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Musk's Boring Company To Build Free 1-Mile Tunnel In "Tunnel Vision Challenge!"

Zero Hedge -

Musk's Boring Company To Build Free 1-Mile Tunnel In "Tunnel Vision Challenge!"

In a new contest, Elon Musk's tunneling firm, The Boring Company, will build a 1-mile tunnel for free to the best idea submitted to the company. 

The Boring Company's Prufrock 5 tunneler (via X)

"Announcing the Tunnel Vision Challenge!" the company wrote on X. "Pitch us your best 1-mile tunnel idea (Loop, freight, pedestrian, utility, etc.), we’ll pick a winner, and build it…for free!"

In an announcement on their website, the company said (emphasis ours): 

Do you have Tunnel Vision? 

You might if you often look around and wonder, wouldn’t it be a lot easier if I could get from Point A to Point B without the hassle of crossing busy roads, intersections, or other obstacles. Tunnels may be your answer!

The Boring Company (TBC) invites you to submit your proposal for a tunnel project up to 1 mile in length with a 12-foot inner diameter. TBC will select a winner from the proposals submitted and construct the tunnel free of charge. The tunnel can be a Loop tunnel, a freight tunnel, a pedestrian tunnel, a utility tunnel, a water tunnel, or any other use case where a tunnel would be useful. Prufrock is designed to construct mega-infrastructure projects in a matter of weeks instead of years - so let's build!

The deadline for submissions will be February 23, 2026, and a winner will be picked on March 23, 2026. 

As Tesla Oracle notes further; 

Musk founded The Boring Company in an effort to reduce tunneling costs. To achieve this, the diameter of the tunnel boring machines (TBMs) was reduced to 12 feet.

Following the same principle of constant improvement, The Boring Company continually upgrades its TBMs. The latest TBM is named Prufrock 5 (pictured above).

With the previous version (Prufrock 4), The Boring Company achieved a phenomenal tunneling cost efficiency of $27 million per mile. Musk’s company is aiming to achieve a cost of $10 million per mile of tunneling with Prufrock 5 and its future TBMs.

Compared to the US standard, boring a 1-mile tunnel costs a staggering $2.5 billion on average (see graph below). So, the Tunnel Vision Challenge is offering at least a $27 million value for free.

*  *  *

The outlet also notes that the Boring Company's Las Vegas Convention Center Loop (LVCC) is the best example of a finished tunnel, which carries Tesla vehicles around the strip as long as you have a Model S, 3, X, Y, or Cybertruck (so basically all of 'em). The company collaborated with the Las Vegas Airport and city officials to set up a service called Vegas Loop that helps visitors with airport dropoffs. 

Tyler Durden Mon, 01/19/2026 - 21:00

Why California Is Bleeding Tech Jobs: Decline Is A Policy Choice

Zero Hedge -

Why California Is Bleeding Tech Jobs: Decline Is A Policy Choice

Authored by Vance Ginn via the American Institute for Economic Research,

For much of the past half-century, California benefited from a powerful first-mover advantage.

Dense networks of talent, capital, and research institutions allowed the state to absorb policy mistakes that would have crippled competitors. High spending and taxes, restrictive housing rules, and regulatory complexity were treated as nuisances rather than binding constraints, because growth could outstrip their costs.

That margin of error has narrowed dramatically.

What California is now experiencing is not a cyclical tech downturn or a post-COVID-19 pandemic anomaly. It is a measurable, policy-driven decline in relative competitiveness.

The most important evidence is not that tech employment has fallen in absolute terms, but that California’s share of national tech employment has been shrinking, while other states gain ground.

Markets are responding to incentives exactly as economic theory predicts.

Employment Share, Not Headlines, Tells the Story

According to the Bureau of Labor Statistics’ Current Employment Statistics data, California’s technology employment growth has underperformed national trends for several years, including during periods when tech hiring stabilized or rebounded elsewhere, and recently has been declining. California’s share of U.S. tech jobs is falling from roughly 19 percent pre-2020 to closer to 16 percent in recent years, a nontrivial shift for an industry this large.

This is a classic example of relative decline. California still employs more tech workers than any other state, but it is no longer where the marginal job is being created.

Commercial real estate data corroborate the employment figures. Office vacancy rates across Silicon Valley remain elevated well beyond what remote work alone would explain. Bay Area office markets have not recovered in the way peer regions have. Persistent vacancies signal not just a shift to hybrid work, but also geographic reallocation of firms and labor.

Migration as a Labor Market Signal

Labor mobility reinforces the same conclusion. U.S. Census state-to-state migration data show continued net domestic outmigration from California, particularly among working-age adults. While international immigration partially offsets population losses, domestic migration is more relevant for employer location decisions, especially in high-skill sectors.

Economic theory predicts that firms follow labor when relocation costs are low and regulatory frictions are high.

California now faces both: high regulatory frictions at home and increasingly credible substitutes elsewhere.

Founding Versus Scaling: A Crucial Distinction

California still dominates early-stage venture capital totals, as shown in venture investment data. This is often cited as evidence that concerns about the state’s competitiveness are overstated. That interpretation conflates firm formation with firm expansion.

Founding activity reflects legacy advantages such as universities, networks, and capital concentration. Scaling decisions reflect marginal costs. Increasingly, firms are choosing to incorporate or raise seed funding in California while expanding headcount in lower-cost, lower-regulation states.

From an economic standpoint, this is predictable. Scaling in California exposes firms to the nation’s highest marginal income tax rates, comparatively punitive capital gains taxation, rigid labor mandates, slow permitting processes, and volatile regulatory expectations. These costs rise nonlinearly as firms grow.

AI Regulation as a Binding Constraint

Artificial intelligence (AI) policy may become the clearest illustration of California’s regulatory overreach.

A recent CalMatters analysis documents how California lawmakers have pursued some of the most expansive state-level AI regulations in the country. These proposals extend liability, mandate preemptive risk assessments, and impose compliance obligations before alleged harms are empirically demonstrated or even defined.

From an economic perspective, this approach treats innovation as a presumptive externality rather than a productivity-enhancing input.

AI is widely understood as a general-purpose technology. Research shows that such technologies generate broad, economy-wide productivity gains, not sector-specific benefits. Overregulating AI therefore depresses expected returns not only in software, but also across health care, logistics, manufacturing, finance, and education.

California’s AI regulatory framework has drawn federal scrutiny, which is instructive. As noted in CalMatters, state-level AI mandates were referenced in President Donald Trump’s recent presidential executive order, citing concerns over fragmented and inconsistent state regulation. Regardless of political framing, the economic concern is straightforward: regulatory fragmentation raises fixed costs and discourages upscaling.

Regulation, Market Structure, and Incumbency

California’s regulatory posture also has implications for market structure. Extensive empirical literature shows that high fixed compliance costs reduce entry and increase concentration. The OECD’s work on regulation and competition consistently finds that heavier regulatory burdens favor large incumbents at the expense of startups and challengers.

This dynamic undermines the very competition that drives innovation. Europe’s experience with digital (over)regulation offers a cautionary parallel, acknowledged even in European Commission competitiveness reports. California risks reproducing that outcome domestically, exporting innovation to other states rather than other continents.

Costs Complete the Incentive Structure

AI regulation is best understood as the marginal constraint layered atop an already expensive environment. California has the highest top marginal income tax rate in the United States, and it taxes capital gains as income. Housing scarcity, documented extensively by the University of California–Berkeley’s Terner Center, raises labor costs without increasing real purchasing power. Energy prices remain among the nation’s highest, as shown by EIA electricity price data.

In combination, these policies alter the expected return on investment at the margin. States such as Texas and Florida offer credible alternatives: no personal income tax, faster permitting, lower housing costs, and a lighter regulatory touch.

Firms do not need ideological motivation to relocate. The incentive structure does the work.

Opportunity Costs and Distributional Effects

The economic cost of tech job relocation extends beyond headline employment figures. When tech employment relocates, these spillovers disappear as well.

The distributional consequences are regressive.

High-skill workers are mobile.

Lower-income workers tied to local economies are much less so.

Policies that suppress growth (even under the banner of equity) often hurt the poor most.

A Predictable Outcome

Unless California changes course, the trajectory is clear. AI firms will incorporate elsewhere. Venture capital will follow labor. Scaling will increasingly occur in states that treat innovation as an asset rather than a liability.

California will remain an important source of ideas. It will be a diminishing source of jobs. Markets are not ideological. They respond to incentives. On that front, the verdict is already in.

Tyler Durden Mon, 01/19/2026 - 20:30

Canada Weighs Token Troop Deployment To Greenland, But Fears Trump Wrath

Zero Hedge -

Canada Weighs Token Troop Deployment To Greenland, But Fears Trump Wrath

The Canadian government is weighing whether to deploy a small contingent of troops to take part in training exercises in Greenland after several European and NATO member countries already sent in dozens of soldiers.

The discussions come as President Trump argues that the United States "needs" the Danish autonomous territory for national security reasons and has intensified his calls for Washington to take control of the island. The Europeans have clearly sent troops there for more than just "exercises" - but as a show of unity and "strength" in support of Denmark.

While no final decision has been made on a Canadian deployment, such an act would remain largely symbolic in nature - but Canadian leadership under the Carney government is likely very worried about needlessly provoking Trump's wrath.

Canada's armed forces file image

Trump is already preparing an additional 10% tariff for Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland (starting Feb.1st) as a consequence of their defiance.

He specifically referenced their sending troops to Greenland in a weekend Truth Social post:

"Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland have journeyed to Greenland, for purposes unknown," Trump wrote on Truth Social on Saturday.

"This is a very dangerous situation for the Safety, Security, and Survival of our Planet. These Countries, who are playing this very dangerous game, have put a level of risk in play that is not tenable or sustainable."

Given the large leading EU nation of Germany has only deployed roughly a dozen troops to the island, it's likely that any Canadian presence would be even smaller.

Prime Minister Mark Carney has said that Canada is "concerned" about what he has called US "escalation" - but again this is a bad moment for Canada to get 'noticed' by Trump for joining European 'defiance' of this future plans for Greenland.

Last Thursday in the early morning nighttime hours, a Danish military transport aircraft was the first to land in Nuuk, Greenland’s capital, carrying Danish soldiers alongside members of the French armed forces.

Soon on the first plane's heels, another Danish Hercules aircraft touched down at Kangerlussuaq in western Greenland. Both planes reportedly flew with their transponders switched off.

If Canada too sends a contingent of troops, Carney would probably waiting on edge until the inevitable Truth Social post is issued by Trump slamming the Canadians and threatening new repercussion on America's northern neighbor.

The other reason NATO countries have sent their small deployments is to convince Trump to join the cooperative mission. The EU argues that this already satisfies the Washington desire to see a beefed up Western security presence in the region, with an eye on Russia and China.

Tyler Durden Mon, 01/19/2026 - 20:05

'We Must Pass The SAVE Act': Republicans Engage In Serious Push For Voter ID

Zero Hedge -

'We Must Pass The SAVE Act': Republicans Engage In Serious Push For Voter ID

House Republicans are going "full steam ahead" on a supercharged version of the Safeguard American Voter Eligibility (SAVE) Act, a GOP-sponsored bill to prevent non-citizen voting in federal elections. It would amend the National Voter Registration Act of 1993 to require documentary proof of US citizenship (passport, birth certificate, or REAL ID=compliant driver's license) when registering to vote. 

The bill (H.R. 8281) was originally introduced in 2024 and was passed by the House in a 220-198 vote, however it stalled in the Senate under Democratic control. 

In early 2025, it was revived in the House as H.R. 22, and S. 128 in the Senate. In April, the House passed H.R. 22 in a 220-208 vote, where it was sent to the Senate and has once again stalled due to threat of filibuster or lack of bipartisan support. 

Now, Republican leadership is pushing a "turbocharged" version called SAVE Act Plus, which would enhance the original bill by adding photo ID requirements for registration and voting, which both House Speaker Mike Johnson and Majority Leader Steve Scalise have begun aggressively pushing. 

"What we're looking at doing is passing an even better bill over to the Senate to give them even more incentive to go protect the sanctity of every American's vote, and that is the Save Act plus a picture ID requirement," Scalise told Fox News on Sunday. "Look, you can't even get on an airplane. You can't go to a bar tonight without showing a picture ID. Yet, there are people in many states where the states actually have laws saying you can't show ID, which is a recipe for fraud, for stealing your vote if you're voting legally so that somebody can come behind you illegally in another country and actually vote and steal your vote..."

On Friday, Sen. Mike Lee (R-UT) amplified a post on X showing that 84% of Americans want voter ID - with Lee posting "We must pass the SAVE Act," adding "There are no good arguments against it." 

In early December, Johnson said that the SAVE Act would be a "really important measure to eliminate fraud in elections." 

Elon Musk has been extremely vocal about this as well:

In January, the House Freedom Caucus wrote to Johnson urging him to push the SAVE Act as the top item on his agenda. 

Tyler Durden Mon, 01/19/2026 - 19:15

Why People Feel The Economy Is Bad, When Data Show Improvement

Zero Hedge -

Why People Feel The Economy Is Bad, When Data Show Improvement

Authored by Petr Svab via The Epoch Times,

The U.S. economy is either chugging along nicely or seriously struggling, depending on who is asked. The mismatch stems from perception and perspective.

While many of the macroeconomic data look benign, they don’t capture the pain experienced by a large segment of society, several experts told The Epoch Times.

At 4.4 percent, unemployment has been only slightly elevated and the median wage growth of 4 percent has more than kept up with 2.7 percent inflation, all according to December data from the Bureau of Labor Statistics.

Yet a solid majority of Americans feel gloomy about the economy, polls indicate.

“I think there’s some element of a vibecession, where the vibes are worse than reality,” said Ben Zweig, labor economist and CEO of Revelio Labs.

It’s understandable that people would be upset about living expenses, even if the inflation rate has subsided, because the previous price increases remain baked-in, according to Zweig.

“People have a very unrealistic expectation that prices should fall to their pre-inflation spike levels, and that’s totally off the cards,” Zweig told The Epoch Times.

“I think people have this cumulative disgruntlement about the economy years ago, and that is very hard to overcome.”

At the same time, “there are some really troubling signs out there,” he said.

Tough Job Market

Excluding the 2020 COVID-19 pandemic shutdown, hiring hit a decade low in November 2025, when businesses hired less than 5.1 million people. It has struggled to take off since.

“People are not moving and there’s just historically low mobility,” Zweig said.

That hits young people, who are just entering the labor market, especially hard.

“Job posting volume is way down, and that is concentrated in younger workers, more entry level positions. So that is a real problem,” he said.

It was also around mid-2024 when wage growth for the lowest-paid workers started to lag, reversing a previous trend. The lowest paid 25 percent of workers enjoyed faster wage growth than the rest of the workforce consistently since mid-2015. But recently, that advantage has disappeared. For the past year and a half, these workers have seen their wages grow substantially slower than the rest, at a 3.5 percent rate in 2025, compared to the 4 percent overall average.

Even the slower wage growth exceeded inflation, but it’s important to understand the reality behind the data.

“Wage growth is not the same [as] individuals getting a raise,” said Ernan Haruvy, professor at McGill University and expert on economic and consumer behavior.

“To get a real pay raise, I have to change jobs. That’s how it works,” he told The Epoch Times.

Technological efficiencies, not exclusively related to artificial intelligence, have likely played a role, according to Zweig, again hitting the lowest-paid and entry-level jobs.

Technology “doesn’t automate jobs wholesale,” he noted.

“It automates little bits of tasks. And you can think of the tasks that people do as being in some hierarchy, from very small, granular micro tasks to very broad, abstract workflows. And it’s a lot easier to automate small and micro tasks, and it’s a lot harder to automate big, chunky workflows. So it happens to be that the highly skilled people are the ones that have the broadest responsibilities, and the lower tier workers are the ones that are doing the simplest work. So I think we do see more labor displacement of the most simple jobs.”

This dynamic is likely to create more income inequality, he estimated.

The economy has also been harsh to older people who find themselves with only a fraction of what they need to save in order to retire, especially with the looming Social Security insolvency, Scott Siff, founder and CEO of Pivoter, a job matching platform for people 55 and over, said.

“Those folks are feeling things like above-average inflation and higher prices for staples like groceries much more acutely,” he told The Epoch Times in a text message.

“That is only compounded by the fact that those same people face huge barriers finding jobs. With the average age of job-seekers on the online job boards only about 28–30 years old, employers have trouble hiring those folks even if they’re willing to.”

Haruvy doesn’t see the tough labor market going away.

“We'll just have to get used to the new reality, which is more competition, more skill updating, less certainty,” he said.

Financial Squeeze

Regardless of income growth, Americans are far from achieving financial health.

The savings rate dropped to 4 percent in September, the lowest since 2008, excluding 2022, which was distorted by pandemic stimulus payments.

Credit card debt exceeded $1.2 trillion in the third quarter of 2025, with more than $150 billion of that amount over 90 days delinquent.

“Right now, people are dipping into their savings,” Haruvy said.

Nearly half of Americans used savings to cover expenses last year, according to Resume Now’s 2026 Cost-of-Living Crunch report.

The same survey, however, also indicated some improvement.

While at the end of 2024, 36 percent of those surveyed said they couldn’t afford or struggled to cover basic expenses, at the end of 2025, only 24 percent said the same.

The debt data, too, show a positive trend, with the overall debt balance growth slowing down and even dropping a bit in November data, while delinquency rates have followed the same trajectory.

Tyler Durden Mon, 01/19/2026 - 18:50

"Decades Of Underinvestment": LA Firefighters Turn To Voters Amid Budget Crisis

Zero Hedge -

"Decades Of Underinvestment": LA Firefighters Turn To Voters Amid Budget Crisis

Los Angeles firefighters say years of underfunding have pushed their department into crisis, forcing them to appeal directly to voters for money to cover what they describe as basic public safety needs—even as the city spends about $1 billion a year on homelessness programs, according to the NY Post.

This week, firefighters launched petition drives to place a half-cent sales tax increase on the November 2026 ballot. The measure would fund additional firefighters, new engines, and repairs to aging fire stations, which supporters describe as a last resort after repeated warnings to City Hall went unanswered.

“Due to decades of underinvestment, our fire department currently operates with the same number of firefighters as in the 1960s, six fewer stations, and five times the call load,” said Rich Ramirez, an LAFD paramedic. “The LAFD is half the size needed to keep LA safe, so your LAFD firefighters and paramedics are appealing directly to voters to provide funding for more personnel, equipment, and stations so that we can arrive on time to save lives and property when seconds can make the difference between life and death.”

The NY Post writes that call volume has soared. In 1960, LAFD responded to about 101,000 calls a year. Today, firefighters handle more than 514,000 calls annually, with staffing levels largely unchanged. Average response times now near eight minutes, almost double national standards, and the city has fewer than one firefighter per 1,000 residents.

City Councilmember Traci Park said the department’s condition reflects years of neglect. “We have million-dollar fire engines out of service with weeds growing around their tires,” she said. “I’ve been blowing the whistle on the lack of staffing, funding and resources at the fire department since I took office.”

Firefighters say homelessness has driven a significant share of the surge. Between 2018 and 2024, incidents tied to people experiencing homelessness made up roughly one-third of all LAFD fire calls, while trash fires jumped nearly 475% over the past decade.

Despite the increased demand, LAFD operates on about $923 million to protect nearly 3.9 million residents—about $238 per person—compared with more than $22,000 spent annually per unhoused individual.

If approved, the half-cent sales tax would raise an estimated $324 million in its first year. The funds would be restricted to core fire services, overseen by audits and a civilian commission, and supporters must gather 154,000 signatures within 180 days to qualify the measure for the ballot.

Tyler Durden Mon, 01/19/2026 - 18:25

This Could Be The Big One

Zero Hedge -

This Could Be The Big One

Authored by weather observer Ryan Hall, 

There are winter storms, and then there are storms that come from a real pattern shift. The kind that don't just brush one region, but impact a big chunk of the country.

This upcoming setup is starting to look like the second type.

Over the last day or so, confidence has increased that we're heading into a legitimate winter storm window late this week into the weekend. The signal is becoming clearer across guidance, and the ingredients are lining up in a way that usually gets my attention.

The Big Picture

A strong Arctic high is pushing into the central and eastern United States. This isn't a quick shot of cold air. It's a deep, dense cold dome that sets up first and stays in place.

At the same time, a southern stream trough is expected to eject out of the Southwest. That system will pull moisture northward over the top of the cold air already in place at the surface.

That overrunning setup is one of the more efficient ways to produce widespread snow, sleet, and freezing rain across the South and East.

About the Analogs

You may see comparisons to past storms like January 1988 or February 2010 being mentioned. It's important to be careful with that.

No two storms are exactly alike, and analogs aren't about matching totals or impacts. Where they can be useful is in highlighting similar large-scale processes. In this case, things like a strong southwestern trough, deep cold air already in place, and a steady moisture feed overrunning the cold dome.

In some respects, this setup has more cold air to work with and a broader moisture source than those events did at similar lead times. That's why it stands out.

Days 4-5: Friday Focus

By Friday, attention shifts to the Southern Plains and the Lower Mississippi Valley.

Snow and mixed precipitation look increasingly likely from the Texas Panhandle through Oklahoma, Arkansas, and into parts of the Tennessee Valley. This part of the storm will likely feature a sharp gradient between snow, sleet, and freezing rain, especially near the southern edge of the cold air.

Small shifts in track or temperature profiles could have large impacts in this region.

Days 6-7: Weekend Evolution

As we head into Saturday and Sunday, the system is expected to move east across the Southeast, with the potential to turn northeast near the coast.

Cold air is already established well north of the system, which raises confidence that much of the precipitation will fall as wintry weather. The biggest question now is how far north the heavier precipitation shield extends and how much phasing occurs between northern and southern stream energy.

That will determine whether the highest impacts remain focused on the Mid-Atlantic or expand farther north.

What I'm Watching

  • Strength and placement of the Arctic high

  • Timing and amplitude of the southern stream trough

  • How quickly the streams interact

  • Placement of the rain-snow line

  • Icing potential along the southern edge

These details should come into better focus over the next few days.

Bottom Line

This is shaping up to be a potentially high-impact winter storm affecting a large portion of the Southern and Eastern U.S.

It's still too early to lock in exact totals or specific cities. But it's early enough to say this is a system worth taking seriously.

If you live from the Southern Plains through the Tennessee Valley and into the Mid-Atlantic, this is one you should be planning around, not ignoring.

We'll keep refining the details as the data comes in. If the signal weakens, we'll say that. But right now, this setup has the look of a storm that could end up being memorable.

Tyler Durden Mon, 01/19/2026 - 18:00

HOOPP Appoints Chris Holtved to Head of Global Real Estate

Pension Pulse -

HOOPP announced on LinkedIn that Chris Holtved was recently appointed Senior Managing Director and Head of Global Real Estate: 

Faces behind the Fund: get to know Chris Holtved, HOOPP’s new Senior Managing Director and Head of Global Real Estate

Chris Holtved was recently appointed Senior Managing Director and Head of Global Real Estate at HOOPP. In this role, Chris is responsible for overseeing a diverse portfolio of investments across Canada, the U.S., Europe and Asia. Since joining HOOPP, Chris has been instrumental in shaping and expanding the Real Estate portfolio, playing a key role in its significant growth and development. Over his more than decade-long tenure at HOOPP, he has held multiple senior leadership roles, including Global Head of Industrial Real Estate and interim co-head of Real Estate.

Reflecting on his new role, Chris shared: “HOOPP has built not only an incredible portfolio of real estate, but an incredible team of real estate professionals. The opportunity to continue working with this team as we collectively lead the growth and evolution of the portfolio on behalf of our members is what makes this role so rewarding”.

Before HOOPP, Chris held leadership roles at GE Capital, Dundee REIT, Bentall and Manulife Financial. Outside of work he serves as Treasurer on the Boards of the Orillia Soldiers’ Memorial Hospital Foundation and the Community Foundation of Orillia and Area, and is an avid cyclist.

Learn more about HOOPP’s real estate portfolio here. 

Back in September when Eric Plesman left HOOPP to rejoin Oxford Properties as its President and CEO, it was announced Chris Holtved would take over Eric's duties. 

He knows that portfolio extremely well having worked there for over a decade:

Chris Holtved is the Senior Managing Director & Head of Global Real Estate at HOOPP. In this role, Chris is responsible for overseeing the organization’s diverse portfolio of real estate investments across Canada, the U.S., Europe and Asia.

Chris first joined HOOPP in 2013 and played an instrumental role in building the Real Estate asset class. He has held a number of senior positions within the organization, including Global Head of Industrial Real Estate as well as co-heading HOOPP’s global real estate business.

Prior to HOOPP, Chris held various leadership roles across a diverse range of real estate disciplines spanning operations and leasing, asset management, development and investments at GE Capital, Dundee REIT, Bentall and Manulife Financial, bringing a diverse perspective to the role. He also serves on the Boards of the Orillia Soldiers’ Memorial Hospital Foundation.

Chris holds an HBA from the Ivey Business School at Western University. 

I don't know Chris but I am very informed on HOOPP's Real Estate portfolio and how they were ahead of their peers in acquiring logistics properties, moving swiftly in a very hot sector. 

Chris led those efforts forging solid partnerships in North America and Europe as Global head of Industrial Real Estate.

By the end of 2024, the gross market value of HOOPP's real estate’s portfolio increased to $21.0
billion from $19.5 billion, representing 17% of its total assets.

This makes Real Estate the most important private market asset class at HOOPP, followed by Private Equity ($17 billion) and Infrastructure ($7.6 billion).

HOOPP recently appointed Chantale Pelletier as Head of Global Infrastructure (see my comment here) and there's no doubt this will be where the primary focus will be placed going forward in private markets.  

Once Infrastructure hits 15% of total assets, it will be considered a more mature asset class like Real Estate and Private Equity.

What else? HOOPP's Real Estate portfolio takes sustainability very seriously as it impacts the value of its assets.

In fact, last year, HOOPP Real Estate was recognized once again for accelerating the Fund's climate strategy through innovation:

From the implementation of autonomous building HVAC technologies in an effort to reduce energy consumption to hosting community festivals in support of local organizations, HOOPP’s real estate partners have demonstrated their commitment to supporting the sustainability goals of the Fund over the last year.

This week, HOOPP recognized the achievements of 10 real estate property managers at the 13th annual LEAP awards. As leaders in sustainability and innovation, the award winners have supported HOOPP in advancing key steps outlined in our climate strategy, as we work towards our goal of achieving net-zero portfolio emissions by 2050. Since 2012, we’ve awarded over 130 LEAP Awards, spanning topic areas of technological innovation, climate mitigation, community impact, tenant collaboration, operational performance and greenhouse gas reductions.

You can read HOOPP's Real Estate Sustainability Report for 2022 here to learn more.

On that note, let me wrap it up with what HOOPP posted on LinkedI last week:

HOOPP is proud to co-own Robson Court (840 Howe) with GWL Realty Advisors and to announce that the property has achieved the CAGBC Zero Carbon Building – Performance Standard™ certification. This milestone reflects the continued progress of HOOPP’s climate change strategy. 

Remember in real estate, the quality of your assets matter a lot, the ones that score high on sustainability garner the most attention for a reason, that's where demand lies.

Below, Karen Horstmann, Managing Director Real Estate, United States for La Caisse, shares her unique experiences and strategies for navigating the ever-evolving real estate market. From starting with a blank slate at Norges Bank to developing scalable and flexible investment strategies, Karen shares insights on aligning with best-in-class operators, creative problem-solving within the team, and balancing long-term and short-term objectives. 

She covers diverse asset classes, including logistics, office, residential, and niche sectors like data centres and medical offices, emphasizing sustainability and risk mitigation. Discover how innovative approaches and top-down themes can drive alpha returns and ensure resilience in a dynamic market environment. Great insights here, listen in.

Newsom Strains To Flip Script On California's Failures

Zero Hedge -

Newsom Strains To Flip Script On California's Failures

Authored by Susan Crabtree via American Greatness,

It’s an odd predicament for a leading Democratic presidential contender.

Gavin Newsom’s biggest strength—political spin and performance come almost second nature to him—could also be his biggest liability as he strains to remake the tarnished image of the state he has governed for the last seven years.

Newsom, with his smooth-talking, rapid-fire responses and his attempt to out-Trump Trump on social media aggression, is everything Kamala Harris wasn’t in 2024. But neither Californian can easily shake the biggest millstone dragging down their White House ambitions. Their failed progressive policies have sullied the Golden State’s image, driving up prices, homelessness, and mismanagement. The failures have not only driven citizens away but are also likely to turn off voters in swing battleground districts as well.

California’s failures weren’t Harris’ biggest weakness in 2024—her word salads were. But the Golden State’s downward spiral was a close second.

As wildfire victims held vigils and prayer circles on the anniversary of the devastating Palisades and Eaton fires, Newsom on Thursday attempted to flip the script on California’s role as a GOP punchline.

In his final State of the State address after years of releasing videotaped remarks, Newsom cast Trump’s control of Washington as a “carnival of chaos” amid the Democratic furor over an ICE agent shooting and killing a woman in Minnesota. He then positioned California as a “beacon” of fairness and resistance to Trump’s heavy-handed rule.

Addressing the California legislature, which had just observed a moment of silence for the slain Minnesota woman, Renee Nicole Good, Newsom repeatedly pointed to Trump as a power-hungry threat to democracy who abused his power to call in the National Guard to quell unrest over ICE arrests and raids.

“The president believes that might makes right, that the courts are simply speed bumps, not stops. That democracy is a nuisance to be circumvented. Secret police, businesses being raided, windows smashed, citizens detained, citizens shot, masked men snatching people in broad daylight, people disappearing,” Newsom charged.

“None of this is normal,” he added.

After throwing out the red meat for the Democratic base, Newsom then set out to normalize California’s dizzying array of failures under his watch.

“The state is providing a different narrative—an operational model, a policy blueprint for others to follow,” he told state lawmakers.

Newsom’s defiant defense of his state as a shining example for others to emulate may come as a shock for those who haven’t been watching his reinvention as a social media agitator and leader of the national redistricting battle.

But Newsom’s attempt to go on offense on his biggest weakness—his policy failures—was his most audacious and sweeping thus far.

After mimicking Trump’s belligerent social media style, Newsom stole another Trump play, labeling the state’s critics as suffering from “California Derangement Syndrome,” a revision of the “Trump Derangement Syndrome,” which MAGA deploys to brush off condemnation.

“The declinists,” the pundits and conservative critics, simply don’t know the updated facts, Newsom asserted, arguing that they are working to “tear down, to try to attack all of our progress.”

Early data for 2025, he said, indicate a 9% decline in homelessness, the first drop after an explosion of unsheltered people in California. He failed to mention that from 2019 to 2024, under his watch, homelessness rose to 188,000, a net increase of 37,000, or 24%, even though the state spent roughly $24 billion trying to curb it.

“So, our investments paid off,” he claimed without an explanation.

Newsom acknowledged that the decline was “not good enough,” and more work needs to be done as long as big homeless encampments still exist in major cities around the state. He failed to mention the high number of homelessness deaths across the state that could be contributing to the 9% decline, as well as the danger of allowing any encampments to remain.

Just hours after the speech, a fire at a homeless camp in a Los Angeles suburb broke out, the second in the last two weeks.

Newsom also claimed credit for “double-digit decreases in crime” across California, without acknowledging that those figures are still higher than pre-pandemic levels in some areas and that property crime continues to plague major cities such as San Francisco and Los Angeles.

While touting minor California successes, he often followed up by acknowledging that there is still “work to do” when it comes to bringing down housing costs, overall “affordability,” lowering crime rates, and improving fire insurance coverage.

Though he noted that he had debated whether or not to mention high-speed rail, another frequent target for fiscal conservative attacks, he hailed the $13.8 billion spent so far and progress on projects in the state’s agricultural Central Valley as one of the “great economic investments” in the region. Those lines, he said, “will make commute times shorter and make life more affordable.” He failed to mention that the project was launched in 2008, and more than 17 years later, no trains are running.

Newsom even touted California’s status as having the highest taxes of any state in the country, stressing that Democrats in the state had designed the most “progressive” system in the country, which he argued is far fairer for middle-class and low-wage earners.

“So, the question to all of you—who are the high-tax states? Just consider Texas. Just consider Florida, the two most regressive tax states in America,” Newsom said. “They’re hammering their low-income earners. They’re hammering them more than their wealthiest. Who are the high-tax states? California stands for fairness.”

California Republican Party Chairwoman Corrin Rankin, responding to the address, cast Newsom as not only out of touch but also deranged.

“Governor Newsom told Californians that homelessness is down, crime is at record lows, schools are improving, and Los Angeles is recovering after the Palisades fires,” she said.

“Governor Newsom painted a picture of a California that exists in his imagination.”

Rep. Kevin Kiley, a Republican representing parts of Sacramento in Congress, assailed the address as pure gaslighting.

“For once, Newsom is right,” he said.

“California has led the nation during his tenure in homelessness, unemployment, poverty, illiteracy, gas prices, electricity costs, debt, and outmigration. That is the true state of our state.”

Kiley also provided a preview of the conservative line of attack that could haunt the governor leading into the 2028 presidential race.

“California, also, of course, leads the nation in fraud … Minnesota’s fraud scandals have just ended Tim Walz’s political career,” Kiley said.

“California’s should likewise end Gavin Newsom’s.”

Tyler Durden Mon, 01/19/2026 - 17:10

Kansas School Bans Students From Naming Kirk, Trump Or Jesus As Role Models

Zero Hedge -

Kansas School Bans Students From Naming Kirk, Trump Or Jesus As Role Models

Yet another example of why American parents are increasingly pulling their kids out of public institutions and turning to home schooling.  Parents at an elementary school in Kansas are upset after students were reportedly told that they were not allowed to list President Donald Trump, late conservative activist Charlie Kirk and even Jesus Christ as their role models for an assignment. 

The incident at Marshall Elementary School in Eureka, Kansas occurred in October and only recently came to light because students were originally instructed not to tell their parents about what happened.  The American Center for Law & Justice, described as “a politically conservative, Christian-based legal organization,” has filed a formal civil rights complaint with the school.

The complaint accuses the district and Marshall Elementary School of religious discrimination, political or viewpoint discrimination, violation of free speech rights and retaliation.  Students say a school guidance counselor, Kacey Countryman, gave sixth-graders an assignment called “Find Your Voice” as part of their "Leader In Me" program.  They were asked to identify their role models, but conservative role models were apparently not allowed.  

“When a student identified Charlie Kirk as a role model, the guidance counselor got very uncomfortable and refused to allow this name to be written on the board, yelling that he was ‘not a hero,’ and that he was not a role model,” the complaint says.  When a student chose Trump as their role model, the guidance counselor reportedly had the same response.

Another parent says their child picked Jesus and was also denied.

The complaint notes that “When a student selected President Donald J. Trump as a role model, the guidance counselor reiterated her prohibition even more angrily, stating that students could not write political or religious figures on the board, and in fact excluded political and religious topics altogether."

Reports note that children picking secular and potentially controversial figures did not receive the same backlash from the counselor.

The ACLJ has investigated a number of similar incidents in the past involving public school officials, including a recent controversy involving a Hawaiian school teacher who was punished by the district for allowing her students to talk about the assassination of Charlie Kirk during a Constitution Day discussion on free speech. 

Adminstrators placed a disciplinary memo in her file threatening future sanctions and told her she must immediately “shut down” any spontaneous student discussions on undefined “controversial issues.”

These kinds of censorious policies run completely contrary to the spirit of the First Amendment and basic civics once taught in US schools in previous generations.  The common conservative accusation that public schools have become poisonous indoctrination centers for the political left is proved correct weekly by similar stories of students being silenced for normal speech.  

The crackdown accelerated during the Biden Administration, along with the invasion of woke political propaganda into many taxpayer funded schools.  The agenda is clear:  Children are being bullied and extorted into abandoning conservative ideals.  They are forced to embrace progressive talking points as a way to keep peace in their academic lives.

There is no doubt that the rise of woke insanity in American society directly coincides with the decline of parental rights and participation in educational institutions.  School officials believe their job is not to simply teach basic academic mastery; they think their job is to program the next generation with far-left software.  Activist teachers and administrators believe their mission is to "correct" the principles instilled in children by their parents, and condition students to join the liberal hive mind.   

Tyler Durden Mon, 01/19/2026 - 16:45

US Lender Newrez To Accept Crypto Holdings In Mortgage Approval

Zero Hedge -

US Lender Newrez To Accept Crypto Holdings In Mortgage Approval

Authored by Nate Kostar via CoinTelegraph.com,

Newrez plans to treat eligible cryptocurrency holdings as qualifying assets in its mortgage underwriting process, a move that could broaden access to home loans for crypto holders.

The change is expected to take effect in February across the lender’s non-agency products, covering home purchases, refinancings and investment properties.

While borrowers can already use assets such as stocks and bonds in underwriting, crypto holders have typically been required to sell their positions.

At launch, Newrez said it will recognize Bitcoin, Ether, spot exchange-traded funds (ETFs) backed by those assets, and US dollar-backed stablecoins.

The crypto assets must be held with US-regulated crypto exchanges or fintech platforms, brokerages or nationally chartered banks, the company said.

Under the policy, cryptocurrency holdings considered in underwriting may have valuations adjusted to reflect market volatility, while borrowers would still be required to cover closing costs and make mortgage payments in US dollars.

Newrez chief commercial officer Leslie Gillin said about 45% of Gen Z and Millennial investors own cryptocurrency, adding that the policy is aimed at broadening access to homeownership among younger buyers.

US regulators weigh crypto’s role in mortgage underwriting

The move by Newrez follows policy discussions in the US over whether digital assets should be considered in mortgage risk assessments.

In June 2025, the US Federal Housing Finance Agency (FHFA) instructed Fannie Mae and Freddie Mac to develop proposals examining how to consider cryptocurrencies as assets in single-family mortgage risk assessments without conversion to US dollars. 

Less than two months later, Wyoming Senator Cynthia Lummis introduced the 21st Century Mortgage Act, which would codify the FHFA directive.

Lummis said the bill addresses housing affordability challenges for younger Americans, adding that “the American dream of homeownership is not a reality for many young people” and that the legislation reflects the growing number who hold digital assets.

The bill was read twice in the Senate and referred to the Committee on Banking, Housing and Urban Affairs, where it has not advanced further.

Although limited in scope, a market already exists for crypto-backed home financing, allowing borrowers to use BTC or ETH as collateral. 

Mauricio Di Bartolomeo, co-founder of Ledn, told Cointelegraph in June that some Bitcoin holders have used their assets to finance real estate purchases without liquidating them.

Tyler Durden Mon, 01/19/2026 - 16:20

Minneapolis Police Face Mass Exodus As New Paid Leave Program Hits Amid Riots

Zero Hedge -

Minneapolis Police Face Mass Exodus As New Paid Leave Program Hits Amid Riots

Minneapolis faces a compounding crisis, as dozens of police officers are expected to tap into a new state paid leave program while the city grapples with anti-ICE riots and a staffing shortage that has stretched the department to its breaking point. 

Between 60 and 100 officers from the Minneapolis Police Department have applied for or plan to apply for the Paid Family and Medical Leave (PFML) program, which took effect on January 1, according to multiple sources who spoke with Alpha News senior reporter Liz Collin and Crime Watch Minneapolis. The timing could hardly be worse for a city already reeling from violent protests following the shooting death of Renee Good, who was killed by an ICE agent after she attempted to run over a federal officer with her vehicle.

The PFML program was signed into law by Gov. Tim Walz in 2023, which he promoted as a way to give workers time off for family or medical reasons, including up to 20 weeks of paid leave funded with public money. Many had lined up to use the 20-week paid leave window as soon as it opened on January 1. 

“The PFML program allows workers to take up to 12 weeks of medical leave or family leave per year. If someone decides to use a combination of family and medical leave, they can receive benefits for up to 20 weeks,” explains Alpha News. “During that leave, program recipients are paid between 55% and 90% of their regular wages. At present, weekly benefits cannot exceed $1,423 per week. The funding for the program comes from payroll taxes on employers and employees.”

The program also explicitly allows illegal immigrants to access the benefits that police officers use. 

The news of MPD officers applying for the program also comes following the acknowledgement in an email last week to officers from the Police Officers Federation of Minneapolis that MPD morale is at an all-time low. The email detailed the “dangerously low” staffing levels causing stress and burnout, as well as political rhetoric and “inflammatory statements” from elected officials, which is emboldening hostility toward officers.

The department is already struggling daily to fill shifts, as was revealed this week in copies of emails obtained by Crime Watch showing shift sergeants desperately asking for officers to sign up for overtime to fill shifts.

Applications for the program surged quickly, with about 18,000 filed in the first week of the month and roughly 25,000 by last Monday. Initial projections estimated around 130,000 participants over the entire first year. Minneapolis declined to respond directly to Alpha News. Still, it acknowledged on social media that employees, including MPD officers, have requested leave, claiming most applicants were already on leave at the end of 2025 for reasons such as pregnancy, newborn bonding, or caring for a family member, while declining to dispute the reported number of officers involved.

A big problem with the program Walz created is that the statute sets no limit on how many employees from a single department, office, or employer can take leave at the same time, leaving entire units vulnerable to being depleted all at once with no built-in safeguard. Alpha News reports that officers planning to use PFML are required to give 30 days’ notice before going on leave, yet the clustering of applications from Minneapolis police as the program goes live raises serious questions about the timing. The department is now operating with roughly 600 officers, down about 300 from nearly 900 before the pandemic lockdowns and the death of George Floyd. Many officers retired or left the force after that disaster. This time, officers have effectively checked out by applying for paid leave under Walz’s program rather than resigning outright.

Between ongoing rioting, chronic understaffing, and a paid leave program with no guardrails against mass absences, Minneapolis is facing a perfect storm, and its political leaders are the ones to blame. 

Tyler Durden Mon, 01/19/2026 - 15:55

NYC Mayor Mamdani Under Fire Not For Snubbing Black Appointees

Zero Hedge -

NYC Mayor Mamdani Under Fire Not For Snubbing Black Appointees

Authored by Luis Cornelio via Headline USA,

Zohran Mamdani, New York City’s newly sworn-in mayor, is already facing criticism less than a month into his tenure. Not for his democratic socialist agenda, but for failing to appoint black and Hispanic officials. 

In New York City, the mayor relies heavily on deputy mayors, a group that functions much like a cabinet. Mamdani’s predecessor, Eric Adams, filled his administration with black and Hispanic officials, a stark contrast to Mamdani’s approach. 

According to a New York Times report on Thursday, some black and Latino leaders “worry they are being denied access to power under Mayor Zohran Mamdani and that they may lose the ground they had gained under former Mayor Eric Adams.” 

So far, Mamdani has appointed five deputy mayors. None are black, and only one is Hispanic. 

The imbalance has drawn backlash. 

“He already doesn’t have the best relationship with the Black community,” said political consultant Tyquana Henderson-Rivers. “And it seems like he’s not interested in us because there’s no representation in his kitchen cabinet.” 

Arc of Justice President Kristen John Foy echoed that concern, warning that Mamdani’s staffing decisions undercut his pledge of diversity. 

“For someone who prides himself on being directly engaged with everyday New Yorkers, to be so tone deaf to the cries of Black and Latinos in the city for access to power is shocking,” Foy said.  

She added, “There are some very good people of color that have been appointed to some high-level positions, but those people are not at the center of the decision-making apparatus in this city.” 

In response, Mamdani spokesperson Dora Pekec dismissed the criticism, claiming that 18 of the administration’s 32 appointees are minorities. 

Mamdani was sworn into office on Jan. 1 after campaigning as a democratic socialist and vowing to enact some of the most radical left-wing policies in New York City history. 

Tyler Durden Mon, 01/19/2026 - 15:30

Gold And Silver Explosion: Something Big Is Happening

Zero Hedge -

Gold And Silver Explosion: Something Big Is Happening

Gold and silver prices, according to Brandon Smith of Alt-Market.com, are signaling stress under the surface of the economy. From shrinking physical inventories to record central bank buying, precious metals warn that the underlying issues aren’t resolved…

In early 2020 at the beginning of the pandemic hysteria I noted that the covid panic seemed to perfectly coincide with the Federal Reserve’s acceleration of interest rates and asset dumping. This trend, I argued, was a precursor to a Catch-22 scenario I have been warning about for some time.

Since the crash of 2008, the central bank has used stimulus measures and near-zero interest rates to protect “too big to fail” corporations while keeping debt afloat globally. Doing this required the digital printing of tens of trillions of fiat dollars and, inevitably, a sharp devaluation in the greenback.

I predicted that this would lead to stagflationary conditions (which finally hit in 2022), and the conundrum of inflation vs. deflation.

The Federal Reserve could continue to keep rates low and ignore inflationary pressures to avoid a collapse of debt.

Or, they could significantly raise interest rates, let the debt system take its medicine and tumble in price and squelch the effects of inflation by suppressing consumer demand.

Either choice could cause an economic crisis.

Maybe it’s understandable that the Fed decided not to choose.

Instead, they raised rates but not enough to reverse stagflation. They took the middle road and refused to allow the economy to take its much-needed medicine, postponing a reckoning for badly-priced malinvestments.

Essentially, kicking the can down the road for the next administration to deal with.

Consequences of the Fed’s too-little-too-late strategy

This means we are still stuck with the massive price increases we incurred during the Biden Administration.

Granted, the rate of inflation has slowed. But the cost of living is significantly higher than just five years ago. (Remember, above-zero inflation doesn’t mean prices fall – it means they keep rising, but more slowly.)

In 2020 I wrote an article titled Physical Gold Will Soon Break Free from the Paper Market in Spectacular Fashion, predicting skyrocketing precious metals values once this Catch-22 situation became apparent to investors. I predicted that buyers would increasingly drop financial derivatives (futures etc.) in favor of physical delivery of gold and silver, causing physical prices to go parabolic.

This is now happening.

Since I wrote that article, the price of gold per ounce jumped over 200%. Silver prices have exploded by 400%.

  • Global inventories of physical metals have plunged

  • London vaults are reportedly down 30% since 2022

  • Refiners report 10-14 week delays for new bullion bars (vs. normal 2-4 weeks)

  • Physical redemptions of commodities contracts have accelerated to historically unprecedented levels

Via Clive Thompson on LinkedIn. Thompson adds: “This marks a dramatic behavioral shift: historically less than 1% of COMEX contracts resulted in physical delivery, but in 2025, some months delivery notices reached 100%.”

Silver is sitting at an all time high of $90 an ounce as I write this. Gold is closing in on $4700 per ounce.

(Maybe large banks like JP Morgan are deliberately backing away from market manipulation for some reason?) Global central bank gold buying has reached historic levels every year since 2022, surpassing even the levels we saw in the wake of the Great Financial Crisis.

All that is background – what does it mean?

The economic singularity

It seems to me that we are witnessing an economic singularity – a moment of great change.

Or, at the very least, the warning signs of an imminent change.

Precious metals prices are trying to tell us something.

The problem is, that message is mostly being ignored, even by more conservative platforms. Not enough people are talking about what’s happening with precious metals and what it means for the economy as a whole.

Here’s what I think…

First, the rush to physical assets suggests that banking institutions, governments and the wealthiest 1% of investors are scrambling to hedge in preparation for a true crisis. (I’m specifying institutions and the very wealthy because a single COMEX gold delivery contract represents 100 oz. of gold, nearly half a million dollars at today’s prices – well outside the typical American family’s means.)

As I noted in 2020, when the banks start rushing to buy physical gold and silver, then the rest of us should do the same. They are likely acting to counteract losses in other assets. Or they are forecasting some kind of geopolitical earthquake that will send prices exploding.

It’s not hard to see the potential for geopolitical conflict right now. European governments have become increasingly hostile to the U.S. over tariffs. They keep trying to start World War III with Russia and so on.

Second, there are the domestic problems caused by protests against immigration enforcement. The deportation issue is merely a convenient excuse for wider conflict between the left and the right. )If ICE agents went home tomorrow and stopped their arrests, the left would find something else to riot about.)

Just as we witnessed in 2020, domestic chaos is a tool for political extortion. In the meantime, civil instability helps fuel the rise in metals.

Third, there are the tensions with Russia and China, who are not happy with the capture of communist dictator Nicolás Maduro. Venezuela’s oil exports have been vital to China’s industrial capacity. Though Venezuela’s supplies only made up around 4.5% of China’s imports, a loss of 4% or more in a volatile global market is unwelcome to say the least.

Venezuela has served as a launching point for military assets in the western hemisphere (including surveillance systems to watch the U.S.). Chinese and Russian weapons failed miserably against U.S. operations, which might lead to escalation going forward.

The larger effects of Maduro’s removal can’t be quantified yet, but they will be consequential.

Most Venezuelans seem overjoyed by their liberation from Maduro. The question is, can we avoid a long-term quagmire? Our military excels at blowing up enemies with precision, but we have a miserable track record at long-term military occupation.

Fourth, let’s not forget the protests in Iran and the potential for regime change there. I have no personal stake in terms of what happens in the Middle East. I think the U.S. should stay out of the mess as much as possible, but I have no illusions that Trump is going to quietly sit back and just watch. He’s proven to be a man of action.

I have to admit, his decisions on foreign policy have been surprisingly effective and welcomed by the populations involved – in most cases at least. That said, when geopolitical conditions shift so quickly, this inevitably sends shockwaves through the global economy. Even when the action is morally correct and strategically necessary, the consequences are unpredictable.

Finally, the Fed appears intent on cutting interest rates without ever addressing the original stagflationary problem. Consumer spending never went down. Debt accumulation, at the federal and the household level, continues to grow. Prices are still high on most goods compared to 2020. The U.S. has to suffer through at least a short-term deflationary period in order to correct for stagflation, and the banks have done everything in their power to avoid this.

In other words, if the Fed continues to cut rates then inflation will a comeback in 2026.

Here’s what happens next

I believe all the right factors are in play for a continued gold and silver run.

I would not be surprised to see silver close to the $200 per ounce mark by 2027. The combination of demand for all the various industrial uses of silver combined with the multi-year supply deficit, on top of the U.S. decision to declare silver a critical mineral – adding in China’s attempts to ban silver exporting PLUS the insatiable demand for silver as an investment? This is a combination of forces all but guaranteed to send price higher. And they aren’t any more “transitory” than the Covid-era inflation spike. I predict these forces will drive the gold/silver ratio to levels last seen during the spike of 2011 (35:1), which would put the price closer to $131 per ounce today.

I’m not seeing any indication that global pressures are going to slow down anytime soon. In fact, I think precious metals are telling us that things are about to get much more chaotic.

Today, maybe more than ever, owning physical gold and silver is a declaration of financial liberty. Of independence from the fiscal chaos of the Federal Reserve and federal government debt.

Tyler Durden Mon, 01/19/2026 - 14:40

Denmark Skips Davos Forum In Protest Over Deepening Greenland Crisis

Zero Hedge -

Denmark Skips Davos Forum In Protest Over Deepening Greenland Crisis

The World Economic Forum (WEF) Annual Meeting in Davos for 2026 is scheduled for this week (Jan. 19-23), focusing on the theme "A Spirit of Dialogue". Day one, which has kicked off Monday, isn't much of a display of "dialogue" as some key officials are absent, amid Europe's ongoing spat with President Trump over the future fate of Greenland.

Among a record number of 400 top political leaders, including over 60 heads of state and government - as well as hundreds of CEO's - conspicuously absent are officials from Denmark, who have decided not to attend this year in protest over the Greenland crisis.

Source: 2weforum.org

"We can confirm that the Danish government will not be represented in Davos this week... Danish government representatives were invited this year, and any decisions on attendance are a matter for the government concerned," the official statement said.

Trump has repeatedly declared that Greenland should become part of the United States, calling it a matter of national security as China and Russia make inroads in the Arctic region, and also questioning Denmark's right to oversee the autonomous resource-rich territory.

Over the weekend Trump took things well past just rhetoric, threatening on Saturday to slap a 10% additional tariff on EU countries, starting on Feb 1, unless there's a deal for America to purchase Greenland.

Eight nations have responded by issuing a firm joint statement saying they stand behind Denmark and the people of Greenland, writing, "Tariff threats undermine transatlantic relations and risk a dangerous downward spiral."

These eight include Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland - all which also happen to be NATO members.

Europeans have warned that the Greenland issue threatens to unravel the north Atlantic military alliance, especially if Washington were to unilaterally move on Greenland. And more:

  • DENMARK FOREIGN MINISTER: YOU CAN'T THREATEN YOUR WAY TO OWNERSHIP OF GREENLAND
  • DENMARK FOREIGN MINISTER: IT'S EUROPE THAT WILL RESPOND TO THE TARIFF THREAT, NOT DENMARK

Denmark and a handful of European countries have sent a troop contingency there, while at the same time the White House hasn't appeared to actually send in military forces. NBC newly reports that Trump hasn't said whether he would use force or not to seize Greenland:

As tensions escalate over President Donald Trump’s efforts to acquire Greenland, he was guarded Monday in how far he’ll go to take control of the semi-autonomous Danish territory.

Asked if he would use force to seize Greenland, the president said, “No comment,” in a brief telephone interview with NBC News.

Previously US officials have said that given Greenland doesn't have a standing army, or much other defense to speak of, the US wouldn't have to move on it militarily.

There's still an idea floating around D.C. that the US could just purchase it, and that every Greenlander could receive millions of dollars, and reject Denmark's historic claims on it.

As for Davos, while Denmark will be absent in protest, Kremlin officials will be there. There are plans for Russian officials to meet with US envoys, at a moment Ukraine peace talks have largely stalled.

Tyler Durden Mon, 01/19/2026 - 14:15

Don Lemon Faces KKK Act Charges On MLK Holiday

Zero Hedge -

Don Lemon Faces KKK Act Charges On MLK Holiday

Update (1408ET):

Assistant Attorney General for Civil Rights Harmeet Dhillon told conservative podcaster Benny Johnson that former CNN host Don Lemon has been put "on notice" by the Justice Department and could face charges under federal civil-rights laws, including the Ku Klux Klan Act, for his role in storming a church service in Minnesota. Lemon allegedly joined a far-left mob that was on the hunt for a pro-ICE pastor at a St. Paul church. 

"The Klan Act is one of the most important federal civil rights statutes. Its a law that makes it illegal to terrorize and violate the civil rights of citizens. Whenever people conspire to do this, the Klan Act can be used," Dhillon told Johnson. 

Dhillon continued, "Everyone in the protest community needs to know that the fullest force of the federal government is going to come down and prevent this from happening and put people away for a long time."

"There is zero tolerance for this kind of illegal behavior and we will not stand for it," she emphasized. 

Johnson wrote on X, "DOJ confirms Don Lemon has zero 'journalism' protections against FACE Act violations. Lemon was fully aware of the violations and may face KKK Act conspiracy charges."

Lemon faces being charged with the KKK Act on Martin Luther King Jr. Day. 

*   *   * 

Washed-up former CNN host Don Lemon has been put on notice by the U.S. Department of Justice over claims that he joined a far-left group of anti-ICE protesters who stormed a Sunday church service in St. Paul, Minnesota.

"A house of worship is not a public forum for your protest! It is a space protected from exactly such acts by federal criminal and civil laws! Nor does the First Amendment protect your pseudo journalism of disrupting a prayer service," Harmeet Dhillon, the DoJ's assistant attorney general for civil rights, wrote on X.

"You [Lemon] are on notice!" Dhillon wrote. In a separate post, she said that the FBI has been "activated" and accused the left-wing mob of "desecrating a house of worship and interfering with Christian worshippers."

She also said, "The DoJ's Civil Rights division is investigating the potential violations of the federal FACE Act by these people desecrating a house of worship and interfering with Christian worshippers."

Dozens of left-wing activists, some potentially paid agitators and others who admitted they were from out of town, stormed the Cities Church sanctuary on Sunday after believing that one of the pastors was the acting director of ICE's St. Paul field office.

Attorney General Pam Bondi wrote: "I just spoke to the pastor in Minnesota whose church was targeted. Attacks against law enforcement and the intimidation of Christians are being met with the full force of federal law. If state leaders refuse to act responsibly to prevent lawlessness, this Department of Justice will remain mobilized to prosecute federal crimes and ensure that the rule of law prevails."

White House Press Secretary Karoline Leavitt warned: "President Trump will not tolerate the intimidation and harassment of Christians in their sacred places of worship."

Baptist minister Paul Chappell condemned Lemon and the left-wing activists:

We condemn the actions of Don Lemon and the group of activists who stormed Cities Church today in St. Paul, Minnesota, in clear violation of the FACE Act. Christians everywhere should demand that the Department of Justice arrest those who participated. We must protect religious liberty in this country.

Left-wing violence in Democrat-run blue cities in America is absolutely alarming. The president last week threatened to invoke the Insurrection Act to restore order in Minneapolis after dark-money funded nonprofits and militant left-wing groups mounted pressure campaigns to impede federal deportation operations of criminal illegal aliens.

Meanwhile, left-wing Minneapolis Mayor Jacob Frey has demanded the troops "get the f*** out of Minneapolis." The mayor did admit in a television interview about a network of nonprofits operating a pressure campaign against the federal government.

Trump has sent 3,000 ICE agents to the sanctuary city, with 1,500 troops on standby if social unrest worsens.

What's important to understand is that if temperatures hadn't been averaging around 10F, the Democratic Party and its billionaire-funded NGO network would have unleashed riots and chaos if temperatures had been just a bit warmer. This is a warning that Democrats are preparing to unleash chaos come spring, whether protests, riots, and whatever else, as we've warned - this is part of a color-revolution operation. This is highly organized and structured.

Related:

Why a left-wing mob and a former CNN host are roaming a sanctuary city hunting for a church pastor sounds like something that would only happen under Marxist regimes in third-world countries.

Lemon, in damage control mode, calls everything that happened "fake news" ... 

Let's not forget that even the deep state publication The Atlantic had to admit an uncomfortable truth for Democrats: "Left-Wing Terrorism Is on the Rise."

Tyler Durden Mon, 01/19/2026 - 14:08

Nobel Foundation Says Prize Can't Be Passed On To Others After Trump–Machado Meeting

Zero Hedge -

Nobel Foundation Says Prize Can't Be Passed On To Others After Trump–Machado Meeting

Authored by Jack Phillips via The Epoch Times (emphasis ours),

The Nobel Foundation said Sunday reiterated its prestigious Nobel Peace Prize cannot be passed on to another person after a Venezuelan opposition leader gifted the prize that she won to President Donald Trump last week.

President Donald Trump meets with Venezuelan opposition leader Maria Corina Machado in the Oval Office, during which she presented the President with her Nobel Peace Prize, on Jan. 15, 2026. Daniel Torok/The White House/Handout via Reuters

During a meeting at the White House on Jan. 15, the leader, Maria Corina Machado, gave her Peace Prize medal to Trump, which the president accepted.

However, the Nobel Foundation weighed in on the matter on Sunday, asserting that the prize can’t be transferred.

“One of the core missions of the Nobel Foundation is to safeguard the dignity of the Nobel Prizes and their administration. The Foundation upholds Alfred Nobel’s will and its stipulations,” it said in a statement, referring to the Swedish chemist and inventor of dynamite who started the foundation in the late 19th century.

The will of Nobel had said that the prizes should be given to people who “have conferred the greatest benefit to humankind,” the statement said, adding that his will also “specifies who has the right to award each respective prize.”

“A prize can therefore not, even symbolically, be passed on or further distributed,” the foundation said.

After the prize was awarded to Machado last year, she said she would give it to Trump. She also backed the U.S. military operation that led to the capture of Venezuelan socialist leader Nicolás Maduro earlier this month, although Trump has said that he would not support installing Machado as the leader of Venezuela and instead suggested that Maduro’s vice president, Delcy Rodriguez, be in charge of the country.

In a social media post on Jan. 15, Trump wrote that “Maria presented me with her Nobel Peace Prize for the work I have done. Such a wonderful gesture of mutual respect. Thank you Maria!”

Machado last week said the gift was in recognition of what she called his commitment to the freedom of the Venezuelan people. The White House later posted a photo of Trump and Machado with the president holding up a large, gold-colored frame displaying the medal.

Text of the statement that she wrote said: “To President Donald J. Trump In Gratitude for Your Extraordinary Leadership in Promoting Peace through Strength.” She labeled the gesture as a “Personal Symbol of Gratitude on behalf of the Venezuelan People.”

Trump had openly campaigned for the prize before Machado was awarded it, saying that he was snubbed after having ended wars around the world, including in the Middle East, and is seeking to end more armed conflicts.

Asked on Wednesday if he wanted Machado to give him the prize, Trump told the Reuters news agency: “No, I didn’t say that. She won the Nobel Peace Prize.”

In October 2025, Trump said that Machado had called him, telling him she was “accepting this in honor of you, because you really deserved it.“

After his capture, Maduro and his wife appeared in a federal courtroom in New York and pleaded not guilty to a range of charges, including drug trafficking. The Trump administration said that he was heavily involved in the smuggling of narcotics, namely cocaine, sourced from neighboring Colombia to other countries, including the United States.

The U.S. military under the Trump administration, meanwhile, has seized roughly a half-dozen oil tankers that officials say were trying to evade U.S. sanctions, including a vessel that was flying a Russian flag.

Reuters contributed to this report.

Tyler Durden Mon, 01/19/2026 - 13:50

Nigerian King Must Pay $72k Restitution For Defrauding NC Medicaid During Pandemic

Zero Hedge -

Nigerian King Must Pay $72k Restitution For Defrauding NC Medicaid During Pandemic

Authored by Stephen Horn via The Triangle Trumpet,

Ekelekamchukwu Alphonsus Ngwadom, 61, received a suspended sentence requiring three years probation and $72,014.66 in restitution after pleading guilty to twenty-seven felonies in regards to hundreds of Medicaid claims for children’s therapy he fraudulently filed in 2020 and 2021 at his Raleigh practice, Almarch Counseling. (¹, ², ³)

Mugshot: Ekelekamchukwu Alphonsus Ngwadom

It was during this same period that Ngwadom was crowned King or “Eze” of the Mbubu-Amiri kingdom in Nigeria’s Imo State, according to a local news source which also identified him as the Chairman of African Diaspora Coalition of North Carolina and Professor of Psychology and Sociology at the University of Mount Olive. (There are many such “traditional rulers“ recognized by and holding limited power under the Federal Republic of Nigeria).

Ngwadom is listed as the Director of Partnerships and Development for Nigerian Mental Health Practitioners USA and a member of the Board of Trustees of the Nigeria-American Institute for Mental Health.

Records show Ngwadom resides at a Garner address and has voted in Johnston County since 2008.

Investigation and prosecution

According to a search warrant obtained by the Medicaid Investigation Division of the North Carolina Department of Justice, Ngwadom’s practice was flagged by Alliance Health, the manager of the NC Medicaid plan for counties including Wake, Johnston, and Durham.

Ngwadom’s fraud was revealed when a legitimate claim for therapy was submitted for one of the children for which he had filed fraudulent claims, and it was discovered that the family had never received services from Ngwadom or Almarch Counseling.

In the ensuing investigation into the “overlapping services,” a total of 210 fraudulent claims were identified involving children from three families who never receiving services from Ngwadom or Almarch Counseling:

  • fifty-two claims for two minor children for a total of $3,037.28

  • one hundred and three claims for three minor children for a total of $8,476.88

  • fifty-five claims for two minor children for a total of $3,529.46

At sentencing, the state prosecutor explained that Ngwadom had met these families through an after-school program in the years prior to the pandemic, as reported by the News & Observer.

Although the search warrant was obtained and executed in 2022, the charges were not filled until January 2025.

The total amount of fraudulent claims submitted by Ngwadom totaled $72,014.66 across 27 Medicaid recipients between February 18, 2020, and March 18, 2021, according to a press release by Attorney General Jeff Jackson.

Ngwadom plead guilty to twenty-seven counts of obtaining property by false pretenses, a Class H felony, and received a sentence of 6-17 months incarceration, which was suspended with the following conditions:

  • three years probation

  • ninety days house arrest

  • surrendering professional license

  • one hundred hours community service

  • $72,014.66 in restitution

Zero stars: state inspections find repeat deficiencies at adult care facility

Outside of his counseling practice, Ngwadom’s five-bed adult residential care facility Almarch Family Care in Rocky Mount has racked up numerous statements of deficiency and penalties from the NC Division of Health Service Regulation which licenses and inspects such facilities, which assigned AFC a rating of zero out of four stars at seven out of the last eight inspections.

The NCDHSR website only lists penalties for the past 36 months, in which time AFC has racked up $35,200 in penalties, with $16,700 paid in full and the most recent $18,500 under appeal.

Sixteen statements of deficiencies are listed for the nineteen inspections since 2015, with the most recent statement consisting of eighty-four pages detailing how the facility violated at least nine rules, including by failing to have certified staff, failing to meet health care needs, failing to properly store and administer prescribed medication, and failing to implement an activity program.

AFC is located at an 1825 sq. ft. home in a residential neighborhood in east Rocky Mount; although Ngwadom’s lawyer cited his need to take out a second mortgage in order to pay the $72k restitution, Edgecombe County records show that Ngwadom and his wife Ngozichukwuka Mary Ngwadom sold the AFC property for $10 to a “Chukwuebuka Michael C Ngwadom” less than two months before his sentencing. (The property has a tax valuation of $113,866.00).

Google Streetview: the Rocky Mount residence listed as the location of Ngwadom’s deficient adult care facility Raleigh provider recruited refugees for Medicaid scam

Although perhaps not as prevalent as the recently publicized Somali scams in Minnesota, Ngwoma is not the only Nigerian to be charged with Medicaid fraud relating to “therapy” services in the Raleigh area, with a recent case matching a pattern of fraud enabled by modern immigration and welfare policy.

An investigation into the billing practices of “Our Treatment Center,” a Medicaid provider in Raleigh, resulted in the conviction of seven “mental health practitioners,” according to a June 2025 press release by the U.S. Attorney’s Office, Eastern District of North Carolina, with at least three of the fraudsters appearing to have African origins:

The charging documents allege that OTC recruited “refugees” in North Carolina in order to fraudulently bill Medicaid for providing “social assistance” to the “indigent” foreigners for services not covered by the welfare program, including:

  • assistance with reading and understanding mail

  • understanding the American legal system

  • assistance with English as a second language

  • transportation to grocery stores, the Division of Motor Vehicles, and other appointments

Ondachi and Onuzulike are alleged to have helped recruit the refugees, obtaining Medicaid Identification Numbers and personally identifiable information from entire households of refugees with the promise of this “assistance with social needs.”

The scheme then involved fraudulently billing these services to Medicaid as “psychotherapy,” with Ondachi, Ezugwu, and Onuzulike each being accused of fabricating psychotherapy notes to justify billing for these non-psychotherapy services, and altering the dates/times of the services provided to meet the Medicaid coverage limitation of only one hour of psychotherapy per patient per day.

Tyler Durden Mon, 01/19/2026 - 13:27

Trump To Norway: No Nobel, No Greenland? The Letter That Has Shocked Europe

Zero Hedge -

Trump To Norway: No Nobel, No Greenland? The Letter That Has Shocked Europe

As news began breaking very early Monday of President Trump's scathing letter to Norway over the country's failure to award him the Nobel Peace Prize, some pundits and journalists immediately questioned whether it is real.

But confirmation came soon after. In the letter addressed to Norwegian Prime Minister Jonas Gahr Store, Trump explained that he no longer feels obligated to focus exclusively on peace, while repeating his intent for US control over Greenland. In essence he lays out that no Nobel might turn into no Greenland for Europe (as Denmark exercises control over the resource-rich autonomous territory).

The White House/Reuters

"Dear Jonas: Since your country decided not to give me the Nobel Peace Prize for stopping 8 wars PLUS, I no longer feel an obligation to think purely of peace, although it will always be dominant, but can now think about what is good and proper for the United States," the US President wrote.

Such is an example of kind of over the top and trolling-style rhetoric in the letter which has given people pause, questioning its authenticity. 

"Denmark cannot protect this land from Russia or China… The world is not secure unless we have complete and total control of Greenland," he added.

As for whether Trump indeed wrote it, and concerning the bombastic letter's authenticity, Forbes has noted that "According to PBS Newshour’s Nick Schifrin, who first reported on the matter, the letter has been forwarded by the National Security Council staff to multiple European ambassadors in Washington."

The President also in the letter takes the opportunity to bash Denmark, saying it cannot protect Greenland from Russia or China, and again questioned its legal rights to Greenland: "There are no written documents; it’s only that a boat landed there hundreds of years ago, but we had boats landing there, also."

The message in full, as first reported by a PBS correspondent:

Hours later, Norway issues a full, formal response:

Statement from Prime Minister Jonas Gahr Støre regarding communications with President Donald Trump.

"I can confirm that this is a text message that I received yesterday afternoon from President Trump. It came in response to a short text message from me to President Trump sent earlier on the same day, on behalf of myself and the President of Finland Alexander Stubb. In our message to Trump we conveyed our opposition to his announced tariff increases against Norway, Finland and select other countries. We pointed to the need to de-escalate and proposed a telephone conversation between Trump, Stubb and myself on the same day.

The response from Trump came shortly after the message was sent. It was his decision to share his message with other NATO leaders. Norway’s position on Greenland is clear. Greenland is a part of the Kingdom of Denmark, and Norway fully supports the Kingdom of Denmark on this matter. We also support that NATO in a responsible way is taking steps to strengthen security and stability in the Arctic. As regards the Nobel Peace Prize, I have clearly explained, including to president Trump what is well known, the prize is awarded by an independent Nobel Committee and not the Norwegian Government."

Norway's PM Store has since explained that letter came in response to a joint message he had earlier sent to Trump together with Finnish President Alexander Stubb, rejecting White House plans to impose higher tariffs on Scandinavian countries. Other leading EU countries have also complained and are pushing back publicly:

MERZ: GERMANY, EU ALLIES DETERMINED TO AVOID TARIFF ESCALATION

"We pointed out the need to de-escalate the exchange and requested a phone call between President Trump, President Stubb and myself," Store said, and reiterated Norway's stance on Greenland is unchanged.

Tyler Durden Mon, 01/19/2026 - 13:15

Japanese Yields Soar To All Time High After PM Takaichi Calls Snap Election Seeking More Spending, Less Taxes

Zero Hedge -

Japanese Yields Soar To All Time High After PM Takaichi Calls Snap Election Seeking More Spending, Less Taxes

In the rapidly approaching endgame for Japan's monetary experiment, overnight Japanese bond yields hit new record highs, with the long end surging as much as 10bps...

... which in turn helped send gold to fresh record highs above $4,600 (as we discussed previously)...

... after Prime Minister Sanae Takaichi said she will call a national election on February 8 to seek voter backing for everything that guarantees a bond market collapse, namely increased spending, tax cuts and a new security strategy that is expected to accelerate a defence build-up. 

According to Reuters, Takaichi plans to dissolve parliament on Friday ahead of the snap vote for all 465 seats in the lower house of parliament, in her first electoral test since becoming Japan's first female premier in October.

"I am staking my own political future as prime minister on this election," Takaichi told a press conference on Monday. "I want the public to judge directly whether they will entrust me with the management of the nation."

Of course, that's not the story at all: she is promising more spending and less taxes, so of course she will get what she wants from the free shit army. The question is what happens when Japanese bond yields rise so high the country can no longer pretend it isn't facing the biggest bond crisis in history.

Takaichi has promised a two-year halt to a consumption tax of 8% on food, adding that her spending plans would create jobs, boost household spending and increase other tax revenues. And all for the low, low price of another 10-20% in debt/GDP.

Sure enough, the prospect of such a tax cut, which the government estimates would reduce its revenue by 5 trillion yen ($32 billion) a year, sent the yield on Japan's 10-year government bonds to a 27-year high earlier on Monday.

Calling an early election allows Takaichi to cement her political role and capitalize on strong public support to tighten her grip on the ruling Liberal Democratic Party and shore up her coalition’s fragile majority. The election will test voter appetite for higher spending - i.e., more handouts - at a time when the rising cost of living is the public's top concern. Then again, Takaichi can just blame the BOJ for not raising rates enough. 

Having dealt with deflation for nearly 40 years, runaway prices are a new concept for Japan, yet that's precisely where the country is right now: prices are the main worry of 45% of the respondents in a poll released by public broadcaster NHK last week, followed by diplomacy and national security at 16%.

Making sure inflation rises even more, Takaichi's administration plans a new national security strategy this year after deciding to hasten a military build-up that will lift defence spending to 2% of GDP, a sharp break from decades in which Japan capped such outlays at around 1%. Translation: even more spending and even more debt monetization by the BOJ.

Takaichi has not set a new spending target beyond that level, but rising tension with China over Taiwan and disputed islands in the East China Sea, coupled with U.S. pressure for allies to spend more, are likely to push defence outlays higher. Last week, China banned exports of items destined for Japan's military that have civilian and military uses, including some critical minerals.

"China has conducted military exercises around Taiwan, and economic coercion is increasingly being used through control of key supply-chain materials," she said. "The international security environment is becoming more severe."

The LDP and Ishin go into the Feb 8 election, which coincides with a planned national election in Thailand, with a combined 233 seats. Takaichi said her target was for the coalition to retain its majority in the lower chamber.

Her main challenger will be the Centrist Reform Alliance, a new political party combining the largest opposition group, the Constitutional Democratic Party of Japan and Komeito, which ended its 26-year coalition with the LDP after Takaichi, a right-wing lawmaker, took over at the LDP. Together the parties hold 172 seats.

That new political group could propose to permanently abolish the 8% sales tax on food, a party official said earlier in the day. 

"Now may be the best chance she has at taking advantage of this extraordinary popularity," said Jeffrey Hall, a lecturer in Japanese studies at Kanda University of International Studies. But with opposition parties joining forces to oppose her, victory might not be straightforward, he added.

In any case, don't expect any major changes in Japan's political facade. Meanwhile the yen is trading near an all time low against the USD, and against that other export-focused currency, China's yuan...

... which in turn is keeping Japan's economy afloat, by pushing the price of its exports artificially lower. Still, at some point the BOJ will have to make a choice: contain inflation (and send the yen surging), or watch the world's second largest bond market (of which 60% of is held by the BOJ), disintegrate. 

Tyler Durden Mon, 01/19/2026 - 12:35

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