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For these NYC families, the classroom has no walls — and sometimes, it has a subway map.

Researchers caution that findings are preliminary, with more research needed.

Green Steel: ArcelorMittal Finally Pulls The Plug

Submitted by Thomas Kolbe

In the end, economic reality prevails. Green steel has no future in Germany, regardless of how much funding may continue to flow through the channels of the green subsidy machine: At Germany’s overregulated, energy-policy-driven and increasingly sidelined industrial location, industrial production is becoming less and less profitable.

That ArcelorMittal, one of the green economy’s poster boys, threw in the towel at the end of the week and announced that it would end steel production at its Duisburg site is the latest painful blow to the proponents of the green transformation ideology.

From October next year, ArcelorMittal will completely close the Duisburg steelworks and will also cease operating the billet rolling mill, where around 800 employees are currently employed. Around 550 employees could be affected by the closure. Only the wire rod mill is to remain. The semi-finished products required to operate it will in future be sourced from other ArcelorMittal sites and external producers.

The news carries a double weight: That green steel — meaning steel produced through a production route in which hydrogen is used instead of carbon as the reducing agent — would not be able to compete in the face of significantly lower production costs at other locations is hardly surprising. But the fact that, ultimately, even conventional steel production is gradually having to retreat from Germany is tragic — a resounding no from business to the ideologically contaminated energy and location policies of the slowly crumbling industrial heart of Europe.

The basic materials industry is a fundamental component of industrial value chains. Particularly in view of geopolitical tensions, national control over raw materials and primary products is becoming increasingly important. Since the best year, 2018, crude steel production in Germany has fallen from 42.4 million tons to 34.09 million tons in 2025, a decline of around 20 percent — a dramatic indication of the complete failure of Germany’s energy and industrial location policies.

The green transformation is crumbling before our eyes while Germany’s industrial base is being deindustrialized. Capital seeks better returns, regardless of how rosy the world of the green transformers surrounding former Economy Minister Robert Habeck, the spiritus rector of the ecological central planners, may have been.

For Habeck, green steel “Made in Germany and Europe” was indispensable. The Green politician was convinced that steel produced with coal would have no future on the world market. How wrong one can be!

Representatives of this transformation ideology are presumably looking on at developments in the industry in bewilderment. Where is the traitor? they will ask themselves. After all, limitless subsidies, credit assistance and artificially imposed cost disadvantages through the CO₂ mechanism were all made available to traditional competitors in order to push this artificial product forward.

ArcelorMittal is by no means the only corporation pulling back. Previously, thyssenkrupp and Salzgitter also abandoned the misguided notion that they would one day be able to produce green steel in Germany.

Ultimately, everyone has to ask themselves: What does it actually cost to produce one ton of green steel? And who will compensate for the loss-making operation in the face of substantially cheaper, considerably more cost-effective competition, for example from India or China? Will these companies have to remain dependent on the taxpayer forever?

The cost gap is enormous: Depending on the calculation and production conditions, green steel increases production costs by around $100 to $500 per ton. For the European steel industry, the conversion to low-carbon production methods is estimated to entail additional costs of 35 to 100 percent per ton. This simply cannot work.

Green steel was one of the political pet projects of the Green Deal. Companies that decided — or were politically encouraged — to convert their production were supposed to be supported through two subsidy channels.

On the one hand, there was the classic subsidy payment. In the case of ArcelorMittal, around €1.3 billion in funding was earmarked for converting the plants in Bremen and Eisenhüttenstadt; the overall project was estimated at around €2.5 billion. Direct reduction plants and electric arc furnaces were planned, with everything ultimately intended to run on hydrogen. Then came the surprise withdrawal: On June 19, 2025, ArcelorMittal announced the end of the projects. According to the Ministry of Economic Affairs, the €1.3 billion was never drawn down. What a blow to green ideology: Even massive public funding could not make the project profitable.

A second subsidy channel for green cronyism runs through the CO₂ emissions trading system. Energy-intensive producers such as the steel industry receive free certificates to protect them against international competitors with lower climate-related costs. If a company emits less CO₂ than permitted by its freely allocated certificates, it avoids purchasing additional allowances and can sell surplus pollution rights to other companies. Conventional steel production is made relatively more expensive by this allocation mechanism — everything possible is being done to keep the industrial homunculus of green steel somehow breathing.

Since January 1, 2026, the CBAM mechanism is supposed to provide additional protection for industry. It is not a formal tariff barrier, but it serves a similar function: CO₂-intensive imports such as steel are now subject to comparable regulatory costs imposed by the EU climate machine. Yet even this market barrier cannot change the fact that industrial production in Germany has simply become unprofitable.

Along the entire value chain — from conversion subsidies and free certificates to protection against foreign competition — the state is playing every card in its hand to impose its centrally planned environmentalism on the private sector.

Brussels and Berlin are thus providing an impressive demonstration of the internal contradictions and high costs of a centrally planned state economy. Everyone can now see what happens when the state interferes with price formation and dictates technology and the actions of individual companies: It becomes expensive for the taxpayer. Costs do not simply disappear; they are merely redistributed and concealed through subsidies. When the state repeatedly intervenes in the economy, scarce resources no longer flow to where competition would generate the greatest benefit. Instead, they flow into the pockets of those whose ingenuity lies in hunting for grants and subsidies. This is how the final chapter of the market economy begins.

* * * 

About the author:  Thomas Kolbe, a German graduate economist, has worked for over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden Wed, 09/09/2026 - 05:00

Hasan Piker's casual denigration of the horrors of 9/11 does real damage — and as a Muslim who rejects Islamism, I must speak out against his venom.

The company has already been growing this year in the US and beyond.

China's Oil Scramble Sends African, Canadian, Latin American Crude Prices Soaring

China, the world's largest oil importer, is bidding up crude prices across Africa, Canada, and Latin American markets as disruptions in the Hormuz chokepoint and limited Iranian supplies intensify competition for alternatives. The scramble is squeezing smaller Chinese refineries that once relied on heavily discounted Iranian barrels, according to a new Bloomberg report. 

The renewed Chinese buying marks a major shift from a period when subdued Chinese buying helped restrain crude oil prices. With Iranian exports almost entirely shut off by the US blockade and fighting flaring again, as seen Monday when Saudi Aramco's Jizan oil facilities were reportedly hit, the race to find replacement supplies around the world is becoming an increasingly expensive task for the Chinese. 

Traders spoke with Bloomberg. Here's what they had to say:

The turnaround is producing spikes in the price of various grades. Congo's Djeno crude was offered to Chinese buyers at premiums of as high as $20 a barrel over ICE Brent this week, up from around $15 a couple of weeks ago, according to traders who asked not to be named as they're not authorized to speak to the media.

Chinese buyers are also buying tanker loads of crude from Canada, Brazil, and Argentina, while stronger demand has lifted prices for Russia's ESPO crude. Asian buyers are also pushing Dubai crude futures toward $100 per barrel.  

Chinese seaborne crude imports aren't back to prewar levels and are currently trending toward 10 million barrels per day - still below pre-conflict levels. That means the race for alternative supplies may still intensify. 

Bloomberg pointed out that the rebound in crude imports comes as refinery math improves and inventories are being rebuilt in China. Improved processing margins, the resumption of fuel exports, and commercial restocking are encouraging refiners to ramp up purchases, according to GL Consulting founder Liao Na. 

Smaller independent refiners, known as teapots, face the greatest pressure because their traditional sourcing channels for Iranian and Venezuelan crude have eroded this year as access to those supplies has collapsed amid the Trump administration's push to rewire global energy markets. 

Liao said, "China's robust buying lately is largely driven by refiners taking advantage of decent margins," adding, "Active restocking by commercial players has also helped, but it’s not necessarily a sign of stronger underlying demand that’s supporting the recovery."

Separately, Goldman Sachs energy expert Daan Struyven expects China's ability to adjust purchases to prices to help moderate any spikes in crude prices.

Brent Crude 

Notably, China has a massive SPR against Brent crude prices in triple-digit territory. Its crude inventories are estimated at at least 1 billion barrels, giving buyers room to reduce purchases when prices become unattractive.

Tyler Durden Wed, 09/09/2026 - 04:15

The skeletal remains were discovered more than six months after Cindy Marcell Blizzard went missing in the spring of 1977.

Massive Escalation: Iran Sends Large Ballistic Missile Salvo On Jordan Bases, After US Strikes Iranian Oil Tankers Summary

• US Strikes Iran: US forces reportedly hit Iranian oil tankers near Kharg Island and Jask.
• Iran Targets US Ships & Jordan: Iran reportedly launched another attack on US naval assets, though no American ships were hit, say US officials. Ballistic missiles raining down on Jordan overnight. 
• Oil Near $100: Brent crude surged as tensions threaten Iranian exports and the Strait of Hormuz.
• Houthis Hit Saudi Arabia: Ballistic missiles and drones struck Saudi energy and military targets, causing fires and operational disruptions.
• Yemen War Escalates: Saudi airstrikes resumed as Saudi-backed forces vowed to retake Sanaa, raising fears of wider regional spillover.

//--> //--> //--> Strait of Hormuz traffic returns to normal by September 30?
Yes 2% · No 98%
View full market & trade on Polymarket Iranian Missiles Raining Down on US Bases in Jordan: Reports

State Tasnim reports: Iran has launched missiles at targets in response to US strikes, while unofficial sources cited by Tasnim noted that explosions were heard in Jordan following Iranian missile attacks.

The below brief recap shows this new flare-up and tit-for-tat came in rapid succession... Senior US officials to FOX:

US military has struck targets near Kharg Island and Jask. The targets include Iranian oil tankers. This is part of a larger effort to squeeze Iran economically. The strategy includes sinking and disabling Iranian crude oil tankers. -FOX

Looks like a significant number of Ballistic missiles launched by Iran pic.twitter.com/yDSMvEPjb3

— Amichai Stein (@AmichaiStein1) September 8, 2026

How many Patriot interceptor missiles are being plowed through this time?

Video shows the large Iranian ballistic missile attack on Jordan pic.twitter.com/cF3qR9ALlB

— Faytuks Network (@FaytuksNetwork) September 8, 2026

More unverified but widely circulating images out of the region overnight:

Insane footage shows the massive Iranian ballistic missile attack against U.S. bases in Jordan.

At least 30 missiles have been launched, and many of them also released cluster munitions while falling from the sky. pic.twitter.com/RM8XqcHBRw

— MoloMonitor 🇮🇹 (@MoloWarMonitor) September 8, 2026

Iranian leaders have lately vowed to hit US bases and assets harder in all forthcoming rounds of fighting...

This retaliation reflects what Ghalibaf stated a few days ago: that in #Iran's regime's mind, the era of proportional responses is over. https://t.co/VxSVmwJZdh

— Jason Brodsky (@JasonMBrodsky) September 8, 2026 US Attacks Iran Tankers, After American Navy Ships Targeted

Oil climbed on reports of explosions on Iran's Kharg Island:

IRIB reports that US forces attacked a commercial vessel in the coastal waters of Jask City

MULTIPLE EXPLOSIONS HEARD NEAR KHARG ISLAND ANCHORAGE, A KEY IRANIAN OIL EXPORT HUB; CAUSE, ORIGIN & ANY POTENTIAL DAMAGE REMAIN UNCONFIRMED. - MEHR NEWS AGENCY

US is currently attacking Iranian oil tankers, i24 news reports, citing a US source

A small Iranian tanker was targeted by a missile attack from the US army 4 miles from Kharg Island, Tasnim reports
Via Tasnim

IRAN LAUNCHED UNDISCLOSED SECOND ATTACK ON US SHIPS ON MONDAY: WSJ

NO AMERICAN SHIPS WERE STRUCK IN THE ATTACKS: WSJ

Fox correspondent confirms Iranian oil tankers (plural) and “targets” (plural) were struck by the United States in recent minutes. This does nothing to “squeeze” Iran, just to be clear. The tankers are inside the US blockade line and the Tanker for Tanker policy is just a… https://t.co/bwLrw9QO7v

— Brett Erickson (@BrettErickson28) September 8, 2026 Oil Climbs, Brent Near $100

Nothing official has yet to emerge, also amid unconfirmed reporting that Iran’s IRGC Navy has launched anti-ship cruise missiles from Jask toward the Strait of Hormuz. According to breaking Al Jazeera News:

Several explosions have been heard on Iran’s Kharg Island, according to Iran’s semi-official Mehr news agency. No official information has been released on the cause or origin of the explosions.

More from WSJ on the prior Monday attack incident: "No American ships were struck in the attacks, but Iran's recent attempts to hit American naval assets are raising alarms that the regime is using more sophisticated weapons and could be getting assistance from China or Russia."

But Trump claims the US is in 'control' of Hormuz and that the war is over. 

Heavy Yemen-Saudi Fighting Breaks Out

The heaviest fighting since the Iran war began is taking place in Yemen currently, also involving significant overnight attacks on Saudi energy and military sites by the Houthis.

The Houthis have since unveiled new operations, in a Tuesday statement saying the Iran-aligned group is targeting critical Saudi oil and military infrastructure. Widely circulating local videos suggest the attacks on multiple sites were in some case simultaneous and overwhelming.

"In response to this brutal aggression and in confronting comprehensive escalation with comprehensive escalation, the YAF carried out a large-scale … operation, targeting Aramco facilities in Abha and Najran, the Economic City, Aramco in Jizan, and Khamis Mushait Air Base, using dozens of ballistic missiles and drones," said the Houthi statement.

Yemen state media/The Independent: Smoke billows from burning trucks on Yemen-Saudi border after claimed Houthi attack

"The strikes, by God's grace, were accurate and direct and caused significant damage to those facilities," it added. 

The kingdom's Energy Ministry has indeed acknowledged fires and operations stoppages at several sites as a result, as well as damage and injured personnel.

Houthis Attacked Four Saudi Cities, Energy Installations

"Several energy sector facilities and installations in the southern region of the kingdom were targeted this morning," the energy ministry stated.

"The attacks caused fires at several locations, leading to a temporary halt in some operations. Specialized field teams have begun containing the fires, securing the sites, and assessing the damage," the statement said. Aramco sites have been targeted on multiple occasions this summer, resulting in operations halts, particularly at key sites near the Yemeni border. Damage is still being assessed at the Aramco Jisan oil facilities, which were targeted yet again.

Also military and supply missions were hit, with the Houthi statement also indicating the destruction of Saudi military equipment and convoys of Saudi-backed forces of the internationally-recognized government.

For anyone putting a lot of faith in those pipelines that bypass Hormuz...

⚡️BREAKING: Houthis have released footage of Striking Saudi Arabia's Supply Lines to Pro-Saudi Forces in Yemen with Ballistic Missiles pic.twitter.com/b3JQ78LQrK

— Iran Observer (@IranObserver0) September 7, 2026

"Arms trucks coming from Saudi Arabia were targeted and caught fire at the Al-Wadiah military camp," the Houthis stated.

In response later on Tuesday, Saudi airstrikes have reportedly resumed on Yemen in the governorates of Al-Jawf, Al-Bayda, Ma'rib, Taiz, and Al-Hudaydah. Already the death toll is mounting from these renewed strikes:

Houthi rebels in Yemen accused Saudi Arabia of striking a prison on Monday in the country’s north, killing seven, including a child, as tensions escalate between the Iran-backed group and Saudi-backed Yemeni forces.

The strike on the Central Corrective Facility in the strategic city of Hazm in Jawf province also wounded at least seven people, including a woman, said Anees al-Asbahi, a spokesman for the Houthi-run health ministry.

The prison’s warden told the Houthi al-Masirah news channel 35 prisoners and a woman who was visiting her husband were trapped under the rubble.

The Saudi side has meanwhile said that dozens were injured in the Houthi attacks. Major General Turki Al-Maliki, spokesman for the Saudi-led Coalition Forces, blasted the new Houthi aggression as "dangerous" and "senseless" - and announced that at lest 73 people have been wounded, including women and children.

🚨BREAKING: Yemeni Drone Strike Impacts Near Saudi Arabia’s King Khalid Airbase

Stunned lookers in Khamis Mushait film the attack.

This is part of the largest ongoing missile & drone attack on Saudi Arabia from Yemen in years. A retaliatory campaign after strikes on Yemen. pic.twitter.com/SO1YVgl92K

— MintPress News (@MintPressNews) September 8, 2026 Yemen Escalation

Both sides are now vowing escalation:

Houthi military spokesperson Brig. Gen. Yahya Saree accused Saudi Arabia of launching airstrikes and “committing massacres” in Jawf, as well as deploying a reconnaissance drone and supplying mercenaries with various weaponry.

“The ongoing Saudi aggression against Yemen will not go unanswered or unpunished,” he said.

The aerial war is additionally heating up: "Saree said later Monday that Houthi forces downed a total of four reconnaissance drones belonging to Saudi Arabia over the past 24 hours, including one that was spotted Monday morning in Bayda province," as cited in The Associated Press.

Another test of the Mecca Agreement, which says an armed attack on any one of the three states will be regarded as an attack on all three. https://t.co/4V6lbh9LMN

— Jason Brodsky (@JasonMBrodsky) September 7, 2026

Oil prices on world markets continue to steadily inch higher, rising more than 1% as a result of Tuesday's Saudi-Yemen escalation.

The Saudi coalition says it aims to liberate the country's capital of Sanaa from the Iran-backed rebels. "The decision has been made to retake Sana’a. There are surprises we will not reveal now," the Deputy Defense Minister Major General Samir Al-Sabri told state-run Yemen TV.

The Yemeni army further released a statement saying that "From today, we declare that our goal is clear and unequivocal: to liberate Yemen from the grip of the terrorist Houthi militias and restore Sana’a as a capital for all Yemenis."

This appears a return to the kind of bull-blown war in Yemen which marked the latter half of the last decade. But this time it's more complicated and dangerous in terms of regional spillover, given it comes in the context of the Iran conflict, the Strait of Hormuz crisis, and Houthi efforts to close Red Sea shipping to the Saudis, Israelis, and their allies.

Trump acknowledges 1) oil prices are high, 2) it's because of the war with Iran, 3) the war has not ended, 4) the US has not won, yet. pic.twitter.com/gcsfqYmu0E

— Gregory Brew (@gbrew24) September 7, 2026

Below are more developments via Al Jazeera:

• Saudi Arabia has carried out new attacks in Yemen against al-Jubah district in Marib, in the Houthi-controlled part of the country, according to a news report in Houthi-run media.
• Forces loyal to Yemen’s internationally recognised government have launched a counteroffensive against the Houthi rebels, with officials saying they aim to recapture the capital Sanaa from the Iran-backed group.
• The Houthis say they repelled an offensive in al-Jawf, and at least seven people were killed in an air strike on a prison in the town of al-Hazm, pledging that the “aggression will not go unpunished”.
• Saudi Foreign Minister Prince ⁠Faisal bin Farhan Al Saud has described Yemen’s Houthi rebels as “selfish” for putting their own interests above the welfare of the country’s people. “The Houthis choose to prioritise their narrow interests over the interests of Yemen and resort to violence,” he said at a news conference in the Russian capital.
• Russia’s Foreign Minister Sergey Lavrov has told his ⁠Saudi counterpart, Prince Faisal bin Farhan Al Saud, in Moscow that Russia is ready to help resolve the spiralling situation in the Middle ⁠East.

Saudi-led forces in Yemen bombed Al-Jawf Central Prison:

#BREAKING

Saudi-led forces in Yemen bombed Al-Jawf Central Prison, causing death and injuries to at least 35 people. Terrible scenes#houthis #yemen #saudiarabia pic.twitter.com/sNBhWOZdaI

— METRONIDAZOLE (@METRO_NIDAZOLE) September 7, 2026 More Overnight News

via Newsquawk

• US President Trump posted, "Oil prices will drop precipitously, like everything else is dropping (but more!), when we WIN the war with Iran. Three Dollars a gallon, but ultimately, below Two Dollars a gallon. It will all happen quickly, and Iran will never have a Nuclear Weapon. MAGA!"
• Iranian President Pezeshkian said Iran has always opposed war but will continue to resist aggression with full force until the aggressors are made to regret their actions.
• Iran's top national security official Rezaei said Washington has received a clear warning from Iran’s new missiles and that economic warfare will be met with a maritime exclusion zone across the Persian Gulf to the blockade perimeter, while he added that the operational posture toward US warships and bases has been fundamentally recalibrated.
• Tasnim analysis suggests that commentary from Iranian official Rezaei signals that Iran is considering expanding the geographic scope of its maritime confrontation into the northern Indian Ocean.
• Saudi Energy Minister said a number of energy facilities and utilities were hit and that some operations have been temporarily halted. This was later confirmed by the Houthis, in which they added that they struck the Khamis Mushait Air Base in retaliation to recent Saudi airstrikes. The group warned that further attacks on Yemen will be met with broader strikes on Saudi.

Tyler Durden Wed, 09/09/2026 - 04:00

He had just completed the match of his life and is still alive to end the American men's long drought at the U.S. Open.

While the cathedral has worked with the nightclub company before, this latest agreement has sparked an international firestorm of controversy.

The Future Of Volkswagen?

Submitted by Thomas Kolbe

On Thursday evening, Volkswagen’s Supervisory Board unanimously approved the company’s “Future Plan 2030.” The decision had originally been scheduled for Friday. By moving faster, Volkswagen is not only seeking to underline that the situation is genuinely serious, but also that it has recognized the danger and is now taking control of the situation again. Symbolism is everything these days, as the damage caused by the company’s business strategy of recent years has become visible like a gaping wound. Supervisory Board Chairman Hans Dieter Pötsch described the decision as evidence of the Group’s determination to transform itself and work with all its strength toward its long-term future and competitiveness, as Pötsch put it. Nevertheless, the impression remains that the Group’s consolidation course represents less a controlled downsizing than an internal corporate collapse — the twilight of an economic era.

50,000 jobs worldwide are to be eliminated by the middle of the 2030s. Social plans and early-retirement offers will probably account for the lion’s share of the workforce reduction. Volkswagen is said to be facing an overcapacity of 500,000 vehicles in Europe. The restructuring costs for the Group could amount to as much as €10 billion. VW is stumbling over social hurdles that the company itself created during the good times — German labor law prevents a rapid, situation-appropriate adjustment of corporate structures to the conditions of the market and the company’s actual economic strength.

For Germany as an industrial location, the outlook is bleak: VW’s plants in Emden, Hanover and Zwickau, as well as the Audi plant in Neckarsulm, are likely to fall victim to the Group’s downsizing. The decision has not yet been formally made — by the end of June 2027, the company intends to clarify how the individual sites will proceed. From 2031 to 2034 onward, there will no longer be a competitive follow-up allocation of production at these plants, suggesting that VW is preparing to abandon the sites.

Remarkably, only a few days ago, CEO Oliver Blume had emphasized during a visit to the Zwickau plant that the site would, as he put it, receive the same chance as every other plant in Europe. Blume, however, had already pointed to its lack of profitability compared with other locations: Labor costs there were more than twice those of comparable European sites, according to Blume.

This is where the real problem lies: Volkswagen is no longer competitive. Excessive labor costs, excessive energy costs and rampant overregulation are driving not only carmakers but industrial production in general away from Germany.

There is indeed an urgent need for action in Wolfsburg. The China business in particular has virtually collapsed. Overall, revenue in the first half of the current year fell slightly to €158.1 billion. The problem is that operating profit plunged by 11.6 percent to €5.9 billion, leaving an embarrassingly low operating margin of just 3.8 percent. It is the continuing negative trend that is causing concern. Volkswagen therefore does not merely have a sales problem, but above all an immense cost problem. The possibility that liquidity problems may also be becoming visible was demonstrated by the sale of the Group’s large-engine subsidiary Everllence, formerly MAN Energy Solutions: Volkswagen sold a majority stake to U.S. investment firm Bain Capital, generating proceeds of €7.4 billion.

Volkswagen — and with it the entire German automotive sector as well as energy-intensive industries more generally — has its back against the wall. As Bild reports, citing internal Volkswagen Group data, factory costs per vehicle at the Emden plant amount to €4,850, roughly 4.5 times the comparable figure at VW’s Chinese plant in Tianjin, where the figure is €1,078. Direct production labor costs are reportedly €74 per hour in Emden, compared with €12 in Tianjin — a factor of more than six.

The mistakes of the past become particularly apparent when looking at labor productivity. In Emden, the calculation comes to 29 vehicles per employee per year, compared with 51.3 in Tianjin. That corresponds to roughly 77 percent more vehicles per employee. Absenteeism due to illness also differs dramatically in the internal comparison: In Emden, the rate is 10.5 percent, compared with 1.0 percent in Tianjin. This figure is more than merely a personnel-policy issue affecting internal operations. Has the downward spiral into which the Group and the entire industry have fallen perhaps already left its mark on employee morale? In any case, this particular figure requires interpretation, precisely because it is so striking.

The consequences of Germany’s nuclear phase-out and the continued expansion of climate regulation have been discussed often enough here. Taken together, they create the impression of an ideologically driven economic suicide by a satiated society that was convinced of its own success — and must now watch as its industrial substance, the engine of prosperity, is ground down between excessive energy and labor costs, growing regulation and the merciless forces of global competition.

Volkswagen has become a victim of increasing political central planning and the permeation of the corporate landscape with environmental ideology. The lesson now is clear: corporatism and reliance on political steering do not pay off in the long run. In the end, things turn out as they always do: Others pay the bill — namely employees and investors who had placed their trust in the future of the automaker.

* * * 

About the author:  Thomas Kolbe, a German graduate economist, has worked for over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden Wed, 09/09/2026 - 03:30

Several former "Ted Lasso" stars didn't return for Season 4, since the show is now following a women's team — but one star player made a surprise return.

Several former "Ted Lasso" stars didn't return for Season 4, since the show is now following a women's team — but one star player made a surprise return.

D-U-Whine.

Europe Heads Toward Winter With Too Little NatGas And Skyrocketing Prices

European natural gas prices are trading near their highest level in more than three years as the race to replenish storage puts a bid under prices, while ongoing disruptions through the Strait of Hormuz intensify competition for scarce LNG cargoes ahead of winter.

On Tuesday morning, European natural gas benchmark futures edged up nearly 3% to trade around 75 euros per megawatt-hour, the highest level since early January 2023.

Bloomberg reporter Priscila Azevedo Rocha noted, "Europe needs higher gas prices in order to attract more seaborne cargoes to its shores, but with less than a month left until the heating season, the region’s inventories are still lagging behind."

Rocha's view was very similar to the assessment in Goldman Sachs commodities expert Samantha Dart's note last week, in which she said December 2026 TTF prices may need to exceed 100 euros per megawatt-hour to discourage Asian LNG demand.

"We have argued that, in the absence of an improvement in LNG exports through the Strait of Hormuz (SoH) (Exhibit 1), European gas prices (TTF) would need to rise to discourage Asia LNG demand, thereby freeing incremental cargoes to be sent to Europe to help manage European gas storage levels," Dart explained.

EU natural gas storage facilities were around 67% full at the start of the week, compared with a 15-year average of around 72.5% for this time of year. Readers can see the latest chart pack from MarketEar on EU natural gas here.

Separately, Timera Energy analysts wrote in a note earlier, "As the European gas market heads into winter with unusually low inventories, its flexibility to absorb further supply or demand shocks is limited," adding, "Europe is pricing up to outcompete Asia for marginal LNG."

Beyond tight gas markets, the struggling continent also has to contend with a diesel crisis. As we warned in early August, "winter is coming"...

Tyler Durden Wed, 09/09/2026 - 02:45

“You thought I wasn’t going to get on here? You took my $1,100. You thought I wasn’t going to make it? Where my money at?” Phillips said.

Authorities on Tuesday said key braking systems did not deploy during Sunday’s deadly plane crash after an Amazon cargo jet overran the runway at Miami International Airport and struck two vehicles, killing five people. While the aircraft’s wheel brakes were applied, available data indicates that the speed brakes and thrust reversers did not, according to the National Transportation...

The Dodgers matched a season-long six-game winning streak by beating the Cincinnati Reds on Tuesday.

Stefany Shaheen, whose mother is retiring from the Senate, edged out veteran Maura Sullivan in a bruising primary, defying sparse polling that had her down in the competitive contest.

Martell Pickens, 30, was charged with reckless homicide for fatally shooting Khadolphee Taylor, an unarmed man lurking near his home.