A new measure of poverty that accounts for health care needs and resources being developed by the U.S. Census Bureau—the Health Inclusive Poverty Measure (HIPM)—shows that poverty affects even more people in the U.S. than the typical statistics estimate. This is particularly true for people of color. This is primarily a function of the limited access to health insurance that Black and Hispanic communities endure. Black and Hispanic individuals, for example, are more likely than peers to be uninsured and to rely on Medicaid for coverage. This is why we warned about the uneven impact of cuts to the program early this year.

Policymakers are currently debating the merits surrounding the Affordable Care Act (ACA) marketplace subsidies that help more than 20 million people afford health insurance and kept nearly 2 million people out of poverty in 2024. These subsidies were introduced through the American Rescue Plan and extended through the Inflation Reduction Act; they increase the accessibility of health insurance by subsidizing the amount eligible individuals pay for the “benchmark”—i.e., the second-lowest tier plan on a sliding scale with income—such that most individuals making near-poverty wages can access these plans for free.

Allowing the ACA premium enhanced tax subsidies to expire will increase health inclusive poverty across groups, but the impact will be felt most heavily by those for whom accessing health insurance was already precarious. These households are disproportionately Black, brown, and working class because those households sit at the margin of health insurance affordability under normal circumstances and have seen the largest increases in insurance rates during the period when the enhanced tax credits have been available.

Communities of color trying to obtain health coverage now face attacks on two fronts. The more economically vulnerable among them face a more financially constrained Medicaid program with more stringent work requirements, purposefully meant to reduce access to health care. And those fortunate enough to afford care via the ACA marketplace now face the rising prospect of being priced out of coverage if the credits are allowed to expire this month. If the subsidies are allowed to expire, those who previously had free access to the benchmark ACA plans would lose it. The poorest eligible families would see the largest percentage increase in their annual health insurance premiums, while families with higher incomes would experience a higher dollar amount increase.

The end result of this two-pronged attack on public health, not to mention the dismantling of the country’s public health infrastructure that the Trump-Vance administration has carefully orchestrated since coming into office, will be an increase in the number of uninsured individuals, higher economic insecurity for families who need health care but can’t afford coverage, and increased poverty. These forces, as we illustrate below, will affect people of color unevenly.

Health inclusive poverty reveals deeper economic pain than monetary poverty—the attack on Medicaid and health subsidies will make things worse

More than 50 million people struggled with health inclusive poverty last year. This means more than one in seven (14.8%) individuals grappled with economic insecurity because they lack the resources to meet their health and broader needs (see Figure A). 

Figure A

The HIPM produced by the U.S. Census Bureau researchers broadens the basket of goods and services that families need to maintain an adequate standard of living beyond the two measures of poverty that the Bureau publishes annually. These two measures include the Official Poverty Measure (OPM) and the Supplemental Poverty Measure (SPM). While the SPM goes further than the OPM to account for geographic differences in housing costs, tax credits, and government benefits (like SNAP), it doesn’t incorporate health care benefits, subsidies, and expenses like the HIPM. The HIPM therefore enables us to examine the extent to which access to health insurance and key health care subsidies impact the standard of living of individuals and families.

As observed in Figure A, health inclusive poverty has exceeded monetary poverty in the U.S. for the greater part of the last decade. Last year, for example, the prevalence of health inclusive poverty was more than 4 percentage points higher than the incidence of poverty measured by the OPM, and about 2 percentage points higher than the SPM. Access to health insurance serves as a key driver of the differences we observe between estimates of monetary and health inclusive poverty. This is because uninsured individuals have zero health insurance resources to offset the health care needs that the health inclusive measure of poverty introduces to the original poverty thresholds under the SPM.

Recent policy choices under the Turmp-Vance administration are likely to further widen the gap between these measures. The Republican Budget Reconciliation bill is projected to increase the number of uninsured individuals by more than 10 million in the years ahead, and the expiration of health care subsidies under the Affordable Care Act marketplace will quadruple the average net premiums for the more economically vulnerable and increase the number of uninsured individuals by nearly 5 million in 2026.

In 2024 alone, Medicaid kept about 15 million people out of poverty and health care subsidies that made health insurance more affordable for people in the ACA marketplace kept nearly 2 million people out of poverty. Without these support systems, about 17 more million people would have fallen below the poverty line in 2024, pushing the poverty rate from 14.8% to around 19.8%.

Health inclusive poverty affects people of color disproportionately

Black, Hispanic, and American Indian and Alaska Native (AIAN) individuals are more than twice as likely as their white peers to face economic hardship due to insufficient resources to meet their health and material needs. Last year, more than one in five Black, Hispanic, and AIAN people fell below the health inclusive poverty line (see Figure B).

Figure B

While the prevalence of health inclusive poverty exceeds that of monetary poverty for all racial and ethnic groups, the divide is starkest for Black, Hispanic, and AIAN individuals (as shown in Figure B). Compared with their non-Hispanic white peers, the percentage point difference between health and monetary poverty is more than twice as large for Black individuals and more than five times as large for Hispanic and AIAN individuals. These disparities are driven by unequal access to health insurance, as the uninsured rate is highest for Hispanic, AIAN, and Black individuals. More than one in six Hispanic and AIAN people, for example, lack access to health insurance. These groups are more than three times as likely as their white peers to lack access to health insurance. Slightly narrower, but just as harmful, disparities affect Black individuals. In 2024, more than 3.5 million Black people struggled without access to health insurance.

Statistically meaningful differences between both poverty measures are largest in Southern states, where communities of color make up a relatively larger share of the population. States where social and economic policy have historically been rooted in racism are also less likely to have expanded access to Medicaid. Census researchers find that states with expanded access to Medicaid coverage have health inclusive poverty estimates that are more than 2 percentage points lower than states without expanded access.

Black and brown people, as well as the working class and uninsured, skip or postpone needed health care due to cost

The U.S. health care system is designed such that access to adequate and timely care is based on a person’s ability to pay and often based on whether they are employed. Access to health insurance mediates access to health care, and employment is a major mediating factor for access to both health insurance and the income necessary to pay any out-of-pocket costs associated with care. In greed-driven health care systems like ours, poorer workers and their families often forgo or delay treatment that could improve or extend their lives because they can’t afford it.

Black and brown households are more likely to be uninsured, to report difficulties with reporting health care costs, and to report skipping or postponing needed health care within the past year than their white and Asian counterparts. Lack of access to adequate and timely care has long-term economic and health implications for Black and brown families and communities. Policies that threaten the already tenuous connection that marginalized groups have to the health care system, e.g., allowing the ACA premium tax credits to expire and restricting access to Medicaid, will contribute to the persistence of economic and health inequities across race and class.

HIPM underscores the economic and public policy imperative of expanding health care access to prevent poverty

The HIPM captures the impact of overlapping economic and public health policies—or lack of effective policies—on households’ exposure to poverty. It shows how policies like Medicare, Medicaid, and expansions to the Affordable Care Act protect families from financial distress and uncertainty. Racial and geographic differences in the HIPM highlight the variation in adequacy different groups experience across our patchwork health care system. It also helps us identify the impact that recent and ongoing policy choices will have on public health and equity.

The federal cuts to Medicaid that President Trump signed into law this summer, as well as the potential expiration of ACA health insurance subsidies, will disproportionately impact communities of color. Cuts to Medicaid will hurt Black and Hispanic adults and children most, as they are more likely than their peers to rely on Medicaid and CHIP for health insurance. The potential expiration of ACA subsidies will undoubtedly compound health inequities, pushing more than 2 million people of color into ranks of the uninsured. With both private and public options for health insurance falling further out of reach for the most disadvantaged, the administration’s attack on the country’s public health infrastructure will worsen health outcomes, widen disparities, and deepen the growing economic vulnerability of families struggling under Trump’s affordability crisis.

The Census Bureau released the Residential Vacancies and Homeownership report for Q3 2025 today.

The results of this survey were significantly distorted by the pandemic in 2020.
This report is frequently mentioned by analysts and the media to track household formation, the homeownership rate, and the homeowner and rental vacancy rates.  However, there are serious questions about the accuracy of this survey.

This survey might show the trend, but I wouldn't rely on the absolute numbers. Analysts probably shouldn't use the HVS to estimate the excess vacant supply or household formation, or rely on the homeownership rate, except as a guide to the trend.

National vacancy rates in the third quarter 2025 were 7.1 percent for rental housing and 1.2 percent for homeowner housing. The rental vacancy rate was not statistically different from the rate in the third quarter 2024 (6.9 percent) and not statistically different from the rate in the second quarter 2025 (7.0 percent).

The homeowner vacancy rate of 1.2 percent was higher than the rate in the third quarter 2024 (1.0 percent) and higher than the rate in the second quarter 2025 (1.1 percent).

The homeownership rate of 65.3 percent was not statistically different from the rate in the third quarter 2024 (65.6 percent) and not statistically different than the rate in the second quarter 2025 (65.0 percent).
emphasis added

Click on graph for larger image.

The Red dots are the decennial Census homeownership rates for April 1st, 1990, 2000, 2010, and 2020. 

The HVS homeownership rate was increased to 65.3% in Q3, from 65.0% in Q2.  
The results in Q2 and Q3 2020 were distorted by the pandemic and should be ignored.

The HVS homeowner vacancy increased to 1.2% in Q3 from 1.1% in Q2.

The homeowner vacancy rate declined sharply during the pandemic and includes homes that are vacant and for sale (so this mirrors the increasing levels of existing home inventory).
Once again - this probably shows the general trend, but I wouldn't rely on the absolute numbers.


The rental vacancy rate increased to 7.1% in Q3 from 7.0% in Q2.  This is up from the low of 5.6% in 2021 and 2022.

The quarterly HVS is the timeliest survey on households, but there are many questions about the accuracy of this survey.

This is part 2 of a two-part series analyzing the impact of an amendment to the House Homeland appropriations bill on the H-2A and H-2B visa programs. Read part 1 here.

Key takeaways:

• The government funding bill for the Department of Homeland Security (DHS) may include a rider amendment that would establish a new methodology for setting the H-2B visa program’s annual numerical limit. This amendment (originally known as Amendment #1 but later dubbed the Bipartisan Visa En Bloc amendment) would result in a cap of at least 252,000 visas in fiscal year (FY) 2026.
• H-2B visa extensions and job changes are not counted against the annual cap, but after adding them to the updated cap of 252,000, the total number of H-2B workers employed in FY 2026 would be 282,000, which is almost 113,000 greater than the total number of workers in 2024 and 2025.
• The rider would move 12,000 H-2B workers employed at carnivals, traveling fairs, and circuses to the P visa, which lacks any numerical limit on the number of visas, further expanding the number of exploitable workers in H-2B industries.
• The rider would restrict the already limited ability of H-2A and H-2B workers to change employers, leaving them more exploitable and vulnerable to workplace violations.
• This amendment in Congress would mainly benefit employers by allowing them to gradually hire an exponentially higher number of workers they can control, while undercutting labor standards for all workers.

In part 1 of this two-part blog post series, I provided background and discussion on a rider amendment that the Homeland Security subcommittee of the House Appropriations Committee proposed and passed over the summer. Originally known as Amendment #1 but later dubbed the Bipartisan Visa En Bloc amendment, it would make major changes to the H-2A and H-2B visa programs through the appropriations process, while completely circumventing the committees that should have subject matter jurisdiction in the House and Senate. Part 1 focuses on the changes and impacts in the H-2A program; this post will briefly explain the components of the rider that would make changes to the H-2B visa program and the impact of those changes, as well as one change that would affect both programs.

The H-2B program has been expanded through appropriations riders every year since fiscal year 2016

Two of my previous reports provide a fuller explanation of the background on the size of the H-2B program and a history of the legislative riders in appropriations bills that have been used to expand the size of the H-2B program. A quick recap here is warranted. In fiscal year 2016, Congress authorized a “returning worker” exemption through appropriations legislation to fund the operation of the U.S. government. The legislation exempted H-2B workers from the annual H-2B cap of 66,000 that is set in law, for fiscal year 2016, if the workers hired were previously in H-2B status in any of the preceding three fiscal years. There was no cap on the number of returning H-2B workers under the exemption.

In each year since FY 2017, Congress has, through appropriations riders, given the executive branch the discretionary legal authority to roughly double the number of H-2B visas available. Rather than specify the level of increase for the H-2B program, appropriators have passed the buck instead to the executive branch—perhaps because they didn’t want the responsibility or criticism that may come from setting a specific number—by directing the U.S. Department of Homeland Security, in consultation with the U.S. Department of Labor (DOL), to determine how many additional H-2B visas are appropriate, if any. DHS has interpreted the rider language as allowing them to issue up to 64,716 “supplemental” visas in the corresponding fiscal year. In total, it has been 10 years (FY 2016–2025) since Congress first permitted increases to the size of the H-2B program through an appropriations rider. The Biden administration in 2023, 2024, and 2025 used the full authority granted to the executive branch in the legislative riders, raising the total H-2B annual limit to 130,716.

The appropriations rider would create a new methodology to expand the H-2B cap by at least 100,000

The rider takes a different approach to allowing a higher number of H-2B visas to be issued in FY 2026. The language of the amendment states that for every employer who has had any H-2B positions certified in the past five fiscal years (2021–2025), the highest number that they had certified in those years will be the number of H-2B workers they may hire who will not count against the annual cap of 66,000. In other words, if an employer had 10 jobs certified in 2021, 15 in 2022, 20 in 2023, 100 in 2024, and 50 in 2025, they would be allowed to hire 100 H-2B workers in 2026 without them counting against the 66,000 cap.

To calculate how many workers could be hired in 2026 under this formula, a colleague and I matched employer records from DOL and identified the employers who had at least one approved H-2B job in each of the years between 2020 to 2024. (Full year data for 2025 were not available at the time of writing, so 2020–2024 are used as a proxy.) Altogether, 186,342 H-2B workers would have been exempted from the annual cap under this formula. This is almost certainly a low-end estimate because the number of H-2B jobs certified in 2020 was lower than normal because of the bureaucratic shutdowns and slowdowns caused by the start of the COVID-19 pandemic.

Table 1 shows an estimate for 2020–2024 that serves as a proxy for our estimate on the number of new H-2B workers who will be exempted from the cap in 2026 and also lists the number of new H-2B workers who will be permitted under the regular annual cap of 66,000. Altogether, the regular cap plus the supplemental cap for H-2B in 2026 would permit at least 252,342 new workers if the language in the rider becomes law. That’s an increase of almost 100%, relative to the total cap in 2023–2025, and a 282% increase, relative to the original H-2B cap of 66,000.

It’s also important to note that the annual caps and total number of workers will grow exponentially in the following years after 2026 if Congress reauthorizes the same language in the rider year after year, as they’ve done with past H-2B riders. This will occur because employers will have an incentive to apply to DOL for labor certification for as many H-2B jobs as possible because that will increase the size of their exemption from the cap for the following year.

Table 1 Total number of H-2B workers would reach 282,000 in 2026 if the rider becomes law

In a recent report, I showed that in 2024, when 64,716 supplemental H-2B visas were added to the statutory cap of 66,000, for a total cap of 130,716, there were a total of 169,177 H-2B workers. This was up from 75,122 total H-2B workers just a decade earlier. The nearly 170,000 total in 2024 included 139,541 H-2B workers with newly issued visas from the State Department, and 4,580 H-2B workers who had their employment extended with the same employer. An additional 25,056 were H-2B workers who changed employers. Workers who extend their H-2B status or change jobs are not counted against the annual cap. (In 2025 the cap was identical to the previous year; thus, final numbers for 2025 are likely to be very similar to 2024.)

To get a better sense of the total number of H-2B workers who would be employed in 2026 if the rider became law, I estimated that the same number of workers who extended their status or changed jobs in 2024 would also do so in 2026, and added that total to the 2026 total cap that would result from the rider. This is illustrated in Figure A, which shows the total number of H-2B workers from 2017 to 2024, and projections for 2025 and 2026. The annual cap plus the supplemental cap, together with H-2B extensions and job changes, will result in nearly 282,000 H-2B workers being employed in 2026—almost 113,000 more workers than were employed in 2024 and 2025.

Figure A The rider would move 12,000 H-2B jobs to the P visa, which is not administered by the Department of Labor

The other notable change in the rider when it comes to the H-2B program is that H-2B workers employed at carnivals, traveling fairs, and circuses would be moved to the P visa program. According to DOL, in FY 2024 there were 12,398 H-2B jobs certified in the “Amusement and Recreation Attendants” occupation, which is the relevant occupation that would be moved to the P visa. There would be no annual cap on the number of amusement and carnival workers who could be employed in the P visa program.

At present, the P visa is a little-known program intended for use by professional athletes and coaches, members of an internationally recognized entertainment group, or persons performing under a reciprocal exchange program or as part of a culturally unique program. At present, the P visa program has no wage rules or worker protections and is administered exclusively by DHS, which has no staff or expertise on worker rights. This is extremely troubling, given that H-2B workers employed at carnivals and traveling fairs work grueling hours and in terrible conditions, making them some of the most exploited H-2B workers—as advocacy groups have pointed out. These workers are often paid below the minimum wage and are not paid for overtime hours. Yet DOL would no longer have any formal oversight role to ensure they are protected.

The rider language says that employers hiring H-2B carnival workers through the P visa “shall be subject to the same program requirements” of the H-2B program, which are administered by DOL. It also directs DHS and DOL to each separately publish regulations to implement H-2B carnival workers being moved to the P visa program within 180 days and finalize them within one year.

The legislators who support this amendment have provided no explanation or rationale for why it makes sense to create an entirely new process and set of regulations to move one of the biggest H-2B occupations from DOL into DHS—an agency that will be given primary responsibility over the P visa and protecting carnival workers, but which has no mandate or expertise on labor standards and employment laws. The most obvious explanation is that this legislative maneuver is simply a new way to expand the H-2B cap even beyond 252,000, in a way that gives carnival employers an unlimited supply of workers who can be exploited and underpaid. It also seems absurd to put a low-paid traveling carnival worker into the same visa category—where there’s no labor oversight—as a professional baseball player coming from abroad to sign a multimillion-dollar contract with a major league team, or a world-famous singer, dancer, or painter.

House Homeland Security appropriations rider would defund the H-2 modernization rule, restricting the ability of H-2 workers to change jobs and leave abusive employment situations

One other notable section in the rider that impacts both the H-2A and H-2B programs would prohibit DHS from spending funds to implement a regulation that took effect in January 2024—often referred to as the H-2 modernization rule. The rule, among other things, requires additional scrutiny of applications from employers that have violated the law, makes it easier for H-2 workers to be eligible for green cards through existing pathways, and expands the ability of H-2A and H-2B workers to change employers (this is referred to as visa “portability”), making it easier to leave an abusive employment situation. The regulation is far from perfect. As EPI and other advocates have pointed out, the portability provisions require additional measures to make visa portability a more practical reality, rather than just a right that exists on paper and one that can be hijacked by employers seeking to circumvent the annual cap.

Nevertheless, these three provisions in the H-2 modernization rule can undoubtedly help some workers, reducing the indentured nature of the visa programs by tilting the balance of power ever so slightly in the direction of workers. And that’s likely the exact reason that the employers and legislators pushing for the rider included this provision to defund the rule.

The H-2B program needs reforms to improve labor protections and provide H-2B workers with a pathway to citizenship

The appropriations committees in the House and Senate should not continue using parliamentary tactics to make changes to the H-2B program that would likely not pass in Congress through regular order. Instead, Congress should work with the executive branch to reform the H-2B program in the following ways: 

• ensure U.S. workers are considered for open temporary and seasonal jobs 
• craft updated wage rules that protect U.S. wage standards for all workers in H-2B industries
• provide migrant workers with new protections and allow them to more easily change jobs
• provide migrant workers with a quick path to a green card and citizenship
• prohibit lawbreaking employers from hiring through the H-2B program

As EPI and other advocates have long said, these genuine reforms are the only way to ensure that the workers playing vital roles in the U.S. economy are not being exploited and underpaid and that their employers are not able to use visa programs as an employment law loophole that ultimately erodes job quality for all.

 

The Census Bureau and the Bureau of Economic Analysis reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $52.8 billion in September, down $6.4 billion from $59.3 billion in August, revised.

September exports were $289.3 billion, $8.4 billion more than August exports. September imports were $342.1 billion, $1.9 billion more than August imports.
emphasis added

Click on graph for larger image.

Exports and imports increased in September. 

Exports were up 6% year-over-year; imports were down 4% year-over-year.
Imports increased sharply earlier this year as importers rushed to beat tariffs.  

The second graph shows the U.S. trade deficit, with and without petroleum.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that net, exports of petroleum products are positive and have been increasing.

The trade deficit with China decreased to $15.0 billion from $31.8 billion a year ago.

The post Europe Needs an Ally Against Russia and Trump: China appeared first on CEPR.

The DOL reported:

In the week ending December 6, the advance figure for seasonally adjusted initial claims was 236,000, an increase of 44,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 191,000 to 192,000. The 4-week moving average was 216,750, an increase of 2,000 from the previous week's unrevised average of 214,750.
emphasis added

The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 216,750.

My busy-all-day-and-night morning reads:

• Are retail traders the captains now? It’s often easy to laugh at retail traders as they post loss porn on Reddit, insist Strategy’s strategy is sound, buy Bonk ETFs, argue that Bed Bath & Beyond’s cancelled shares are worth something, and pump up fried chicken, quantum computing and small modular reactor stocks. However, they are undeniably a rising power in markets, able to exert immense force on even the largest companies and turn smaller and midsized ones into financial playthings. (Financial Times)

• A Startup Says It Has Found a Hidden Source of Geothermal Energy: Zanskar uses AI to identify hidden geothermal systems—and claims it has found one that could fuel a power plant, the first such discovery by industry in decades. (Wired) see also Nuclear and Fossil Fuels Join Forces to Undermine Renewables: The once unlikely alliance took root in Texas and now reaches right into the White House, where President Trump wants to ban wind energy projects. (Businessweek)

• Why Costco is the only big retailer to challenge Trump on tariff refunds: Buffered by its strong customer loyalty, Costco has a track record of not yielding to the administration. (Washington Post)

• California’s ‘Teacher Village’ Model Spreads as Housing Costs Soar: More schools are offering company housing to prevent educators from fleeing to cheaper locales. ‘They go to Idaho, they go to Texas.’ (Wall Street Journal)

• Giving Money Directly to Children Is an Idea the Right and Left Could Love: Michael and Susan Dell’s $6.25 billion donation to child savings accounts fits a trend: giving with no strings attached. In some ways, it’s a bipartisan philosophy. (New York Times)

• A 6-year research project found a surprisingly simple route to happiness: Results of a study out of Cornell suggest a happiness hack that can lead you toward a life of purpose. (Washington Post) see also Our Idea of Happiness Has Gotten Shallow. Here’s How to Deepen It. We used to have a very different understanding of what it means to live well. (New York Times)

• Here’s What Ozempic Does To Your Brain, According To Doctors Who Prescribe It: Doctors Say Ozempic Alters Your Brain Chemistry In This Surprising Way: It’s a major part of why the drug works so well. (Women’s Health)

• Cheap and powerful AI campaigns target voters in India: The Bihar state election was awash with voice clones and synthetic videos that reached voters easily and spread misinformation. (Rest of World)

• America has identified its greatest enemy: Western Europe: Trump’s new National Security Strategy: what if groypers cosplayed George Kennan? (Programmable Mutter)

• A Painter of Landscapes: Nationalism and the sublime in the work of José María Velasco. (The Baffler)

Be sure to check out our Masters in Business interview this weekend with Stephen Cohen, BlackRock Chief Product Officer and Head of Global Product Solutions. He is a member of BlackRock’s Global Executive Committee. Previously, he was Global Head of Fixed Income Indexing (iShares); and Chief Investment Strategist for International Fixed Income and iShares. Blackrock manages $13.5 trillion in AUM; its iShares division is over $5 trillion.

 

Where homes are losing value most

Source: Axios

 

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The post 10 Thursday AM Reads appeared first on The Big Picture.

Pakistan Offers To 'Take Grooming Gang Leaders' If UK Hands Over Dissidents

via Middle East Eye

Pakistan has reportedly offered to take back grooming gang leaders in exchange for Britain handing over Pakistani political dissidents living in the UK.

Pakistani media reported that the proposal was made in a private meeting last Thursday in Islamabad between Pakistani Interior Minister Mohsin Naqvi and Jane Marriott, the British high commissioner. Naqvi reportedly urged the UK to hand over anti-government figures Shahzad Akbar and Adil Raja.

via Al Jazeera

Akbar, who was a minister in Imran Khan's government, and Raja, a former army major, are both living in the UK. They have both strongly criticized the Pakistani government over its alleged human rights abuses and suppression of political dissent. 

The British government has previously requested that Pakistan extradite Adil Khan and Qari Abdul Rauf, who were jailed in 2012 as ringleaders of a grooming gang that sexually assaulted and abused 47 girls over two years in Rochdale.

Both Khan and Rauf, Pakistani immigrants, were stripped of their British citizenship after being convicted. But days before a judge ordered them to be deported to Pakistan, they renounced their Pakistani citizenship. Pakistan has since refused to accept them.

According to Pakistani media, the Pakistani government said it would accept Khan and Rauf if the UK hands over dissidents Akbar and Raja.

'Unprecedented and deeply disturbing'

This comes as the Labor government is facing mounting pressure to take further action on child sexual exploitation. Its attempts to set up a nationwide inquiry into grooming gangs have faced repeated delays and debates about how wide its scope should be.

Conservative Party leader Kemi Badenoch said on Monday the inquiry must "consider the role of ethnicity, religion and other cultural factors" and should "leave no stone unturned".

It is thought that Britain is highly unlikely to agree to the reported Pakistani proposal, and the Home Office and Foreign Office have declined to comment on the reports.

Raja, now a freelance journalist, told The Telegraph that the report "is unprecedented and deeply disturbing. It shows the extent to which an authoritarian regime is willing to go to suppress dissent".

"I have broken no UK law. My only 'offence' is practicing journalism and exercising free expression," he said. "I trust that the UK, a country committed to the rule of law and press freedom, will not allow political critics to be traded away under pressure from a foreign government."

The Beasts won and they’re still here !

A member of a Rochdale grooming gang who is fighting to remain in the UK has told a tribunal he “has not committed that big a crime”.
Adil Khan, 51 and Qari Abdul Rauf, 52, have been told they are to be sent back to Pakistan for the… pic.twitter.com/ygHMs0vwft

— Deport Foreign Criminals (@peterstopcrime) February 16, 2025

Former Pakistani Prime Minister Imran Khan was ousted from government in April 2022 through a parliamentary no-confidence vote following a fallout with the country's influential military.

He has spent more than two years in prison. Last year a UN report concluded that his detention is arbitrary and in contravention of international law.

Tyler Durden Thu, 12/11/2025 - 02:00

Pakistan Offers To 'Take Grooming Gang Leaders' If UK Hands Over Dissidents

via Middle East Eye

Pakistan has reportedly offered to take back grooming gang leaders in exchange for Britain handing over Pakistani political dissidents living in the UK.

Pakistani media reported that the proposal was made in a private meeting last Thursday in Islamabad between Pakistani Interior Minister Mohsin Naqvi and Jane Marriott, the British high commissioner. Naqvi reportedly urged the UK to hand over anti-government figures Shahzad Akbar and Adil Raja.

via Al Jazeera

Akbar, who was a minister in Imran Khan's government, and Raja, a former army major, are both living in the UK. They have both strongly criticized the Pakistani government over its alleged human rights abuses and suppression of political dissent. 

The British government has previously requested that Pakistan extradite Adil Khan and Qari Abdul Rauf, who were jailed in 2012 as ringleaders of a grooming gang that sexually assaulted and abused 47 girls over two years in Rochdale.

Both Khan and Rauf, Pakistani immigrants, were stripped of their British citizenship after being convicted. But days before a judge ordered them to be deported to Pakistan, they renounced their Pakistani citizenship. Pakistan has since refused to accept them.

According to Pakistani media, the Pakistani government said it would accept Khan and Rauf if the UK hands over dissidents Akbar and Raja.

'Unprecedented and deeply disturbing'

This comes as the Labor government is facing mounting pressure to take further action on child sexual exploitation. Its attempts to set up a nationwide inquiry into grooming gangs have faced repeated delays and debates about how wide its scope should be.

Conservative Party leader Kemi Badenoch said on Monday the inquiry must "consider the role of ethnicity, religion and other cultural factors" and should "leave no stone unturned".

It is thought that Britain is highly unlikely to agree to the reported Pakistani proposal, and the Home Office and Foreign Office have declined to comment on the reports.

Raja, now a freelance journalist, told The Telegraph that the report "is unprecedented and deeply disturbing. It shows the extent to which an authoritarian regime is willing to go to suppress dissent".

"I have broken no UK law. My only 'offence' is practicing journalism and exercising free expression," he said. "I trust that the UK, a country committed to the rule of law and press freedom, will not allow political critics to be traded away under pressure from a foreign government."

The Beasts won and they’re still here !

A member of a Rochdale grooming gang who is fighting to remain in the UK has told a tribunal he “has not committed that big a crime”.
Adil Khan, 51 and Qari Abdul Rauf, 52, have been told they are to be sent back to Pakistan for the… pic.twitter.com/ygHMs0vwft

— Deport Foreign Criminals (@peterstopcrime) February 16, 2025

Former Pakistani Prime Minister Imran Khan was ousted from government in April 2022 through a parliamentary no-confidence vote following a fallout with the country's influential military.

He has spent more than two years in prison. Last year a UN report concluded that his detention is arbitrary and in contravention of international law.

Tyler Durden Thu, 12/11/2025 - 02:00

The Book of Genesis: A Comprehensive Study Guide

Exploring Genesis involves accessing valuable resources, including a book of genesis study guide pdf, offering detailed commentary and analysis․

Numerous online platforms provide these guides, facilitating deeper understanding of the text’s historical and theological contexts․

Scholarly PDF editions, like those with ISBN 1-59045-796-X, present in-depth analyses for serious students․

These resources illuminate the foundational narratives and themes within the Book of Genesis․

Genesis, meaning “origin” or “beginning,” stands as the inaugural book of the Hebrew Bible and the Christian Old Testament․ It lays the foundational narrative for understanding God’s relationship with humanity and the origins of the world․ A book of genesis study guide pdf serves as an invaluable tool for navigating its complex themes and historical context․

This initial section of scripture transitions between primeval history – recounting creation, the fall, the flood, and the Tower of Babel – and patriarchal history, focusing on Abraham, Isaac, Jacob, and Joseph․ Understanding this structure is crucial․ Resources like those available through the Christian Classics Ethereal Library (CCEL) offer access to classic commentaries in various digital formats, including PDF․

A comprehensive study necessitates recognizing Genesis’s literary genres, encompassing poetry, genealogy, and narrative․ Exploring these facets, aided by a well-structured study guide, unlocks deeper insights․ The book establishes core theological concepts like covenant, sin, and redemption, setting the stage for the rest of biblical revelation․ Utilizing scholarly PDF editions enhances this exploration, providing detailed analysis and historical perspectives․

Authorship and Date of Composition

Determining the authorship of Genesis remains a complex scholarly endeavor․ Traditional Jewish and Christian beliefs attribute authorship to Moses, though modern critical scholarship suggests a more nuanced picture․ The text likely underwent a lengthy process of oral tradition and redaction, with multiple sources contributing to its final form․ A book of genesis study guide pdf often addresses these varying perspectives․

The Documentary Hypothesis proposes that Genesis is a compilation of four main sources: J (Yahwistic), E (Elohistic), D (Deuteronomic), and P (Priestly)․ Identifying these sources aids in understanding the text’s development․ Dating the composition is equally challenging․ The primeval stories likely originated much earlier, perhaps drawing on ancient Near Eastern traditions, while the patriarchal narratives may have been written down during the early Iron Age (around 1200-1000 BCE)․

Accessing scholarly commentaries, often available as a PDF, provides detailed analysis of these theories․ Resources like those mentioned previously offer insights into the textual evidence and historical context․ A robust study guide will acknowledge the uncertainties surrounding authorship and dating, encouraging critical engagement with the text․

Literary Genres in Genesis

Genesis showcases a diverse range of literary genres, demanding a nuanced approach to interpretation․ It isn’t a single, uniform type of writing․ The early chapters (1-11) primarily employ myth and legend, presenting foundational narratives about creation, the fall, and the flood․ These aren’t necessarily “false” stories, but rather utilize symbolic language to convey profound theological truths․ A comprehensive book of genesis study guide pdf will highlight these distinctions․

The later sections (12-50), focusing on the patriarchs, lean towards historical narrative, though still containing elements of folklore and saga․ Poetry, such as the blessings of Jacob (Genesis 49), and legal codes are also present․ Recognizing these genres is crucial for accurate exegesis․ For example, interpreting the creation account as literal scientific history misses its intended purpose․

Resources offering detailed genre analysis, often found in scholarly PDF commentaries, are invaluable․ Understanding the literary conventions of ancient Near Eastern literature further enriches interpretation․ A good study guide will equip readers to identify these genres and appreciate their unique contributions to the overall message of Genesis․

The Primeval History (Genesis 1-11)

Genesis 1-11, known as the Primeval History, lays the foundational theological groundwork for the entire Bible․ This section addresses universal themes: creation, sin, judgment, and the origins of humanity and civilization․ It’s characterized by a broad scope, dealing with events impacting all people, rather than specific individuals or nations․ A thorough book of genesis study guide pdf will emphasize the theological significance of these chapters․

Key narratives include the six-day creation, the fall of Adam and Eve, Cain and Abel, the flood narrative involving Noah, and the story of the Tower of Babel․ These stories aren’t simply historical accounts, but rather symbolic representations of fundamental truths about God, humanity, and the world․

Many PDF commentaries explore the parallels between these narratives and ancient Near Eastern cosmologies, illuminating their unique theological contributions; Understanding the literary genres employed – myth, legend, and proto-history – is vital․ A quality study guide will provide context and aid in discerning the intended meaning of these pivotal chapters, setting the stage for the rest of Genesis․

The Creation Account (Genesis 1-2)

Genesis 1-2 presents two distinct, yet complementary, accounts of creation; The first (Genesis 1:1-2:3) offers a majestic, ordered account of God creating through divine speech, emphasizing God’s power and transcendence․ The second (Genesis 2:4-25) provides a more intimate, anthropocentric perspective, focusing on the creation of Adam and Eve and their relationship with God and the Garden of Eden․ A comprehensive book of genesis study guide pdf will address these differences․

Scholarly resources within these guides often explore the literary structure, theological themes, and historical context of these chapters․ Key themes include the goodness of creation, the image of God in humanity, and the establishment of the Sabbath․

Many PDF commentaries delve into the debate surrounding the “days” of creation – whether they represent literal 24-hour periods or symbolic epochs․ Understanding the ancient Near Eastern creation myths provides valuable context․ A robust study guide will equip readers to navigate these complexities and appreciate the unique theological message of Genesis’ creation narratives․

The Fall of Man (Genesis 3)

Genesis 3 narrates the pivotal event of the Fall, where Adam and Eve disobey God’s command, resulting in sin entering the world․ A detailed book of genesis study guide pdf will thoroughly examine the symbolism within this narrative – the serpent representing temptation, the forbidden fruit embodying knowledge, and the consequences of disobedience․

These guides often explore the theological implications of the Fall, including the loss of innocence, the introduction of suffering and death, and the broken relationship between humanity and God․ Commentaries analyze the roles of Adam, Eve, and the serpent, and the nature of sin itself․

Resources within these PDF guides frequently address the concept of original sin and its impact on human nature․ Understanding the cultural context of ancient Near Eastern narratives is crucial․ A comprehensive study will also explore the promise of redemption hinted at in God’s pronouncements after the Fall, foreshadowing the need for a savior․

The Story of Noah and the Flood (Genesis 6-9)

Genesis 6-9 recounts the story of Noah and the Great Flood, a divine judgment upon a wicked world․ A robust book of genesis study guide pdf will dissect the narrative’s layers, examining the reasons for God’s judgment, the righteousness of Noah, and the details of the Flood itself․

These guides often delve into the symbolism of the ark – representing salvation – and the covenant God establishes with Noah, signified by the rainbow․ Commentaries explore parallels between the Flood narrative and other ancient Near Eastern flood myths, highlighting both similarities and crucial differences․

Resources within these PDF guides frequently analyze the theological themes of judgment, grace, and new beginnings․ Understanding the scope of the Flood – was it local or global? – is a common point of discussion․ A comprehensive study will also address the implications of the covenant for humanity and the renewed promise of God’s faithfulness, offering hope after devastation․

The Tower of Babel (Genesis 11:1-9)

Genesis 11:1-9 narrates the story of the Tower of Babel, a pivotal event illustrating human pride and God’s intervention․ A detailed book of genesis study guide pdf will unpack the motivations behind the tower’s construction – a unified attempt to “make a name” for themselves and reach heaven․

These guides explore the significance of a single language initially and God’s subsequent confusion of tongues, leading to the dispersion of humanity․ Commentaries often analyze the symbolism of Babel as a representation of human rebellion against God’s established order and a desire for self-exaltation․

Resources within these PDF materials frequently discuss the narrative’s connection to ancient Mesopotamian ziggurats, providing historical context․ A thorough study will also examine the theological implications of divine judgment and the establishment of diverse nations․ Understanding the story’s message about humility and dependence on God is central, offering insights into human nature and God’s sovereignty․

The Patriarchal History (Genesis 12-50)

Genesis 12-50 details the lives of Abraham, Isaac, Jacob, and Joseph – the foundational figures of the Israelite nation․ A comprehensive book of genesis study guide pdf is crucial for navigating this complex section, offering detailed analyses of each patriarch’s covenant relationship with God․

These guides delve into Abraham’s call, the covenant promises, and the challenges to his faith, including the near-sacrifice of Isaac․ Commentaries explore the intricacies of the familial dynamics within Jacob’s family, particularly the story of Joseph and his brothers, highlighting themes of forgiveness and providence․

PDF resources often provide historical and cultural context, illuminating the patriarchal lifestyle and societal norms of the ancient Near East․ Studying these narratives reveals God’s faithfulness in fulfilling His promises and establishing a chosen people․ Understanding the lineage and the unfolding of the covenant is key to grasping the narrative’s theological significance․

Abraham: The Father of Faith (Genesis 12-25)

Genesis 12-25 centers on Abraham, revered as the “father of faith․” A dedicated book of genesis study guide pdf is invaluable for dissecting his pivotal role in God’s redemptive plan․ These guides illuminate Abraham’s initial call from Ur, his journey to Canaan, and the establishment of the Abrahamic covenant – a cornerstone of biblical theology․

Detailed commentaries within these PDF resources explore the significance of the covenant promises: land, descendants, and blessing to all nations․ They analyze Abraham’s unwavering faith, tested through trials like the famine and his willingness to sacrifice Isaac․

Study guides also address the complexities of Abraham’s character, including his flaws and moments of doubt․ Understanding the historical and cultural context, as provided in these resources, enhances comprehension of Abraham’s actions and God’s interactions with him․ Exploring this section reveals God’s initiative in establishing a relationship with humanity through faith․

Isaac and Jacob (Genesis 26-36)

Genesis 26-36 details the lives of Isaac and Jacob, continuing the patriarchal narrative․ A comprehensive book of genesis study guide pdf proves essential for navigating the complexities of their stories and understanding their contributions to the lineage of Israel․ These guides unpack Isaac’s relatively passive role, contrasted with Jacob’s more dynamic and often deceptive character․

Resources highlight the renewal of the Abrahamic covenant with Isaac and the significance of Jacob’s dream at Bethel, establishing a sacred site․ Detailed commentaries within these PDFs analyze Jacob’s struggles with Esau, his deception to obtain the birthright, and his eventual reconciliation․

Study guides also explore the implications of Jacob’s name change to Israel and the birth of his twelve sons, the progenitors of the twelve tribes․ Understanding the cultural context, as provided in these resources, illuminates the familial dynamics and the unfolding of God’s promises․

Joseph and His Brothers (Genesis 37-50)

Genesis 37-50 recounts the dramatic story of Joseph and his brothers, a narrative rich in themes of betrayal, forgiveness, and divine providence․ A detailed book of genesis study guide pdf is invaluable for dissecting the intricate plot and theological depth of this section․ These guides illuminate Joseph’s early life, his brothers’ jealousy, and his eventual sale into slavery in Egypt․

Resources provide insightful commentary on Joseph’s rise to power through his God-given ability to interpret dreams, his imprisonment, and his subsequent appointment as vizier․ PDF study aids analyze the famine that drives Joseph’s brothers to seek grain in Egypt, leading to a poignant reunion and eventual reconciliation․

These guides explore the significance of Joseph’s forgiveness and his role in preserving his family during the famine, fulfilling God’s promise to Abraham․ Understanding the historical and cultural context, as presented in these resources, enhances appreciation for the narrative’s complexities․

Key Themes in Genesis

Genesis establishes foundational themes crucial to understanding the entire biblical narrative․ A comprehensive book of genesis study guide pdf expertly unpacks these core concepts, including creation, the fall, covenant, sin, and redemption․ These guides highlight the significance of God’s sovereignty in creation and the consequences of humanity’s disobedience․

Resources delve into the establishment of the covenant with Noah and Abraham, emphasizing God’s faithfulness and promise-keeping nature․ PDF study aids analyze the theme of sin’s pervasive influence and the need for divine intervention․ They also explore the concept of blessing and its transmission through the patriarchal line․

Understanding these themes requires careful examination of the text, aided by scholarly commentary found in these guides․ They illuminate how Genesis lays the groundwork for the unfolding story of God’s plan to restore humanity and establish His kingdom․ These resources provide a robust framework for interpreting the entire Bible․

Covenant Theology in Genesis

Covenant theology is profoundly rooted in the Book of Genesis, and a detailed book of genesis study guide pdf is essential for grasping its development․ These guides meticulously trace the unfolding of God’s covenantal relationships with humanity, beginning with the covenant of creation, establishing Adam as the federal head;

Resources highlight the covenant with Noah after the flood, a reaffirmation of God’s promise to preserve life and maintain order․ Crucially, they analyze the Abrahamic covenant – a pivotal point – detailing the promises of land, seed, and blessing, forming the basis for Israel’s identity and God’s redemptive plan․

PDF study materials unpack the conditional and unconditional aspects of these covenants, revealing God’s faithfulness despite human failings․ They demonstrate how these early covenants foreshadow the new covenant established through Jesus Christ, offering a comprehensive understanding of God’s relational approach to humanity․

Theological Significance of Genesis

The Book of Genesis lays the foundational theological groundwork for the entire Bible, and a robust book of genesis study guide pdf is vital for understanding its profound implications․ These guides illuminate Genesis’s contribution to doctrines like creation, the fall, sin, redemption, and the nature of God․

Resources emphasize how Genesis establishes God as sovereign, omnipotent, and the ultimate source of all existence․ They explore the theological weight of the creation account, demonstrating God’s intentionality and goodness․ Furthermore, they analyze the fall’s impact on humanity, revealing the origin of sin and the need for divine intervention․

PDF study materials delve into the proto-evangelium (Genesis 3:15), foreshadowing the coming Messiah․ They demonstrate how the patriarchal narratives, particularly Abraham’s faith, prefigure justification by faith․ Understanding Genesis’s theological significance, through these guides, is crucial for a holistic biblical worldview․

Genesis and Ancient Near Eastern Literature

A comprehensive book of genesis study guide pdf often includes comparative analysis with Ancient Near Eastern (ANE) literature, revealing both unique aspects and contextual similarities․ Examining texts like the Epic of Gilgamesh and the Code of Hammurabi illuminates the cultural milieu in which Genesis was written․

These guides demonstrate how Genesis diverges from ANE myths, particularly in its monotheistic worldview and emphasis on a benevolent creator God․ While sharing narrative motifs – like flood stories – Genesis presents a distinct theological perspective․ The PDF resources highlight Genesis’s originality in portraying a covenant relationship between God and humanity․

Understanding ANE literature, facilitated by these study guides, helps discern Genesis’s intentional theological statements․ It clarifies how Genesis wasn’t simply borrowing from its neighbors, but rather offering a transformative and unique revelation․ This comparative approach enriches the interpretation of Genesis’s narratives and themes․

Resources for Studying Genesis

These guides often incorporate scholarly insights, offering historical context and theological analysis․ Online platforms host a wealth of articles, videos, and interactive tools to enhance understanding․ Accessing commentaries by authors like Calvin, available in PDF format, provides historical perspectives․

Digital tools and software, alongside these PDF guides, facilitate verse-by-verse exploration and cross-referencing; Websites dedicated to biblical studies offer curated resources and discussion forums․ Utilizing these diverse materials empowers students to engage with Genesis on multiple levels, fostering a richer and more nuanced comprehension․

Available Commentaries on Genesis

A wealth of commentaries illuminates the Book of Genesis, often accessible as a book of genesis study guide pdf․ Calvin’s commentary, a classic, provides theological depth and historical context, frequently found in digital PDF formats․

Murphy’s “Commentary” offers a new translation and detailed analysis, aiding comprehensive understanding․ Many modern commentaries are available, providing updated scholarship and diverse perspectives․ These resources delve into the literary structure, cultural background, and theological themes of Genesis․

Scholarly editions, like those available through digital libraries, present rigorous academic interpretations․ Online platforms host reviews and excerpts, allowing for informed selection․ Utilizing multiple commentaries enriches study, revealing nuances and fostering critical thinking․ Accessing these resources, often in convenient PDF form, empowers students to engage deeply with the text․

Finding Genesis Study Guides in PDF Format

Numerous websites specialize in biblical studies, hosting downloadable guides and commentaries․ Searching for “Genesis commentary PDF” yields a plethora of options, ranging from concise overviews to in-depth scholarly analyses․

Digital libraries and online bookstores also offer PDF versions of popular study guides․ Consider exploring resources from reputable theological institutions and publishers․ Always verify the source’s credibility to ensure accuracy and sound scholarship․ Downloading and utilizing these PDF guides facilitates convenient and accessible study of Genesis, enhancing understanding of its narratives and themes․

Digital Tools and Software for Genesis Study

Enhancing your book of genesis study guide pdf experience involves leveraging digital tools․ Software like BookxNote, mirroring MarginNote’s functionality on Windows, allows for robust reading, annotation, and organization of biblical texts․

Bible study software, such as Logos Bible Software or Accordance, integrates PDF commentaries and guides with advanced search capabilities, cross-referencing, and original language tools․ These platforms facilitate in-depth textual analysis․

Online platforms offer interactive study Bibles with integrated commentaries and maps․ Utilizing cloud-based note-taking apps alongside your PDF guide enables seamless organization and access across devices․ Consider employing mind-mapping software to visualize connections between themes and characters within Genesis․ These digital resources amplify the effectiveness of your study, fostering a deeper comprehension of the text․

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.

FBI Arrests Alleged MS-13 Assassin, 'Kill Squad' Leader In Nebraska: Patel

Authored by Naveen Athrappully via The Epoch Times,

A suspected leader of the criminal gang MS-13 has been arrested in Nebraska, FBI Director Kash Patel said in a Dec. 9 post on X.

Gerson Cuadra Soto, a Honduran national, “is believed to be responsible for overseeing one of their major kill squad units—and suspected of executing the assassination of the son of the former President of Honduras,” Patel wrote.

“This is part of the FBI’s Joint Task Force Vulcan investigation out of @FBIHouston to locate, indict, and arrest members of MS-13 leadership ‘La Mesa.’”

On July 14, 2022, Saíd Omar Lobo Bonilla, son of former Honduran President Porfirio “Pepe” Lobo Sosa, and three other men were killed outside a nightclub in Honduran capital city Tegucigalpa.

Joint Task Force Vulcan is an initiative launched in August 2019 under the first Trump administration that aims to disrupt and eliminate MS-13.

La Mesa, or “The Table,” is a group of senior MS-13 gang leaders who allegedly authorize murders throughout the United States.

Patel commended FBI Omaha, Nebraska, Homeland Security Investigations (HSI), the Drug Enforcement Administration, and other partners for their work that resulted in Soto’s arrest.

“This admin is taking a whole of government approach to dismantling MS-13 and their presence within the country,” he said. MS-13, also known as Mara Salvatrucha, was designated as a Foreign Terrorist Organization by the State Department in February.

In a Dec. 9 statement, Nebraska Gov. Jim Pillen welcomed the arrest of Soto, who he said was illegally in the country and living in the city of Grand Island.

“Cuadra Soto, a leader of the terrorist MS-13 gang and Honduran assassin, entered the United States illegally in 2022 under Biden’s watch—eventually obtaining a California driver’s license before establishing a residence in Grand Island,” Pillen said.

“Here’s the simple truth: Weak borders put our families at risk. Thankfully, under conservative Republican leadership, our border has never been more secure.”

Expanding Scope

Under the Trump administration, the FBI has intensified its targeting of foreign criminal groups.

In March, the FBI announced that it was expanding its counterterrorism mission to aggressively battle transnational organized crime.

The announcement was made after the State Department designated several international cartels as Foreign Terrorist Organizations and Specially Designated Global Terrorists.

The FBI changed the name of its Terrorist Screening Center to the Threat Screening Center, saying that the updated name expands the scope of national security screening to cover groups such as MS-13 and Tren de Aragua that operate in the United States.

U.S. military personnel escort alleged members of the Venezuelan gang Tren de Aragua and the MS-13 gang recently deported by the U.S. government to be imprisoned in the Terrorism Confinement Center (CECOT) prison, as part of an agreement with the Salvadoran government, in San Luis Talpa, El Salvador, on March 30, 2025. Secretaria de Prensa de la Presidencia/Handout via Reuters

“Border security is essential to protecting our country and providing safer communities for our citizens,” Patel said in a statement at the time.

“We’re expanding the watchlist to include cartel and gang members from newly designated foreign terrorist organizations. This change will assist our law enforcement and Intelligence Community partners as we all work together toward the goal of crushing violent crime within our borders.”

In a Dec. 3 statement, the Department of the Treasury said that its Office of Foreign Assets Control has sanctioned key affiliates of the Venezuelan gang Tren de Aragua, a designated Foreign Terrorist Organization.

“Under President Trump, barbaric terrorist cartels can no longer operate with impunity across our borders. The Tren de Aragua network’s narcotrafficking and human smuggling operations have long posed a grave threat to our nation,” Secretary of the Treasury Scott Bessent said in the statement.

A March report from the State Department detailed the threats posed by transnational criminal organizations. It specifically highlighted Mexican criminal organizations as “one of the greatest threats” to the United States.

Mexico was deemed to be the most significant source of illicit fentanyl and fentanyl analogues, with Mexican groups Sinaloa Cartel and New Generation Jalisco Cartel the primary distributors of these drugs in North America, the report said. Mexico is also the source of most of the heroin and meth seized in the United States.

Tyler Durden Thu, 12/11/2025 - 00:00

FBI Arrests Alleged MS-13 Assassin, 'Kill Squad' Leader In Nebraska: Patel

Authored by Naveen Athrappully via The Epoch Times,

A suspected leader of the criminal gang MS-13 has been arrested in Nebraska, FBI Director Kash Patel said in a Dec. 9 post on X.

Gerson Cuadra Soto, a Honduran national, “is believed to be responsible for overseeing one of their major kill squad units—and suspected of executing the assassination of the son of the former President of Honduras,” Patel wrote.

“This is part of the FBI’s Joint Task Force Vulcan investigation out of @FBIHouston to locate, indict, and arrest members of MS-13 leadership ‘La Mesa.’”

On July 14, 2022, Saíd Omar Lobo Bonilla, son of former Honduran President Porfirio “Pepe” Lobo Sosa, and three other men were killed outside a nightclub in Honduran capital city Tegucigalpa.

Joint Task Force Vulcan is an initiative launched in August 2019 under the first Trump administration that aims to disrupt and eliminate MS-13.

La Mesa, or “The Table,” is a group of senior MS-13 gang leaders who allegedly authorize murders throughout the United States.

Patel commended FBI Omaha, Nebraska, Homeland Security Investigations (HSI), the Drug Enforcement Administration, and other partners for their work that resulted in Soto’s arrest.

“This admin is taking a whole of government approach to dismantling MS-13 and their presence within the country,” he said. MS-13, also known as Mara Salvatrucha, was designated as a Foreign Terrorist Organization by the State Department in February.

In a Dec. 9 statement, Nebraska Gov. Jim Pillen welcomed the arrest of Soto, who he said was illegally in the country and living in the city of Grand Island.

“Cuadra Soto, a leader of the terrorist MS-13 gang and Honduran assassin, entered the United States illegally in 2022 under Biden’s watch—eventually obtaining a California driver’s license before establishing a residence in Grand Island,” Pillen said.

“Here’s the simple truth: Weak borders put our families at risk. Thankfully, under conservative Republican leadership, our border has never been more secure.”

Expanding Scope

Under the Trump administration, the FBI has intensified its targeting of foreign criminal groups.

In March, the FBI announced that it was expanding its counterterrorism mission to aggressively battle transnational organized crime.

The announcement was made after the State Department designated several international cartels as Foreign Terrorist Organizations and Specially Designated Global Terrorists.

The FBI changed the name of its Terrorist Screening Center to the Threat Screening Center, saying that the updated name expands the scope of national security screening to cover groups such as MS-13 and Tren de Aragua that operate in the United States.

U.S. military personnel escort alleged members of the Venezuelan gang Tren de Aragua and the MS-13 gang recently deported by the U.S. government to be imprisoned in the Terrorism Confinement Center (CECOT) prison, as part of an agreement with the Salvadoran government, in San Luis Talpa, El Salvador, on March 30, 2025. Secretaria de Prensa de la Presidencia/Handout via Reuters

“Border security is essential to protecting our country and providing safer communities for our citizens,” Patel said in a statement at the time.

“We’re expanding the watchlist to include cartel and gang members from newly designated foreign terrorist organizations. This change will assist our law enforcement and Intelligence Community partners as we all work together toward the goal of crushing violent crime within our borders.”

In a Dec. 3 statement, the Department of the Treasury said that its Office of Foreign Assets Control has sanctioned key affiliates of the Venezuelan gang Tren de Aragua, a designated Foreign Terrorist Organization.

“Under President Trump, barbaric terrorist cartels can no longer operate with impunity across our borders. The Tren de Aragua network’s narcotrafficking and human smuggling operations have long posed a grave threat to our nation,” Secretary of the Treasury Scott Bessent said in the statement.

A March report from the State Department detailed the threats posed by transnational criminal organizations. It specifically highlighted Mexican criminal organizations as “one of the greatest threats” to the United States.

Mexico was deemed to be the most significant source of illicit fentanyl and fentanyl analogues, with Mexican groups Sinaloa Cartel and New Generation Jalisco Cartel the primary distributors of these drugs in North America, the report said. Mexico is also the source of most of the heroin and meth seized in the United States.

Tyler Durden Thu, 12/11/2025 - 00:00

Palantir Lands $448 Million Deal To Fix Navy Submarine Delays

Palantir Technologies is becoming a deeper partner to the US military as the Navy launches ShipOS, a $448 million effort to use the company’s AI and data tools to improve submarine production, according to a new report from Bloomberg.

The deal will provide Palantir’s Foundry and Artificial Intelligence Platform across select shipyards and suppliers.

The Navy wants to fix chronic delays and overruns affecting its Virginia- and Columbia-class programs. Secretary of the Navy John Phelan said the goal is to speed up an industry that has struggled with labor issues and subcontractor delays: “By enabling industry to adopt AI and autonomy tools at scale, we’re helping the shipbuilding industry improve schedules, increase capacity, and reduce costs.”

Palantir CEO Alex Karp emphasized the scale of the challenge, saying, “It takes 10 million man hours to build a submarine. There are 2,000 businesses involved. Every single one of these components is specialized.” He added that tracking parts through software is vital because “that’s exactly why you need software” to remove bottlenecks, arguing that “already that problem’s gone.”

Bloomberg writes that two major shipbuilders and three public shipyards will receive the software first, and Phelan said the same system could later support carriers, the fleet, and even fighter jets.

The Navy expects the Palantir approach could “significantly” reduce the Columbia-class delay, currently projected to push delivery to March 2029. The contract uses a new “shared risk” model. Phelan said, “If they perform well…they’re going to do well and they should.” Karp responded, “You’re forcing us to absorb risk,” adding, “We get paid as we perform…This is not your typical ‘you get paid after everything fails’ kind of contract…We want to change contracting across the US government to ‘you get paid when it works.’”

Among names worth watching in the submarine space are Kraken Robotics, which has signed cooperative R&D agreements with the U.S. Navy for next-generation sonar systems, Huntington Ingalls Industries, the parent of Newport News Shipbuilding, and General Dynamics, which owns Electric Boat, builder of the Virginia- and Columbia-class nuclear submarines.

Palantir, meanwhile, is expanding its work with the U.S. Navy, using AI and data management platforms to support fleet readiness, logistics, and complex maintenance programs across submarine and surface operations.

Tyler Durden Wed, 12/10/2025 - 23:35

Palantir Lands $448 Million Deal To Fix Navy Submarine Delays

Palantir Technologies is becoming a deeper partner to the US military as the Navy launches ShipOS, a $448 million effort to use the company’s AI and data tools to improve submarine production, according to a new report from Bloomberg.

The deal will provide Palantir’s Foundry and Artificial Intelligence Platform across select shipyards and suppliers.

The Navy wants to fix chronic delays and overruns affecting its Virginia- and Columbia-class programs. Secretary of the Navy John Phelan said the goal is to speed up an industry that has struggled with labor issues and subcontractor delays: “By enabling industry to adopt AI and autonomy tools at scale, we’re helping the shipbuilding industry improve schedules, increase capacity, and reduce costs.”

Palantir CEO Alex Karp emphasized the scale of the challenge, saying, “It takes 10 million man hours to build a submarine. There are 2,000 businesses involved. Every single one of these components is specialized.” He added that tracking parts through software is vital because “that’s exactly why you need software” to remove bottlenecks, arguing that “already that problem’s gone.”

Bloomberg writes that two major shipbuilders and three public shipyards will receive the software first, and Phelan said the same system could later support carriers, the fleet, and even fighter jets.

The Navy expects the Palantir approach could “significantly” reduce the Columbia-class delay, currently projected to push delivery to March 2029. The contract uses a new “shared risk” model. Phelan said, “If they perform well…they’re going to do well and they should.” Karp responded, “You’re forcing us to absorb risk,” adding, “We get paid as we perform…This is not your typical ‘you get paid after everything fails’ kind of contract…We want to change contracting across the US government to ‘you get paid when it works.’”

Among names worth watching in the submarine space are Kraken Robotics, which has signed cooperative R&D agreements with the U.S. Navy for next-generation sonar systems, Huntington Ingalls Industries, the parent of Newport News Shipbuilding, and General Dynamics, which owns Electric Boat, builder of the Virginia- and Columbia-class nuclear submarines.

Palantir, meanwhile, is expanding its work with the U.S. Navy, using AI and data management platforms to support fleet readiness, logistics, and complex maintenance programs across submarine and surface operations.

Tyler Durden Wed, 12/10/2025 - 23:35

Israel Funds Summit For 1,000 US Pastors Overseen By Amb. Huckabee

Authored by Dave DeCamp via AntiWar.com,

A group of more than 1,000 American Christian Zionist pastors and influencers has spent a week in Israel on an all-expenses-paid trip that was funded by the Israeli Foreign Ministry, the Israeli newspaper Haaretz reported on Tuesday.

"This is the first time in history that the state of Israel has officially partnered with 1,000 strategic pastors to commission them as ambassadors to combat antisemitism and reach the youth of their generation," Mike Evans, an evangelical pastor who helped organize the trip, told CBN News. "Right now there’s an ideological war that Israel is losing, so they need the evangelicals, they need the Zionists to fight an ideological war," Evans added.

Christian Zionists like Evans believe that the modern state of Israel has the right to all of the land in historic Palestine, including the Israeli-occupied West Bank, based on the Bible, a view that has its roots in dispensationalism, a Christian theology developed in the US in the 19th century.

The view runs counter to thousands of years of Christian tradition, as it’s rejected by the Catholic Church, the Eastern Orthodox Church, and many Protestant denominations, yet it has significant influence on US foreign policy. During a speech to the crowd of pastors at the Shiloh archeological site in the West Bank, Evans addressed recent remarks from Vice President JD Vance and President Trump about not supporting the Israeli annexation of the Palestinian territory, which he calls Judea and Samaria.

"You said that the policy of the administration is that the West Bank will not be annexed by Israel. Mr. Vice President, we love you, and we love America, but the policy of the God who birthed America and the policy of the God who gave these people this land is in fact that Judea and Samaria is Bible land," Evans said.

"Eighty percent of Bible stories come out of Judea and Samaria. So don’t pressure Israel to give illegal, radical Islam Jew-haters Judea and Samaria," he said, adding that the MAGA movement is based on the Bible and "upon the God of this book, the God of Israel."

While American evangelicals have always comprised a solid base of support for Israel, that support has been declining, part of an overall trend among Americans due to Israel's brutal campaign in Gaza.

"There is a growing cancer within the evangelical movement in America, where people are thinking Israel doesn’t matter and there’s nothing biblical about our relationship with Israel. This is very dangerous," US Ambassador to Israel Mike Huckabee told CBN News during the summit.

Source: X/Pastor Jeff Schwarzentraub

The Israeli Foreign Ministry has taken other steps to influence American Christians, including spending millions on a propaganda campaign targeting evangelical churches in the US that is being called the "largest Christian Church Geofencing Campaign in US history" - a project that was revealed by a federal filing under the Foreign Agents Registration Act.

The pastors’ summit in Israel concluded with Huckabee "commissioning" the attendees as "ambassadors" to stand with the state of Israel. During their time in Israel, the pastors were addressed by Israeli Prime Minister Benjamin Netanyahu, who told them, “Stand up and be counted. Tell the truth. Speak to young people. Speak up to be counted. I’m counting on you, and I know you’ll do what has to be done. That’s what our destiny calls for.”

Tyler Durden Wed, 12/10/2025 - 23:10

Israel Funds Summit For 1,000 US Pastors Overseen By Amb. Huckabee

Authored by Dave DeCamp via AntiWar.com,

A group of more than 1,000 American Christian Zionist pastors and influencers has spent a week in Israel on an all-expenses-paid trip that was funded by the Israeli Foreign Ministry, the Israeli newspaper Haaretz reported on Tuesday.

"This is the first time in history that the state of Israel has officially partnered with 1,000 strategic pastors to commission them as ambassadors to combat antisemitism and reach the youth of their generation," Mike Evans, an evangelical pastor who helped organize the trip, told CBN News. "Right now there’s an ideological war that Israel is losing, so they need the evangelicals, they need the Zionists to fight an ideological war," Evans added.

Christian Zionists like Evans believe that the modern state of Israel has the right to all of the land in historic Palestine, including the Israeli-occupied West Bank, based on the Bible, a view that has its roots in dispensationalism, a Christian theology developed in the US in the 19th century.

The view runs counter to thousands of years of Christian tradition, as it’s rejected by the Catholic Church, the Eastern Orthodox Church, and many Protestant denominations, yet it has significant influence on US foreign policy. During a speech to the crowd of pastors at the Shiloh archeological site in the West Bank, Evans addressed recent remarks from Vice President JD Vance and President Trump about not supporting the Israeli annexation of the Palestinian territory, which he calls Judea and Samaria.

"You said that the policy of the administration is that the West Bank will not be annexed by Israel. Mr. Vice President, we love you, and we love America, but the policy of the God who birthed America and the policy of the God who gave these people this land is in fact that Judea and Samaria is Bible land," Evans said.

"Eighty percent of Bible stories come out of Judea and Samaria. So don’t pressure Israel to give illegal, radical Islam Jew-haters Judea and Samaria," he said, adding that the MAGA movement is based on the Bible and "upon the God of this book, the God of Israel."

While American evangelicals have always comprised a solid base of support for Israel, that support has been declining, part of an overall trend among Americans due to Israel's brutal campaign in Gaza.

"There is a growing cancer within the evangelical movement in America, where people are thinking Israel doesn’t matter and there’s nothing biblical about our relationship with Israel. This is very dangerous," US Ambassador to Israel Mike Huckabee told CBN News during the summit.

Source: X/Pastor Jeff Schwarzentraub

The Israeli Foreign Ministry has taken other steps to influence American Christians, including spending millions on a propaganda campaign targeting evangelical churches in the US that is being called the "largest Christian Church Geofencing Campaign in US history" - a project that was revealed by a federal filing under the Foreign Agents Registration Act.

The pastors’ summit in Israel concluded with Huckabee "commissioning" the attendees as "ambassadors" to stand with the state of Israel. During their time in Israel, the pastors were addressed by Israeli Prime Minister Benjamin Netanyahu, who told them, “Stand up and be counted. Tell the truth. Speak to young people. Speak up to be counted. I’m counting on you, and I know you’ll do what has to be done. That’s what our destiny calls for.”

Tyler Durden Wed, 12/10/2025 - 23:10

Netflix Docudrama Features Transgender Coal Miner "Fighting The Patriarchy"

The film industry has really been scraping the bottom of the barrel over the past few years to find "inspirational" LGBT stories to appease their DEI overlords in Hollywood.  Without a significant American audience the production of woke films is beginning to fade; no one wants to watch these movies.  However, some distributors can't help themselves as they search foreign markets to purchase far-left content and get their ideological fix. 

The newest foreign art house slop making it's way to Netflix audiences in the US this month is a movie called "Queen Of Coal", originally titled "Miss Carbon" in Argentina where the flick was originally released.  Pedro Pascal plays a role in the film (of course he does), and it's set to hit Netflix on December 19th.  

The tale is a docudrama based on the true story of an 18-year-old man named Carlos Antonella Rodríguez who gets work as a coal miner in 2011.  He then "transitions" over the course of a few years to become a transgender woman named "Carlita" (take note of the almost worshipful manner in which the trans character is portrayed). 

Carlos is officially recognized as a woman under an Argentina law enacted on May 23, 2012.  It was the world's first legislation to allow legal gender recognition based on self-identification, without requiring medical interventions, psychological diagnoses, or judicial approval (this might be something that Javier Milei should look into).  The man was then declared the "first woman coal miner" in Argentina's history. 

That's right, a man dressed up as a woman defeated the patriarchy for all women because he is now legally considered a real woman in Argentina.  In other words, this is a lot like Bruce Jenner (now Caitlyn Jenner) winning Glamour Magazine's "woman of the year." 

Netflix describes the movie as:

Carlita, a trans woman, dreams of working in the coal mines but faces superstitions and a ban on female workers, forcing her to fight for her place and disrupt the system.

Some might wonder why anyone would "dream" of becoming a coal miner.  No one does, but in Argentina in 2012 coal mining was considered a higher paying job ($1500 per month US).  Carlos does not actually extract coal, he repairs machinery that helps in the mining of coal, but is technically considered a "coal miner".

Some people might remember the explosive controversy over Netflix's distribution of the 2020 film "Cuties" - A French movie featuring 11-year-old girls in a highly sexualized dance troupe.  Critics accused the filmmakers of creating thinly veiled child pornography disguised as feminist empowerment.  The film's director is a female Muslim feminist from Senegal who grew up in a polygamous family.  Around 10% of Senegalese Muslim marriages involve minors under the age of 15. 

The foreign feature did not go over well with American audiences, except for leftist activists who widely defended the movie and even argued in favor of the child dance scenes.  Much was revealed about the political left in 2020.  

There has been a similar reaction with the announcement of Queen Of Coal:  Audiences are laughing at the concept while rejecting the basic premise that a man can become a woman and then be declared the "first woman coal miner".  It does not appear that the film will draw many viewers for Netflix, but it does showcase why Netflix's attempted purchase of Warner Bros. is very bad for movie goers. 

Tyler Durden Wed, 12/10/2025 - 22:45

Judge Halts Trump's Deployment Of National Guard In Los Angeles

Authored by Matthew Vadum via The Epoch Times,

A federal judge on Dec. 10 blocked President Donald Trump’s use of the National Guard in Los Angeles to deal with civil unrest.

U.S. District Judge Charles Breyer rejected the Trump administration’s argument that protests against federal immigration authorities constituted a rebellion that warranted the president’s federalization of California National Guard troops.

Breyer had previously blocked the deployment. On Sept. 2, he found the federal government had violated the Posse Comitatus Act.

The federal government has argued that the sometimes-violent protests against U.S. Immigration and Customs Enforcement were interfering with the government’s ability to enforce federal immigration law.

Although the federal Posse Comitatus Act restricts the ability of the federal government to use military resources for domestic law enforcement, a president may take over, or federalize, state National Guard troops on an emergency basis in certain circumstances.

“The Founders designed our government to be a system of checks and balances. Defendants, however, make clear that the only check they want is a blank one,” Breyer wrote in the court order.

“Six months after they first federalized the California National Guard, Defendants still retain control of approximately 300 Guardsmen, despite no evidence that execution of federal law is impeded in any way—let alone significantly.”

The judge also rejected the administration’s argument that the court system has no authority to review a president’s takeover of state National Guard troops in an emergency situation.

Breyer wrote that it was “nonsensical to suggest that the law would permit a president to ... send Guardsmen wherever he wanted for as long as he wanted.”

After California Gov. Gavin Newsom sued to block the deployment, the Trump administration took the position that “after a valid initial federalization, all subsequent re-federalizations are completely, and forever, unreviewable by the courts,” the judge wrote.

“Defendants’ position is contrary to law,” and, coupled with the Trump administration’s deployment of California National Guard troops to other states, is “effectively creating a national police force made up of state troops,” the judge added.

Breyer stayed his preliminary injunction until noon on Dec. 15, presumably to give the federal government an opportunity to appeal.

Newsom hailed the ruling.

“Today’s ruling is abundantly clear – the federalization of the National Guard in California is illegal and must end,” the governor said in a statement.

“The President deployed these brave men and women against their own communities, removing them from essential public safety operations. We look forward to all National Guard servicemembers being returned to state service.”

The Epoch Times reached out to the Department of Justice for comment. No reply was received by publication time.

Separately, on Sept. 8 the Supreme Court stayed a lower court order restricting immigration stops in Southern California. Three justices dissented.

Immigration and Customs Enforcement started operations in the Los Angeles area on June 6. Local and state officials strongly criticized the effort, saying the federal government was overstepping its legal authority.

The high court order paused a temporary restraining order that Judge Maame Frimpong of the U.S. District Court for the Central District of California issued on July 11 that limited the factors that law enforcement officials may use when making immigration-related stops and arrests.

Specifically, Frimpong barred the Department of Homeland Security from stopping or arresting individuals based exclusively on factors such as the language the person speaks or where the person works.

In her dissent, Justice Sonia Sotomayor wrote, “We should not have to live in a country where the Government can seize anyone who looks Latino, speaks Spanish, and appears to work a low wage job.”

Justice Brett Kavanaugh filed a concurring opinion.

“Apparent ethnicity alone” is not enough to establish the reasonable suspicion needed to justify an immigration stop, but it may be relevant to the issue,” he wrote.

Tyler Durden Wed, 12/10/2025 - 22:20

House Armed Services Chairman Prepared To End Investigation After Viewing Double-Tap Boat Strike

Congress this week has been threatening to withhold travel funds for Pentagon leadership as Defense Secretary Pete Hegseth has refused to turn over videos of strikes against suspected drug-smuggling boats off the coast of Latin America, amid the ongoing debate over their 'legality' of the actions.

The demand, which would significantly reduce Hegseth's own travel budget, has been quietly tucked into the final draft of the annual defense policy bill. Congressional leaders called for "unedited video of strikes conducted against designated terrorist organizations in the area of responsibility of the United States Southern Command" to the House and Senate Armed Services Committees.

Rep. Mike Rodgers (R-AL)

Sen. Mark Warner, the top Democrat on the Senate Select Committee on Intelligence, has expressed new frustration on Wednesday over Hegseth's refusal to release a Sept. 2 video which shows strikes on men who survived the first round of a drone attack.

"I’m going to stay hopeful for a couple more days. But the idea that he’s going to try to simply drag this out until Congress breaks for the holidays is outrageous, and folks ought to be pretty damn pissed off," said Warner.

Hegseth earlier said the request to release the video is still under review, and that his office is mulling it. While top national security officials have seen it, Warner said further that "There were other members of the administration in that briefing who understood that Congress has an oversight responsibility to see this video."

The so-called Gang of Eight were allowed to view it in a closed session. These are the eight leaders within Congress who are briefed on classified intelligence matters.

However, there are signs that Congressional leaders could back down, as CNN newly reports on Wednesday: 

House Armed Services Chairman Mike Rogers is prepared to end his panel’s investigation into the September double-tap strike on an alleged drug boat in the Caribbean, a committee aide tells CNN.

Rogers received a classified briefing last week to view the video footage and is now pushing for the rest of his panel to be able to see the video.

The committee aide said, "The video and classified briefings from the Pentagon were sufficient to convince him this was a legal action. But he’s also been clear that we need a classified briefing where the rest of HASC’s members can see the video, and we expect that to happen next week."

Some lawmakers have disagreed, calling it an appalling act and war crime, while others said the video showed the survivors trying to salvage the drugs...

Lawmakers were shocked and appalled Thursday after they were shown video footage of the September 2 double tap that killed two survivors of an airstrike in the Caribbean. https://t.co/tNPk6tioJ5 pic.twitter.com/LgWC183iJe

— The New Republic (@newrepublic) December 4, 2025

Some conservatives have decried the whole saga as but a carefully orchestrated plan of character assassination campaign targeting Hegseth.

But Trump has been sticking by him. The last word Hegseth gave on releasing the video was as follows: "We've got operators out there doing this right now, so whatever we were to decide to release, we would have to be very responsible about, so we're reviewing that right now."

Tyler Durden Wed, 12/10/2025 - 21:55

Swetha Gopinath of Bloomberg reports Canada pension giant balks at paying fees to co-invest with private equity:

Institutional investors will not allow alternative asset managers to start charging them for large deals despite the emerging competition from retail money, according to Canada Pension Plan Investment Board, one of the world’s largest retirement funds.

Large pensions and sophisticated investors like CPPIB have for decades jointly invested with buyout firms in marquee transactions on a no-fee, no-carry basis. An influx of capital from wealth channels now threatens to change that dynamic.

Any moves by alternative asset managers to levy co-investment fees “will undoubtedly have an impact on our appetite for the asset class, because that’s the model we run,” CPPIB chief executive John Graham said in an interview on Wednesday. If the firm can’t keep the traditional structure “we actually will tend not to partner with them,” he said.

Private equity firm EQT, for one, has been working to quell concerns that it might start charging investors to do those transactions after its chief executive officer described it as a potential new source of revenue. Institutions are “economic animals” and if the fee model changes they will reevaluate their allocations to the sector, Graham said.

The shift in the investor base in private equity is playing out even as institutions get more selective about where they park their money after waning performance from the asset class in recent years. Larger investors are also worried they’ll get smaller allocations for deals amid the competition from wealthy individuals.

CPPIB had net assets of $777.5 billion at the end of September. About 29 per cent of the portfolio is made up of private equities, it reported earlier this year. It’s also a big investor in real estate, infrastructure and credit.

It’s still too early to tell how the influx of retail money will impact the industry and co-investments like those favoured by CPPIB, Graham said.

“Institutional investors are still the bedrock investors,” he added. “Retail might be the shiny new thing, but for 20-plus years, institutional investors have helped build these franchises.”

Still, he said, the influx of retail brings in other considerations, like regulatory scrutiny. Investments like junk leveraged credit “are buyer beware markets,” he said. “These are not public equity markets, which is a gentleman’s game.”

CPPIB is also taking a differentiated approach to public markets, deliberately choosing to be underweight the Magnificent Seven megacap technology stocks, which means the manager currently underperforms the S&P 500.

“Diversification is an act of humility,” he said. “The concentration level in the United States equity markets is not a risk we want to take.”

I'll get back to the Mag-7 below, first on the subject of potentially levying fees on co-investments.

Put simply, CPP Investments' active management strategy which was introduced back in 2006 relies heavily on the partnership model, meaning, they invest in private equity funds but they expect big co-investment opportunities in return where they pay no fees to reduce fee drag.

Co-investments serve two purposes: to reduce fee drag and to allow them to maintain a heavy allocation to the asset class.

If they are forced to pay fees on co-investments because of intense competition from wealth management and other retail outfits, then they will be forced to rethink their hefty allocation to this asset class. 

It's that simple, I personally don't see this happening, big institutional pension funds, sovereign wealth funds and insurance funds make up the bulk of the assets private equity manages so they'd be shooting themselves in the foot imposing fees on co-investments for this group.

But this example and John Graham's comments show us that the landscape in private markets is changing, there is intense competition in private equity, infrastructure, real estate, private credit and structural changes there are forcing big pension funds to rethink their strategy.

Below, recent market volatility and geopolitical uncertainty have raised questions about the US' status as a safe haven. But there are still no strong alternative 'safe harbours', says John Graham, President and CEO of CPP Investments, Canada's largest pension fund. Graham says the fund is underweight AI in the US, but seeking more opportunities in large-scale infrastructure. It also remains committed to private equity. He spoke with Francine Lacqua on 'Bloomberg: The Pulse'.

John raises excellent points on the symbiotic relationship between them and private equity and how that model has been a win-win over the past 25 years.

He also mentions they're underweight Mag-7 stocks and here a couple of points. First, there seems to be a bifurcation going on in the Mag-7 where Google and Nvidia are leading the rest (same with Broadcom if you expand to Mag-10). Second, no doubt about it, cyclical stocks like financials and industrials and defensive pharmaceuticals have outperformed technology shares in the last quarter. Whether this continues in 2026 remains to be seen.

On that topic, Ed Yardeni, Yardeni Research president, joins 'Squawk Box' to discuss the latest market trends, why he's moving away from being overweight on Magnificent 7 stocks, sectors he's in favor of, the Fed's interest rate outlook, and more.

Third, in a wide-ranging interview with Yahoo Finance Executive Editor Brian Sozzi, Apollo Global Management CEO Marc Rowan discusses the Federal Reserve's rate cut decision, the rise of private credit markets, and data centers (Note: Apollo Global Management is the parent company of Yahoo Finance).

Lastly, earlier today, Bloc MP Christine Normandin expressed disapproval for Prime Minister Mark Carney's rumoured pick for Canada's ambassador in the U.S., Mark Wiseman, during question period. 

Mark Wiseman was the former CEO of CPP Investments and it's clear his rumoured appointment is making opposition parties howl. 

Poor Mark, he's getting no respect but he's a born politician and very smart guy so let's give him a shot (and for the record, I don't agree with the Century Initiative, if we increase immigration at the expense of housing, education and health care, we are doomed. We need better coordination).