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New Hampshire Kills Historic $100M Bitcoin Bond Proposal

New Hampshire's Executive Council narrowly rejected a proposal Wednesday that would have authorized a $100 million Bitcoin-backed bond, ending what supporters hoped would make the state a pioneer in digital asset finance, according to Bitcoin Magazine.

The measure failed in a 3-2 vote after reaching its final approval stage, despite receiving a favorable rating review from Moody's and backing from Governor Kelly Ayotte and the New Hampshire Business Finance Authority. Had it moved forward, officials said it would have been the first municipal bond in the world secured by Bitcoin.

The report notes that supporters argued the transaction would not put taxpayers at risk. Instead, it would have connected private investors with a private borrower using Bitcoin as collateral, while allowing the state to collect fees that could fund small business, housing, child care, and economic development initiatives if the deal proved successful.

Skeptics, however, questioned whether New Hampshire should attach its name to a financing structure built around a volatile digital asset. Councilor Karen Liot Hill said she was not opposed to cryptocurrency itself but believed the state should be cautious about endorsing a transaction tied to Bitcoin's price swings.

Business Finance Authority Executive Director James Key-Wallace rejected the idea that Bitcoin remains an "emerging" asset class, arguing it has already established itself in global finance. He also suggested the proposal could have opened the door to similar transactions in the future.

Ayotte, who signed legislation making New Hampshire the first state to authorize a strategic Bitcoin reserve and giving the state treasurer authority to invest in Bitcoin, said pursuing innovative financial structures is worthwhile so long as taxpayers remain protected.

The vote came after Liot Hill unsuccessfully attempted to delay consideration of the proposal. She was joined by Janet Stevens and David Wheeler in opposing the measure, while Joseph Kenney and John Stephen voted in favor.

The decision arrives as Bitcoin and the broader cryptocurrency industry are facing heightened scrutiny. Bitcoin has pulled back from recent highs, while renewed attention has focused on Michael Saylor and Strategy, whose aggressive Bitcoin dividend strategy has drawn increasing debate as the cryptocurrency's price weakens.

That backdrop has put high-profile Bitcoin-related proposals under a brighter spotlight, even as adoption efforts continue at the state and institutional levels.

Tyler Durden Thu, 07/09/2026 - 20:30

SoCal Education Leaders Stole Nearly $20M From Schools; Report

Authored by Bryan Hyde via American Greatness,

A new report has revealed that a pair of Southern California school leaders separately stole nearly $20 million from their schools in order to fund lavish personal lifestyles.

According to The New York Post, the report was co-authored by the State Financial Officers Foundation, a watchdog made up of state treasurers and auditors, and OpenTheBooks, a nonprofit focused on transparency in government spending.

The cases of the two Southern California educators were among the most expensive examples of K-12 education fraud documented nationwide.

"It's for the kids."

Said every educrat, ever.https://t.co/1XWVRTcWZS

— Scott C. Johnston (@SJohnston60) July 9, 2026

Jorge Armando Contreras, the former fiscal services director for the Magnolia Elementary School District in Orange County, was charged with altering school checks over several years to funnel $16.7 million into his personal accounts.

Contreras was spending the money on everything from a luxury home and a BMW to designer clothes and pricey tequila and federal investigators found stacks of cash stuffed into a mini-fridge and luxury designer bags at his home.

He was sentenced to nearly six years in federal prison in 2024 and order to pay $16.7 million in restitution to the Magnolia School District in Orange County.

Another case highlighted in the report revealed that Janis Bucknor, the head of the Community Preparatory Academy charter school in Los Angeles, stole more than $3 million in taxpayer funds to cover travel, restaurants, shopping and private school tuition for her children.

Bucknor also pleaded guilty to spending more than $220,600 on Disney cruise line vacations, theme park admissions, and other Disney-related expenses.

According to prosecutors, Bucknor admitted in 2020 to stealing the funds, and was sentenced to three years’ probation and ordered to pay $2.5 million in restitution.

In a statement to Fox News Digital, State Financial Officers Foundation CEO OJ Oleka said:

All fraud is harmful, but defrauding education dollars meant to help kids learn and succeed is especially hideous. The findings in this report should alarm every family, teacher, and civic leader.

The California cases were part of nearly 90 cases identified by a coalition of auditors over the past six years involving embezzlement, phony invoices, inflated enrollment, bid-rigging and kickbacks, among other crimes.

The report follows the Trump administration’s promise to crack down on government waste, with Vice President JD Vance leading a nationwide “War on Fraud” that has raised new questions about oversight of federal education spending.

Tyler Durden Thu, 07/09/2026 - 20:05

Russia Warns NATO Leaders To 'Stop & Think' Before Leading World To Catastrophic Confrontation

Another night has passed, and the usual major Ukrainian drone attacks on Russian oil and facilities and tankers have occurred, this time impacting at least three Russian regions, authorities said Thursday. Strikes hit oil depots in the Stavropol and Tver regions, as well as an oil pumping station in the republic of Bashkortostan and a marine loading terminal in the Rostov region - along with other reported impacts, Amsterdam-based Moscow Times reports.

During this week's NATO summit, Ukraine's President Zelensky was touting his country's drone capabilities as among the best in the world, and that now, essentially no place is safe in Russia.

Telegram/Moscow Times: Fire at an oil depot in the central Tver region.

This was perhaps on display Monday, when long-range drones apparently set a new distance record in striking a sprawling oil refinery in the city of Omsk in western Siberia

"Today, our long-range sanctions reached the oil refinery in Omsk – nearly 2,500 kilometers from Ukraine," Zelensky had announced in a nightly address soon after the attack.

"Upgraded Fire Point drones have put Siberia within reach of Ukrainian precision. This is a significant blow to Russia’s oil economy and an important achievement for the Armed Forces of Ukraine," Zelensky said.

The messaging from NATO leaders gathered in Ankara had clearly been one of support. For example, President Trump had commented, "It's an escalation but it’s also an escalation that can help lead to an end [of the war]." 

Trump also said, "We have a lot of pressure on President Putin. I don’t think he likes what’s going on." He added: "But I talked to President Putin a lot. He wants to end the war."

Following these developments, the Kremlin is freshly warning Western strategists to 'stop and think' before leading the world to the brink of disaster by confronting nuclear-armed Russia.

Russian Foreign Ministry spokeswoman Maria Zakharova stated Thursday, "European elites are positioning themselves as leaders in the confrontation between the 'collective West' and our country," Zakharova said.

The Russians obviously knew Trump approved giving Ukraine targeting intel for deep strikes on Ru energy. Russia answered it this year by providing Iran targeting intel on US bases, radars & infrastructure. Iran defeated the US. Quite a brilliant tradeoff.https://t.co/X7vfRaExNO

— Mark Ames (@MarkAmesExiled) July 8, 2026

"They likely don't realize that all this entails not only creating threats and problems for Russia, but also a significant depletion of resources and the creation of hotbeds of military tension within Europe itself," she added.

She also underscored how pursuing peace with Russia was glaringly absent NATO proceedings at the Turkey summit. "A constructive agenda remains a low priority for NATO," the Kremlin spokesperson continued.

"It's a shame that if NATO strategists had stopped and reflected, they might not have made such irresponsible decisions that could lead to disaster not only for the alliance, but for the entire world," she said.

According to more of her comments via English-language state publications:

The Russian spokeswoman also took aim at NATO's pledge to provide $80 billion in military aid to Ukraine in 2027, while ignoring mounting socio-economic problems across the continent. She accused the alliance of treating Ukrainians as "expendable material for their geopolitical ambitions.""In fact, the current European elites are positioning themselves for leadership positions in the confrontation with our country," she stated.

Some European officials actually voiced something similar, but they remain in a tiny minority:

Czech Prime Minister Andrej Babiš:

Everyone is talking about war, everyone is talking about rearmament, and yesterday I didn't hear the word "peace" even once. pic.twitter.com/KNfyVDzE6A

— Clash Report (@clashreport) July 8, 2026

Prominent Russian writer and political philosopher Alexander Dugin has also commented, "The summit of NATO is a clear sign of all spectrum escalation. The growth of Russophobia and new phase of war against Iran."

Indeed both the Ukraine and Iran conflict theatres are growing hotter once again, and there's simultaneous escalation. Dugin has also warned that the "MoU is over. The new phase of the war begins. The escalation with Russia is going to grow."

Tyler Durden Thu, 07/09/2026 - 19:40

AI Price War Breaks Out: Meta Unveils Paid AI Model For First Time, Will Be "Among Most Affordable Options"

Shortly after a leaked Meta memo revealed the company was planning on putting an AI chip into production in September as it looks to double computing capacity to 14Gigawatts, the company also unveiled a version of its most advanced artificial intelligence model, Muse Spark 1.1, that includes a new paid tier for developers, marking the first time Meta has charged businesses for access to its models and providing a new revenue stream. It’ll be "among the most affordable options" on the market, Zuckerberg said in a Bloomberg interview ahead of the release.

“Since this is not an open source model, this is I think the first time that we’re doing a real serious API,” Zuckerberg said, referring to the application programming interface used to access Meta’s AI. “And the pricing is going to be very aggressive and attractive” he added indicating that Meta hopes to capture market share by undercutting its competitors, offering the new model at 25% of the cost of top models from OpenAI and Anthropic.

The new model’s biggest improvement is in its agentic capabilities, the Meta CEO told Bloomberg, and according to benchmarks the model does indeed appear to be in line with the competition.

He hopes to piggyback on the latest craze in AI development this year, which a month ago saw Goldman forecast that agentic AI use will lead to a massive 120 quadrillion monthly tokens being used by 2030.

Agents are the big theme of AI this year, with the label applied to systems that can complete multistep tasks on behalf of a user. Zuckerberg described Muse Spark 1.1 as having “state-of-the-art or very close to it” agentic reasoning and tool use. The model is also greatly improved when it comes to coding and Meta employees are using it internally to build products and features for various apps, he added. 

Meta will also introduce a new Meta Model API system, which will be used to collect fees from developers. Its API pricing is roughly 25% of the cost advertised by other top models from OpenAI and Anthropic, according to Bloomberg. Developers will be able to use Meta’s model for free, but only up to a point; they’ll be required to pay for access after reaching a certain token threshold, Zuckerberg said. 

Which means that legacy frontier models will now have to worry about domestic cheap alternatives, especially after xAI also released an agentic and coding model yesterday which will have to grab market share, in addition to much cheaper Chinese models.

“The pricing from some of the other labs is very extreme and has very high margins,” Zuckerberg said, underscoring that his strategy is to get Meta’s technology in front of as many people as possible. “We think that there’s a real ability to be able to offer frontier or very high-level intelligence at a much more affordable cost.”

Zuckerberg, 42, is spending aggressively to keep pace with rivals like OpenAI and Alphabet in a race to achieve what he calls superintelligence, or AI that can perform tasks better than humans. Meta has committed hundreds of billions of dollars to building the infrastructure necessary to develop superintelligence, including data centers and expensive AI chips. The company announced a new $10 billion data center investment in Canada as well as a new image-generation model just this week.

Yet despite Meta’s massive investment spending, its models have not historically tested at the same level as those from Anthropic, OpenAI or Google. But Muse Spark 1.1 is more competitive, Zuckerberg said, and tested better than Google’s Gemini model in several categories related to agents, coding and multimodal capabilities. 

“That is a pretty interesting milestone because I think this may be the first time, at least that I can remember, that Meta’s models are better than all of the Google models,” he said, although it remains to be seen if users/Wall Street agree.

Zuckerberg’s commitment to the AI race has led to a series of extreme shifts in strategy and resources over the past year. Following a disappointing model launch in the spring of 2025, Zuckerberg became personally involved in rebuilding Meta’s AI lab, which included hiring Scale AI’s Alexandr Wang to lead the new unit, and eventually, significant layoffs and several internal reorganizations.

Once fully committed to building open source AI models that are available for free to outside developers, Meta has also pivoted toward prioritizing closed models that it can charge for — like Muse Spark 1.1 — which required essentially rebuilding the technologies from scratch.

Zuckerberg said he’s pleased with how the lab is progressing, although it's not like he would openly admit the alternative. 

“We’re generally doing better than we expected,” Zuckerberg said. He acknowledged that Meta is still trailing some of the larger AI labs, including Anthropic and OpenAI, but said that the company has another new model coming, codenamed Watermelon, that he believes can help Meta “push this maximum frontier of intelligence.” He declined to share details on Watermelon’s release timeline, saying that the focus is on quality.

Investing in a frontier model - or AI technology that moves the industry forward with new capabilities and features - is an expensive endeavor. But Zuckerberg believes it’s worth the investment from Meta given his mission: To build personal agents that everyone in the world can use.

Which begs the question, posed earlier By Vital Knoweldge, who pointed out that just over the past 24 hours wee have seen "new frontier models from Meta (Muse Spark 1.1), SpaceX (Grok 4.5), and OpenAI (GPT 5.6), and asked "Seems like differences are fairly marginal.  Does the world really need all these?"

To Zuck the answer is, of course, yes: after all he has to justify the hundreds of billions he plans to sink into the commoditization of AI.  Then again, Zuckerberg does not believe that the technology will ultimately become a commodity (narrator: it will) that is, that all of the various AI models will essentially do the same thing and be more or less indiscernible from one another. He pointed to Mythos, the latest model from Anthropic, which raised national security concerns in the US, as an example of how companies are already gatekeeping aspects of the technology instead of sharing it widely.

The truth is that Zuck really has no choice: Meta is projecting record capital expenditures for 2026, in addition to spending billions on AI talent to build out its Meta Superintelligence Labs, and has pledged hundreds of billions more to infrastructure projects. Should Zuck capitulate on building a frontier model the company will be relegated to the neocloud cloud, with excess capacity to spare (which is what sent the stock surging last week), and rerate appropriately after the initial move higher. Alternatively, it must keep spending in hopes to eventually show some return on the hundreds of billions in investment.

Critics have increasingly questioned whether the pivot has paid off. One among them is Apollo chief economist Torsten Slok who in a note overnight wrotes that consensus expects free cash flow for the hyperscalers to more than double over the coming years.

But what if the payoff takes longer than consensus assumes, Slok asks echoing a question that has plagued the AI industry since the summer of 2024? That question is particularly pressing given that token prices continue to decline and Chinese models are gaining ground, both in their share of the world's most-used models and in token usage, where they now lead their US counterparts among the top 20 models.

PIggybacking on what we said a few weeks ago (see "Answering The "Trillion Dollar Question": Are China's AI Models A Better Value Than US Models"), Slok says that if Chinese models keep gaining and token prices keep falling, the hyperscaler cash flows expected may prove too optimistic.

What are the consequences if the AI payoff comes slower than expected in the first chart?

1. Cash flows and earnings disappoint: the projected free cash flow surge slips later while committed capex and heavy depreciation hit on schedule, squeezing margins and marking down the forecast in the first chart.

2. A Mag 7 sell-off that takes the market with it: equity prices built on a fast payoff re-rate, and because the Magnificent 7 now account for so much of the indices, the pain can't stay contained, it spreads to chips, power, data centers and the S&P 500 as a whole.

3. Balance sheets stretch and credit risk rises: with internal cash unable to cover spending, hyperscalers lean further on debt, raising leverage and inviting possible ratings downgrades if profits lag.

All that is true, and is based on just growing Chinese competition. Now add various "new" domestic entrants such as xAI and Meta as aspirational frontier model leaders, which will inevitably spark an even more furious price war, and suddenly the return calculation for both stock and bond investors becomes much uglier. 

Tyler Durden Thu, 07/09/2026 - 19:35

New Atlas Aircraft Targets Long-Range Strikes Without Runways Or Large Flight Decks

Authored by Neetika Walter via Interesting Engineering,

Mach Industries has won a Defense Innovation Unit (DIU) contract to develop a long-range unmanned aircraft designed to launch from austere locations and ships without large flight decks.

Atlas drone Mach Industries

The aircraft, called Atlas, is being developed for the DIU's Runway Independent Maritime Expeditionary Strike (RIMES) program. Mach Industries will serve as the aircraft integrator, working with propulsion company Whisper Aero.

According to the solicitation, the Department of the Navy is seeking an unmanned aerial system capable of conducting long-range strikes while operating from expeditionary sites with minimal infrastructure or from ships that lack conventional runways.

Mach said Atlas is designed to meet those requirements with a hybrid-electric propulsion system, runway-independent operations, a 1,000-pound payload capacity, and a range of 1,400 nautical miles.

Built For Austere Operations

The aircraft combines Mach Industries' platform development capabilities with Whisper Aero's JetFoil propulsion technology.

Unlike conventional fixed-wing aircraft that require runways, Atlas is being designed to operate from unimproved landing zones while retaining the control characteristics of a fixed-wing platform. The companies say the approach could give military units greater flexibility in contested environments where traditional airfields may be unavailable or vulnerable.

Excited to announce Atlas, our VTOL strike and logistics aircraft for the Navy. pic.twitter.com/fvbLWujnVN

— Mach Industries (@Mach_Industries) June 16, 2026

The aircraft is also intended to support distributed operations, a growing focus for the U.S. military as it prepares for conflicts in which logistics networks could come under attack.

In recent testimony before the House Armed Services Committee, Under Secretary of Defense for Research and Engineering Emil Michael identified contested logistics as one of the Pentagon's critical technology priorities. The challenge centers on sustaining military operations when transportation routes, supply chains, and support infrastructure are disrupted.

Mach says Atlas addresses that challenge by reducing infrastructure requirements for launch and recovery while simplifying maintenance through a highly redundant propulsion architecture and a lower part count.

"Mach's speed to prototype and production, coupled with Whisper Aero's novel aerodynamics and propulsion makes Atlas a revolutionary air mobility platform," said Nathan Diller, President and Chief Strategy Officer at Mach Industries.

Quiet Propulsion Advantage

A key feature of the aircraft is Whisper Aero's JetFoil technology, which the company says improves efficiency while reducing acoustic signatures.

The system is designed to generate lift and thrust more efficiently than traditional approaches, helping extend range while allowing operations from confined locations. Lower noise levels could also make the aircraft more difficult to detect during missions.

"We developed JetFoil to propel the next generation of conventional, short, and vertical takeoff and landing aircraft silently and efficiently," said Mark Moore, CEO of Whisper Aero.

According to Moore, the technology allows Atlas to meet RIMES requirements while operating from smaller naval vessels. "With JetFoil, Atlas can effectively meet the needs of the RIMES mission to operate even from destroyer class vessels."

The award adds to Mach Industries' expanding defense portfolio. Founded in 2023, the company says it is currently flying five different platforms and has manufactured more than 250 aircraft. Over the past two months, it has also conducted flight operations in four countries under complex electromagnetic conditions.

If successful, Atlas could provide the Navy and joint force with a long-range strike platform capable of operating from locations where traditional aircraft cannot, while reducing dependence on large runways and established air bases.

Tyler Durden Thu, 07/09/2026 - 19:15

Strongest El Nino In 75 Years Sets Off Food Supply-Chain Alarm Bells

The US Climate Prediction Center has warned that the weather phenomenon El Niño, which only recently emerged across the Pacific, could become the most powerful in more than 75 years. This raises the risk of adverse weather conditions across the US, Asia, Australia, and South America. The stronger the weather event becomes, the greater the threat to critical food supply chains, which are already vulnerable to drought, flooding, export restrictions, and rising protectionism.

The CPC, a NOAA/National Weather Service unit that issues official US government climate outlooks, wrote in its report that sea-surface temperatures at least 1C above normal have spread across the central and eastern equatorial Pacific, with an 81% chance the event becomes "very strong" and ranks among the largest on record since 1950. Some parts of the Pacific were 2.7C above normal last week.

A negative El Niño Southern Oscillation Index indicates pressure patterns consistent with El Niño, typically associated with weaker Pacific trade winds and warmer-than-average sea surface temperatures in the central and eastern Pacific. The SOI is now at levels not seen since 2005.

"Even the strongest El Niño events do not lead to typical impacts everywhere, but stronger events can more significantly tilt the odds in favor of expected outcomes," the Climate Prediction Center said. El Niño "will strengthen through the end of the year, with a 97% chance it will last through early spring 2027."

Goldman Sachs commodities research analyst Lina Thomas provided further insight into the looming El Niño threat, warning that global agricultural supply is "highly concentrated geographically," leaving crop markets "highly vulnerable to localized weather, geopolitical, or policy shocks."

Thomas warned about weather, geopolitical, and/or policy shocks that may put a bid under food prices:

Global agricultural supply is highly concentrated geographically. Across key crops such as soybeans, corn, rice, sugar, and palm oil, the top three exporting countries account for 60-90% of global trade (Exhibit 1), leaving agricultural markets highly exposed to localized weather, geopolitical, and policy shocks.

Because major agricultural exporters increasingly prioritize domestic food and energy security through export restrictions and biofuel mandates, even modest disruptions—or the fear of disruptions—can trigger policies that reduce exportable supply. In highly concentrated markets, the resulting loss of exportable supply can be much larger than the original production shock, amplifying price volatility. Import-dependent countries may in turn respond by stockpiling and pursuing greater self-sufficiency, often accepting higher domestic production costs in exchange for supply security. While these measures are ultimately aimed at improving resilience locally, they also fragment trade, reduce market liquidity, and increase the sensitivity of prices to future shocks.

We view the risk of protectionist policy responses as a key source of upside risk to crop prices and agricultural volatility, as three near‑term supply concerns could trigger precautionary measures even if the underlying disruptions ultimately prove limited.

• First, El Niño conditions are already present, with a 63% probability of developing into a "super" El Niño. Because many major exporters of staples such as rice, and crops used for biofuels such as sugar and palm oil, are concentrated in regions that historically experience more adverse weather during El Niño episodes, even a modest weather shock—or the fear of one—could trigger precautionary export restrictions.
• Second, higher energy prices in 2026H1 and concerns about fuel security may encourage governments to increase biofuel mandates, further diverting crops from export markets into domestic fuel production.
• Third, fertilizer markets also remain exposed to renewed disruptions in the Strait of Hormuz during the critical Q3 procurement season for major nitrogen fertilizer importers ahead of 2H planting.

Already seeing rising vegetable oil prices...

El Niño coverage:

• Super El Nino: Famine Follows War?
• UBS Warns El Nino May Intensify Food Inflation Across Asia
• First Major Weather Organization Declares El Nino Onset As Food Inflation Risks Intensify

Professional subscribers can read more El Nino coverage here at our new Marketdesk.ai portal. 

Tyler Durden Thu, 07/09/2026 - 18:50

Kentucky Governor Beshear Presses Senator Mitch McConnell To Release Health Update

Via American Greatness,

Kentucky Governor Andy Beshear is calling on Senator Mitch McConnell to publicly disclose more about his health after the longtime Republican lawmaker remained out of public view for nearly three weeks following his hospitalization in Washington.

In a letter released Wednesday, Beshear said Kentuckians deserve more information about McConnell’s condition and his ability to continue serving in office.

“Kentuckians have grown increasingly concerned about the current state of your health and well-being, and ability to hold office,” Beshear wrote.

McConnell, 84, was hospitalized June 14 and has not released a public statement, photo or video since then.

His aides have provided few details beyond saying last week that he “continues to improve, and is working closely with his staff on Kentucky and Senate matters while the Senate is out of session.”

The lack of public updates has fueled speculation over whether the former Senate Republican leader will return when the Senate reconvenes next week.

Republican leaders sought to tamp down those concerns Tuesday.

Senate Majority Leader John Thune of South Dakota and Sen. John Barrasso of Wyoming both said they had spoken with McConnell and described him as alert and engaged in discussions about current events.

President Donald Trump said Wednesday he had not spoken with McConnell since the senator’s hospitalization.

“I have no idea how he’s doing,” Trump told reporters aboard Air Force One while returning from the NATO summit in Turkey.

McConnell has announced he will retire when his current term expires in January, but questions about his health have intensified interest in what could happen if he is unable to complete the remainder of his term.

Kentucky law no longer allows the governor to appoint a temporary replacement to the U.S. Senate.

Republican lawmakers changed the state’s succession process in 2021 and again in 2024, removing the governor’s appointment authority and instead requiring a special election if a vacancy occurs.

Tyler Durden Thu, 07/09/2026 - 18:25

This State Is Ground Zero For The "Explosive" Diarrhea Parasite As Cases Explode 400%

Michigan is getting hit hardest in a fast-spreading nationwide outbreak of a stomach parasite, with cases exploding more than fourfold in a matter of days.

The state saw infections skyrocket from 170 to 681 by Monday, the biggest single jump reported anywhere in the country, according to health officials.

New York has logged 120 cases since May 1, a state official told The Post, while Texas has confirmed 48 cases as of Monday. Illinois has also seen a sharp rise, with reports ranging from 11 to 80 cases through mid-June, according to CDC data.

Michigan health authorities, who are investigating what they call a "large and growing outbreak," now put the state's count at roughly 700 as of Monday - about 13 to 14 times Michigan's typical annual total of 40 to 50 cases. Dr. Natasha Bagdasarian, the state's chief medical executive, said the cases are concentrated in eight southeast Michigan counties: Monroe, Lenawee, Washtenaw, Wayne, Shiawassee, Jackson, Oakland, and Livingston.

Federal officials have urged caution about linking the spikes together. The Centers for Disease Control and Prevention said there is "no evidence of a single, multistate Cyclospora outbreak linking cases" being reported now, and the Food and Drug Administration said it was "not in a position at this time to characterize the current numbers as definitively unusual" while its investigation continues. Nationally, the CDC counted 145 cases across 17 states between May 1 and June 16 - a tally that excludes Michigan's surge - with 20 hospitalizations and no deaths, in patients ranging in age from 5 to 86. Ohio, not among the states the outbreak was first reported in, has separately confirmed at least 177 cases this year.

Many people who catch the parasite - called cyclosporiasis - show no symptoms at all. But for those who do, it's brutal. Those who catch the parasite experience watery, "explosive" diarrhea that can leave victims running to the bathroom dozens of times a day, along with severe cramping, vomiting, nausea, fatigue and fever.

The illness is caused by Cyclospora cayetanensis, a microscopic parasite that spreads through food or water contaminated with feces - most often fresh produce - and is not known to spread from person to person, because the parasite needs one to two weeks outside the body to become infectious. It is treated with the oral antibiotic trimethoprim-sulfamethoxazole, sold as Bactrim, typically over a 10-day course; untreated, symptoms can last from a few days to more than a month and may relapse. The CDC advises washing all fruits and vegetables thoroughly under running water before eating, cutting, or cooking.

Cristy Cooper spoke to The Post from her hospital bed as she battles the infection.

"This is worse than like any flu I've ever gotten or anything, it's just so... it's miserable. I'm worn out from it. I really am," she said.

Cooper's nightmare started June 25 with what she described as "unbearable" diarrhea.

Within days came crushing gas, exhaustion, vomiting, nausea, painful cramps and a 100.2-degree fever. Doctors are treating her with a sulfa-based antibiotic, and she's now on the road to recovery.

 

Tyler Durden Thu, 07/09/2026 - 18:00

Feared Free-Market Activist Warns Texas Stock Exchange Against Going Woke

Authored by Will Hild via The Center Square,

As the Texas Stock Exchange begins its launch, Texans have every reason to celebrate. Soon, the TXSE will join Nasdaq Texas as a fully functioning venue, and the NYSE has signaled a strong commitment to Texas as well. It is clear that Texas is emerging as a serious challenger to New York as the nation's financial capital.

Texas Gov. Greg Abbott rings the Closing Bell of the New York Stock Exchange (NYSE) in celebration of the launch of NYSE Texas in Arlington, Aug. 20, 2025. Photo: Texas Office of the Governor via Facebook / Used with Permission

Texas earned this moment by embracing lower taxes, lighter regulation, and, perhaps most importantly, better governance laws and more favorable proxy rules designed to make the state the best place in America to do business.

But Texans should remember why those reforms became necessary.

For years, some of Wall Street's largest financial institutions embraced Environmental, Social, and Governance (ESG) activism, using their enormous influence to pressure companies on political and social issues far beyond their fiduciary responsibilities. Many Texans viewed those efforts as an attempt to use financial power to reshape industries that are foundational to the state's economy and culture.

These companies came after oil and gas, cattle and coal. They pushed racist diversity standards and forced companies to hire based on factors they proclaimed were more important than simply focusing on who was best suited for the job.

This was met in Texas with significant contempt, and the backlash was swift. Texas Attorney General Ken Paxton opened investigations into Net Zero Banking and Asset Manager alliances led by the likes of Bank of America, JPMorgan Chase, BlackRock and State Street, among others. He also sued BlackRock, State Street, and Vanguard alleging antitrust violations. The state comptroller divested significant assets from BlackRock and the Texas Board of Education did the same.

The message from Texas was simple: financial institutions should focus on delivering returns, not political agendas. That's why as the TXSE becomes an operational venue, Texans must pay close attention to who's financing the exchange.

BlackRock, one of the most recognizable champions of ESG investing, is the founding institutional investor of the TXSE. Its CEO Larry Fink has argued that companies must address issues ranging from climate change to racial and gender inequality and famously said BlackRock would "force behaviors." In his 2021 letter to CEOs, Fink proclaimed that "no issue ranks higher than climate change." Texans saw his actions as evidence that America's largest asset manager was using its market power to influence policy rather than simply maximize shareholder value.

J.P. Morgan is also a major investor. This is the same bank that faced serious backlash for de-banking gun companies and manufacturers, and even President Donald Trump himself. JPMorgan Chase has also made aggressive climate finance commitments, including a pledge to finance a $1 trillion Green objective, to help transition to a lower-carbon economy.

Bank of America, another institutional investor in the exchange, likewise committed hundreds of billions of dollars toward sustainable finance initiatives. The bank has also embraced Critical Race Theory, requiring race-training for workers that calls America a system of "white supremacy" and encourages employees to be "woke at work."

The list goes on and the pattern is clear. The very companies helping to finance an alternative finance hub in response to a politicized marketplace are, in many cases, the ones that helped create the conditions that made such an alternative appealing in the first place. In other words, the demand for a more business-focused exchange did not emerge in a vacuum, but arose in large part as a reaction to the conduct of the very firms now seeking to capitalize on it.

That doesn't mean Texans should oppose the Texas Stock Exchange. Texas positioning itself as a market center is a major victory for Texans and for free enterprise. It demonstrates that companies are choosing Texas because it has created a better environment for business than New York, New Jersey or Delaware.

But success should never replace vigilance.

Texans should welcome every company that wants to invest in Texas, provided they respect the principles that made Texas attractive in the first place. If Wall Street firms have truly returned to prioritizing shareholders over politics, Texans should applaud that change.

If not, Texans shouldn't forget history.

Texas built an environment to free businesses from political activism. The companies investing in TXSE should understand that Texans expect them to leave their activist agendas behind.

And they'd be smart to remember, everything is bigger in Texas, including accountability.

Will Hild is the executive director of Consumers' Research, the nation's oldest consumer protection organization.

Tyler Durden Thu, 07/09/2026 - 17:40

Trans-Ex Lover Says Robinson Confessed To Charlie Kirk Shooting; Widow Presses Court To Release Evidence

Erika Kirk, the widow of conservative activist Charlie Kirk, asked a Utah judge Thursday to make all evidence in the preliminary hearing for her husband's accused killer available to the public - the same day prosecutors played a recorded statement in which the suspect's former roommate said he confessed to the shooting.

Tyler Robinson speaks with his attorney Kathryn Nester during a hearing for Robinson, accused in the fatal shooting of conservative commentator Charlie Kirk, in 4th District Court in Provo, Utah, on April 17, 2026. Trent Nelson/Pool via Reuters

In a filing submitted as the fourth day of proceedings began, Kirk requested that any exhibits admitted during the hearing for Tyler Robinson be published in real time. The request came hours before prosecutors introduced a redacted video interview with Lance Twiggs, Robinson's former roommate and romantic partner, in which Twiggs told investigators that Robinson confessed to shooting Kirk and said he "wishes he hadn't done it."

Prosecutors also presented text messages between Robinson and Twiggs discussing the aftermath of the Sept. 10, 2025, shooting at Utah Valley University, including efforts to retrieve a rifle and Robinson's stated intention to turn himself in.

JUST IN: In a recording, Tyler Robinson's trans lover, Lance Twiggs, says Robinson was acting "erratically" after allegedly killing Charlie Kirk.

In the bombshell video, Twiggs said Robinson told him that he "wishes he hadn't done it."

"I just asked him in person if what he… pic.twitter.com/jyMcjzCRPx

— Collin Rugg (@CollinRugg) July 9, 2026

Full video with timestamps here

Kirk was fatally shot in the neck while speaking at a Turning Point USA event on the Utah Valley University campus. Robinson was arrested after a short manhunt and turned himself in following conversations with family members.

The developments unfolded in 4th District Court before Judge Tony Graf, as the weeklong hearing to determine whether there is probable cause to send the case to trial nears its conclusion. Robinson, 23, faces aggravated murder and other charges in Kirk's killing. Prosecutors have said they will seek the death penalty if he is convicted.

Robinson appeared in court Thursday in a grey suit and tie, with one arm shackled to his waist. He remained seated quietly at the defense table as the evidence was presented. Erika Kirk and Charlie Kirk's parents were present in the courtroom.

Defense attorneys raised multiple objections during the playing of Twiggs' recorded statement, though the judge allowed the evidence to proceed. Twiggs was granted use immunity for his cooperation with investigators.

Thursday's session continued a pattern from earlier days of the hearing, which has included surveillance video placing Robinson on the UVU campus and the rooftop from which prosecutors allege the fatal shot was fired, as well as forensic testimony on DNA recovered from items near the scene.

The hearing is expected to wrap up as early as Friday, after which Graf will decide whether to bind Robinson over for trial. If the case proceeds, it would move toward a capital trial in Utah County.

Unanswered Questions

The official story leaves a lot of unanswered questions that will never be aired in court.

• Lapel mic bomb / exploding lavalier microphone / shrapnel from device in mic (not a bullet): Close-up video footage of the moment Kirk is hit contains what has been described as an "explosion," flash, or disruption at his chest/lapel area; mic allegedly shattered in the SUV afterward; wound trajectory allegedly inconsistent with a distant sniper shot and instead from a device on or in the mic. Some tie it to "exploding pagers" precedent or call it a targeted device. 

In this video, you can see the energy from the mic explosion blow Charlie Kirk up , killing him. pic.twitter.com/pFDjW8yH4i

— Irlandarra (@martinez_j7902) July 9, 2026

• Trap door / shot from below the stage/tent: Some have suggested a "trap door" is visible or implied in footage/crime scene photos under or near where Kirk was speaking; claim the shot originated from below rather than the roof; some say the area was quickly covered/filled in. Owens urged government investigation into this.
• Drones / multiple drones or UFOs involved in the hit or surveillance: Videos showing "unknown flying objects" or small aerial devices in the sky claim up to three different drones visible; suggest drone-assisted assassination, coordination, or cover. Prominently pushed by Crowdsource the Truth (Jason Goodman) in X posts and streams, including clips shared in Ben Swann threads.
• Bullet caliber / ballistics mismatch or wrong weapon: Robinson's attorneys noted in March that they had received an ATF summary report with an unexpected finding. "Regarding the firearm evidence, the defense has been provided with an ATF summary report which indicates that the ATF was unable to identify the bullet recovered at autopsy to the rifle allegedly tied to Mr. Robinson. Authorities recovered an old German bolt-action Mauser Model 98 .30-06 caliber rifle used in both World Wars from a forested area near the shooting site - which, according to many, would have popped Kirk's entire head like a watermelon. 

• Pissing off Israel / Mossad or Israeli government hit: In the weeks leading up to his death, Kirk had become increasingly critical of Israel, and prominent Zionists had been 'clapping back' to to speak (Gaza handling, hosting critics like Tucker Carlson, comments linking Epstein to Mossad/Israeli intelligence). According to leaked/private WhatsApp/group texts - Kirk claimed the loss of major Jewish donor(s) (~$2M annual), pressure to stay pro-Israel or condemn critics, and top donors reportedly demanded name removed from building or pulled funding days/weeks before.

ISRAEL GOT KIRK

WITH A RIGGED MIC EXPLOSIVE pic.twitter.com/ce8vL70Azs

— The Force (@RealTheForce) July 9, 2026

Weaving much of this together is Ben Swann - who famously reported on Pizzagate, only to disappear for several years from public view. 

🚨The Case Against Tyler Robinson Is Collapsing in Plain Sight!

The Tyler Robinson hearing is an absolute joke, and the record so far makes that painfully clear.

The state’s key evidence, a “surveillance compilation” edited by the Utah Attorney General’s office, was rejected… pic.twitter.com/caF5jY1oAu

— Ben Swann (@BenSwann_) July 8, 2026

Also, this was weird: 

This is the man arrested over Charlie Kirk’s shooting. pic.twitter.com/mxY8qMOnMX

— Peter Lloyd (@Suffragent_) September 10, 2025 Tyler Durden Thu, 07/09/2026 - 17:20

Trump Admin Targets Medicare Fraud After 7,100% Surge In Transplant Claims

Via American Greatness,

The Trump administration says it has uncovered a dramatic increase in Medicare claims for tissue and organ transplants, resulting in a broad crackdown on suspected fraud that officials say has already blocked hundreds of millions of dollars in questionable payments.

Administration officials said Medicare claims for tissue and organ transplants, known as allografts, climbed from $200 million in 2019 to $14.4 billion in 2025—a 7,100 percent increase.

The surge led the White House Anti-Fraud Task Force, headed by Vice President JD Vance, and the Centers for Medicare and Medicaid Services to intensify their review of claims. Since March, the agency has denied 96 percent of allograft claims identified during the review.

CMS Administrator Mehmet Oz said the agency identified 4,200 potentially fraudulent allograft claims totaling $224 million through May.

“That’s a lot of money,” Oz said during a Wednesday news conference in Milwaukee.

“And that bankrupts not just hospital systems and physician groups, but it causes major problems across the entire landscape.”

The agency also announced enforcement actions involving Durable Medical Equipment (DME) including wheelchairs, walkers, hospital beds and other medical equipment.

According to CMS, payments have been suspended to 102 suppliers, while billing privileges have been revoked for another 725 suppliers. The agency said those suppliers accounted for 8.6 percent of all Medicare-funded DME in 2025.

CMS officials reported they identified suspected fraud involving claims for equipment that was not medically necessary or ordered, equipment that was more expensive than prescribed, and equipment that was never delivered.

“In just six months, the task force has effectively wiped out Durable Medical Equipment fraud in America,” a spokesperson for Vance’s office said.

“After the vice president and Dr. Oz announced a moratorium on new DME companies, paired with aggressive enforcement actions by DOJ and HHS, this kind of fraud has effectively ended.”

Oz said the administration’s efforts have already prevented significant losses.

“Thanks to the whole-of-government approach spearheaded by the White House Anti-Fraud Task Force, we stopped nearly $220 million in fraudulent skin substitute claims and suspended or revoked billing privileges for over 800 DME suppliers,” Oz told Fox News Digital. “We are keeping our promise to the American people: we will root out corruption, protect vulnerable patients, and hold every bad actor accountable.”

Oz also warned those engaged in health care fraud that the administration intends to continue its enforcement campaign.

“To anyone out there, and I’m talking to you if you’re a fraudster, for anyone out there who thinks they can get away by stealing from the American people, especially American patients, I’ve got a bit of advice for you: Do not walk away from this press conference. Don’t walk away from us. You start running because the vice president and this task force are coming after you,” Oz said.

Tyler Durden Thu, 07/09/2026 - 17:00

US, Japan, And South Korea Push SMR Exports For "Energy Security Needs"

The American nuclear buildout is not just about the climate or powering data centers. It's a geopolitical war against the export of nuclear technology from Russia and China, mixed with a new demand for national energy security.

On the sidelines of the NATO Summit in Ankara, the United States, Japan, and South Korea signed a trilateral Memorandum of Cooperation aimed at accelerating small modular reactor (SMR) deployments in other countries, with an initial focus on the Indo-Pacific. The agreement is designed to bring together the complementary strengths of the three countries’ civil nuclear industries.

The US State Department also notes, “The MOC advances our mutual security interests and paves the way for partner countries to meet their energy security needs.”

In addition to deploying reactors in the Indo-Pacific, the initiative is also supported by the U.S. committing over $10 million in new funding to the State Department's Foundational Infrastructure for Responsible Use of Small Modular Reactor Technology (FIRST) Program.

Lastly, the U.S. also announced an industry initiative agreed upon with GE Vernova and their partner Hitachi, with Samsung C&T and SGE to deploy the BWRX-300 SMR in Europe. 

The U.S. is continuing its trend, started after the executive orders were signed last year, of deploying American nuclear technology in foreign countries. In the executive orders, the State Department was directed to renew or start 20 civil nuclear cooperation agreements, sometimes referred to as “123 Agreements”. 

The goal is to strengthen U.S. political ties with allies and other countries in Europe and Asia by supporting those countries' domestic energy security needs.  

The reactor export story also has a fuel-chain counterpart. More allied SMR deployments would eventually require more allied fuel supply, and that is where companies like Centrus Energy and General Matter become relevant.

Centrus already has a direct South Korea connection. In 2025, Centrus announced that it had expanded its agreement with Korea Hydro & Nuclear Power and POSCO International, including higher low-enriched uranium supply volumes tied to new enrichment capacity at the American Centrifuge Plant in Ohio. 

The supply commitment remains contingent on Centrus receiving the necessary federal funding to build that capacity, but as we clearly identified just last week, Centrus should reasonably expect to receive whatever financial support they ask for from the federal government at this point.  

General Matter adds another piece to the same puzzle. In March, the Export-Import Bank of the United States issued Letters of Interest supporting up to $4.2 billion in potential financing for nuclear fuel sales by General Matter to nuclear power operators in Japan and South Korea.

The new US-Japan-Korea framework does not name a reactor developer, but it can be reasonably expected that GE Vernova (GEV) will lead the pack given its connection to all three countries. The framework does create a backdrop for additional US-aligned advanced reactor developers trying to work with Asian industrial partners.

NANO has already started building that lane in South Korea. In January, the company signed an MOU with DS Dansuk to advance potential deployment of its KRONOS MMR system in South Korea. Under the agreement, DS Dansuk is expected to help with site identification, supply-chain localization, regulatory engagement, and institutional partnerships.

Tyler Durden Thu, 07/09/2026 - 16:40

Why Have Central Bankers Gone Radio Silent On The Digital Currency Agenda?

Authored by Brandon Smith via Alt-Market.us

During the 2020 pandemic hysteria there was a mad rush by globalist institutions like the WEF, IMF, BIS and numerous national central banks to speed-run the concept of “CBDCs” (Central Bank Digital Currencies) into the mainstream consciousness. The idea of digital currencies rooted to a blockchain ledger was presented as a solution to the pandemic. A number of globalists asserted that digital exchange would be necessary because “paper money carries the covid virus.”

This was, of course, complete nonsense. There was zero evidence that shifting to digital would prevent the spread of the virus in any way. But, as I’ve said for years now, covid was their big play. It was intended to become a nexus point for a global coup; the “New World Order” takeover. The elites figured the population was so terrified that they would agree to anything without a logical reason.

They were wrong, at least in the long run. The virus was a dud (which seemed to catch them by surprise) and the death rate was minimal (0.23% median IFR). The public eventually woke up to the deception and the agenda was forced to dissolve, largely due to nearly half of all US states blocking the mandates. If Americans could live just fine without restrictions, then the rest of the world was going to follow.

I mention the pandemic once again because the attempted coup gave the general public a once in a lifetime insight into the plans and motives of the globalists. This event changed everything. Millions of people who once thought that “conspiracy theorists” were crazy just had their eyes opened to a dark reality. There really is an international cabal. They really do make evil plans in smoky rooms. They really do want a “New World Order.”

And, a big part of this new order is a global digital currency scheme.

As researchers, all of our suspicions were confirmed. Seeing the intended plans of the elites across Europe and developing nations like China and India, it’s clear that CBDCs are the ultimate economic control mechanism. Why? Because without physical money, the populace can no longer engage in trade without governments and central banks acting as the middle man.

Look at it this way: During the pandemic mandates the Biden Administration and many other governments sought to institute the first stages of what would ultimately become a vaccine passport system.

First, employers would be required by law to check workers for updated vaccination, or face endless fines. Once this became the norm, then mandatory covid tracking apps would be introduced as the only way to enter government buildings and mass transit. Eventually, everyone would be forced to use their phones (and a QR code) to get access to public places or purchase anything anywhere.

The final domino would be CBDCs and a cashless society, but Biden and friends did not have this technology in place.

Without CBDCs the control system falls apart. With physical cash, there’s no way for the government to control transactions. They can de-bank individuals who refuse to comply (as the Canadian government did), but with physical exchange there is always a path to rebellion.

Even without cash, the public could use gold and silver or barter. People could create their own black markets and survive. However, with CBDCs widely entrenched, participation in the wider economy would be impossible.

The globalists asserted that de-banking and economic banishment was not a program of “forced vaccination” (although that was the ultimate endgame). Rather, they argued cynically that people still had a “choice” – They could take the vax and live a somewhat normal life within the system, or, they could refuse the vax and be cut off from the economy, and thus cut off from most of society and likely die from abject poverty.

This is the political left’s “consequence culture” argument.

I really hope people never forget the insanity of this era and how close we came to an Orwellian hellscape. Never forget; the globalists and the political left tried to extort you into becoming a medical slave for the rest of your life. And their plan was to use economic access as the leverage to force you into submission.

So what happened? Where did all the rhetoric about CBDCs go? It was everywhere for four years and then, it was dust in the wind. Why have central banks gone radio silent?

Sadly the plan has not been canceled, it has only been moved to the background and it continues to develop behind the curtain. The Bank for International Settlement (BIS) seems to be at the helm, for now, and is pushing forward with various projects to test CBDCs in cross border trade and tracking. Currently, they are working on “Project Agora”.

Project Agora is testing the process for “tokenization” of central bank reserves – Meaning, they want to make it possible for central banks to trade assets with each other using a blockchain ledger without complications. This would be a primary step in the eventual tokenization of all central bank transactions, including transactions with corporate banks and governments.

It should be noted that the Trump Administration and the US Senate has been issuing executive orders and legislation to block the Federal Reserve from engaging in CBDCs until at least 2030. However, the Fed seems to be ignoring these demands. According to the BIS, the Fed is STILL participating in Project Agora and the Fed has not announced any withdrawal from that program.

Interestingly, the BIS avoids using the acronym “CBDC” in most of their latest project announcements. But, this is exactly what they are working on. They do mention all national legal frameworks still apply within their ledger transactions. To translate, that means that central banks and allied governments will retain tracking and control of all assets that are traded through the system (No anonymous transactions and all transactions can be frozen).

This should be worrying for everyone and the implications are staggering. The BIS and its central banking partners are quietly building the framework for national digital currency systems to interact with other national digital currency systems.

In the end, the BIS and its allies will become the middlemen for all the world’s transactions. Furthermore, once national CBDCs become the norm, the elites are only one step away from introducing a GLOBAL CBDC: A one-world digital currency.

I continue to believe that the introduction of this system will require the collapse of the US dollar. But, this event may not happen the way many of us originally imagined. I and many other economists initially believed that the alternative digital currency system to unseat the dollar would be introduced through the BRICS economic bloc, which has been working closely with the IMF.

We also argued that a crash would have to occur through internal sabotage, clearing the path for a dollar collapse.

Something seems to have changed. The influence of the BRICS has been greatly diminished in the past five years. The plan may not be to crash the dollar from within the US through domestic mishap or sabotage, at least not right away. Rather, the plan might be to introduce CBDCs in every western country that is politically cooperative with the globalists and cut out the dollar over time as the world reserve.

Recent announcements from the European Union and the European Central Bank suggest that they are preparing to bring in CBDCs regardless of what the US does.

In other words, it looks as though far-left governments in Europe, Australia and Canada plan to build a global currency network that cuts out the dollar in order to crash its reserve status. They can then say it was entirely the fault of backwards conservative Americans who “live in the past and refuse to go digital…”

Meanwhile, the Federal Reserve continues to work with the BIS and the globalists to make the dollar ready for tokenization with the expectation that Americans will eventually be forced to go along with the agenda, or risk being left in the dust.

Will this strategy work? It’s hard to say. The pandemic plan failed and only ended up radicalizing millions of people against the globalists by default. On top of that, the mass immigration agenda in Europe is not going over well and it’s driving the citizens to replace liberal governments with hard-right parties like Restore and AFD. But, when money becomes the weapon, things can turn ugly fast. CBDCs could create unprecedented social and political leverage for the globalists.

Luckily, the public is already well aware of the existence of CBDCs and many of the threats they pose. The globalists can try to hide their projects in a fog of obscurity and they can try to change the terms by using words like “tokenization”, but the populace is still going to recognize the dangers because their radar is now up.

Tyler Durden Thu, 07/09/2026 - 16:20

Jack Smith's Team Exposed Classified Materials, Senator Finds

Authored by Zachary Stieber via The Epoch Times,

Prosecutors with the office of former special counsel Jack Smith left classified materials unsecured and provided materials to at least one person without confirming that person needed to see them, a senator said on July 8.

A set of messages from Smith’s team showed that in 2024, the team left a facility designated for the review of sensitive information open overnight, and potentially longer.

“Who opened the [facility] yesterday?” one member of the team asked in a message.

“No one opened it yesterday because no one closed it the day before,” another member replied.

A second set of messages from 2024 outlined how the team provided classified materials to an unidentified person despite not having confirmation that the person needed to see the materials.

The incidents took place as Smith’s team, which was part of the Department of Justice (DOJ), was prosecuting then-presidential candidate and former President Donald Trump for allegedly mishandling classified materials during his first term as president.

“Talk about the pot calling the kettle black,” Grassley said in a statement.

“According to these messages, Biden DOJ personnel may have committed the very offense for which Jack Smith was prosecuting President Trump. These records expose yet another double standard of justice.”

Grassley also wrote in a post on X that the messages “indicate hypocritical [and] careless behavior” and “merit further investigation.”

He pointed to how some former officials, such as former Secretary of State Hillary Clinton, mishandled classified information but were not charged.

Grassley asked Todd Blanche, the acting attorney general, for more records, including whether the facility that was left unlocked contained any material that was part of Smith’s prosecution of Trump, and whether the DOJ investigated Smith’s team for giving classified information without the need-to-know confirmation.

“The Department is aware of the concerns raised in Senator Grassley’s letter and takes the safeguarding of classified information very seriously. Every official entrusted with sensitive materials must follow strict security protocols without exception — a standard Jack Smith’s team apparently failed to meet as they pursued a politically weaponized prosecution of President Trump,” a DOJ spokesperson told The Epoch Times in an email.

“As with any alleged security lapse, the Department reviews such matters through established internal processes to determine whether protocols were followed, whether classified information was compromised, and whether any corrective steps are warranted. The Department will continue to apply those procedures rigorously, consistent with our longstanding commitment to protecting national security and maintaining the integrity of our operations.”

Smith, who has said his investigation was proper, was appointed in November 2022 by then-Attorney General Merrick Garland to manage investigations into Trump, who at the time was out of office.

Federal prosecutors later charged Trump with violations of federal law governing the handling of classified information, as well as other charges such as illegally interfering in the 2020 presidential election.

Prosecutors dropped the cases after Trump won the 2024 election, noting that he would soon be president.

Part of Smith’s final report was released to the public prior to the start of Trump’s second term, outlining how Smith believed the evidence against Trump would have resulted in a conviction. A federal judge later ruled that the other part shall never be made public.

Tyler Durden Thu, 07/09/2026 - 15:40

Starbucks Using AI To Build Software Replacing Applications It Buys From Microsoft, IBM

Corporate America has been desperate to see a burst of productivity (i.e., cost cutting) emerging from the latest flood of agentic AI euphoria, and it is slowly starting to get it. Not everyone will be pleased.

Starbucks is developing in-house tools with the help of artificial intelligence that could replace some software applications it now buys from companies such as Microsoft and IBM. 

According to Bloomberg, the coffee chain, whose stock price has gone nowhere in the past 3 years, is building alternatives to a Microsoft system that tracks inventory and an IBM tool that manages maintenance. Some of the Starbucks-developed software could roll out by the end of next year, pending the results of testing, the report notes.

Before the advent of advanced AI models, businesses were tethered for years to their technology vendors due to fear of business disruption and the complexity of building in-house tools. But AI is shifting that calculus as it makes it easier to develop applications from scratch and as companies push workers to use the technology (especially when it means those very same workers are teaching AI models how to do their work for them).

This is hardly new: at the start of 2026 the software sector cratered as Wall Street expressed doubts about the "terminal value" of business models that can easily be disrupted by AI. Since then, sentiment has stabilized but leading software companies still face concerns about whether they’ll be able to fend off competition from products built by upstarts, or their own customers, using AI. This phenomenon has weighed on software stocks this year, with Microsoft and IBM both trailing the S&P 500.

Shares of both companies fell during trading on Thursday, with Microsoft down 2.4% and IBM sinking 5.2% at 9:30 a.m. in New York, following the Bloomberg report..

Starbucks spends about $400 million a year on software alone, CTO Anand Varadarajan told workers in an internal forum earlier this year. “There’s clear opportunities to reduce the spend in software,” Varadarajan said. In-house software can be cheaper, an incentive for companies such as Starbucks, which is looking to cut $2 billion in costs as part of a broader turnaround effort. That said, in the long run, building can lead a company to pay higher maintenance and labor costs.

When it comes to technology, Starbucks company is reviewing “every contract and service,” according to the presentation seen by Bloomberg. In some cases, that includes building products to replace software that its engineers have to heavily tailor anyway. As an example, the company has been working for several years on building a point-of-sale system that would take the place of Oracle Simphony.  In a blog post earlier this year, the company said AI and other technology advancements will support its long-term growth and free up baristas to focus more on customer service.

AI-assisted coding was also key to developing the platform that could replace the IBM tool. Starbucks has been pushing tech workers to use artificial intelligence, even factoring usage into their bonuses, which is ironic since the better the model, the less need for the person who created it meaning the bonus will likely be their last.

To be sure, there’s skepticism about how much, or how quickly, AI can speed up and automate work. Starbucks recently pulled an AI-powered system to track inventory at stores, reverting to manual counting; According to Reuters, that tool was part of CEO Brian Niccol's efforts to fix the coffee chain's persistent product shortages that he has blamed for hurting sales. The app - designed to improve Starbucks’ visibility into shortages at stores - frequently miscounted and mislabeled items, such as confusing similar milk types or ​missing them altogether. It also continues to use software from third-party vendors, including from companies such as Microsoft. 

The Starbucks enterprise technology team is on track to reduce its budget by about $30 million in the fiscal year ending in late September, according to the internal presentation. That includes cutting about $10 million in software spending. Another $13 million will be saved mostly by cutting back on contractors from professional services firms and backfilling some roles with its own staff. Starbucks is setting up offices in Nashville and India that will house some tech workers, while others will remain at its Seattle headquarters. The company has cut about 2,300 jobs since February of last year, including many in tech.

Tyler Durden Thu, 07/09/2026 - 15:20

Judge Hannah Dugan Gets The 'Good Person' Discount In Federal Court

Authored by David Manney via PJMedia.com,

Former Milwaukee County Circuit Court Judge Hannah Dugan just discovered a remarkable sentencing principle: Commit a felony, lose at trial, watch the conviction survive post-trial motions, face a guideline range of 15 to 21 months, and still walk out without prison, probation, and a $5,000 fine.

Regular defendants may want to write down the magic words before the courts patch up the loophole: Otherwise good person. I hope you were sitting down for that.

BREAKING: Former Milwaukee County Judge Hannah Dugan has been sentenced to no prison time after she was found guilty of obstructing ICE agents from arresting an illegal alien in a courthouse last year. Federal judge Lynn Adelman (Clinton appointee) has just ordered Dugan to pay a… pic.twitter.com/RudVgCUPlt

— Bill Melugin (@BillMelugin_) July 8, 2026

U.S. District Judge Lynn Adelman sentenced Dugan on Wednesday after a federal jury convicted her in December of obstructing an ICE arrest at the Milwaukee County courthouse.

Dugan was acquitted of a separate count accusing her of concealing Eduardo Flores-Ruiz from arrest, but the felony obstruction conviction stood. The official court page lists the case, the trial's conclusion, and the July 8 sentencing.

So the question isn't whether the system had enough process; it had plenty. It just reached a result that smells like one menu for the powerful and another one for everybody else.

Flores-Ruiz, a Mexican national, was in court on misdemeanor domestic assault charges when federal immigration agents arrived to arrest him. Prosecutors said Dugan helped him leave through a non-public courtroom door, which turned a planned courthouse arrest into a foot chase outside.

Their sentencing memo argued Dugan used the power and prestige of her office to obstruct federal agents and placed the interests of a criminal defendant above the rights of his alleged victims.

Here's where the cornbread legal system starts rising in the pan. Prosecutors said Dugan understood the justice system better than the average defendant, citing statements suggesting she knew she was crossing the line. From Reuters:

U.S. District Judge Lynn Adelman noted Dugan's long history of public service in deciding to spare Dugan from prison.

"The punishment should fit the offender, and not merely the crime," Adelman ⁠said during a hearing in Milwaukee federal court, adding that Dugan "made a bad decision in the moment."

Dugan was convicted of obstructing a federal proceeding and cleared of a lesser charge of concealing a person from arrest following a federal trial in December. Prosecutors said she helped a Mexican migrant sought by federal agents leave through a non-public courtroom door.

The migrant, who was scheduled to appear in her courtroom on misdemeanor assault charges, left by a “jury door” to avoid federal agents who were positioned in a hallway outside her courtroom.

The migrant, Eduardo Flores-Ruiz, walked through a public hallway with his attorney and was arrested outside the courthouse following a brief foot chase.

In addressing the court prior to the sentencing, Dugan said her prosecution was politicized.

"I was a public ‌servant ⁠who was just trying to do my job," she said.

Federal prosecutors did not make a specific sentencing recommendation but had argued that federal guidelines called for between 15 and 21 months in prison.

“Rather than uphold the rule of law, the defendant used the power and prestige of judicial office to obstruct federal agents carrying out their lawful duties in order to help an individual evade arrest,” prosecutors wrote in a sentencing ⁠memorandum.

The sentence should reflect the “serious nature of her conduct and its broader impact on the justice system,” prosecutors wrote.

They also told the court that similarly situated defendants in 935 administration-of-justice cases since 2015 received an average sentence of 16 months and a median sentence of 10 months.

Dugan got neither. Not a month, week, or night.

Her defense made the case for mercy. Dugan is 67, has no prior record, lost the judgeship she loved, and served the community for decades. Her lawyers argued the offense was isolated, unique, and not capable of being repeated because she had resigned from the bench. They also argued the guideline range overstated the seriousness of the conduct and that a lower range would apply if the case were viewed differently.

I'm not a fan, but fine; judges can consider age, history, service, remorse, risk, deterrence, and collateral consequences. A sentencing courtroom isn't a vending machine: push felony, receive prison.

But sentencing also tells the public what the law means when the defendant once wore the robe. If a judge can obstruct federal agents and then avoid prison because she's otherwise decent and upset by immigration policy, every courthouse lecture about accountability gets a little harder to swallow.

Adelman described Dugan as an otherwise good person who made a bad decision while upset by immigration policies.

Wonderful.

Somewhere out there, a defense lawyer just heard angels sing.

“Your honor, my client is also a good person. He was just upset by tax policy, bank policy, drug policy, border policy, the thought of dogs loving mail carriers while living with cats, or whichever law ruined his Wednesday. Please update the jury instructions accordingly."

The worst part isn't mercy; mercy can be noble when paired with the truth. The worst part is selective tenderness dressed up as wisdom. Ordinary people are routinely told that intent, stress, frustration, and good deeds don't erase criminal conduct. They hear that a sentence must promote respect for the law, that deterrence counts, and that the process has consequences.

Then a judge commits a felony tied to her official power, and suddenly the system finds poetry in restraint.

Nobody should want cruel sentencing. Conservatives, of all people, should know government can overcharge, overpunish, and ruin lives. But equal justice can't mean leniency for the credentialed and iron for the rest.

A judge who breaks the law from the bench hasn't merely made a private mistake; she's damaged the very promise she once had a sworn duty to protect.

Dugan may think she acted from compassion or courtroom concern. The jury didn't buy enough of it to clear her. The conviction remains, and the fine is now due.

But any opportunity of a prison sentence disappeared. If “nobody is above the law” still means something, the public deserves to see it when the defendant already knows every hallway in the courthouse.

Tyler Durden Thu, 07/09/2026 - 15:00

French Security Services On High Alert For Morocco-France World Cup Semi-Final: 'Get Ready For Riots & Violence'

France is warning football fans to behave and conduct themselves responsibly ahead of a major Thursday World Cup quarter-final match which pits France against African champions Morocco. Security services are on high alert, the government has said. The match kicks off at 4:00 PM ET.

"I appeal to everyone’s sense of responsibility. It has to remain a celebration," Sports Minister Marina Ferrari told the France Info broadcaster, after in previous years various high profile matches have sparked unrest and riots. France's Interior Minister Laurent Nunez has warned that "no misconduct would be tolerated."

Morocco will be out for revenge after it was knocked out of the 2022 semi-final by France. via EPA

As it turns out, there are multiple members of Morocco's national team that were born in France and/or play for French clubs - most notably Spanish-born team captain Achraf Hakimi, who plays for Paris Saint-Germain.

It remains that Moroccans are the second biggest non-European ethnic group in France (after Algerians). There has been a long history of tensions and conflict between French citizens and largely non-assimilated Moroccan communities spanning a period of years.

It must also be remembered that during France's 20th century colonialism, Morocco was French protectorate from 1912 to 1956.

Some online pundits are predicting riots and violence, regardless of the outcome, and that the situation is primed for it:

It’s bad news for several European cities that Morocco won [prior advancement in the cup]. Brussels, Paris, Montpelier, Lyon, and even some Dutch cities.

If France go through as they are expected to later tonight, it’s bad news for French police.

When France beat Morocco in WC 2022, 10,000 police had to be deployed across France. 5,000 in Paris alone.

Get ready for riots and violence.

The French team boasts of being 2018 World Cup champions and the 2022 runners-up. France beat the Moroccan team 2-0 in the semi-finals in 2022, ending up to that point was dubbed a 'fairy tail' advancement, hence 'revenge' is on the table.

To review of the underdog's performance so far in the tournament, Morocco has "enjoyed a successful tournament run ahead of this heavyweight clash, having drawn 1-1 with Brazil in a match they dominated statistically in the group stages, followed by expected wins over Scotland (1-0) and Haiti (4-2), and possess what many say is one of the most frightening attacking sides of the tournament."

Predictions for the aftermath have tended to go something like this...

🇫🇷🇲🇦 France plays Morocco today in the 2026 World Cup quarter-final at 22:00 Paris time.

No matter who wins, Paris will burn... pic.twitter.com/PGtanOma3t

— Visegrád 24 (@visegrad24) July 9, 2026

The memes have been in hyperdrive...

Paris regardless of the outcome of Morocco vs France: pic.twitter.com/TJmVMV8R3I

— Mads (@europemaxxed) July 5, 2026

Of the security situation, during an already extraordinarily hot summer, Euronews reviews further, "Authorities in Paris and other major cities are preparing for unrest, deploying several thousand police officers in preparation for intense clashes similar to those that erupted after the 2022 World Cup semifinal between the North African nation and its former colonial ruler."

"More than 250 people, many of them in the capital, were arrested for violent clashes with civilians and police officers after France’s victory," the report adds. "Authorities have advised the public to exercise caution and football fans to remain peaceful and respectful of the law." Some news sources say that 20,000+ additional French police are being deployed tonight just on fears of soccer unrest, with at least 8,000 extra in Paris alone.

Tyler Durden Thu, 07/09/2026 - 14:20

"Results Were Tempered": Pepsi Blames US Snack Slump On Cash-Strapped Consumers

PepsiCo blamed the second-quarter slowdown in its North American food unit on consumers tightening their belts. The period was marked by elevated pump prices tied to the US-Iran war, a squeeze that hit lower-income households the hardest and weighed on discretionary snack and beverage purchases.

Revenue in the company's North American food unit fell 2%, while volumes remained flat, even as the junk food giant slashed prices on some of its brands by as much as 15% earlier this year to lure working-class consumers.

"Results were tempered in the quarter as U.S. food and beverage category performance moderated with consumer budgets tightening due to rising inflationary pressures," CEO Ramon Laguarta stated in a press release.

"Our North America business was softer than we anticipated in the second quarter, and we now expect a more gradual improvement in performance trends for the balance of this year," CFO Steve Schmitt said in prepared remarks.

PepsiCo reaffirmed its full-year guidance and reported adjusted earnings of $2.20 a share for the second quarter, slightly above the Bloomberg Consensus estimate.

The company has also raised prices on some smaller bags and is expanding its product line to include more protein and fiber as consumer tastes shift toward healthier options.

Here's JPMorgan analyst Andrea Teixeira's first take on PepsiCo earnings:

The earnings beat was of lower quality, driven mostly by below-the-line items and OSG came in a tick below expectations as North America underperformance was offset by stronger International. PFNA turned negative again after a strong start in 1Q26, with volumes decelerating to flat vs. +2% in 1Q, as management noted that U.S. food and beverage category performance moderated in the second quarter amid higher inflationary pressures. Management reiterated guidance (in line with our expectations and preview), but is now expecting a more gradual improvement in trends in North America and is now embedding a ~1 point benefit to EPS from tariff refunds in the guidance (mostly occurring in 3Q and allocated to PBNA, with the company likely to use these tariff refunds to offset higher COGS and reinvest in A&M to reignite volumes). The company is also pointing to 4Q-weighted EPS growth in 2H. PEP turnaround is deep and investors should not expect a straight line as with most restructurings in CPGs, yet we think investors will need to get more reassurance in consumption data ahead in order to feel more confident that the ingredient reformulation, brand restaging and affordability actions are working.

Peter Grom of UBS' first take:

Initial Reaction: Negative. Heading into the print, given weaker tracked trends in North America our conversations suggested most anticipated organic sales to be under pressure with much of the debate centering on how company frames the full year outlook and the path from here. Against that backdrop, we think the print more or less played out as expected but was still disappointing on the surface relative to consensus as organic sales fell short, GM/ OPM came in below with total company EPS ahead of expectations due to favorable below-the-line items. From a guidance perspective, the company maintained their outlook and while they did not point to the low end of the range (as some expected), management did outline that growth is expected to be 4Q weighted. While this is not surprising on the surface given the external environment and timing of input cost pressures, we would note that simply hitting the low end of the range implies +HSD EPS growth in 4Q against a tougher comparison on the bottom line - which some are likely to view as optimistic. In many ways we do not think the print will be viewed as thesis changing and although it would not entirely surprise us to see shares trade higher today given positioning, based on the quality of the print/outlook alone, we would expect shares to trade lower this morning (currently -1.2% pre-market).

Separate but notable is a chart from food retail equity analyst Scott Marks at Jefferies that shows a sharp decline in average benefits per SNAP participant (read report) ...

Pepsi shares slipped nearly 2% in premarket trading Thursday. The stock is down about 1% year-to-date and lagging the broader S&P 500 index.

Tyler Durden Thu, 07/09/2026 - 14:00

Strong 30Y Bond Auction Stops Through For First Time Since March

On the heels of yesterday's stellar 10Y auction, this afternoon saw an even more stellar-er 30Y auction with the US government selling $22 billion bonds at 5.058%, the highest result since 2007, vs a 5.061% when-issued yield at the 1 p.m. New York time bidding deadline.

That is the first stop-through (0.3bps) since March (after three ugly tails - June's reopen was the weakest since July 2024)...

The 2.44 bid-to-cover ratio compares well with the 2.39 average for the past six reopenings

• Dealer: 10.05% (prev. 14.7%, six-auction average 10.9%)

• Direct: 12.24% (prev. 25.3%, six-auction average 24.0%)

• Indirect: 77.74% (prev. 60.0%, six-auction average 65.1%)

The internals were also some of the best on record: foreign buyers (i.e., indirects) were awarded 77.7% of the auction, up from 78.21% in June and the 2nd highest on record.

Overall, this was an extremely strong auction, among the best of 2026 as the high yields have clearly attracted foreign demand as tales of de-dollarization continue to ebb.

Tyler Durden Thu, 07/09/2026 - 13:33

Gold Selloff Seen As "Stop-Loss Liquidation Positioning Reset", Not Fundamentally Driven

Gold’s break below key technical support of 4050 to the 4023 low in New York trading on Wednesday appears driven primarily by stop-loss liquidation and positioning rather than a material deterioration in macro fundamentals, according to UBS. 

As the bank's trader Marcus Millis writes, "the move flushed out long exposure and left positioning looking more balanced, reducing the immediate risk of further forced selling."

However, he cautions, the broader trading backdrop remains challenging. That's because with front-end USD rates expected to stay under pressure, upside in gold looks limited, and rallies are still viewed as opportunities to reduce exposure rather than chase higher prices.

Near-term support should emerge around recent lows at 4040-50 with resistance at 4110/20, but conviction for a sustained rebound remains low.

That said, the long term fundamentals remain especially solid, and patient holders who would rather collect income from gold as a "productive" metal until its next breakout, rather than a passive, not-yielding asset, can check out the offerings from our partner Monetary Metals. 

Case in point: as we reported a few weeks ago when analyzing the World Gold Council's 2026 Central Bank Gold Reserves Survey, the punchline was that a record 45% of respondents expect their own gold reserves will increase over the next 12 months

Central banks have accumulated an average of 1,000t of gold over the past four years, up significantly from the 500t average over the preceding decade. This marked acceleration in the pace of accumulation has occurred against a backdrop of geopolitical and economic uncertainty, which has clouded the outlook for reserve managers.

The WGC's 2026 Central Bank Gold Reserves (CBGR) survey was conducted between 5 February and 19 May. With the majority of responses coming in after the start of the Middle East conflict, this year’s survey contains insights on how central bankers view gold in the light of ongoing geopolitical turmoil. The sample is highly representative of the overall central bank community, both geographically and in terms of gold owned. This robust participation is a powerful signal of engagement with gold amongst the central banking community. 

Here are some more of the notable highlights:

• Similar to findings from previous surveys, central banks continue to hold favorable expectations on gold. Respondents overwhelmingly (89%) believe that global central bank gold reserves will increase over the next 12 months.

• This year, a record 45% of respondents expect their own gold reserves will also increase over the same period. The majority of the remaining respondents indicated they expect no change while 1% expect their institution’s gold reserves to decrease (hello, Turkey).

• Gold’s performance during times of crisis, portfolio diversification and inflation hedging are some of the key factors for central banks to hold gold. In addition, gold as a geopolitical risk hedge and gold as part of a reserve diversification policy also feature as key reasons for increasing allocations to gold.

• The majority of respondents (74%) see moderate or significantly lower US dollar holdings within global reserves over the next five years. Respondents also believe that the share of other currencies, such as the euro and renminbi will remain unchanged over the same period, while gold holdings will increase.

• This year’s survey asked respondents how they would fund their new gold purchases. Half of respondents indicated through a domestic purchase program in local currency, while 38% indicated through selling existing reserve assets.

• The Bank of England remains the most popular vaulting location among respondents at 57%, though central banks continue to diversify their storage across multiple locations. Domestic storage came in second at 49%, followed by the Bank for International Settlements at 16% (a slight uptick from last year). The Swiss National Bank saw a notable decline in preference, dropping to 6% from 12% in 2025.

• A notable increase in changes to vaulting locations was observed in this year’s survey, with 9% saying they have increased domestic storage and 10% saying they have diversified overseas storage locations in the past 12 months, compared with 5% and 2% respectively in last year’s survey. The trend is also observed in future plans for vaulting, with 7% saying they plan to increase domestic storage and 9% saying they plan to diversify overseas storage locations in the coming 12 months. 

To summarize, this year’s survey reinforces the trend: central banks remain very positive on gold, highlighting its significance amid a volatile geopolitical and economic environment.

• When asked about expectations for how global central bank gold reserves will change over the next 12 months, respondents were almost unanimous, with 89% of respondents believing that official gold reserves will continue to increase (Chart 3). This sentiment was consistent across both advanced economy and EMDE respondents. It should be noted that 11% of central banks believe that gold’s proportion of total reserves would remain unchanged, up from 5% last year.  In addition, 45% of respondents thought that their own institution’s gold reserves would rise over the next year, broadly in line with last year’s finding (43%).
• Most respondents did not expect their gold reserves to change in the next 12 months. This marks a new record high in the proportion of central banks expecting to add gold to their own reserves with EMDE banks continuing to lead their advanced economy counterparts. Among EMDE respondents around half thought that their own gold reserves would increase in the next 12 months, while the other half anticipated they would remain unchanged.
• The findings highlight that gold sentiment within the central banking community remains upbeat. Expectations point to continued gold buying over the next 12 months, reflecting sustained confidence in gold’s strategic role amid evolving geopolitical and macroeconomic dynamics.

In other words, the demand fundamentals - especially among the "price-indiscriminate buyers" have never been better, and while technicals and positioning remain challenging, especially when factoring for the continued selling in gold ETFs...

... gold tends to reward patient holders in the long run (as all those who purchased it for much of the 2010s and early 2020s experienced, when the yellow metal barely moved, then rapidly 3x-ed in just one year). And while waiting, there is now an option to collect as much as 4% yield on physical, paid out as additional ounces of physical gold.

Tyler Durden Thu, 07/09/2026 - 13:20