21, 2026
• US LICENSE AUTHORIZES IMPORTATION OF CRUDE OIL OF IRANIAN OIL

However, Vance has also sought to inject some caution on some of the premature reporting regarding releasing frozen Iranian funds, amid complaints from US and Israeli hawks at home:

JUST IN: Vice President Vance pushes back on “misreporting” about Iranian assets potentially being unfrozen and says that if any of the regime’s money is freed up, it will go to help the American economy and make U.S. farmers richer:

“We wanted to make sure that we set up a… pic.twitter.com/6CPNzY8uIS

— Fox News (@FoxNews) June 22, 2026 Huge Claim & Breaking Through: Vance Says Iran Agreed to Let Inspectors Back In

Axios is reporting Monday morning Iran has agreed to invite IAEA inspectors back to the country, according to fresh words of Vice President J.D. Vance, who focused all day prior and much into the overnight on forging a path forward toward permanent peace. The two sides are seeking to hammer out a long-term nuclear agreement, now amid the technical talks process, as delegation heads depart Switzerland - leaving diplomatic teams behind. The 60-day roadmap begins.

If indeed the UN nuclear inspectors are eventually let back into Iran, this would be a hugely significant step. This would be to verify compliance to the preliminary agreement, Vance further hails:

"Our hope is that we get to the final deal and a permanent settlement. But right now, I think we’ve made great progress and we should all celebrate that in terms of when the nuclear inspectors are going to start," the American Vice President told reporters.

via AP

He described that he phoned UN nuclear inspectors at 2am last night to update them on the developments, however, he said that no one picked up the call.

"As you can expect, not many people are answering their phone at two in the morning," said Vance. "I expect that will happen at the minimum this week, but we think even some of those conversations with the inspectors and with the IAEA could happen as soon as today."

Both warring sides appear to finally be in the same page in terms of issuing 'positive' and 'encouraging' assessments earlier. There were reports of last-minute disagreements, threats, and warnings that the process could collapse near the conclusion of yesterday's formal round one of talks.

"So they didn’t walk out, and their technical team is still here in Burgenstock working with our technical team," Vance explained.

"What we told the Iranians yesterday is, 'When you guys exchange in what us millennials might call trash talk, you can't expect the president of the United States not to respond and not to correct the record'."

Vance conceded that in the end there was a "a little bit of threatening" and "whining but at the end of the day, the talks continued and we made great progress."

He further described that a mechanism had been established to keep the Strait of Hormuz open, while noting that significant work remained and that technical negotiations would continue. Also, importantly he said that a "very good foundation" was laid for a successful final agreement with Iran.

JD Vance:

I can't stay here for the next 60 days. I will go back to the U.S.

The technical teams will be working. pic.twitter.com/s9PSTRvMSR

— Clash Report (@clashreport) June 22, 2026

The Iranian delegation, led by Mohammad Bagher Ghalibaf, also left the venue in Switzerland today - after approximately 18 hours of talks and consultations.

Meanwhile a fresh note from Goldman Sachs comments:

The Pakistan-Qatar communiqué, alongside comments from the Iranian Foreign Minister highlighting progress in negotiations, suggests we are heading into a prolonged period of talks rather than a near-term resolution. My base case remains that Iran will continue to use the threat of disruption around Hormuz as negotiating leverage rather than pursuing a definitive resolution. The most striking feature of the oil market today is the sheer size of speculative short positioning. There is a substantial amount of capital betting on lower prices, which locally makes further downside more challenging. That is before considering the more fundamental point that it is not obviously in Iran’s interest to allow oil prices to fall too far while negotiations remain ongoing.

China Expresses Support

China too has expressed hope Iran and the US will maintain the momentum and ultimately work towards positive progress, Foreign Ministry spokesperson Guo Jiakun said Monday from Beijing. He praised the mediation efforts by Pakistan, Qatar and other parties when asked about the Iran-US talks in Switzerland, the Xinhua news agency reported. "China supports Pakistan and Qatar and all relevant parties in their mediation efforts," Guo said.

New Iran MFA statement:

However, while an uneasy calm has taken over Lebanon, with analyst Mohanad Hage Ali of the Malcolm H Kerr Carnegie Middle East Center in Beirut stressing: "The conflict now in Lebanon is waiting for another spark,” said Mohanad Hage Ali from the Malcolm H Kerr Carnegie Middle East Center in Beirut."

"It just became a buffer zone, a kind of a punching bag in which anyone who wants to score can use it, whether to get at the US-Iran negotiations – which Israel specifically is not very happy about – or from the Iranian side, where a faction unhappy with how negotiations are going can sabotage them through the Lebanon front," he explained.

Weekend Review

via Newsquawk

• US and Iran talks opened in Switzerland on Sunday after US VP Vance arrived in Switzerland and the Iranian delegation led by chief negotiator Ghalibaf, which included Foreign Minister Araghchi, arrived on Saturday, while Pakistan’s Premier Sharif and military chief Munir travelled to Switzerland to join the US-Iran talks.
• Iran's delegation reportedly left the negotiation site in protest against statements by US President Trump, while Fars also reported that Iran halted talks with the US after Trump threatened strikes over Hezbollah’s actions in Lebanon. Iran said Trump’s threat is a blatant violation of the MoU and halted talks in Switzerland, while it is reviewing a response to Trump’s threats. However, sources cited by Al Hadath later stated that the Iranian delegation had not left the negotiation headquarters at the Burgenstock resort and the Iranian delegation head discussed a joint statement draft with mediators.
• US President Trump threatened to resume bombing and take over the Strait of Hormuz if a deal is not reached, while Trump said the US may take tolls if it has to and that he has a 60-day option, in which he can do whatever after it. Trump stated he spoke with Iranian officials and used expletive language in the call with Iranian officials on Hormuz, as well as threatened that they won’t have a country if Hormuz is closed, according to Fox.
• US President Trump posted that Iran must immediately stop their proxies in Lebanon from causing trouble, or else the US would hit Iran very hard again, “just like we did last week, only harder!!!” Trump separately commented that there will be no tolls in the Strait of Hormuz, unless they are imposed by the US.
• UKMTO reported an incident in which a cargo vessel was approached by a craft with six armed persons onboard 92 nautical miles southwest of Yemen’s Mukalla in the Gulf of Aden.
• Israeli army chief said the Lebanon ceasefire is fragile and forces remain ready for combat.
• Israeli military convoy reportedly entered southern Syria’s Quneitra region, near the Israeli-controlled Golan Heights.

Negotiation Process:

• Qatar and Pakistan issue joint statement on conclusion of US-Iran talks in Switzerland, while Qatar said first session of the US-Iran high level talks has concluded and that talks were conducted in a positive, constructive atmosphere. said:. Technical talks are to continue for remainder of the week. US and Iran agreed to de-confliction cell over Lebanon. Encouraging progress has been made, including creation of a mechanism for further technical talks. Parties agree to establish high-level committee to provide political oversight on mediation. High-level committee agrees on roadmap to reach final deal within 60 days.
• "The negotiations of the main Iranian delegation in Switzerland have ended, however, experts are still in Switzerland and are following up on the implementation of the memorandum of understanding", Tasnim reported citing sources.
• Iranian negotiating team member said executive procedures about the release of Iranian frozen funds have taken place with the Qatari delegation and that a draft has been finalised regarding waivers of Iranian oil sanctions, which will be issued soon, although negotiations about other subjects will not take place if the war does not end in Lebanon.
• "No negotiations have taken place on the nuclear file so far", Tasnim reported citing a source.
• US diplomat said talks included robust discussions on a nuclear deal and enforcing the ceasefire in southern Lebanon, while talks also involved clarifying the messaging on the Strait of Hormuz. Furthermore, a US official involved in the negotiations told Al Jazeera that they held in-depth discussions on all elements of the nuclear agreement, and that mechanisms have been worked on to prevent escalation and ensure the strait remains fully open.
• Pakistani Army Chief said negotiating parties reached success stage, according to Al Arabiya.
• US official involved in the negotiations told Al Jazeera that they held in-depth discussions on all elements of the nuclear agreement, adds mechanisms have been worked on to prevent escalation and ensure the strait remains fully open.
• Sources cited by Al Arabiya said an anticipated statement will be issued by the Iranian and American negotiators and the mediators.
• Sources cited by Al Hadath stated that the Iranian delegation has not left the negotiation headquarters at the Bürgenstock resort and Iranian delegation head discusses joint statement draft with mediators. Tasnim reported Iranian delegation refused to return to negotiations but message exchanges continue through intermediaries.
• Iranian Commentary:
• Iran's Foreign Minister Araghchi posted Pakistani and Qatari mediation delivered major progress to end Lebanon War, oil and petrochem exports are waived, blockade lifted, frozen assets released, and major reconstruction & development plan launched for Iran.
• Iran's Foreign Ministry said the technical team is to continue work, but negotiation delegation work has concluded, adds significant progress achieved in quadrilateral talks in Switzerland. Spokesman said groundwork for starting negotiations for the final agreement was discussed.
• Iranian Foreign Ministry Spokesperson Baghaei said Iran is working on safe passage mechanism for Hormuz and that Iran reported progress on oil sales and asset unfreezing, adds the war in all fronts, including Lebanon, must end.
• Iranian Supreme Leader adviser Rezaei said the US is responsible for Israel's actions in Lebanon and Iran will hold the US accountable in the event of a threat against Iran.
• Iranian Deputy Foreign Minister Gharibabadi to lead the technical team in Switzerland, Sky News Arabia reported.
• Iran resumed oil loading from Kharg Island after about a six-week halt, following the lifting of the US blockade of its ports.
• Lebanon/Israel:
• Al Jadeed News cites Haaretz source stating the Israeli army will be forced to partially withdraw from the Blue Line in Lebanon.
• Israeli army will be forced to partially withdraw from the yellow line (buffer zone), Al Jazeera reported, citing Israel's Haaretz sources.
• Israeli Foreign Minister Saar told his New Zealand counterpart, "Israel will respect the ceasefire in Lebanon as long as it won’t be breached by Hezbollah.".
• Israeli political and security cabinet will convene on Thursday amid US-Iran talks, N12 reported.
• Israeli officials are dismissing reported of an agreement to withdraw from certain points in southern Lebanon, amid a lack of US pressure to do, Maariv's Barsky reported. Officials add, "because in Washington they understand the Israeli position: no partial withdrawal, no point-specific withdrawal, and no diplomatic 'gesture'.". And, "as long as the Hezbollah threat persists, there is no change in the deployment of forces and no intention to relinquish the security positions in southern Lebanon.".
• Lebanese presidency discussed the issue of consolidating the ceasefire in Lebanon, in a call with Qatari PM and US's Vance.
• Other:
• Two South Korean vessels were said to have passed through the Strait of Hormuz after US and Iran signed a ceasefire MoU.
• Three India-linked supertankers re-emerged in the Gulf of Oman, which suggests an increase in traffic through the waterway.

Tyler Durden Mon, 06/22/2026 - 16:55

Judge Quashes "Blatantly Unlawful" DOJ Subpoenas Targeting Walz And Ellison In ICE-Obstruction Case

A federal judge has quashed six DOJ grand jury subpoenas issued to Minnesota officials, including Gov. Tim Walz, Attorney General Keith Ellison, Minneapolis Mayor Jacob Frey, St. Paul Mayor Kaohly Her and officials in Ramsey and Hennepin counties.

US District Judge Patrick J. Schlitz ruled that the subpoenas amounted to harassment, and said that the Justice Department inquiry into whether Minnesota officials obstructed or impeded law enforcement is illegitimate. 

"Initiating a criminal investigation in order to harass political opponents or to coerce them into taking official action, particularly official action that the federal government cannot directly require those political opponents to take, is a blatantly unlawful and unethical use [of] the grand-jury process," Schlitz wrote in his ruling. 

Tensions between the Trump administration and Minnesota's Democratic leadership came to a boiling point in January amid clashes between federal immigration enforcement officers and protesters in the Minneapolis-St. Paul Area, which included the fatal shootings of Renee Good and Alex Pretti, social justice warriors who paid the ultimate price.

The DOJ told the Epoch Times in an email that "The Department takes the unlawful obstruction of federal law enforcement operations extremely seriously and will continue to act in full compliance with the law to investigate these matters."

Walz hit back in a statement, saying "The U.S. Justice Department is pursuing criminal investigations into the President’s political opponents.

"This case was just one example of that, but we are seeing daily reminders of this administration’s lawlessness—in Minnesota and around the country. We all must continue to seek justice and uphold the law."

Looks like we'll never get to the bottom of this...

🚨REPORT: Minnesota anti-ICE Signal group leader has been identified as Amanda Koehler, a ‘protest’ organizer & campaign strategist for Tim Walz. https://t.co/CeBLKfHJfa

— Election Wizard (@ElectionWiz) January 24, 2026 Tyler Durden Mon, 06/22/2026 - 16:40

Slouching Toward Peace With Washington In Good-Cop/Bad-Cop Mode

Authored by James Howard Kunstler,

". . .They are running the Accords logic to its conclusion: every adversary becomes a counterparty, every conflict becomes a deal, every closed economy becomes an investable market."

- Patrick Wood

That squawking you hear is Iran getting dragged kicking and screaming out of its jihad delirium into something that might look like reality-based relations with the rest of the world. They have to loudly declare that it’s not happening, even as it’s happening, to gaslight their own home folks, who might be getting a little sick of economic free-fall — and probably sick of the IRGC regime itself. And, of course, they know that the Lefty-left half of the USA is rooting for this whole business to fail so they can get their mitts back on the levers of power to avoid prison.

Things are at a pretty pass, all righty. The sticking point of the moment is Lebanon. Everybody is twanging on Israel to quit fighting Hezbollah. Okay, but does Hezbollah not have some obligation to quit its provocations? And is Iran, which controls Hezbollah, not responsibile to make Hezbollah stop?

Notice, you don’t hear any of the kibitzers calling for that. That’s because getting Hezbollah to poke Israel in the eye with a sharp stick is Iran’s favored device for dragging out negotiations which, they apparently hope, will put POTUS in fear of the looming midterm election. But time is running out on their playing for time. What they’re actually playing is pretend — pretending to be living large and in-charge. They’ve got nothing else, really. They’ve driven their country into a ditch.

The US is in a straight-up good-cop / bad-cop mode. VP Vance, on-the-ground in Switzerland, presents the very picture of a smooth, cool, rational figure where it counts: face-to-face with Iranian leaders, after all these years. He calmly tells the world news media that “encouraging progress” has been made the first day toward a ceasefire in poor, sore-beset Lebanon. As of Monday, Iran’s Foreign Minister Abbas Araghchi concurred on “X.”

Meanwhile, President Trump was going mad-dog on social media. Of his relations with irksome Israeli PM Bibi Netanyahu, POTUS said, “It’s good, but we have to keep him a little bit sane.” He added, “Iran must stop their highly-paid PROXIES in Lebanon from causing trouble. If they don’t, we’ll hit Iran very hard again. . . bomb the shit out of them.” He advised the Iranian negotiators that they “won’t even make if back” to their country if they keep playing games, and declared that the US will take over the Strait of Hormuz, if necessary. A bit harsh, admittedly. Any trouble parsing it out?

Ghastly as all that might sound, the American negotiating position offers as much carrot as stick. Patrick Wood laid it out nicely in this Substack post. It’s about rearranging the economic “architecture” of the region and, by extension, the rest of the world, which requires a stable, reliable, not-insane Iran and a peaceful Persian Gulf to sustain advanced civilization. The Abraham Accords are designed to induce all the players in the Middle East to act as sovereign nations conscious of, and seeking, their economic best interests — not blocs acting-out large-scale gang warfare based on age-old revenge scenarios. We are simply asking Iran to accept re-integration into real world of transactional nations by joining in the Abraham Accords.

It’s to no one’s benefit for Iran to become a failed state, and that’s what Iran’s leadership is flirting with as they bluster and thwart the peace process. Don’t forget, their clock is ticking, too, maybe even louder than America’s midterm election clock. There’s evidence that the over-full storage capacity for their oil has already caused damage to their oil wells — because shutting down wells degrades the geology of the underlying oil-bearing rock. Inflation has gone wild inside the country, estimated around 70-percent. Iran’s aquifers have lost 90-percent of their water volume as a years-long draught drags on. Iran has to import around 30-percent of its food. Do you suppose these conditions might make everyday life pretty uncomfortable for the Iranian people?

As of Monday morning, VP Vance reported that talks have moved on to the nuclear material question: Iran agreed to offer access to nuclear inspectors from the International Atomic Energy Agency, the U.N. watchdog. They likewise agreed to establish “coordinating mechanisms” aimed at clearing remaining mines from the Strait of Hormuz and solidifying the ceasefire in Lebanon. That looks like actual progress. This was never going to be easy. Expect more bumps on the road. Iran was so far-gone and for such a long time. Show a little patience.

Also, meanwhile, some real fabulous news as Keir Starmer has opted to vacate 10 Downing Street. Good career move! He’s nearly wrecked what’s left of his country. Nobody knows yet who the Labour Party might shove in to replace him, but it’s sure to be another short-timer because the party itself is burnt toast, based on its overwhelming loss in recent local council elections.

Starmer was in office for just over two years. His predecessor Rishi Sunak also lasted less than two years and, before him, PM Liz Truss (remember her?) was gone after 50 days. Procedural rigmarole might drag out the process to replace Starmer until September, when Parliament returns from its summer recess. “Old Blighty,” as the natives sometimes call the UK, is an exceedingly troubled place. With Starmer lingering in office as the lamest of lame ducks, it’s going to be a long summer, and possibly a hot one.

Equally worrisome, at this fraught moment, are the EU’s efforts to start World War Three with Russia. The EU was behind the massive drone attacks against Moscow last week. Russian Foreign Minister Sergei Lavrov, announced plans for “massive group strikes” on Ukrainian targets on a regular basis. Getting spicey over there. All of this is a smokescreen to conceal the political death throes of virtually all the EU member-nation’s leaders — the feckless Merz in Germany, the wobbling Macron in France, the commie PM Pedro Sánchez in Spain, and Giorgia Meloni in Italy, who double-crossed her voters on ending illegal immigration.

Europe’s got nothing. . . but trouble ahead.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.

Tyler Durden Mon, 06/22/2026 - 16:20

Definium Soars As Much As 50% After LSD-Based Depression Drug Meets Late-Stage Clinical Trial Goal

Definium Therapeutics shares surged as much as 54% on Monday, reaching $37.90 in morning trading as investors reacted positively to developments in the biotech company's research pipeline and potential strategic opportunities.

Definium Therapeutics said its LSD-based depression drug, DT120, met the main goal of a mid-stage trial, reducing depression scores by 8.1 points more than placebo after six weeks, according to Reuters.

Patients showed improvement within one week after a single dose, with benefits remaining at 12 weeks. Analysts had said a 4–5 point placebo-adjusted improvement would be a strong result.

DT120, a psychedelic that activates serotonin receptors, was generally well tolerated, with mostly mild side effects occurring on dosing day and no serious safety concerns.

The trial included 149 adults with major depressive disorder, a condition affecting about 21 million U.S. adults. Recent U.S. policy has also encouraged faster development of psychedelic-based mental health treatments.

We noted back in April that psychedelic stocks were going "mainstream", pointing them out as one of the more interesting policy-driven biotech themes, arguing that a supportive regulatory backdrop could become a meaningful catalyst for the sector.

Since then, momentum has accelerated. The FDA unveiled new measures to speed research into psychedelic treatments for serious mental health conditions, while President Trump signed an executive order directing federal agencies to expand access to promising emerging therapies. The moves could accelerate development timelines for treatments targeting depression, PTSD, addiction, and other difficult-to-treat disorders. 

Tyler Durden Mon, 06/22/2026 - 15:45

Nadella's Hedge: Microsoft Wants To Make AI Models Cheap - Then Own The Rails They Run On

The entire AI capital cycle - roughly $700 billion in hyperscaler capex this year, an estimated $2 trillion-plus through 2028 - is collateralized by one belief: that intelligence is scarce, and therefore priceable. That belief is already under strain. Per-token inference prices have fallen on the order of 200× in a year, and the only thing holding revenue up is volume; the cost of intelligence is dropping even as the cost of deploying it climbs. Hyperscaler free cash flow is rolling over. The Fed has named AI capital spending a systemic risk. 

And after falling behind in the race to build the best AI, Microsoft is setting up for a massive hedge. The company is on track to spend north of $120 billion this fiscal year - most of it on GPUs and the data centers that house them, $37.5 billion in a single quarter alone, pushing free cash flow negative for the first time in a generation. That is a company betting intelligence is scarce. Yet to the Wall Street Journal last week, Nadella argued the opposite is coming - that intelligence is about to get cheap. The tell isn't a contradiction. It's a hedge: if you can't win the race to build the best model, you make the model worthless and own the road it runs on.

Microsoft is already executing on the hedge. In the weeks surrounding the interview, the company rolled out a new wave of lower-cost models and made Copilot Cowork generally available worldwide - an autonomous agent designed for long-running tasks that lets users (or the system) dynamically route work across multiple models, explicitly including cheaper options. Axios reported that Microsoft is also actively weighing whether to host a version of DeepSeek, the ultralow-cost Chinese model, directly inside Azure for Copilot customers. The model would be optional for users, fully hosted on Microsoft’s infrastructure, and wrapped in the company’s enterprise security, compliance, and data-residency controls.

These aren't side-quests, they are the product-level proof of the thesis: make intelligence abundant and interchangeable while keeping the customer, the data, and the workflow inside Microsoft’s perimeter.

Nadella believes intelligence is about to become abundant, interchangeable, and cheap, as a wave of agents routes work to the lowest bidder. And as the cost per unit of intelligence plummets, he wants Microsoft to own the rails it runs on.

Illustrative. Trend directions are schematic; the figures are point estimates drawn from 2026 hyperscaler capex guidance (~$700B) and reported per-token inference-price declines (~200× per year). Not a fitted data series.

In an interview last week with the Wall Street Journal, Nadella suggested that pitchforks would come out if just a few concentrated AI companies dominate the space, while using massive amounts of energy to do so. 

"You can’t say, hey, all white-collar jobs are gone and this could even be a weapon and we will use all the power to build data centers," he told the outlet, adding that the public wouldn't tolerate just a few models and companies "doing all of the learning for the world."

It's a clean argument. It's also the argument of a company under federal antitrust scrutiny, repositioning as the people's champion right before the regulators arrive. The civic case and the competitive case happen to point the same direction.

So it appears Microsoft has concluded it cannot win the model layer on raw capability. Instead, it intends to make that layer less decisive and relocate the moat to the layers it already owns. In Nadella’s framing, models become interchangeable commodities - “all hill-climbing inside a machine you control.” That machine is Azure + AI Foundry, the orchestration layer that decides which model (OpenAI, Anthropic, DeepSeek, open-source, or future Microsoft fine-tunes) handles which task at what price. Copilot becomes the persistent agentic interface that keeps the customer relationship. The real scarcity, and therefore the real moat, is the proprietary enterprise data and existing workflows that already live inside Microsoft 365, Dynamics, GitHub, and the company’s security and compliance boundary. Customers get the benefit of the cheapest or best model for the job without ever leaving Microsoft’s control plane or handing their data to a frontier lab. In short: as the model layer commoditizes, whoever owns the data gravity and the distribution layer gets to drink everyone else’s milkshake.

If Nadella is even directionally correct, the entire $700 billion-plus annual hyperscaler capex cycle - and the $2 trillion-plus cumulative spend projected through 2028 - faces a major structural problem. Per-token inference prices are collapsing far faster than volume is rising for many workloads. Free cash flow at the big spenders is already rolling over. The only way the math works is if intelligence becomes so cheap and abundant that total usage explodes, or if the hyperscalers successfully migrate margin upstream into orchestration, agent routing, fine-tuning on proprietary data, and enterprise distribution.

Microsoft is placing its bet on the second path. By pushing models toward commodity status while locking customers into Azure orchestration, Copilot agents, and their existing data estates, the company is trying to turn the very price collapse that threatens the capex thesis into a competitive advantage. The companies that spent the last two years preaching scarcity and hoarding frontier capability may discover they have built extremely expensive infrastructure whose primary output - raw intelligence - is rapidly losing pricing power.

Tyler Durden Mon, 06/22/2026 - 15:05

The Technical Backdrop: When Flows Meet A Hawkish Fed

Authored by Lance Roberts via RealInvestmentAdvice.com,

Here’s the setup most investors are underrating right now. Over the next two weeks, the tape will trade on plumbing rather than fundamentals. We just cleared the largest options expiration in history. Quarter-end pension selling comes next, and then July 1 reopens the passive-money firehose into a market that already routes forty cents of every S&P 500 dollar into ten stocks. The whole market technical backdrop points higher into July. But Kevin Warsh’s first meeting as Fed chair just put a rate HIKE back on the table, and that quietly changes the math underneath every one of those flows.

I want to give credit where it’s due. Scott Rubner, the chief equity and derivatives strategist at Citadel Securities, laid out the mechanical case in a note last week, and I agree with most of his map.1 Citadel sees about 35% of all US retail order flow, so when they describe positioning, I listen. The disagreement isn’t about the flows. It’s about what got armed underneath them on Wednesday afternoon.

The Setup: Two Weeks of Pure Mechanics

Three events are stacked on top of each other. First, Thursday’s quadruple witching, pulled forward a day because of the Juneteenth holiday, cleared roughly $8.3 trillion of US options exposure, about 28% of all listed open interest, and the biggest expiration ever recorded.1 That event strips a mountain of dealer gamma out of the market, which is the technical way of saying price gets less anchored and more sensitive to whatever flow shows up next. That’s the first piece of the technical backdrop heading into quarter-end.

Secondly, we are heading into the end of the second quarter. With the large surge in the financial markets, any allocation-based fund managers are now overweight equities and underweight bonds. As shown, the top 100 US pension funds are now roughly 110% funded, their healthiest position since 2001.1 

The reason that is important is that funded plans don’t press their luck; they de-risk. As noted, the “out of balance” mechanic suggests a risk of mechanical selling of equities and buying of bonds into the month-end. Any weakness that the “rebalancing” mechanic creates is a flow story, not a fundamental one. However, on July 1, that negative flow flips the switch the other way. Retirement contributions, target-date funds, passive allocations, and systematic strategies all reload at once.

The scale of that reload is the part worth sitting with. ETFs have already pulled in more than $1 trillion this year, running about 45% ahead of last year’s record pace.1 The average full year of ETF inflows through 2024 ran near $490 billion.

Read that again. Investors have committed twice as much as a normal year’s worth of money in under six months, and a growing slice of it is mechanical.

The Technical Backdrop Beneath the Headlines

Before we argue about flows, let’s anchor the technical backdrop in the actual price. The S&P 500 closed Wednesday at 7,420 after Warsh’s debut knocked 1.21% off the index, then rebounded roughly 1.2% Thursday to near 7,505 ahead of the long weekend.2,3 Even after the Fed scare, the index sits about 2% above its 50-day average, nearly 8% above its 200-day, and only a couple of percent under the all-time high it set this month at 7,620. The spring low of 6,344 is now seventeen percent below us.

That last point matters. As of Wednesday, only about 58% of S&P 500 members were trading above their own 50-day average.4 Healthy advances usually carry 70% to 80% of the index along for the ride. This one keeps making highs on the backs of a shrinking list of names. The index looks strong. The average stock inside it looks tired.

I won’t pretend the demand picture is anything but strong. Retail activity broke records in May and has pushed higher in June, with nine of the ten busiest retail trading days ever landing inside the last month.1 Corporations have authorized north of $925 billion in buybacks this year, the fastest pace on record through mid-year, and technology plus financials make up roughly 57% of it.1 When retail, passive, and the buyback machine all lean in the same direction, fighting that tape has been a losing game.

Here’s the problem buried inside the good news, and it’s the part of the technical backdrop that worries me most. All three of those buyers funnel into the same handful of stocks. Roughly 18 cents of every S&P dollar now chases semiconductors, 33 cents lands in the Magnificent 7, and close to 40 cents flows into the ten largest holdings.1 Leveraged ETFs have compounded it. Their assets hit a record $218 billion, up about 60% since the end of March, with semiconductor-linked leverage nearly tripling.1

Here’s Where I Part Ways With the Flow Note

Rubner’s call is that the path of least resistance stays higher into the back half of the year. On the mechanics alone, I’d struggle to argue with him. The seasonal record is genuinely strong, too. Since 1928, the S&P has risen 69% of the time in the first half of July, and the Nasdaq 100 has been positive in 17 of the last 18 years.1

So why am I not all-in on the bull case? Because the note was written one day before, the technical backdrop beneath it changed. The entire dip-buying reflex that Citadel documents rests on an unspoken belief that the Fed has investors’ backs. On Wednesday, Kevin Warsh quietly took that belief away. The committee held at 3.75%, but half the FOMC penciled in at least one rate increase this year, the easing bias vanished from the statement, and the S&P booked its worst first “Fed day” for a new chair since 1994.2,5 The ten-year yield jumped back toward 4.5%.3

Make no mistake about what that does to the math. Citadel’s own data shows the buy-the-dip behavior holds until the VIX climbs above 30. Today it’s nearly 17. That sounds reassuring. It isn’t. A 17 reading isn’t safety, it’s complacency, and complacency is precisely the condition Howard Marks warns about when he says the riskiest moment is the one that feels least risky. As Bob Farrell’s Rule #9 reminds us, when everyone agrees on the outcome, something else tends to happen.

And remember Farrell’s Rule #4: exponential moves go further than anyone expects, but they don’t resolve by going sideways. A market that runs on flows, leverage, and a shrinking group of leaders can absolutely melt up into July. It can also reverse hard the moment those same mechanical buyers turn into sellers. I’ve been writing for weeks that this is a tape driven by positioning more than fundamentals, and I covered the record retail ETF flows in a recent Daily Market Commentary. Strong flows are bullish until the catalyst arrives that makes them stop.

What the Technical Backdrop Means For Your Portfolio

None of this is a reason to sell everything and hide. It’s a reason to participate with discipline rather than abandon. The seasonal and flow tailwinds are real, and fighting them outright has cost investors dearly. We stay invested. But this is a tape to manage, not to chase.

In our portfolio models, we haven’t pressed our most extended winners, but trimmed the most stretched exposure back toward target weight. We also added to our defensive names and let our cash buffer continue to ride for now. As such, we keep participating without betting the account on a melt-up that depends on the Fed staying friendly. That’s the trade-off worth naming out loud. Carrying a little cash caps your upside if the market runs another leg. It also hands you dry powder if quarter-end selling or a Warsh follow-through gives you a better entry. I’ll take that asymmetry here.

Watch three things into the new quarter.

• The VIX. A move toward 30 is the level where, by Citadel’s own work, the reflexive dip-buyers go quiet.

• Breadth. If the percentage of stocks above their 50-day keeps fading while the index grinds higher, the divergence usually resolves the wrong way.

• Lastly, watch the long end of the curve. If Warsh’s signal keeps the ten-year climbing, the most expensive, most crowded, most rate-sensitive corner of this market, the same one soaking up forty cents of every dollar, is the corner that pays for it first.

The technical backdrop and the flows point higher into July. I won’t fight that into the new allocation cycle, but a tripwire just got armed underneath the whole thing. As such, the smart move is to keep one hand on the risk dial while you collect the seasonal tailwind.

Tyler Durden Mon, 06/22/2026 - 14:45

Another Ukrainian Drone Wave On Moscow Temporarily Shuts Down All Four Capital Airports

Yet another major Ukrainian drone attack wave on Moscow has shut down all regional airports, and sent parts of the capital city into temporary panic, and involved dozens of drones shot down overnight. Over 80 drones were intercepted in the past 24 hours, Moscow mayor Sergei Sobyanin announced Monday on Telegram.

He didn't offer numbers in terms of casualties or damage, but emergency services were dispatched to several areas, given there was debris fallout and key neighborhoods impacted.

Image source: Astra

Across Russia more broadly, hundreds of drones were reportedly downed overnigh, but most of the attacks seemed concentrated on the Moscow area.

The Moscow Times reports of the Moscow region's four commercial flight hubs, "Civil aviation authorities said operations at Sheremetyevo, Vnukovo, Domodedovo and Zhukovsky airports were suspended during the multi-hour attack for safety reasons. The flight restrictions were lifted later in the morning."

Much of the information on strike targets in Russia have come through Telegram and social media channels, and have remained unconfirmed on an official level, but various videos suggest a very large-scale attack.

For example, Sky News reports that "Another post claimed a factory producing electronics for Russian missiles had been struck in Voronezh, more than 100 miles from Ukraine."

All Moscow airports have been closed down due to drone attacks.

There are huge crowds as over 150 flights have been delayed or canceled. pic.twitter.com/lbngWIsBbw

— Anton Gerashchenko (@Gerashchenko_en) June 22, 2026

Meanwhile, Ukraine has also suffered significant damage and losses - including reports that a Russian drone killed three members of one family, among the victims ⁠a 13-year-old boy, in ⁠Ukraine’s northern ​Sumy ‌region, as cited in Reuters.

President Zelensky commented, "Yet today, Russia began this day not by honoring those who fell in World War II, and not with signals that could help bring the current war – Russia’s war against Ukraine – closer to an end. Instead, it began with more completely unjustifiable killings."

“This Russian war has no justifiable cause. Putin was driven by exactly the same motives as the aggressors who came before him. He shows the same contempt for human life. He is just as delusional about this absurd ‘empire’ of his that nobody needs. This war must be brought to an end.”

Ukraine has been escalating the aerial drone war - seeking to impose a high cost on Russia's industrial and military base - even as it continues to suffer serious manpower shortages along the front lines in the east...

What do you do when you are short of Patriots?
You do this to your enemy’s factory making electronics for ballistic missiles.
Hit the arrow-maker, not the arrow. Voronezh, Russia, today. pic.twitter.com/gqTp5QIMAd

— Yaroslav Trofimov (@yarotrof) June 22, 2026

Zelensky has also again vowed to bring the war to Russia - and in particular it has been rare massive attacks on Moscow which have been particularly devastating. Key energy sites have continued to be pummeled.

The end of last week saw one of the biggest single drone waves on Moscow, after which Russia has vowed to carry out frequent and "massive group strikes" against Ukraine.

Tyler Durden Mon, 06/22/2026 - 14:25

Nursing School Owner Pleads Guilty After Issuing Nearly 3,000 Fake Diplomas

Authored by Naveen Athrappully via The Epoch Times,

Carleen Noreus, who owned two nursing schools in South Florida, has pleaded guilty to her role in a scheme that sold nearly 3,000 fraudulent nursing diplomas, the Department of Justice (DOJ) said in a June 18 statement.

A person receives a vaccine in Los Angeles, in this file photograph. Robyn Beck/AFP via Getty Images

The defendant, 52, from Plantation, Florida, was president of the Carleen Home Health School Inc. in Plantation and vice president of Carleen Home Health School II Inc. in West Palm Beach.

"Noreus conspired with others to sell fraudulent nursing diplomas and educational transcripts to individuals who had not completed the required coursework or clinical training to earn Registered Nurse (RN), Licensed Practical Nurse/Vocational Nurse (LPN/VN), or Bachelor of Science in Nursing (BSN) credentials," the DOJ said.

"The fraudulent diplomas and transcripts falsely represented that purchasers had successfully completed the academic and clinical requirements of the schools when, in reality, they had not."

The documents allowed the buyers to take part in national nursing board examinations. Those who passed the exams obtained nursing licenses and employment in the healthcare sector.

In total, Noreus provided 2,956 fraudulent nursing diplomas through her two schools between April 17, 2018, and Oct. 8, 2025. Of the individuals who obtained fake credentials, roughly 2,274 passed the nursing exams, secured licenses, and gained employment in Florida and other parts of the United States. Both institutions have been shut down by state authorities.

The case is part of the second phase of Operation Nightingale, a multi-state law enforcement action launched in January 2023 to arrest individuals who sell fraudulent nursing degree diplomas and transcripts.

The operation led to 25 individuals being charged for the fraud scheme in January 2023. In a Jan. 25, 2023, statement, the DOJ said that more than 7,600 fake nursing diplomas were issued by three nursing schools in South Florida.

On Sept. 15, 2025, the DOJ said that 30 defendants were charged and convicted in 2023 as part of the operation. In addition, the department also announced charges against 12 people in phase two of Operation Nightingale.

Thirteen individuals have been charged in the second phase, including Noreus, the DOJ said in its latest statement. Noreus, who pleaded guilty to conspiracy to launder money and conspiracy to commit wire fraud, faces a maximum penalty of 20 years in prison for each count.

"Nursing licenses must be earned through education, training, and demonstrated competence, not purchased through fraud," said U.S. Attorney for the Southern District of Florida Jason A. Reding Quiñones.

"By selling thousands of fraudulent diplomas and transcripts, the defendant undermined the integrity of the nursing profession and our healthcare system. The Southern District of Florida remains committed to holding accountable those who profit by corrupting professional licensing processes and placing the public at risk."

Earlier this year, a Maryland man was sentenced to 21 months in federal prison in another case of nursing credential fraud, according to a DOJ statement issued on April 24.

The person sold fake documents in the name of a Virginia nursing school, which falsely affirmed that buyers had completed the required courses and training at the institution to secure nursing degrees. The individual also sold fraudulent nursing degrees from a Florida-based nursing school.

Nursing Shortage

The country's nursing workforce is projected to face a shortage in the coming years, according to a December 2025 report from the National Center for Health Workforce Analysis.

"At the national level, there are shortages projected until 2038. Specifically, there is a projected 8 percent shortage of registered nurses (RNs) in 2028. By 2038, the shortage is 3 percent (a shortage of 108,960 full-time equivalent [FTE] RNs)," the report stated.

"Nonmetro areas are projected to have a higher shortage of RNs than metro areas in each of the three interval years: 11 percent vs 2 percent in 2038, 18 percent vs 4 percent in 2033, and 24 percent vs 5 percent in 2028."

However, National Nurses United (NNU), a professional association of registered nurses with over 225,000 members nationwide, dismissed claims of shortages in a May 26 statement.

An analysis conducted by the group found that almost 1.15 million registered nurses in the country with active licenses were not working as nurses, the statement said.

NNU president Jamie Brown said the U.S. nursing sector is facing a "retention crisis" rather than a shortage, blaming "unsafe and unsustainable" working conditions for driving many nurses away from their jobs.

Tyler Durden Mon, 06/22/2026 - 14:05

Trump Renews Threat Of Legal Action To New York Times Over Iran Coverage

Authored by Owen Evans via The Epoch Times,

U.S. President Donald Trump renewed his threat of legal action against The New York Times on June 21, accusing the newspaper of publishing "treasonous" coverage that downplayed the impact of the nearly four-month war with Iran.

The New York Times Building in New York City on Feb. 5, 2024.Samira Bouaou/The Epoch Times

"I will be adding all of their false and ridiculous reporting to my multi Billion Dollar lawsuit against them. They are Criminals," Trump wrote in a June 21 post on Truth Social.

"The headline in the Corrupt and Failing New York Times: 'What Changed After Almost 4 Months of War? Analysts Say Not Much.' REALLY?" Trump wrote in a separate post.

"Their Military is DONE, their Navy is GONE, their Air Force is GONE, their Launching Pads, Missiles, Drones and Manufacturing of same, is almost GONE, their top two sets of Leaders are GONE, their Inflation is at 250%, their Economy is BROKEN, their Soldiers aren't being paid, the Hormuz Strait is OPEN, THE OIL IS GUSHING, and the U.S. Stock Market and Jobs are at record HIGHS," he added.

The Epoch Times contacted the NY Times for comment but did not hear back by publication time.

In another post, Trump included a screenshot of an X post from Sen. Lindsey Graham (R-S.C.), who also criticized the NY Times.

"To say nothing has changed after Operations Midnight Hammer and Epic Fury is an insult to our men and women in uniform." Graham wrote in the post.

"To say nothing has changed denies the devastation to the Iranian economy created by the blockade and other economic pressures applied by President Trump.

"This analysis by the New York Times says more about their bias against President Trump than it does the undeniable facts about the state of play in Iran."

The NY Times piece published on June 21 said that "roughly 100 days later, as the United States and Iran have reached a somewhat vague memorandum of understanding to end the war, skeptics are expressing bafflement over what exactly has transformed."

"Neither the war nor the agreement ended what U.S. and Israeli officials regard as the main threats emanating from Iran. The country's nuclear program, while heavily damaged, was not eliminated - its fate punted to future negotiation," it added.

Prior Lawsuit

In September 2025, Trump filed the $15 billion lawsuit against the NY Times and its reporters, accusing the newspaper of defamation.

Trump filed the lawsuit in U.S. District Court in Florida over articles and a book written by two NY Times reporters and published during the height of the 2024 election, alleging that they were crafted with "actual malice, calculated to inflict maximum damage" on him.

"Defendants maliciously published the book and the articles knowing that these publications were filled with repugnant distortions and fabrications about President Trump," the lawsuit reads.

A spokesperson for the NY Times at the time said the lawsuit "has no merit," calling it an attempt by the president to "stifle and discourage independent reporting."

"The New York Times will not be deterred by intimidation tactics. We will continue to pursue the facts without fear or favor and stand up for journalists' First Amendment right to ask questions on behalf of the American people," the spokesperson told The Epoch Times via email at the time.

Trump announced the lawsuit in a Truth Social post, saying that the NY Times had become "a virtual mouthpiece for the radical left Democrat Party" and cited its endorsement of then-Democratic presidential candidate and Vice President Kamala Harris.

"Their Endorsement of Kamala Harris was actually put dead center on the front page of The New York Times, something heretofore UNHEARD OF," he said.

Aldgra Fredly contributed to this report.

Tyler Durden Mon, 06/22/2026 - 13:25

Prime Minister Keir Starmer Resigns As UK Faces 7th Leader In A Decade

The Keir Starmer experiment is officially over, as was growing increasingly clear over the weekend, especially with an interestingly-timed Trump Truth Social statement. Just under two years after capturing the keys to Number 10, the British Prime Minister has thrown in the towel after succumbing to an internal party mutiny following days of intense, closed-door speculation regarding his political survival.

Stepping up to the lectern outside Downing Street on Monday morning, a visibly defeated Starmer delivered the inevitable verdict to the press. "I will resign as leader of the Labour Party," Starmer announced.

“Burnham’s succession is looking more assured as one of the top potential rivals for the job, Wes Streeting, has said he would back Burnham. This makes it less likely any candidate will have to offer some policy red meat to the leftist MPs in the Labour party to win. As far as the markets are concerned, that is a good thing.”
— Simon White, Macro Strategist.

via BBC News

The Prime Minister confirmed he has instructed Labour's National Executive Committee to draw up a swift succession timetable. Leadership nominations will officially open on July 9, with the entire process scheduled to wrap up before the summer recess.

British mediai says that the aggressive timeline ensures a new Prime Minister will be installed well before Parliament reconvenes in September.

Starmer's abrupt (but not entirely 'a surprise') exit comes after his center-left Labour Party made it clear they no longer believed he could deliver a future electoral victory. He practically admitted as much on the steps of Number 10.

"The question my party is asking now is whether I am best placed to lead us into the next general election," Starmer confessed. "I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace."

Defending his short and tumultuous tenure, Starmer attempted to frame his departure as an act of ultimate patriotism rather than a capitulation to party infighting.

"Every decision I’ve taken has been about putting the country I love first. That is why I will resign as leader of the Labour party," he said, adding: "I have spoken to his majesty the king this morning to inform him of my decision."

The Prime Minister's resignation was directly catalyzed by last week's by-election victory of Andy Burnham in Makerfield. Burnham, the fiercely popular former Greater Manchester Mayor, has long loomed as the "King in the North" and the ultimate threat to Starmer's sterile brand - according to many - of leadership. By securing a seat in the House of Commons, Burnham effectively checked Starmer into a corner.

"New leader will be in place before Parliament returns in September, I will remain in post until the contest is complete"

Keir Starmer announces he will resign as UK prime minister and leader of the Labour Party

Follow live updates and reaction: https://t.co/8HkQf7O9cD pic.twitter.com/oyZPA5C6Yc

— BBC Breaking News (@BBCBreaking) June 22, 2026

With Burnham holding immense sway among rank-and-file MPs, the writing was on the wall. He now enters the upcoming leadership contest as the overwhelming frontrunner to be Britain's next Prime Minister.

* * *

BREAKING: President Trump confirms Keir Starmer is resigning as Prime Minister… before Starmer has confirmed it himself. The final humiliation. pic.twitter.com/yz33xD4rPt

— Piers Morgan (@piersmorgan) June 21, 2026 Tyler Durden Mon, 06/22/2026 - 13:03

Rep. Hunt: Racial Argument Against Voter ID Is 'Insulting'

Authored by Catherine Salgado via PJMedia.com,

Rep. Wesley Hunt (R-Texas) emphasized to Congress the importance of passing the election integrity SAVE America Act and rejected woke arguments against voter ID as racist and condescending.

Democrats’ idiotic arguments against requiring ID to vote include claiming that black Americans are somehow mysteriously unable to get IDs. Aside from the obvious elitism and racial prejudice of such a claim, it is practically impossible to live in America and not have identification. They are required at doctor’s offices, airports, bars, liquor stores, car rentals, welfare programs, and many more places. But somehow expecting IDs at polling places is unreasonable? 

Democrats claim requiring proof of citizenship to vote is racist and discriminatory.

I’ve been Black my entire life, and that’s one of the most insulting arguments I’ve ever heard.

✅ Black Americans can get IDs.
✅ Hispanic Americans can get IDs.
✅ Asian Americans can get… pic.twitter.com/x4HefeGKFE

— Wesley Hunt (@WesleyHuntTX) June 19, 2026

Hunt sarcastically said, “I've been black for my entire life. I had to bring up the most racist thing I've ever heard [which] is the insinuation by Democrats that black and brown Americans are too stupid to get an ID to vote, just like everybody else.”

The congressman continued, “I call this the soft bigotry of low expectations. Figuring out how to vote in this country is a very low bar, and we could all figure it out regard of your race, religion, color, or creed, and we should all want free and fair elections.” 

Except Democrats know they cannot win so many elections as they do without fraud, nor can they expand their control to new areas. They have no positive results to run on, no record of making any city or state more prosperous and more free. They need fraud to survive.

Hunt told Congress, “With me today — I'm not gonna pull mine out this time, but I have six forms of government-issued ID. How did I acquire that? Personal responsibility in this country. I've also heard a lot about Jim Crow here today. I'm here to tell you, Jim Crow is over, and I know it because my parents grew up in it.”

Democrats were the party of Jim Crow, ironically. But now they scream “racism” whenever anyone points out that they are pushing an awful policy.

Democrats cheapen and exploit the suffering their predecessors caused for political reasons.

As Hunt said, “And I think it's actually insulting to those that actually experienced the ills of Jim Crow” to compare getting an ID to that era.

“Having an ID to vote in our national election should be a requirement, which is why I stand [here] today, urging my colleagues on the left to support this bill. If you want secure elections, if you want your vote to count, vote for the Save Act.”

Unfortunately, that’s precisely what Democrats don’t want.

This debate was never about IDs, or about black Americans’ access to IDs, or about constitutionality.

It was always about one political party believing in our Republic’s system of elections, and the other party hating our Republic’s system of government and believing they should decide who our leaders are instead of We the People.

Tyler Durden Mon, 06/22/2026 - 12:45

Iran Tried To Bring IRGC-Linked Individuals Into US With World Cup Delegation: Homeland Security Chief

Via American Greatness,

Homeland Security Secretary Markwayne Mullin said Sunday that Iranian officials attempted to bring multiple individuals with alleged ties to the Islamic Revolutionary Guard Corps into the United States as part of the country’s World Cup soccer delegation.

Mullin made the remarks during an interview with Fox News as U.S.-Iran negotiations were

U.S. officials subjected members of Iran’s traveling delegation to heightened scrutiny after President Donald Trump directed the Department of Homeland Security to conduct extensive vetting of individuals seeking entry into the country.

Mullin said more than half of the additional representatives Iran sought to bring into the United States had connections to the IRGC, which U.S. officials view as a hostile military organization.

“When we started doing the research on him, he had only been put in place since 2022, and we didn’t allow him to board the plane,” Mullin told Fox News host Maria Bartiromo on Sunday, referring to the individual who had ties with the IRGC.

“The guy that tried to get on the plane yesterday had direct ties to the IRGC,” Mullin .

“We accepted 53 individuals coming in and the rest of the individuals that Iran had tried to bring in all also had direct ties to the IRGC and aren’t their normal traveling group,” he said.

Mullin said that the Iranian official who attempted to enter the United States was, according to Tehran, the president of the country’s soccer federation, noting that the Iranian soccer team playing World Cup games is based in Tijuana, Mexico. The team flies from Mexico into the United States when they need to play games.

The secretary said the administration anticipated that Iran could attempt to use the World Cup delegation to gain access to the United States and took additional precautions as a result.

According to Mullin, Trump authorized what he described as extreme vetting measures to screen members of the Iranian contingent.

“These games that Iran plays makes them an adversary that you can’t trust,” Mullin said.

Mullin did not provide additional details about the individuals who were denied entry or the nature of their alleged ties to the IRGC.

The Football Federation Islamic Republic of Iran called Mullin’s allegation “an outright lie.”

“The claim that an official representative of the Iranian football federation attempted to board a flight to enter the United States yesterday and was prevented from doing so is an outright and undeniable lie. This claim is so unfounded that those who made it are well aware that such an incident never occurred in the first place,” FFIRI said.

Tyler Durden Mon, 06/22/2026 - 12:05

"DeepSeek Of The West" Reflection Inks Major Compute Deal With SpaceXAI

SpaceX shares tumbled for a third straight session, down around 9% late in the U.S. cash morning, after the Elon Musk-led company said it would sell investment-grade bonds for the first time.

However, a new headline crossed around 11:05 a.m. ET via Axios, reporting that Reflection, the Nvidia-backed open-source AI startup, had signed a major compute deal with SpaceXAI.

Under the deal, Reflection will pay SpaceXAI $150 million per month starting next Wednesday, July 1, through 2029, following an initial ramp period.

SpaceX $SPCX signed a compute deal with open-source AI startup Reflection AI for access to $NVDA GB300 chips at Colossus 2, per CNBC.

Reflection will pay SpaceX $150M per month starting July 1, 2026, totaling about $6.3B if the deal runs through 2029.

SpaceX has now signed… pic.twitter.com/CKOu4CUcjc

— Wall St Engine (@wallstengine) June 22, 2026

The deal gives the startup, founded by former Google DeepMind researchers Misha Laskin and Ioannis Antonoglou, access to Nvidia’s Grace Blackwell Ultra AI computing chip, also known as GB300, which is necessary to train its models.

Earlier this year, The Wall Street Journal described Reflection as the “DeepSeek of the West” because the AI lab aims to build open-weight, frontier-scale AI models as a direct alternative to China’s DeepSeek.

The deal highlights the circular flow of the AI boom, something we have noted countless times (see here and here). Nvidia invested $800 million in Reflection, which will now use Nvidia chips purchased by SpaceX. This allows the startup to avoid the multibillion-dollar burden of building out its own data centers and instead lease compute from hyperscalers.

With shares down 9% in late-morning trading, the Reflection-SpaceXAI deal was not enough to lift the stock, which is now down 25% from last Tuesday’s high of $225.

The Reflection-SpaceXAI deal also shows that SpaceX's massive compute buildout is not just for internal AI chatbots, but is also becoming a revenue-generating business, catering specifically to external AI frontier labs seeking high-end training capacity.

It may suggest that internal compute demand has been lackluster... 

Last week, Yann LeCun, founder of AMI Labs, called xAI a "failure," adding that he expects it won't be able to compete with OpenAI and Anthropic.

The deal follows a similar deal that Anthropic made with SpaceX to expand cloud computing capacity. 

Tyler Durden Mon, 06/22/2026 - 11:45