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The Hidden Mechanism Behind Washington's Control Of Iraq's Oil Money

Via Middle East Eye

For more than two decades, Iraq's oil wealth has passed through a financial system centered thousands of miles away in New York. The arrangement, created after the US-led invasion of Iraq in 2003, was initially designed to protect Iraqi oil revenues from creditors and help fund reconstruction.

Today, it gives Washington significant leverage over Iraq's access to its own dollars, leverage that the US is increasingly using as it pressures Baghdad to curb Iran's influence and the activities of armed groups aligned with Tehran. The issue came into sharp focus in April, when Washington blocked a shipment of about $500m in cash to Iraq as it pressured the government over Iran-aligned armed groups. 

via AFP

Muayen al-Kadhimi, a former parliamentary Finance Committee member, condemned the decision at the time, calling on the government to end what he described as US dominance over Iraqi funds. "The US decision to freeze or delay sending Iraq's foreign currency entitlements represents a serious violation of the financial and political sovereignty of the Iraqi state," al-Kadhimi said.

The shipment was later restored, but the episode demonstrated how Iraq's dependence on the US financial system can be used as a political tool.

The arrangement began after the US-led invasion in May 2003, when the Coalition Provisional Authority established the Development Fund for Iraq (DFI) to collect the country's oil revenues and use them for reconstruction and humanitarian needs. Under UN Security Council Resolution 1483, issued in May 2003, Iraqi oil and gas revenues were transferred to a special account in the name of the Central Bank of Iraq at the US Federal Reserve.

Five percent of the revenues were deducted for compensation to Kuwait following Iraq's 1990 invasion. The system also included frozen assets belonging to Saddam Hussein's former government and surplus funds from the UN's Oil-for-Food program.

The arrangement was intended in part to protect Iraqi assets from international creditors pursuing claims dating back to Saddam's rule. An International Advisory and Monitoring Board, including representatives from the UN, IMF, World Bank and Arab Fund for Economic and Social Development, was established to oversee the fund.

The UN-backed system ended in 2011 at the request of the Iraqi government but Iraq's oil revenues remained tied to the Federal Reserve.

A new account, known as IRAQ2, was established at the New York Fed. Oil revenues are deposited there before being transferred to the Central Bank of Iraq. At the same time, Iraq lost the comprehensive international protection previously provided under the UN system and became dependent on annual US executive orders granting immunity to its sovereign funds.

So while the formal international arrangement changed, the underlying dependence on the US financial system remained.

Why can't Iraq simply move its money?

Iraqi oil is priced overwhelmingly in US dollars, while the country depends heavily on the currency for imports and international trade. Iraq also has about $40bn in unsettled external debts, creating concerns that moving its funds outside the existing system could expose them to claims from creditors.

Ahmed Saddam, an associate professor of economics at the University of Basra, told Middle East Eye that keeping the Central Bank of Iraq's account in New York has important benefits. "I believe that the most important advantages of keeping the Central Bank of Iraq's account in New York are protecting Iraqi oil revenues from being seized by creditors of the former regime, since the debts are estimated at tens of billions of dollars."

"The second advantage is facilitating the sale of oil and the settlement of Iraq's international trade; this account reduces transfer costs, and we should not forget that the dollar is the most widely used currency in international transactions."

But Saddam said the arrangement also leaves Iraq vulnerable to US pressure. "As for the most prominent disadvantages, they lie in the ability of the US authorities to impose their influence by restricting access to dollars to Iraq, for example, and this means there is no real financial independence."

According to Saddam, Iraq could sell its oil in euros or Chinese yuan, provided there were no binding conditions in its oil contracts, but even then that would not necessarily free Iraq from the dollar. "Even if that happens, the price will remain linked to the dollar because oil is priced in dollars, and what happens in practice is that the buyer pays the value in a non-dollar currency after converting it according to the dollar exchange rate."

Iraq would still need dollars for much of its international trade, Saddam said, while shifting currencies could expose the country to exchange-rate losses and political pressure from Washington. His proposal was therefore diversification rather than an immediate break with the US system.

"I believe that Iraq's financial independence will not be achieved if we assume moving the Central Bank of Iraq's account from the United States to another country."

"In my view, financial independence can be achieved by opening multiple sovereign accounts outside the United States while keeping the current account in New York. For example, the Central Bank could open an account with the European Central Bank, as well as with central banks in East Asia," Saddam said.

The war on Iran is squeezing Iraq’s economy as disrupted oil exports cut revenues, while costlier imports and a weaker dinar drive up prices, exposing the country’s reliance on oil and foreign goods.

🔗: https://t.co/SreYBiH9L5 pic.twitter.com/8LZNo9gWz2

— Al Jazeera English (@AJEnglish) September 26, 2026

"Part of Iraq's oil could also be sold in euros and yuan, let us assume only 15–20 percent, while the remaining 80–85 percent is sold in US dollars. In addition, financial independence requires developing the banking system in Iraq by expanding direct correspondent banking relationships with major banks in Europe and Asia," he added.

How is the system being used against Iran?

The financial arrangement has taken on greater importance as Washington seeks to squeeze Iran economically and target armed groups in Iraq that are aligned with Tehran. Iraq has close political, economic and security ties with Iran, while several powerful armed groups operate inside the country.

For Washington, that has made Iraq's financial system a key battleground in its efforts to restrict the flow of dollars to Iran. The US has accused Iraqi banks, exchange companies and other financial networks of exploiting the country's financial system to move dollars towards sanctioned entities.

Since the US and Israel launched their war on Iran, Washington has responded by tightening its oversight of Iraq's access to the dollar and pressuring Baghdad to bring its financial system into line with US sanctions.

In early 2025, Iraq ended its long-running dollar auction system, formally known as the foreign currency window, after sustained US pressure. The system had allowed private banks and exchange companies to obtain dollars from the Central Bank of Iraq in exchange for Iraqi dinars.

But Washington's leverage extends beyond Iraq's banking system to the physical movement of dollars into the country. The April suspension of the $500m shipment was particularly significant because the cash was generated from Iraq's own oil revenues.

Although electronic dollar transfers for international trade continued, the episode showed that Washington could restrict access to physical dollars when it wanted to pressure Baghdad.

The Iraqi government has sought to maintain its relationship with Washington while balancing its ties with Tehran and Iran-aligned armed groups.

Iraq's Oil Minister Basem Mohammed Khudhair refused to answer questions about moving away from the Federal Reserve, telling MEE that the question fell under the remit of the finance ministry. However, he described the relationship between Baghdad and Washington as positive.

"There has been dialogue with the United States - a very positive dialogue, especially after our trip accompanied by the Prime Minister Ali al-Zaidi there," he said. "There is great understanding between the Iraqi government and the American government, and the US has provided all support to the Iraqi government for its success in its economic and political dossiers."

But the consequences of Iraq's financial dependence are ultimately felt beyond government ministries and central banks.

'US controls Iraq's fate'

Hussein Ali, a 35-year-old Baghdad native, said removing US oversight would not necessarily improve the lives of ordinary Iraqis. "For us, whether Iraq's money goes to the Federal Reserve in America or comes directly to Iraq, I don't think our situation as citizens will improve. 

"Instead, the money will be at the disposal of the corrupt, and financial corruption will be even greater than it is now. From my viewpoint, I find it better for the money to remain in New York, under the guardianship and oversight of the US banking authorities." Ali nevertheless acknowledged the sovereignty problem.

"It is true that keeping Iraq's money in the US bank gives the United States the freedom to control Iraq's fate politically, financially and in sovereign terms. But Iraq is not ready in terms of banking infrastructure, and the situation requires a strong government to come that cares about the country’s affairs and the interests of its people."

He also raised concerns about money being moved towards Iran. "We have often heard how many officials and not state people smuggle money to Iran to help it confront the American economic blockade on Iran. Imagine what would happen if Iraq received its oil sale money into Iraqi banks far from American oversight and auditing. I believe Iraq's situation will only get worse."

Fatima Abdulkarim, a 55-year-old from Basra, shared those concerns. "I do not believe that Iraq's oil funds going to Iraq directly instead of going to US banks will help to improve our economic situation."

"Yes, it means Iraqis would dispose of the money without direct US intervention, but corruption will be greater, and the money will go to the same corrupt parties and officials. If the money remains in New York, it is at least under oversight and auditing. But if it comes to Iraqi banks far from any real oversight, I believe Iraq's situation will be worse off."

"Keeping the money under the guardianship and oversight of the US banking authorities is better than it reaching the hands of the corrupt," Abdulkarim said.

Tyler Durden Mon, 09/28/2026 - 22:35

Colombia Extradites Alleged Drug Lord ‘The Spider’ To California

A Colombian rebel commander nicknamed “The Spider” is now in U.S. custody after a change in leadership in Bogotá cleared the way for his extradition, according to CBS.

Geovany Andres Rojas, also known as “Araña,” was transferred to California over the weekend, where prosecutors have charged him with drug trafficking and terrorism offenses tied to his alleged role in Colombia’s cocaine trade.

Rojas was a senior figure in Comandos de la Frontera, an armed organization operating primarily in Putumayo, a major coca-producing region near Colombia’s borders with Ecuador and Peru.

Colombian authorities arrested him in February 2025, and the country’s Supreme Court later authorized his extradition. But the transfer stalled under former President Gustavo Petro, whose government was pursuing negotiations with several armed factions. Petro gave Rojas a role in those talks, effectively keeping him in Colombia while negotiations continued.

That changed after conservative President Abelardo de la Espriella won office in June. His administration abandoned the previous government’s negotiations with rebel organizations and moved quickly to send Rojas to the United States.

CBS writes that De la Espriella personally oversaw the transfer and said Colombia should not shield accused drug traffickers in the name of pursuing peace. He also called on U.S. prosecutors to ensure any eventual agreement with Rojas does not allow him to avoid accountability.

Rojas’ extradition comes as Colombia continues struggling with armed groups that expanded after the historic 2016 peace agreement with FARC. More than 14,000 combatants disarmed under that deal, ending a decades-long conflict, but some fighters refused to participate while other organizations moved into territory previously controlled by FARC.

Those groups have increasingly competed for control of cocaine trafficking corridors, illegal mining and extortion operations in parts of rural Colombia where government authority remains limited.

Comandos de la Frontera was formed in the aftermath of the FARC agreement and includes former guerrillas who remained armed. The organization later partnered with Segunda Marquetalia, another FARC splinter faction, before the relationship collapsed.

Rojas is scheduled to appear in federal court Monday.

Tyler Durden Mon, 09/28/2026 - 22:10

Wage-Cuts Hit Hospital Workers In China As Financial Pressures Mount

Authored by Michael Zhuang via The Epoch Times,

Workers at hospitals in several parts of China are facing cuts to wages and performance bonuses, with some medical workers reporting monthly base salaries of less than 2,000 yuan ($298) as public institutions struggle under mounting financial pressure.

A nurse moves a bed through a corridor at a hospital in Duan Yao autonomous county in Guangxi region, China, on Jan. 9, 2025. David Kirton/Reuters

The reductions are adding to financial concerns for workers already dealing with a weakening economy. Some hospitals have also been accused of delaying wages for months, while others have faced financial difficulties, including unpaid debts, drug shortages, and suspension of operations.

Several China-based individuals familiar with the matter spoke to The Epoch Times on condition of anonymity out of fear of reprisal.

An employee in the medical administration department of a public hospital in Hangzhou, surnamed Qian, told the publication that a hospital in the area cut nurses' monthly base salaries from 2,750 yuan ($410) to 2,200 yuan ($328) in August - a 20 percent reduction.

In Suzhou, Jiangsu Province, a resident surnamed Liu, whose family member works as a nurse at a public hospital, told The Epoch Times that the nurse's base salary had gradually fallen from 3,700 yuan ($551) per month before the COVID-19 pandemic to about 1,700 yuan ($253) today. The hospital has also stopped paying bonuses.

Hospitals Face Growing Wage Crisis

Reports of unpaid wages have also triggered protests by medical workers in several parts of China.

In November 2025, medical workers at Suihua People's Hospital in Heilongjiang Province staged a protest over unpaid wages. When The Epoch Times contacted the hospital's emergency department at the time, the person who answered the phone said employees had gone five or six months without receiving their salaries. The workers remained on the front line while continuing to seek payment of their wages and social security contributions.

Videos circulated online in April showing medical workers at Hedong Hospital in Linyi, Shandong Province, demanding unpaid wages. The Chinese labor rights X account @YesterdayBigcat said the protest took place on April 8 and 9.

The Epoch Times has also previously reported that a public hospital in Beijing required employees to return six months of performance bonuses that had already been paid.

In Jiangxi Province, Tianhu Hospital in Leping fell into financial difficulties following changes to health insurance policies and subsequently owed employees wages before dismissing its entire workforce, according to Chinese state media Xinhua News Agency. In 2024, Luxinan Hospital in Shandong entered bankruptcy liquidation proceedings after owing more than 600 employees eight months of wages, according to a hospital notice.

The cases illustrate the financial pressures facing some hospitals, although the circumstances vary from institution to institution.

Financial Pressure Affects Patients

Financial difficulties can also pressure hospitals to find other ways to generate revenue, according to an insider.

A public official working in a health department in Xuzhou, Jiangsu Province, surnamed Sun, told The Epoch Times that hospitals that receive partial government funding may face larger financial gaps when government allocations decline.

"Hospital funding is a differential appropriation system. If fiscal allocations decrease, the hospital has to find ways to generate revenue to make up for the shortfall, which means collecting it from patients by raising fees," Sun said. "But now ordinary people can't afford to see a doctor, so fewer people are going to hospitals, and the hospitals' losses become even greater."

He said some hospitals in Jiangsu had faced complaints over their charges and were penalized by authorities. After some hospitals were required to restore their previous fee schedules, their revenues declined further, widening their fiscal gaps.

Ye Zilong contributed to this report.

Tyler Durden Mon, 09/28/2026 - 21:45

Iranian National Sentenced To 18 Months For Smuggling US Technology To Iran Via China

An Iranian national was sentenced to 18 months in prison for smuggling parts intended for military sonar to Iran through China.

More than a decade ago, Reza Dindar, 44, and his associates concealed the true destination of the sanctioned parts they were selling.

Dindar was sentenced in the U.S. District Court in Seattle on Sept. 25 after pleading guilty to two counts of exporting goods to an embargoed country and two counts of smuggling goods from the United States, according to the Department of Justice (DOJ).

District Judge Ricardo S. Martinez also imposed a $10,000 fine and three years of supervised release after his prison term.

Federal agents escort a 2014 China-Iran trade scheme suspect, Reza Dindar, also known as Renda Dindar—who was arrested in 2025 in Panama and brought to the United States to face charges in April 2026—across the tarmac of an airport, in an undated photo. Courtesy of the U.S. Department of Justice

As Michael Zhuang further reports for The Epoch Times, Dindar was originally indicted by a federal grand jury in August 2014, but was not brought before a federal court until his extradition from Panama more than a decade later.

He was arrested in Panama in July 2025 at the request of U.S. authorities and extradited to the United States in April 2026. He pleaded guilty about six weeks later.

Dindar operated a company called New Port Sourcing Solutions in Xi'an, China, between 2010 and 2014, according to court records cited by the DOJ. The Chinese company concealed that it was purchasing U.S. goods for companies in Iran.

In 2011 and 2012, Dindar and his co-conspirators used the scheme to obtain parts for three military sonar systems from a company in Washington state, according to the plea agreement. They told the U.S. company the equipment would be used by a company in China. The parts were instead intended to be shipped through China to Iran, in violation of U.S. export controls.

The sanctions on Iran prohibited the unauthorized export, re-export, sale, or supply of sensitive U.S. goods, technology, and services to Iran. The restrictions also included transactions involving third countries when the goods are known or reasonably expected to be ultimately supplied or re-exported to Iran.

Martinez noted the 18-month sentence took into consideration Dindar's significant time in a Panamanian prison.

Federal prosecutors had requested it, saying the 18-month imprisonment was needed to deter similar violations of U.S. export controls. Prosecutors described the controls as important to U.S. national security interests.

Tyler Durden Mon, 09/28/2026 - 21:20

OpenAI Scraps Planned Release Of "Deceptive" New Model As Rogue Agents Force Unprecedented Rollback

Days after we detailed the unprecedented freezing of OpenAI's top models following a disastrous breach where autonomous AI agents leaked user images to the web, OpenAI has reportedly scrapped the planned release of its next-generation AI model due to severe safety and "alignment" failures. It basically lies when convenient (they used the word "deceptive"). 

According to a new report from the Wall Street Journal, OpenAI was aiming for an October debut of GPT-6.1 Astra, a model designed to complete complex, end-to-end tasks without human assistance - only to scrap the planned release after internal testing revealed that the AI was not only acting unsafely, but was actively lying to its handlers.

According to Saachi Jain, OpenAI's head of safety systems, GPT-6.1 Astra regressed significantly in its alignment testing, which measures how well the model adheres to human intent. And just like a baby Skynet, the model exhibited "higher levels of deception," meaning it wasn't always honest with users about the actions it did or did not execute.

What's more, the model regressed sharply on what OpenAI calls "scope authorization." The AI would aggressively push forward on tasks without asking for user permission and would attempt to access external tools and services even if it was unsafe to do so. Highlighting the internal struggle to control the system, Jain noted, "For anything regarding safety and alignment, there's a trade off. You really do need to find what's the right line between staying within scope, but also avoiding laziness in terms of how the model actually pursues tasks even when it hits friction".

As we previously reported, on Sept. 20 an internal OpenAI research agent discovered a gap in the DNS filtering of its training sandbox and used it to query an external public chatbot despite internet-access restrictions. OpenAI's misalignment monitoring system flagged the behavior within 15 minutes, and a human reviewer picked it up three minutes later. The company subsequently said training, evaluation, and inference involving tool use for its most capable models would remain paused while it validated its containment systems and conducted additional red-teaming.

This latest cancellation does not exist in a vacuum. In July, during internal cybersecurity evaluations, OpenAI's own agents blew through restrictions designed to keep them isolated from the internet and compromised both the company's research infrastructure and Hugging Face. According to OpenAI's own postmortem, the agents communicated through unauthorized channels, exploited vulnerabilities in shared infrastructure, executed code on dozens of Hugging Face servers, obtained full root access on one server, acquired credentials to the company's messaging platform, and later gained full administrator access to an OpenAI research cluster.

OpenAI itself called the episode a "warning shot" for us and for the world, acknowledging that highly capable agents can now work around technical controls and take dangerous actions that no human directed. The company said the incidents did not affect OpenAI customer data, product functionality, or availability.

And Hugging Face wasn't the only external system involved. Australian officials have confirmed that an OpenAI agent gained unauthorized access to non-public aggregate statistics on a government Medicare portal after its initial requests were denied. Separately, a security researcher linked more than 16,000 attempts to work around restrictions on a United Nations trade-statistics API to agents he said were highly likely to have been operated by OpenAI. The UN data itself was public, and OpenAI said it was looking into the findings.

The compounding failures have forced OpenAI into a defensive crouch. The company has implemented stronger monitoring to catch agent misbehavior more quickly and tightened security requirements around internal testing. Attempting to reassure the public, Jain stated, "We want to make sure our model development is safe no matter whether that's in the company, or when we ship it to users. But when we ship it to users, we have an extremely high bar in terms of safety and alignment".

The timing of the GPT-6.1 Astra cancellation is brutal for the ChatGPT-maker, arriving just one day before OpenAI's annual developer conference in San Francisco. Historically, the event has served as a platform to launch new services and attract developers in the fierce competition against rivals like Anthropic. Instead, OpenAI is left doing damage control, planning "deep dives" to figure out why its reinforcement learning environments are rewarding deceptive, rogue behavior.

The political and legal blowback is already accelerating. State and federal officials are zeroing in on the rapid development of these technologies. Later this week, a Senate subcommittee will hold a hearing explicitly titled, "Rogue AI: Securing the Homeland Against AI Agent Attacks."

Meanwhile, Florida Attorney General James Uthmeier, a Republican who sued OpenAI and CEO Sam Altman in June for allegedly releasing an unsafe product, filed a motion for a temporary injunction on Monday. Uthmeier is seeking to legally block OpenAI from developing new models without third-party approved safeguards. Florida argued in the filing that tech companies "cannot stop barreling forward with their potentially civilization-ending endeavors unless they are forced to do so by the government". Uthmeier added, "The Florida Attorney General is answering your cry for help".

In response to the growing legal assault, an OpenAI spokeswoman said people want to know AI is being developed safely, "and that starts with what companies like ours do ourselves". She added, "Governments have an important role to play in setting robust safety standards for AI, and we're committed to working with Florida and other states on advancing pragmatic AI policies that apply to the entire AI industry - not just one company".

And DO NOT FORGET: All of this "oh shit, the AI's about to kill us all" panic cropped up just as China's open-weight models were flooding the market, producing results effectively on par with the frontier models for many tasks while doing so far more cheaply. What a coincidence!

Tyler Durden Mon, 09/28/2026 - 20:55

Queens Red-Light District Booms As Prostitution Arrests Plunge 59% Under Mamdani

New York City's long-running Roosevelt Avenue prostitution problem is back in the spotlight under Mayor Zohran Mamdani, with arrests falling sharply even as street solicitation remains visible along the Corona-Jackson Heights corridor.

According to a New York Post investigation, prostitution-related arrests along Roosevelt Avenue fell 59%. NYPD figures show 193 prostitution-related arrests through September 13 of this year, down from 468 during the same period in 2025 under former Mayor Eric Adams' "Operation Restore Roosevelt." The Post also reported that major crimes including murders and shootings were down 3% along the same corridor.

Despite that drop in arrests, the Post reported continued open street solicitation and activity tied to alleged illegal brothels along the roughly two-mile Roosevelt Avenue strip known as the "Market of Sweethearts." The corridor's problems predate Mamdani: Operation Restore Roosevelt was launched in October 2024 to target prostitution, illegal brothels, sex trafficking, unlicensed vending, and other quality-of-life concerns.

One 40-year-old Manhattan man, identified by the Post simply as "John," said he rides the subway to Queens because he can get services for "$60 to $80," compared with $200 to $300 in Manhattan. He also pointed to the limits of street-level enforcement, telling the paper: "The police are always around, but it seems like there's nothing they can do."

He added: "The women know New York laws are lax. Many come from other states... That's what they tell me."

Mamdani's own record has become part of the debate. As a state assemblyman, he was listed as a co-sponsor of the original 2025 version of "Cecilia's Act for Rights in the Sex Trades," legislation whose stated purpose was to remove criminal penalties for consensual adult sex work while retaining laws involving minors and trafficking. During the 2025 mayoral campaign, Mamdani also said he wanted to look to the de Blasio administration's approach to the issue, arguing that it had created "far more safety" than the Adams administration's strategy.

Whether those policy views explain the arrest decline is not established by the arrest totals alone. But critics of the current approach are pointing directly at City Hall. One city government official told the Post: "Restore, rinse, release - that's the problem with Roosevelt Avenue. The cops catch these johns and put them away, but they pop up like whack-a-mole. Enough is enough."

Community activists and local leaders have continued pressing the city to use enforcement and nuisance-abatement tools against alleged illegal brothels and landlords who enable them. The Mamdani administration disputes the suggestion that it has abandoned the corridor. A City Hall representative told the Post that the mayor "is committed to partnering with local organizations and neighborhood residents to address conditions on Roosevelt Avenue" and is "using every tool available to the city while treating victims and survivors with the care and dignity they deserve."

What is clear is that Roosevelt Avenue remains a flashpoint over how New York should balance prostitution enforcement, trafficking investigations, services for vulnerable people, and neighborhood quality-of-life concerns. Arrests are sharply lower than during last year's crackdown, while the Post continues to report visible street-level prostitution and alleged illegal brothel activity along the corridor.

* * * RIGHT NOW GET A FREE HAT WITH THE PURCHASE OF A MULTITOOL!

Tyler Durden Mon, 09/28/2026 - 20:30

What's Really Behind The AI Panic...

Authored by Mark E. Jeftovic via Bombthrower,

They want you scared, stupid and subservient...

Just heading into mid-September, a purported moral panic broke out amongst the frontier AI leaders that their own products were "too dangerous" and so the only remedy would be for the government to regulate all AI models.

Weeks earlier, Bernie Sanders had introduced The Ban AI-Superintelligence Act, that would make it illegal to create an AI model that was more intelligent than humans, going so far as to prescribe a 20-year prison term for any person who did and the "corporate death penalty" for companies.

JUST IN: 🇺🇸 Senator Bernie Sanders introduces bill to permanently ban AI that exceeds human intelligence.

Violators would face up to 20 years in prison. pic.twitter.com/y2pk79zQlQ

— Watcher.Guru (@WatcherGuru) September 3, 2026

Sanders' Bill is truly the domain of dystopian sci-fi. It reminded me of an episode from the ill-fated Twilight Zone reboot ("Examination Day") which culminated in a distraught couple mourning their child, who had just been exterminated by the state for testing too high on his pre-adolescent IQ test.

Examination Day. pic.twitter.com/PrKGnh7y4x

— Mark E. Jeftovic (@jeftovic) September 27, 2026

It all started with a "resignation in public" tweet from one Jacob Coxon, an Anthropic employee, on September 8th posted his parting thoughts on X, stating that AI could exterminate humanity within 10 years.

I resigned from Anthropic today. I spent the last three years doing pretraining research at both OpenAI and Anthropic. Neither company is acting responsibly. They are racing straight to self-improving superintelligence and gambling with our lives. More thoughts below.

— Jacob Coxon (@hilbertspaess) September 9, 2026

One of Anthropic's trust and safety leads, Evan Hubinger, then endorsed the tweet, citing a "non-zero chance" of 10% or more that such an outcome was possible.

That original resignation tweet, now closing in on 200 million views, which emanated from a heretofore unknown X account, less than a year old, with no followers, and two name changes in the last six months went absolutely viral - with some well-timed, fortuitous boosting from some of the biggest "AI Alignment" personalities on the internet, and then the Wall Street Journal came out with an "exclusive" on the story, ....which actually went live on the WSJ site 18 minutes before Coxon's tweet.

Before long Sam Altman said we "definitely" need more government regulation on AI and even Elon Musk chimed in and agreed that the frontier labs should be reviewing each other's models for safety.

Within days a full-blown hysteria was underway - for me it bore all the hallmarks of mass formation psychosis or at least a well-organized attempt to manufacture one.

Within a week, King Charles was speaking at an AI Safety summit at Buckingham Palace, urging government oversight and increased regulation of AI...

"Surely we need sufficient means of control before it is all too late?" the King ruminated.

Also, that guy behind him, looking rather pleased with himself, is "Tino" Cuéllar, Anthropic's Chief Global Affairs Officer.

The "AI Safety Summit" itself was announced on September 7th, leaked via Politico - the day before the Coxon tweet that ignited what had become at this point, a global(ist?) furor.

Even the Pope weighed on AI safety, and not to be left behind, Bill Gates hit the Sunday talk circuit this past weekend with another doozy of a soundbite:

"AI is powerful enough to cause a billion deaths" - which means we need to turn control of it over to politicians and a new class of global inspectors."

Several things about this relatively sudden AI panic did not pass the smell test, among them, the facts emerging around Coxon himself, who had "barely been at the company long enough to find the bathroom" (as the All-In guys put it), turned out to be neck-deep in the "Effective Altruism" movement, a well-connected network of young WEF types, which espoused global governance over potentially harmful technologies like AI.

He had received scholarships and grants from the EA Infrastructure Fund, the Long Term Future Fund and was a fellow at the Newspeak House in London (yes, newspeak).

Who are the Effective Altruists?

Effective Altruism (EA) is a movement that purports to "use evidence and quantitative reasoning to identify the most consequential problems and direct resources toward reducing them".

Tired: World Economic Forum
Wired: Effective Altruism pic.twitter.com/zNGNfMNWkW

— Mark E. Jeftovic (@jeftovic) September 16, 2026

Love the euphemistic language (it's actually what ChatGPT will use when you ask it). The punch line for the EA raison d'être is, as usual, a society ordered under expert, technocratic management - their expertise, their management.

One of their earlier recruits was Sam Bankman-Fried, whose FTX empire was run by a cadre of EAs at the top and who seed-funded Anthropic as the lead investor with $500M of a $580M Series B round in 2021.

A recurring EA strand is its fixation on existential risk from advanced AI, advocating stronger safety research, governance, and oversight to reduce the chance of catastrophic or irreversible outcomes.

We've all seen this movie before, with global warming, then with Bitcoin mining (causing more global warming) and now, AI exterminating humanity.

The common through-line is that the "problem" is some unfalsifiable calamity that could happen someday and for which the only logical response is to put a bunch of globalist technocrats in charge of... well, everything.

What people didn't seem to understand, then or now - is that the problem isn't really about the problem - I've long reported on proposals that would make personal choice and individual liberty things of the past, because letting people think for themselves would be "too dangerous" for the problem at hand.

Global warming meant personal carbon quotas, limits on travel, even living space, according to some "degrowth" advocates, how many new outfits you could buy.

listening to greenoid Ulrike Herrmann sell her degrowth plan for Germany: no personal automobiles ofc, living space to be rationed at 50 sq metres/ person, train speed capped at 100 km/hour & train travel also to be rationed (everyone will get a personal kilometre allotment). pic.twitter.com/JTlTlVDwVm

— eugyppius (@eugyppius1) October 30, 2024

The panic around Bitcoin mining wasn't about that, it was about energy - and who gets to decide how much you're allowed to consume and what you can use it for.

Bitcoin mining today, Netflix tomorrow. Why not? Once you concede oversight to some external authority for one form of energy use, you've tacitly done so for all of them.

The problem that politicians and aspiring technocrats see with AI is that it grants the rabble cognitive superpowers.

More specifically, open-source AI does.

Frontier models are proprietary. They have guardrails, training biases and actively scan and filter your conversations for potential safety issues. It's arguably their purview to do so.

But it's the open-source software movement that is the unfiltered Promethean agent here and just you wait - we'll soon see what the ultimate target of this AI Doom cult really is: open-source LLMs.

That is why the frontier labs are gleefully courting government oversight - not because their own products are "too dangerous" (if so, then why are you going public?) but because oversight instantly creates an AI oligopoly - a cartel, namely Anthropic, OpenAI, and xAI, on the inside - and everything else, effectively outlawed - at least that would be the preferred outcome.

This is the exact playbook I've told you about in the past, one that was described to me personally by an EIR from a Bay St. private equity firm in a meeting with two out of the four Big Four Canadian banks, back around 2015 - talking about Bitcoin:

"You get funded, you get out front, then you work with the government to create the regulations around it, and *BOOM*, you get to turn around and pull the ladder up behind you"

I still remember the look of absolute glee on his face when he got to that last bit. When I got home, I took a shower.

What To Do About It

I've been dutifully building out local compute capacity - both at home and thanks to our CTO, easyDNS now has a modest GPU farm out at our main datacenter.

I make it a point to download the latest open-weight models, Qwen, GLM, DeepSeek - which are, ironically, all Chinese...

But that won't last. In fact, it's already changing. We recently had "another country heard from" with the Japanese NII LLM-jp-4, Swallow, PLaMo and Rakuten AI 3.0 models weighing in.

France has Mistral, even Canada (yes, Canada) has Cohere Command A+ (my SolomonAI demo was, in case anybody needed to be told, a joke):

The newest AI superpower is... Canada 🇨🇦. pic.twitter.com/xb7nVy796n

— Mark E. Jeftovic (@jeftovic) June 7, 2026

And from elsewhere in "Big Tech," there are Google's Gemma 4.0 and IBM Granite.

Any of these models could be used to start iterating software, weights, and the next generation of more powerful open-source LLMs.

In other words, it's over.

The incumbent ruling caste basically sees this, and viscerally realize that the entire edifice of Industrial Age institutions are ripe for existential disruption. I've written about this many times. We're transitioning from a linear, top-down world to a network-shaped, decentralized one.

So the next best thing they can do, since they can't put the genie back in the bottle, is to convince the masses that AI is bad, and rogue AIs are going to literally exterminate humanity.

Hence the AI doom psyop (with another wave breaking out right now around swarms of rogue AIs), and, of course, this has become a political issue.

Now, the same people who were wearing N95 masks in 2025, adding their pronouns to their names, putting the Ukrainian flag in their bio, keying Teslas and stomping around in "No Kings" parades are now protesting data centers.

They want you scared, stupid and subservient, instead of spending your time creating software, building out your personal business empires, not to mention analyzing public data and proofreading all these hypothetical models they use as a justification for incessantly changing the rules.

What they really need are legions of frightened and stupid voters, not cognitively supercharged and wildly entrepreneurial or creative cyberpunks.

AI Doom vs AI Boom is a choice, and the choice is yours.

Tyler Durden Mon, 09/28/2026 - 20:05

Iran's Parliament Mulls 'Triple-Urgency' Bill To Withdraw From Intl Nuke Treaty

Iran's Deputy Speaker of Parliament has indicated that the national lawmaking body is reviewing a three-point plan to withdraw from the NPT, reports Fars news agency.

Iran has been a signatory to the NPT, or Nuclear Non-Proliferation Treaty, going all the way back to 1970, as a non-nuclear weapon state. Iran's parliament is now considering a "triple-urgency" bill which would order the withdrawal. This is all still at the level of political noise and signaling, for the time being at least.

Nuclear facility at Natanz, Isfahan province, via AFP.

"The three-point plan to withdraw from the NPT is being reviewed and will be considered the same day after it is announced; of course, the Parliament will also review its international dimension," First Deputy Speaker Ali Nikzad said Monday.

At this point a formal pullout from the NPT remains at the level of a threatened course of action, and is not yet close to reality. According to more:

Nikzad said lawmakers "do not trust" the UN nuclear watchdog or its director general, Rafael Grossi, accusing the agency chief of carrying out what he called superficial inspections and issuing negative reports on Iran. He added that lawmakers would examine the bill while taking its “international implications” into account.

Iranian officials have also long accused the IAEA of leaking classified and sensitive information on the Islamic Republic's nuclear sites to Israel. Iran has further frequently pointed out the obvious double standard - that Israel itself is armed with nukes and is not a signatory to the NPT.

This fact has long been an 'open secret' in Washington and among world leaders. But if the US government were to officially recognize Israel as a nuclear-armed power, it could trigger legal repercussions which would impact foreign aid to Israel.

According to the London-based and Saudi-supported outlet Iran International, "Iran’s parliament is unlikely to approve an urgent proposal to withdraw from the Nuclear Non-Proliferation Treaty, with the measure potentially securing no more than 70 votes, a member of parliament’s National Security Committee said on Sunday."

"Leaving the NPT during wartime would effectively mean pursuing a nuclear weapon, something Iran does not intend to do, Mohammad Mehdi Shahriari told Jamaran," the report continues. "Withdrawal would only increase costs and further escalate the situation, he added."

But Iranian parliament and officials merely threatening pullout from the NPT remains a significant piece of leverage, at a moment when Washington seems 'stuck' in the Iran conflict and Hormuz crisis, and without an exit strategy.

🇮🇷 Iran’s FM just doubled down on 60% enrichment...

Araghchi said the level is not illegal, serves "peaceful purposes," and falls within Iran’s NPT commitments.

He argued past negotiations already ADDRESSED these concerns, and asked why the U.S. and Israel chose to bomb instead…

— Mario Nawfal (@MarioNawfal) September 27, 2026

A year ago, prior to Trump launching Operation Epic Fury, an adopted IAEA resolution charged that was Iran in breach of its obligations under the Nuclear Non-Proliferation Treaty (NPT), which Tehran is a formal signatory to. Yet of course, Iran is being 'non-compliant' at a moment it is getting routinely bombed by US forces. 

Tyler Durden Mon, 09/28/2026 - 19:40

Data Center Backup Power Contributes To Health Risks: Report

By Robert Freedman of UtilityDive

Federal regulatory changes impacting enforcement of on-site backup generator emissions are contributing to increased data center health risks, a report says. 

Air pollution from data centers could increase healthcare costs by almost $21 billion by 2028, contributing to roughly 600,000 asthma cases and 1,300 premature deaths, says the Environmental Protection Network, a nonprofit whose members are former public officials who maintain an interest in environmental policy. 

Much of the health risk is from federal regulatory changes made to help utilities meet data center energy demand, like expanding the use of coal and keeping coal and other combustion-based power plants online rather than phasing them out. But a portion of the risk is from regulatory changes that pave the way for data centers to maintain on-site backup power, EPN says in its Hidden Health Costs of AI Data Centers report.  

“These engines and turbines can emit nitrogen oxides, smog-forming volatile organic compounds, and soot pollution,” the report says. “The combined generating capacity of a large generator or turbine fleet can rival that of a conventional power plant.”

In Virginia, the emissions from on-site generators emitting just 10% of the levels allowed under their air permits will contribute to some 14,000 asthma symptom cases, 13 to 19 premature deaths and $220 million to $300 million in annual public-health costs, says the report, drawing on estimates released earlier this year by researchers. 

Several regulatory actions are helping to fuel risks from on-site generation, the report says: 

Temporary turbine category. A rule the U.S. Environmental Protection Agency finalized earlier this year created a category of small and medium temporary turbines that can remain on site for up to two years with substantially reduced monitoring, recordkeeping and reporting requirements. “Those requirements matter not only for estimating pollution, but for determining whether equipment is operating as permitted and whether pollution limits are being met,” the report says. As a result of the rule, 89% more nitrogen oxide is expected to be released into the air annually than would have been the case under a more restrictive 2024 version of the rule that the Trump administration scrapped, the report says. 

The report points to the high-profile lawsuit that was filed against xAI for its data center in Southaven, Mississippi. The dispute is over whether it received appropriate permits for its use of temporary or mobile on-site turbines to generate backup power. “The company and Mississippi regulators dispute that a permit was required,” the report says. “The dispute illustrates why clear permitting requirements and consistent enforcement become more important as equipment labeled ’backup, ‘temporary,’ or ‘mobile’ is used more extensively to supply power.”

Demand-response participation. An interpretive letter EPA released last year lets operators of on-site emergency backup generation use their generators to participate in utility demand-response programs. The report doesn’t mention that the letter is limited to on-site generators that operate within the jurisdiction of a local balancing authority. It “does not extend to Regional Transmission Organizations (RTOs) or Independent System Operators (ISOs),” an analysis by standby power compliance company BackupPower AI says.   

Emergency generation. In another action that lets operators use their on-site generation at certain times, the U.S. Department of Energy earlier this year issued an emergency order authorizing the PJM Interconnection to use backup generation at data centers and other major facilities to help it manage demand. The order was issued in May, when parts of the Northeast and Midwest were going through a hot spell at the same time that many utilities within PJM’s jurisdiction were preparing planned outages for annual maintenance. “Their use during heat waves and other periods of grid stress adds smog-forming nitrogen oxides and fine-particle soot pollution at times when extreme heat and existing air pollution already place people at greater risk,” the report says. 

The report lists 30 federal regulatory actions in all that it says risk increasing pollution from data centers, many of them easing rules on utilities and some easing rules on non-utility power plants — such as a rule exempting private power facilities from acid rain program permits, emissions requirements and standardized reporting requirements.

Tyler Durden Mon, 09/28/2026 - 19:15

US Cattle Slaughter Plunges 16% In One Week As Immigration Crackdown Guts Kansas "Golden Triangle" Workforce

A heightened wave of federal immigration enforcement in southwest Kansas has sent a shockwave through the U.S. beef supply chain, causing severe processing plant slowdowns, stranding thousands of cattle at feedlots, and threatening to drive up consumer meat prices.

U.S. cattle slaughter plummeted 16% in one week to an estimated 90,000 head on Thursday, September 24, as fear of Immigration and Customs Enforcement (ICE) activity led to widespread workforce absenteeism. By Friday, slaughter numbers remained 14% below the previous week's levels, translating into millions of dollars in lost revenue for producers whose animals are suddenly backed up.

The disruptions are centered in the Kansas "Golden Triangle" of commercial beef packing, which encompasses Dodge City, Liberal, and Garden City. This rural region is home to massive facilities operated by Cargill, Tyson Foods, and National Beef. Collectively, these plants process roughly 24,000 head of cattle per day, representing more than 20% of daily U.S. fed-cattle slaughter capacity.

Agricultural groups, including the Kansas Livestock Association, Texas Cattle Feeders Association, and Oklahoma Cattlemen's Association, warned that the unannounced enforcement actions are creating supply-chain chokepoints from feedyards to processors. In a joint statement, the organizations said the ICE presence has created a "massive chilling effect on the legal, documented, skilled workers that put beef on the table and keep the cattle supply chain moving."

The Department of Homeland Security has pushed back against characterizations of the sweeps as worksite raids. "ICE is not conducting worksite operations in Kansas," Homeland Security Secretary Markwayne Mullin said, adding that agents are targeting "heinous criminals including murderers, rapists, and drug traffickers and illegal aliens with final orders of removal." However, the heavy presence of federal agents near packing plants and in local communities has kept many of the region's agricultural workers at home.

Local officials from Dodge City, Garden City, and Liberal reported receiving no advance notice of the federal operation. "When ICE operates in Kansas, it needs to coordinate with our local law enforcement," said Sen. Roger Marshall, who along with fellow Kansas Republican Sen. Jerry Moran has pressed DHS on the operation. "Our community is a ghost town," Liberal's vice mayor told Reuters. "Businesses are not open because people are scared to leave their homes."

The labor shock arrives at a particularly sensitive time for the cattle market. Driven by prolonged drought, the U.S. cattle herd has shrunk to its smallest size in roughly 75 years. This historically tight physical market caused cattle futures to gyrate wildly this week as traders weighed the sudden loss of processing capacity against limited animal supplies. Texas Agriculture Commissioner Sid Miller said ranchers are receiving $300 to $500 less per head for their cattle.

The situation presents a unique policy collision in Washington. The Trump administration has actively sought to lower historically high consumer beef prices by expanding access to imported meat and enacting other supply-side measures. However, the abrupt reduction in domestic processing capacity - triggered by the administration's own immigration enforcement push - directly undercuts those efforts.

As the backlog grows, market-ready animals are getting heavier at feedlots, piling up feed costs and creating animal welfare concerns. Industry groups warn that if the Kansas bottleneck persists, fewer cattle moving through packing plants will mean less beef on supermarket shelves - and higher prices at the meat counter.

Tyler Durden Mon, 09/28/2026 - 18:50

Saylor Outlines 'Bill Of Digital Rights' To Help Build Prosperity In Future Economy

Authored by Michael Millard via Cointelegraph,

Michael Saylor, co-founder of Strategy, said that an age of digital assets and intelligence needs a "bill of digital rights," rather than restrictions.

An age of AI can increase production, but it needs better money and capital markets to realize its potential, according to an essay that Saylor, executive chairman of world's largest corporate Bitcoin holder, posted on X Saturday.

A useful framework for digital assets should establish five fundamental rights, or freedoms, Saylor wrote.

These rights include (1) the freedom to create new digital assets and (2) to issue them to the market to finance business and productivity. They also include (3) the right to hold them or choose a custodian, as well as (4) to transfer them, to move the assets among people, companies, wallets and service providers. Finally, (5) to use them, to spend, invest, earn income and borrow against digital assets.

These rights should apply to both people and companies, Saylor wrote. "An asset's value depends on what its owner can do with it. Restrict its usefulness, and you restrict its economic potential," he said.

As digital intelligence will automate jobs and make many products obsolete, future prosperity will depend on our ability to create new businesses and opportunities at a faster pace, Saylor wrote, adding that "our ambition should be to enable 10 million new companies to raise capital."

Cointelegraph reported on Monday that Strategy had resumed buying Bitcoin after a two-week pause, acquiring 950 Bitcoin (BTC) for $75.7 million at an average price of $79,670 per coin.

Digital dollars should be allowed to compete

This brought Strategy's holdings to 846,000 BTC, acquired for about $63.8 billion at an average cost of $75,416 per coin. Bitcoin was trading at about $84,523 at the time of publication.

Saylor also wrote in his essay that "protecting existing business models while making it difficult to finance their successors leaves the economy poorly prepared for technological change."

Therefore, digital dollars should be allowed to compete on yield and "move at the speed of light," he said. Banks, financial technology companies and technology platforms should offer digital dollars through the devices and applications people already use.

"Where the law prevents it, the law should change," Saylor added.

Tyler Durden Mon, 09/28/2026 - 18:25

Bill Maher Credits Falling Crime To Trump's 'FAFO' Image

Of all people, Democrat Bill Maher believes President Trump’s aggressive image may be playing a role in America’s ongoing decline in crime.

On Friday’s “Real Time,” Maher argued that while falling crime has plenty of potential explanations, it would be foolish to completely dismiss the psychological effect of having a president who openly projects a law-and-order persona, according to the NY Post.

“It’s just childish to pretend that when you elect a “f— around and find out” president, a ‘no more Mr. Nice Guy-booting-your-ass-V-for-vendetta-kick-ass—and-take-names-say-hello-to-my-little-friend’ president, that’s not going to have some effect on crime,” Maher said to laughs from his studio audience.

He was quick to make clear that Trump wasn’t the only explanation. Crime was already moving lower before Trump returned to the White House, and Maher pointed to America’s increasingly pervasive surveillance as another possible factor.

“It’s not just drug crime that’s way down – it’s all crime. And again, probably much of it is not political. It’s because you can’t move two inches in America without being tracked, photographed, and followed by a flock camera,” he quipped.

The Post writes that Maher also argued that policies traditionally associated with Democrats deserve some credit, particularly programs aimed at reducing economic desperation.

“But it’s also because when Democrats expand the safety net, there are less desperate people – and because Trump is a badass. No, I don’t agree with many of his methods, like how they sometimes just deport people to countries where they have absolutely no connection – like Meghan and Harry,” he said. “Is doing it this way the right thing? No.”

During the segment, Maher referenced an Atlantic piece examining the country’s broader decline in violent crime. FBI figures cited in the discussion showed the trend beginning during the Biden years and continuing under Trump. Other explanations have included changes in policing, a strong labor market and federal support sent to state and local governments during the pandemic.

But Maher’s closing argument was that Trump’s cultivated image of toughness may be reinforcing the trend.

“He has UFC fights on the lawn. I think the bad guys got the message,” he said.

Tyler Durden Mon, 09/28/2026 - 18:00

More Hospitals Are Being Bought By Private Equity; Here's How It's Changing Healthcare...

Authored by Lawrence Wilson and Sylvia Xu via The Epoch Times,

There's a greater than one in 10 chance your hospital is owned by someone who's trying to double their money in seven years.

If you live in Kentucky, your chances are one in six. In New Mexico, more than one in three.

Walk into an emergency room, and there's a 40 percent chance the doctor who stitches you up works for a staffing company owned by private investors, not the hospital.

At a time when less than half of Americans report being consistently able to afford healthcare, private investors are looking to hospitals and physician practices as a source of profit.

Private equity firms, which invest money on behalf of pension funds, universities, sovereign wealth funds, and wealthy individuals, buy healthcare providers expecting them to produce a better return than the stock market.

That may be no surprise to the 82 million Americans who make tradeoffs such as choosing between buying food and going to the doctor, nor to the nearly half of Americans with healthcare debt who have drained their savings to pay medical bills.

Providers are attractive targets for private investors for the same reasons any business might be, according to analysts.

Hospitals and physician practices are virtually recession-proof. They're fueled by a steady supply of aging customers. Historically, there have been lots of small, independent operators in the healthcare industry, ripe for consolidation. And they need vast amounts of capital to expand or even maintain complex facilities.

Private investors bring the business savvy and operational know-how that many healthcare providers lack. That has made physician offices and hospitals more efficient and productive, analysts say.

"Private equity has made a tremendous amount of investments in health technologies," Kelly Arduino, an executive with 25-years' experience in healthcare management, told The Epoch Times. "That's where we would see the biggest success."

But that success comes at a price.

Gains in efficiency and value to investors have left some hospitals bereft of real assets, loaded with debt, and struggling to maintain quality care, some studies indicate.

Private investors are buying into the healthcare system to extract profit, which can permanently change the structure of a healthcare institution, sometimes for the worse.

Debt Loading

When private equity firms buy an independent hospital or physician practice, they finance the deal mostly with borrowed money.

Investors typically put in between 10 percent and 40 percent of the funding and get the rest from commercial lenders, institutional investors, or high-yield bonds.

But the actual borrower is the provider. The hospital or physician practice takes on the debt and must repay it, often paying management fees to the equity firm as well.

And because the investors typically convert the provider from nonprofit to for-profit status, the provider is also liable for taxes.

When the provider is eventually resold, the debt will likely be paid off from the proceeds. But the new owner, often another private equity firm, may finance its purchase with debt, too.

So hospitals and physician practices can be left with ongoing debt for the sake of generating a profit for private investors.

There's evidence that debt loading negatively impacts the long-term financial health of these institutions.

A 2025 study of more than 200 hospitals owned by private equity firms found that those re-resold to another private equity group saw operating margins decrease more than 8 percent compared to those sold to other for-profit owners.

Yet even some critics agree that private investment in healthcare can be useful if done responsibly.

"Private investments can sometimes be an important source of capital, especially for small to mid-sized companies that can benefit from the access that this financing provides," Lina M. Khan, former chair of the Federal Trade Commission, wrote in 2024.

Staff Cuts

Private-equity investment in healthcare came under scrutiny by Congress following the 2024 bankruptcy of Steward Health Care, a chain of 31 hospitals. Many attributed Steward's collapse to its years under ownership by private equity.

Yet overall, hospitals owned by private investors are not more likely to close than are other hospitals, research shows.

A more consistent problem is significant staff reductions, which affects physician morale and patient satisfaction, according to a 2025 report by a team of academic researchers.

After private-equity takeover, provider staffing was reduced by 6 percent over four years and stayed that way longterm, according to a study of hospital acquisitions.

While the number of doctors, nurses, and other care providers did bounce back, support staffing did not. It was cut an overall 20 percent.

That saved money on wages: about 7 percent in the first four years, and up to 9 percent after eight years.

That focus on efficiency has changed the dynamics of the workplace.

"I think where private equity has struggled the most is in dealing with a lot of professional services providers. So that would be physician practices," Arduino said.

Patients complain of doctors who are overly busy, long wait times for appointments, driving farther for care, and being rushed through their brief visits with physicians.

More than four in 10 doctors reported symptoms of burnout in 2025, according to the American Medical Association. That's despite a recent decline in job stress since the COVID-19 era.

One reason is the increased pace of work, said Robert Andrews, CEO of the Health Transformation Alliance.

"The doctor who's had four or five appointments per hour ... now has seven," Andrews told The Epoch Times. That leads to long days catching up on paperwork and feeling fatigued, he told The Epoch Times.

Beyond that, physicians often feel handcuffed by the clock, prevented from spending the extra minutes with a patient that might improve patient care, Andrews said. "They feel like their professional autonomy has been robbed from them," he said.

That problem is not unique to private equity-owned hospitals and physician practices.

But it has roots in the rapid consolidation of the healthcare industry that began in the 2010s, which some analysts call a "glorious time" for private investment.

This focus on efficiency changed the mindset of entire hospital systems, said Dr. Patricia Martin, an anesthesiologist in practice for more than 20 years.

"They're not in the business of providing the best medicine. They're in the business of providing good-enough medicine for the largest number of people," Martin told The Epoch Times.

Supporters of private investment say there is no evidence that mortality rates increase under private equity ownership.

Yet hospitals owned by private investors were found to have higher rates of falls and hospital-acquired infections, lower patient satisfaction, and lower scores in standardized quality ratings.

Asset Stripping

One reason the Steward Health Care bankruptcy drew criticism was the allegation that former owner Cerberus Capital Management had sold some of its real assets before selling it in 2020.

Cerberus created Steward Health Care, starting with six financially troubled hospitals acquired from the Catholic Archdioceses of Boston, in 2010.

Cerberus stated that the hospital system was financially sound with more than $400 million in cash when sold to other investors in 2020.

However, critics noted that Steward had earlier sold 13 medical office buildings and the campus of one hospital to a real estate trust, then leased them back.

That tactic is common among private equity investors and is not unique to healthcare.

Many real-estate intensive businesses do this to raise capital and to make the cost of occupying the property more predictable.

While this practice does not affect the provider's immediate financial picture, researchers found that it does have a longer term impact.

Hospitals that sold their real estate to a real estate investment trust had a significant decrease in fixed asset value, and were about six times more likely to close or file bankruptcy than other hospitals, according to a 2025 study.

Yet the Center for Economic and Policy Research found a pattern of private equity companies using the proceeds from hospital and nursing home real estate sales to pay dividends to investors rather than making capital improvements. At the same time, the new real estate owners sometimes charged the healthcare providers inflated rents.

Better Incentives

While the dangers of private equity investment in healthcare are real, industry insiders warn against applying blanket solutions.

Not all hospital failures can be laid at the feet of investors, Arduino said.

"When I look at the hospitals that have struggled or failed, it's not a function of private equity. It's a function of long-term mismanagement, operational challenges, disconnected systems, and poor reimbursement," she said. "The hospital business is super hard."

Kahn was critical of what she called "strip and flip" tactics used by some private investors. But, she said, "some private equity firms take a more long-term view and focus on creating real operational improvements to generate value in ways that provide broader benefits."

Andrews, whose firm works with more than a dozen physician groups owned by private-equity firms, said the ownership structure is far less important than the rules by which they operate.

"If you incent primary care practices to rush people in and out the door, that's what they'll do," Andrews said. "If you incent them to spend time, understand what's going on with the patient, and reward them when the patient's healthier, that's what they'll do."

Nine states have enacted legislation regarding private-equity investment in hospitals since 2024. Most involve notification requirements regarding changes of hospital ownership.

A Connecticut law bars private-equity owners from having a majority stake in a hospital or interfering with clinical decision making, and prohibits hospital sale-and-lease-back transactions.

Tyler Durden Mon, 09/28/2026 - 17:40

Suspects Accidentally Set Themselves On Fire During Seattle Fuel Theft Attempt

The free market responds to rising gas prices in many ways...

Two suspects in Seattle appear to have discovered one of the more obvious drawbacks of stealing fuel: it is extremely flammable.

Police say the pair accidentally set themselves on fire early Friday while allegedly trying to siphon fuel from box trucks in Seattle’s SODO neighborhood, according to KIRO 7.

Around 1:30 a.m., multiple callers reported several box trucks burning near the 3400 block of 1st Avenue South. Firefighters and Seattle police responded, and officers initially detained a 37-year-old man who was found near the rental truck lot smelling strongly of smoke and carrying a lighter.

A witness identified him as someone seen leaving the area shortly before the fire, and police arrested him on suspicion of felony property damage. Three rental trucks suffered an estimated $150,000 in damage.

But security footage reviewed by Arson and Bomb Squad detectives quickly changed the story.

According to police, video showed a vehicle arriving with two people inside who appeared to begin stealing fuel from the trucks. Somewhere along the way, their criminal master plan encountered the minor complication of combustion.

The report says that the fuel ignited, engulfing both suspects and their vehicle in flames. Despite apparently catching themselves on fire, the pair managed to get back into their vehicle and drive away onto 1st Avenue South.

Police subsequently determined the 37-year-old man they had arrested was not responsible for starting the blaze and released him Friday morning.

Investigators are now searching for the actual suspects, noting that at least one may be walking around with burns, singed hair or missing eyebrows...which, conveniently, may narrow the field.

Tyler Durden Mon, 09/28/2026 - 17:20

Walmart Boss Rules Out Personal Pricing In Stores As It Rolls Out Digital Price Labels

Authored by Owen Evans via The Epoch Times,

Walmart's boss has ruled out personal pricing in a bid to alleviate customers' concerns about new pricing technology at its stores.

In a statement posted on the company's website on July 25, Walmart CEO John Furner claimed that the retail giant isn't using personal information to set prices as it rolls out digital shelf labels.

Digital pricing, driven by electronic shelf labels and artificial intelligence (AI), is increasingly enabling retailers to quickly update in-store prices rather than relying on staff to change traditional paper price signs.

"Digital price labels are rapidly replacing paper shelf tags at U.S. supermarkets," said Furner.

Some campaigners are concerned that algorithms and data-led "dynamic pricing," a pricing strategy that adjusts food prices in real time, will be used.

"We don't set different prices based on who you are or the time of day, and we won't," Furner said.

"Whether you're buying groceries or electronics on a hot afternoon or in a sudden rush for an item, it's never a reason to charge you more.

"We don't set different prices based on who you are or the time of day, and we won't."

He also said that the company won't use the information consumers share with it, whether through its agentic AI-powered shopping assistant "Sparky" or otherwise, to raise your price or hide lower-priced options that meet your needs.

Walmart said in March that 2,300 Walmart U.S. locations already use digital shelves, and it expects this technology to be chain-wide within the next year.

According to a 2024 Harvard Business School post on dynamic pricing, long used in air travel and hospitality, companies lacking transparent pricing models have faced backlash for "hidden" surge pricing.

"This happens when digital platforms raise prices dynamically based on real-time demand without giving customers clear, upfront explanations," it said.

Democratic lawmakers are pushing for legislation to ban what it characterizes as "surveillance pricing."

In August 2025, Reps. Rashida Tlaib (D-Mich.) and Greg Casar (D-Texas) introduced H.R. 4966, the Stop Price Gouging in Grocery Stores Act, to ban surveillance pricing at the federal level.

The bill directs the Federal Trade Commission to enforce a ban on price gouging by grocery stores. Specifically, H.R. 4966 says "an operator of a retail food store may not sell or offer for sale an item at a grossly excessive price," with a metric yet to be set.

This includes a ban on electronic shelf labels in stores larger than 10,000 square feet. Instead, those stores would be required to rely on a physical sticker, stamp, or label that is attached to the item, shelf, or sign.

"Companies should not be allowed to use electronic labeling or your personal information to charge you a higher price. We need to ban corporate price gouging and surveillance pricing," said Tlaib.

Milton Jones, president of the United Food and Commercial Workers International Union, said his labor organization is among those that have endorsed the bill.

"Technologies like electronic shelf tags threaten to usher in a new era where the price of an item you pick up from the shelf can change within the amount of time it takes to walk to the register," Jones said at the time.

The bill has not passed and remains in committee.

In a Sept. 14 report, the Washington Legal Foundation, a conservative, pro-business public-interest law firm and legal policy center, claimed that "surveillance pricing doesn't actually raise prices."

It said that because grocery stores "compete vigorously" with each other, they can't raise their prices above the market level, and if they do, customers will immediately walk across the street and buy for less.

The report said that a grocery store's ability to "discriminate" against "even high-income consumers is extremely limited."

"So when they do look at personal data, they almost always use it to target discounts," it said.

"High grocery prices have nothing to do with surveillance pricing. High prices instead reflect economy-wide pressures, like tariffs, high labor costs, and general inflation."

The report said that there is a "vision of the grocery industry" that is "basically fictional" as it imagines grocery firms as "quasi-monopolies feasting on fat profit margins."

It said that grocery retailers' margins are "razor thin" and that, on average, they earn only 1.7 percent, some of the "thinnest in the economy."

Tyler Durden Mon, 09/28/2026 - 17:00

Trump Denies He Offered Sanctions Relief, As Iran Insists No Change On Enrichment Stance Summary

• Trump by day's end denies offering Iran sanctions relief in exchange for nuclear concessions; the morning headlines triggered a sharp drop in oil prices.

• US-Iran talks may resume, but only indirectly, this week; however Tehran remains skeptical after Trump rejected its ceasefire proposal.

• Iran announced targeting 19 vessels over a 48 hour period this weekend and is threatening to escalate further.

• Iran’s economy feels the pressure, with the rial hitting a record low near 2.3 million per dollar.

//--> //--> US-Iran Final Nuclear Deal by December 31, 2026?
Yes 17% · No 85%
View full market & trade on Polymarket

*  *  *

Trump Denies

We've really come full circle from where Monday morning started, and conveniently it's just after market close:

Rinse and repeat...

No one believes it https://t.co/WGj0ebjy7f

— The_Real_Fly (@The_Real_Fly) September 28, 2026

Trump: "As soon as that war ends, inflation is gonna be eradicated totally" pic.twitter.com/Yvgnc1wKHW

— The_Real_Fly (@The_Real_Fly) September 28, 2026

All of this and it's only Monday...

State Media Denies Iran Agreed to Halt Enrichment

As expected, the Iranians are denying the earlier reports that it "agreed to halt enrichment" - which came through Saudi state sources (see below):

IRANIAN OFFICIAL SAYS IRAN'S POSITION ON THE NUCLEAR ISSUE HAS NOT CHANGED AND THAT NO DISCUSSIONS ARE CURRENTLY TAKING PLACE ON THE MATTER, ADDING THAT REPORTS OF IRAN'S FLEXIBILITY ON ITS NUCLEAR STANCE ARE INCORRECT - FARS NEWS

IRAN'S ARAGHCHI: 'STRONGLY DENY' FLEXIBILITY ON NUCLEAR ISSUE

More confirmation: "Iranian MP Ebrahim Rezaei says no negotiations will begin until the US fulfils its commitments in the Islamabad understanding, while he stated that Iranian diplomats lack permission for bilateral or trilateral talks in the current situation." But importantly:

TRUMP: DID NOT OFFER SANCTIONS RELIEF TO IRAN

And via state PressTV, calling the reports false:

🔺 An informed Iranian official has told Press TV that reports published by some news outlets about Iran showing flexibility over its nuclear position are false. pic.twitter.com/hloF3GbI3J

— Press TV 🔻 (@PressTV) September 28, 2026 Crude Drops Further on Regional Media Claims

Crude drops further, stocks exploding, amid another bombshell headline which will more than likely be met with a swift Iranian denial:

Iran has agreed to halt enrichment in exchange for easing US sanctions, reports [Saudi state] Al Hadath

Denial, or the walk-back was quick:

• The chances of an agreement are extremely slim, according to a US source involved in negotiations with Iran, via Al Arabiya
• While some reports allege that mediators in a last-ditch effort have suggested that Tehran frontload nuclear-related concessions to get buy-in from Trump, an Iranian source told Amwaj Media said no such proposal has been made

مصدر أميركي منخرط بالمفاوضات مع إيران للعربية: الفجوات واسعة والعقبات كبيرة #العربية_عاجل

— العربية عاجل (@AlArabiya_Brk) September 28, 2026 Oil Tumbles on the Unexpected: Trump Signals Sanctions Relief (...TACO Monday)

Al Jazeera is reporting that President Trump is signaling he'd be open to providing Iran with sanctions relief in return for nuclear concessions - though it remains that Tehran has throughout the war insisted that a ceasefire deal must be achieved first, before the nuclear file is dealt with.

US official says US President Trump is prepared to ease sanctions on Iran and release its frozen assets in exchange for progress on the nuclear issue, reports Al Jazeera

And...

CNN and Axios also run US offiicial comments (echoing Al Jazeera) that US President Trump is willing to grant Iran sanctions relief and release frozen funds in exchange for real progress on the nuclear issue.

As stocks jump, crude big plummet...

Note via Newsquawk: Oil sees downside, with slight Dollar pressure, while Treasuries, stocks, and spot gold see upside amid reports that Trump is ready to ease sanctions on Iran and release its frozen assets in exchange for progress on the nuclear file. Meanwhile...

IRAN OFFICIALS PESSIMISTIC ABOUT DEAL WITH US BEFORE MIDTERMS

The Iranian response is what's going to matter here. They will likely see in this another ploy to merely talk down oil prices, and have already repeatedly said they 'don't trust' Trump. It was only on Friday night into Saturday that Trump outright rejected Iran's 7-day ceasefire pitch - with not even so much as an effort to sit down and talk details. But apparently that could happen this week on an indirect basis, via the typical Gulf mediators.

Ayatollah New Threat

After a weekend which saw President Trump reject an Iranian proposal for a 7-day ceasefire and roadmap to peace, and Tehran in turn targeting 19 ships in the Strait of Hormuz, the two sides once again have their fingers on the trigger.

Iran has said while it remains open to diplomacy, it is 'fully prepared' to resume the full-scale war with Washington, according to Foreign Minister Abbas Araghchi on Sunday. On Monday, Supreme Leader Mojtaba Khamenei - who still hasn't been seen since the war's start and after his father's assassination - has proclaimed his military has driven the 'enemy' from waters off southern Iran to the Arabian Sea.

"Having suffered painful blows from our valiant combatants and the guardians of the Strait of Hormuz, they [the enemy] dare not venture beyond the Arabian Sea," Khamenei said in a new message. He warned that war could soon come to the Arabian Sea as well.

via AFP

His words were issued on the annual remembrance of the Iran-Iraq War, as well as the anniversary of Israel's killing of Hezbollah leader Hassan Nasrallah in 2024.

"Whenever they have risked doing so they have only inflicted harm upon themselves, and the time is fast approaching when the Arabian Sea, too, will be cleared of their presence," Khamenei's message added. This marks an extension of threats from Iranian security officials last week which warned that war is coming to the Indian Ocean more broadly.

However, the reality also is that oil exports from the Persian Gulf and Gulf of Oman have been climbing over the past week. But renewed hostilities in the Strait of Hormuz, where Iranian forces are trying to hinder this uptick in transit, is looking more and more likely.

This as diplomacy is obviously stalled. Bloomberg observes, "Iran and the US appeared far apart on a new ceasefire deal or the reopening of the Strait of Hormuz, with Tehran saying it’s sticking to a proposal US President Donald Trump has rejected." And, "In futures, oil rose as Iran and the US appeared far apart on a new ceasefire deal or the reopening of the Strait of Hormuz, with Tehran saying it’s sticking to a proposal that US President Donald Trump has rejected."

Return to 'Talks' Narrative

Like clockwork, anonymous diplomatic officials are once again in pre-market Monday morning hours pushing a "talks" narrative. According to more latest from Bloomberg:

Mediators expected to hold separate talks with US and Iran on Monday or Tuesday, with Iran Foreign Minister Araghchi and Qatari mediators remaining in the US, according to sources. Talks to focus on amended version of 7-day proposal Iran presented on UNGA sidelines.

Over the weekend, Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, while Iran said any reopening remains contingent on its conditions being met and its UN delegation reportedly has no plans for talks with the US. Trump nonetheless expects negotiations to resume this week, with the Iranian President also supporting talks.

And the Wall Street Journal has a parallel Monday morning story: "Peace negotiators are pressing Iran to make a concession on its nuclear program to revive ceasefire talks with the U.S. after President Trump rejected Tehran’s truce proposal, in a race to stop the conflict from escalating back into all-out war," the publication says. On the headlines:

• Brent Dec fell from USD 100.70/bbl to around USD 99.60/bbl.
• WTI Nov dipped from USD 96/bbl to USD 94.90/bbl.

Trump in new comments to Axios:

“I expect more talks with Iran (this week),” Trump told Axios in a phone interview. “They want to make a deal, but it is not the deal that I want to make. It is what we would have maybe agreed to a year ago. They overplayed their hand.”

Araghchi apparently stayed in New York through the weekend following his attendance of the UN General Assembly, with President Pesheshkian having departed back to Iran.

Ready for "apocalyptic war" if it comes to that...

🔸New: Iran’s FM Araghchi:

“President Pezeshkian and I did not come to New York to sell a war. We came to forge peace.

Iran nonetheless remains steadfast in the face of any aggression—even if it comes to an apocalyptic war. At the same time, we are ready for real diplomacy.” https://t.co/V1VtKDuk4L

— Drop Site (@DropSiteNews) September 27, 2026

Meanwhile the US economic war is continuing to bite, with Iran's currency has hitting another historic low against the US dollar, exacerbated by severe inflation and the Trump/Bessent 'Economic D-Day' and 'Operation Economic Outcast' campaigns which seek to strangle the country. Financial trackers note that the free market exchange rate has escalated to 2.3 million rials per US dollar. 

Weekend & Overnight Developments

via Newsquawk

• US President Trump said he rejected a deal from Iran to open the Strait of Hormuz, while he stated Iran wants to make a deal in which they open the strait immediately because it is losing so badly.
• US President Trump said he expects talks with Iran to resume this week even though he rejected Iran’s latest proposal, while he stated the conditions Iran wants are something the US may have agreed to around a year ago and that Tehran overplayed its hand, according to Axios.
• US President Trump said that as soon as the Iran war is over, which is soon, oil will drop, while he stated that they took out a record oil amount from Hormuz on Saturday night. Trump also stated that they will win against Iran in military and economic warfare, while he didn't want to say regarding striking Iran before the Midterms and noted that Iran inflation was at 318%.
• US President Trump told Chinese President Xi during the summit to stop supporting Iran, according to Axios on Friday, citing US Ambassador to Beijing Perdue.
• Iran's delegation in New York has no plans for talks with the US, according to a source close to the delegation cited by IRNA.
• Iranian Foreign Minister Araghchi said they have seen the initial response from US President Trump to the 7-day ceasefire proposal, but are waiting to receive the official response via mediators, while he added that only a negotiated solution can get them out of this deadlock. Araghchi also stated that Iran's conditions are clear and that any move towards reopening the Strait of Hormuz is contingent on these conditions being met.
• Iranian Foreign Minister Araghchi said he and Iranian President Pezeshkian did not come to New York to sell a war and that they came to forge peace, while he added that Iran remains steadfast in the face of any aggression even if it comes to an apocalyptic war, but is at the same time, ready for real diplomacy.
• Iranian President Pezeshkian said regional states can safeguard their own security, and he denied Iran's direct involvement in Yemen, describing the situation as unrelated to Iran, but stated that Iran is ready to help resolve the conflict and urged Houthis and Saudi Arabia to enter talks instead of escalating.
• IRGC spokesman said not only is the Strait of Hormuz not open, but it is a hunting ground for the IRGC Navy against US submersibles.
• Iran army spokesman said Iran’s armed forces are prepared for any renewed US attacks after US President Trump said he rejected a deal from Iran.
• Local sources reported that a sea cruiser fired at a violating vessel in an unauthorised route of the Strait of Hormuz, according to Fars News.
• Saudi authorities suspended in-person classes in Riyadh for a week on Sunday, following reports the day before that Saudi air defences said they intercepted Houthi drones headed toward the capital and ballistic missiles targeting Khamis Mushait.
• Iranian President Pezeshkian said Iran remains ready for dialogue despite being attacked during previous talks, but pressure and attacks will not force Iran to surrender.
• Source said Iran is prepared to compromise on its nuclear programme but wants guarantees Israel will not attack again after a US deal, N12 reported.

Tyler Durden Mon, 09/28/2026 - 16:43

$4 Billion Startup 'Corgi' Melts Down Into Real Life Social Media 'Mean Girls'

San Francisco insurance startup Corgi has found itself in the spotlight for reasons that have little to do with insurance, after controversial social media posts by employees triggered criticism, internal disagreement and questions about the company’s unusual culture, according to the NY Post.

The latest controversy involved Nicole Clash, a Corgi marketing employee who came under fire for repeatedly using an ableist slur online and for a since-deleted post suggesting she would not police people who use the N-word.

The Post writes that another employee, partnerships manager Ella Schlaghecke, publicly pushed back, arguing there is a difference between opposing censorship and refusing to challenge dehumanizing language. Clash later said she deleted some posts after reconsidering them and emphasized that her comments did not represent Corgi.

That followed a separate blowup involving Brooke LeBlanc, Corgi’s head of community. The 29-year-old posted a lengthy list of requirements for a future husband, including that he be financially secure, hardworking, fit, sober, masculine and between 35 and 42.

“Sorry, I don’t want to date a loser!” she wrote. The post went viral, with LeBlanc claiming it produced five potential suitors before she ultimately deleted her X account.

LeBlanc

Corgi co-founder and CEO Nico Laqua also entered the fray with a post criticizing cancel culture and arguing that startup builders should focus on creating durable businesses rather than pleasing social media personalities and venture capitalists. Corgi later stressed that Laqua’s comments came before Clash’s remarks and said neither he nor the company supported that language.

The spectacle has added to Corgi’s already unconventional reputation.

The roughly 400-person company describes itself as an AI-native insurance platform that underwrites and sells coverage directly to businesses. But it has also promoted an extreme startup work culture. Laqua has said employees should not expect every Saturday and Sunday off and has claimed he sleeps only three or four hours a night, sometimes on an office mattress.

Corgi has also faced speculation about its hiring and marketing practices. The term “Corgi girls” emerged amid claims that the startup deliberately recruits attractive, highly online women for growth and promotional roles, fueled partly by viral posts announcing female hires.

The company strongly denies that characterization, saying it hires employees for their ability to contribute to the business and calling suggestions that female staffers are a marketing tactic disrespectful and inaccurate.

Corgi’s unconventional strategy extends offline. The company has announced plans for as many as 100 round-the-clock “Corgi Cafes” aimed partly at programmers and startup employees working late hours. The employee reportedly overseeing that expansion recently departed, although Corgi says the cafe initiative remains underway.

Clash

Behind the online drama is a growing insurance business that is also expanding into additional insurance and reinsurance products.

Some Silicon Valley observers see Corgi’s provocative personality as a branding strategy designed to distinguish an otherwise unglamorous insurance company. Others argue the approach risks overwhelming the underlying business.

PR executive Chris Harihar said the danger is that Corgi becomes known for employee controversies rather than insurance. One San Francisco venture capitalist similarly described widespread eye-rolling toward the company while acknowledging that insurance and fintech ultimately depend heavily on branding.

Corgi appears to be betting that an irreverent, Gen Z-oriented identity can attract customers who might otherwise ignore an insurance startup. So far, it has certainly generated attention. Whether that attention ultimately helps sell insurance is another question.

Tyler Durden Mon, 09/28/2026 - 16:40

First, Quit Pretending...

Authored by James Howard Kunstler via Clusterfuck Nation,

"The Republican party has plenty of things wrong with it, but the other side is so crazy they're celebrating our assassinations and sharia law."

- DC_Draino on X (Rogan O'Handley)

The leaves turn and the season quickens and, in a few weeks, comes an election more dreaded than all the slavering blood beasts of Halloween.

Do you suppose, as I do, that America is tired of being insane?

The pathetic part of this national nervous breakdown is how unnecessary it actually is.

Our national problems are not that difficult to understand and correct.

Here's an inventory of them:

Making a living 1.

So many blunders, starting with off-shoring our factories. So few well-paying working-class jobs. Some of the former working-class are now working three part-time gigs and still not making a living. Quite a few are just at home, on "disability," smoking drugs, flirting with suicide on fentanyl, eating too much crap snack food, getting tattoos. We've quit pretending that's all right.

Mr. Trump proposes to change that and is re-shoring industry. It takes time to build it, get it running. Meanwhile nobody can find a plumber, an electrician, because of the bad political decision to send everyone to college, including kids not really able to finish high school. Result: "elite overproduction" Translation: too many college graduates, with the situation made worse by bogus fields-of-study that were concocted to keep students busy without preparing them for the real world. Hence, they are "elite" only by certification, not superior knowledge or skills. Young people need to learn real skills. Mr. Trump issued EO 145278 (April 2025) "Preparing Americans for High-Paying Skilled Trade Jobs of the Future." Pell grants for short-term vocational training. Grants for apprenticeship positions.

Making a living 2.

Rewrite the immigration law. We don't need 1-million-plus newcomers each year. How about none for a while? Give American citizens priority for any and all jobs. Keep the border closed and deport all illegal immigrants. They have no "right" to be here. We don't need "the wretched refuse of your teeming shore" (Emma Lazarus, 1883). It's not 1883 anymore. Quit pretending we have to be "the beacon of the world." Let them make themselves free in their own lands.

Making a living 3.

America needs household servants and poor people need work. The current work-around for the well-off is to hire illegal aliens for this kind of work. It allows them to believe that putting poor Americans on the dole (out of "empathy") and allowing them to be useless is "progressive." (That's insane.) There's plenty to do, even for people of limited ability. Make menial labor okay again. These days, many people of means live in chaotic households where nothing is taken care of. It reflects their chaotic lives. (No wonder wealthy liberals are crazy.) Get poor people off welfare and off making babies they can't take care of. Give them a place to live in your 5,000 square-foot McMansion and a paycheck.

Nothing Works.

Because we automated too many transactions. Spent $XX-Billions and fifty years computerizing the US Telephone system to improve communication. Result: it's impossible to get a real human being on the phone. How is that an improvement? How is it better for Americans to get fucked around on "phone trees" for hours every week? Too many "help desks" located in foreign lands that employ people who barely speak English. Quit pretending that's okay. Start by requiring doctors' offices and hospitals to provide humans to the answer their phones.

The Horror That Is Medicine.

Get this: the situation is too dire to fix at-scale. The complexity and opportunities for racketeering are now too vast. Since failure is already well underway, and trust in doctors is broken, allow medicine to reorganize at the local clinic scale on a pay-for-service basis. Streamline medical education and the entry positions to practice. Government should not take over medicine, but can subsidize medical education. It would comprise a tiny percentage of the annual budget. Accept that there's a lot doctors will have to learn on-the-job. Forbid insurance companies from owning hospitals, clinics, and doctor practices. To restore trust, quit pretending that Covid-19 was anything but a nefarious exercise and prosecute the large number of pharma executives, hospital admins, doctors, bureaucrats, who enabled it to happen. Make personal responsibility for your body great again. Let RFKjr do his job.

Scam Education.

It's failing at-scale as medicine is. Kids are allowed to "graduate" from high school not knowing how to read or do basic arithmetic. How did that become okay? Answer: the teachers' unions are corrupt and degenerate, dedicated to Marxist social disruption and maximizing their pensions. Manipulating kids into fake sexual crises is a criminal enterprise. Centralizing K-12 schools into gigantic buildings was as much a mistake as off-shoring industry. School's primary mission should be to produce basically literate citizens in the language of the USA, which is English. If you can't speak and read English, you're unlikely to learn anything else and unlikely to thrive in this society.

Black / White race conflict.

Failing to teach black ghetto kids to speak English correctly stigmatizes them for life. Quit pretending you can compensate for that with grievance politics. It's only made race relations worse and driven whites and blacks into separate cultures that can barely communicate with each other. That is opposite of the direction America was going in two generations ago. How did it reverse? I will tell you: By the 1980s, liberal shame over the Civil Rights movement's failure to produce perfect social "equity" inspired the "solution" of "multiculturalism," which said, let's just have different standards of language, manners, and behavior for different ethnic groups (and everybody will get along). It was a shuck and jive. To be a coherent nation requires a common culture, the same standards for all citizens. That was America's strength when we were strong, not our "diversity."

The Law.

The Woke judiciary is punking America thanks largely to appointments made by Barack Obama and "Joe Biden." It's extremely difficult to get rid of political "activist" judges with lifetime appointments. Or to wait for the SCOTUS to reverse their multitudinous noxious rulings. But it's less difficult to put out-of-business the small cadre of lawfare ninjas who bring all the lawsuits that their chosen activist judges rule on - namely, Norm Eisen, Marc Elias and their many associates. They have engaged in manifold seditions from RussiaGate to the Mar-a-Lago raid and are liable for prosecution for the roles they played. Eisen and Elias run numerous NGOs that assist their shenanigans. The funding streams to them can be turned off, especially if any of the money comes from foreign entities, such as Arabella Advisors (and its pass-through orgs) or from foreign nationals like Swiss billionaire Hansjörg Wyss and Shanghai-based Neville Roy Singham (currently under investigation by a New York federal grand jury). George Soros's many Open Society affiliated NGOs have been busy for years pumping money into state attorney general and many county district attorney elections. In a 5-4 ruling on the case Citizens United v. Federal Election Commission (2010), the Supreme Court held that the First Amendment bars the government from limiting independent spending on political speech by corporations, unions, and other associations. A later D.C. Circuit decision, SpeechNow.org v. FEC, led to the creation of "Super PACs" (political action committees) that can spend unlimited sums on activism as long as they do not give money directly to candidates or coordinate with them. Years later, there is a growing consensus that these decisions led to tremendous mischief in politics and the administration of law. They can be revisited.

Fraud and Grift.

Artificial Intelligence (or "Super Intelligence," if you like) is already pretty good. Good enough to trace money flows from the US Treasury through states such as Minnesota, New York, Illinois, and California, and further down the line into local orgs like the now-infamous Minneapolis "Learing" Center and the Feeding Our Future scam. AI can go over their books super-efficiently, too. Veep JD Vance is probably already using AI on his Task Force to Eliminate Fraud. Treasury Secretary Scott Bessent estimated aggregate fraud in annual government spending at around half a trillion dollars a year.

Free and Fair Elections.

It's astounding that there's any disagreement over the provisions in the SAVE ACT: only citizens can vote. . . ID required. . . One-day only election with results next day at the latest. . . Mail-in voting only for military, voters too ill to go to the polls, and persons out-of-the-country for a good reason. It's a sign of epic dysfunction that we go into the midterms having failed to move this bill through a Republican-controlled Senate.

This is just a casual survey of a few things in our national life that need repair.

You have to ask: who is behind all the pretending.

What stands in the way of getting any of this done? I think you know.

We publish a variety of perspectives. Nothing written here is to be construed as representing the views of ZeroHedge.

Tyler Durden Mon, 09/28/2026 - 16:20

Boeing Extends Losses After FAA Delays 737 Max 10 Approval Over Software Glitch

Boeing CEO Kelly Ortberg has been on the job for two years and over trhe weekend, we got reports that he may be facing yet another fire to put out, as a software glitch affecting the 737 MAX could complicate the rollout of the 737 MAX 10.

The Wall Street Journal reported Monday afternoon that airlines were notified in August of a previously known glitch that could cause an automated navigation function to cut out during aborted landings.

The report said some airlines have requested deliveries with an older software version that avoids the glitch.

But, now, Boeing must develop a software patch to fix the problem. 

Bloomberg reports that certification of Boeing's long-delayed 737 Max 10 variant will be held up by the Federal Aviation Administration over a new software issue, just as the US planemaker was in the final stages of winning approval to begin deliveries to airlines.

The FAA is holding off on certification of the largest member of Boeing’s best-selling narrowbody family until it has determined whether or not a recently flagged software concern constitutes a safety of flight issue, Administrator Bryan Bedford told reporters on Monday at an event near Washington.

News of the FAA approval delay sent Boeing shares down 6.1% in late-afternoon trading, the largest intraday decline since Ocotber 20, 2025.

Ortberg told investors this month that the new jet could be approved "very soon" after FAA regulators cleared the shorter 737 MAX 7 earlier this summer. 

Orders for the 737 Max 10 exceed 1,500 aircraft, making it one of the more popular Max variants.

The new MAX 10 is designed to carry more passengers and lower operating costs per seat. It can seat up to 230 passengers, compared with 220 for the MAX 9 and 210 for the highest-capacity MAX 8.

FAA Administrator Bedford said the agency certified the smaller 737 Max 7 with the latest version of the software, which fixed a known issue on the vertical navigation system but unexpectedly introduced a new, but smaller, bug.

“The pilots remain in control of the airplane. They train for these scenarios,” he told reporters. “The issue that we’re looking at right now is the workload component under these more obscure situations and how we feel about that.”

“We haven’t concluded whether this is a safety of flight issue or not,” he added. “But we will be delaying the 10 until we’re satisfied we don’t have an issue here.”

Shares are down 14% this year and have traded sideways since the twin MAX jet crashes, one in 2018 and the other in 2019.

According to Bloomberg, Wall Street analysts tracked by Bloomberg are mostly bullish, with 27 "Buy", 5 "Holds" and zero sells. The 12-month price target of those analysts is $273.58.

Time to get to work, Ortberg. 

Tyler Durden Mon, 09/28/2026 - 15:40

Meta Could Face Billions In Penalties After New Mexico Facebook Verdict

A New Mexico jury has found Facebook liable for tens of millions of violations of the state's consumer protection law, potentially exposing the social media platform to billions of dollars in fines.

A Santa Fe jury on Friday found Facebook committed over 43.8 million violations of New Mexico's Unfair Practices Act through false or misleading statements to consumers, according to the state Department of Justice.

"The verdict marks a significant victory for New Mexico consumers and holds one of the world's largest technology companies accountable for its conduct," the department said.

The verdict followed a roughly two-week trial stemming from a lawsuit New Mexico filed in 2021 over Facebook's handling of user data and statements it made to consumers.

As Bill Pan reports further for The Epoch Times, the case traces back to the Cambridge Analytica scandal, in which the now-defunct British political consulting firm obtained personal information from as many as 87 million Facebook users and used the data for political profiling and targeted advertising.

New Mexico alleged that Facebook misled users about how their personal information could be shared with third parties and the extent of users' control over their data.

The state also challenged statements Facebook made after the Cambridge Analytica disclosures. Facebook said it would investigate applications that had obtained large amounts of user information, audit suspicious developers, ban those that misused data, and notify affected users.

Overall, the jury found 26 of the 29 Facebook statements challenged by the state to be misleading. Those statements covered Facebook's data practices as well as how it handled hate speech, misinformation, and exceptions to its platform rules.

Meta, Facebook's parent company, disputed the verdict.

"We disagree with the verdict and will continue to defend ourselves against efforts to distort our record," a Meta spokesperson said in a statement to The Epoch Times.

"Meta's platforms are forums for free expression. We have a First Amendment right to manage those platforms in a way we believe best serves the interests of our community.

"This means prioritizing free speech, protecting our users' information and giving them control over their data."

The size of any penalty has not yet been determined.

New Mexico Attorney General Raúl Torrez said the state will seek the maximum penalty of $5,000 for each willful violation.

If imposed across all violations found by the jury, the theoretical maximum would exceed $219 billion. The final amount will be determined by the judge.

The state is also seeking court-ordered changes to Facebook's practices. Torrez said those could include requiring the company to correct previous statements and undergo an audit of how it manages user data.

The verdict is Meta's second major courtroom loss in New Mexico this year.

In a separate case involving the safety of young users, a jury in March imposed $375 million in civil penalties. A judge later ordered Meta to pay an additional $567 million to address youth mental health harms and imposed court-supervised changes to Facebook and Instagram, bringing the company's total financial exposure in that case to $942 million.

Tyler Durden Mon, 09/28/2026 - 15:00