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Real Estate Newsletter Articles this Week: Mortgage Delinquencies Increased in Q3

Calculated Risk -

At the Calculated Risk Real Estate Newsletter this week:

Mortgage DelinquenciesTClick on graph for larger image.

MBA: Mortgage Delinquencies Increased in Q3 2025

Part 1: Current State of the Housing Market; Overview for mid-November 2025

Part 2: Current State of the Housing Market; Overview for mid-November 2025

2nd Look at Local Housing Markets in October

November ICE Mortgage Monitor: Home Prices "Firmed" in October, Up 0.9% Year-over-year

This is usually published 4 to 6 times a week and provides more in-depth analysis of the housing market.

Jan. 6 Panel Cost Twice Previous Estimates, Hiring TV Producers To Dramatize Attack

Zero Hedge -

Jan. 6 Panel Cost Twice Previous Estimates, Hiring TV Producers To Dramatize Attack

Authored by Mark Stricherz via The Center Square,

The U.S. House select committee that investigated the Jan. 6, 2021, attack on the U.S. Capitol cost almost twice as much as previously reported, including spending taxpayer funds for TV news producers and documentary filmmakers to create videos dramatizing its case against President Donald Trump, an investigation by The Center Square found. 

The Washington Post reported that the panel had a projected budget of $9.3 million in September 2022. According to a review of U.S. House disbursements, the select committee spent $17.4 million.

U.S. Rep. Troy Nehls, a Texas Republican who is on a new committee appointed by House Speaker Mike Johnson to investigate security failures on Jan. 6, said the original committee didn’t spend taxpayer money properly after The Center Square told him about the final costs of the panel’s investigation. 

“They wasted it, wasted it,” he said walking into his House office Wednesday before referring to two former GOP members of the panel.

That was a sham committee. (Liz) Cheney. (Adam) Kinzinger. It was a joke.” 

Dan Savickas, president of policy and government affairs at the Taxpayers Protection Alliance, a non-partisan nonprofit, said more than doubling of the budget was not appropriate.

“The median budget for a House committee is $6 million a year, so for the Jan. 6 committee to spend $17.4 million is excessive,” he told The Center Square in an interview.

“And anytime a committee is grandstanding, specifically Jan. 6, to fit a narrative instead of holding people accountable and getting the story is bad. That’s why they hired documentary filmmakers.”

Rep. Bennie Thompson, a Mississippi Democrat and chair of the committee, declined an interview request.

“The work of the committee speaks for itself, and the chairman continues to stand by it,” Yasmine Brown, a press secretary and communications director, wrote in an email to The Center Square. 

An undetermined amount was spent on three dozen contractors and consultants. Many worked for a few months or less than a year, rather than all 18 months like full-time staff. They are listed in the committee’s report but do not show up in a list of expenditures the U.S. House posted online disclosing its spending.

Among them were the former president of ABC News, a longtime producer for ABC’s Nightline, an Emmy-award winning daily TV news producer, and a former documentarian for the Oprah Winfrey Network.  

“I was part of the first ever team of former television journalists brought in by the Select Committee to Investigate the January 6th Attack on the United States Capitol to produce the historic live hearings laying out the committee’s evidence to the country,” Melinda Arons, a former Nightline senior producer, wrote on her LinkedIn page.  

Brian Sasser, an Emmy-award winning daily TV news producer, noted on his LinkedIn page that his job was to “(m)anage constantly evolving rundown and scripts for live hearings” of the select committee and to “(c)oordinate with various U.S. House staffers and Committee investigators to ensure accuracy of all scripting.” 

James Goldston worked for ABC News for 17 years, including more than one year as the senior executive producer for Good Morning America and seven years as its president, according to his LinkedIn page. Ryan Mayers said on his LinkedIn page that he has been a freelance filmmaker for seven years and edited the documentary and interview series Oprah’s Next Chapter for the Oprah Winfrey Network. 

Hyatt Mamoun described herself on LinkedIn as an award-winning filmmaker with a focus on environmental design. “With a passion for conservation through education, I believe that through educating as many people as possible through the entertainment of film, we can change our future,” she wrote.

Jan. 6 different from other committees

Previous committees and commissions examined the Watergate scandal in the early-to-mid 1970s, the Jonestown massacre of 1978, and the Islamic terrorist attacks on September 11, 2001. They hired or used only congressional staff, lawyers, and investigators.  

By contrast, the Jan. 6 committee hired more than congressional staff, lawyers, and investigators. They also hired freelancers with backgrounds in producing and editing graphics as well as video and audio footage – prominent features of the committee’s 10 nationally televised hearings from June to December 2022.

The committee’s records do not disclose the amount the panel paid for each freelancer. 

Among the contracting companies was Innovative Driven Inc., an Arlington, Virginia-based firm that specializes in forensics, electronic data discovery and project management. The privately held company received $2.4 million. A company spokesperson did not respond to a request for comment. 

Another recipient was Polar Solutions Inc., a Gaithersburg, Maryland-based investigative firm of money laundering and cryptocurrency crimes. The company received $2.7 million. Polar Solutions’ president, Arthur Ahrens, declined to comment when called by The Center Square. 

Full-time committee staffers received more money in personal and other compensation than regular members of Congress, a tradition in line with recent history. While rank-and-file members earn $174,000 a year, Timothy J. Heaphy, the committee’s chief investigative counsel, was paid almost $190,00 in personal and other compensation in 12 months.

Election results challenged

The committee was formed after former Vice President Joe Biden, a Democrat, defeated President Donald Trump, a Republican, in the 2020 election. With 44,000 votes separating the candidates in Georgia, Arizona, and Wisconsin, Trump contested the results. 

He claimed voting fraud and irregularities were responsible for his margin, but 62 of his 63 legal challenges failed in court. On Jan. 2, Trump called Georgia Secretary of State Brad Raffensberger to help him “find 11,780 votes” so he could be declared the winner in the Peach State. 

On January 6, 2021, the day Congress gathered at the Capitol to certify Biden the winner, Trump led a “Stop the Steal” rally at the Ellipse in Washington at which more than 28,000 people passed through security. 

More than 2,000 broke into the Capitol, including Ashli Babbitt, who was shot to death by a Capitol Police officer while attempting to break into the House floor. Capitol Police Officer Brian Sicknick collapsed and died one day after the attack, while four other police officers at the Capitol that day died of suicide half a year later. 

The violence represented a break with tradition in which presidents transfer power to their successor peacefully. On Jan. 7, 2021, Trump conceded he would not serve a consecutive second term. 

That June, the House of Representatives voted to create a select committee, to be composed of 11 members “to investigate and report on the causes, circumstances, and causes” of the violent attack.”

The panel was controversial from the start. 

Previous select committees had members selected by leaders from both parties. House Minority Leader Kevin McCarthy, a Republican, nominated five House Republicans. In a break with tradition, then-Speaker Nancy Pelosi, a Democrat, rejected two of the members. 

Instead of suggesting alternatives, McCarthy declined to cooperate. Pelosi, then, chose two Republicans as replacements, Reps. Liz Cheney of Wyoming and Adam Kinzinger of Illinois. Both were outspoken critics of Trump for his conduct on Jan. 6.  

The other seven members of the nine-member panel were Democrats. The committee hired more than 60 full-time staff members, many with backgrounds in intelligence and investigations, and conducted more than 1,000 interviews in 18 months. 

Among the committee’s findings was that White House lawyers and senior Department of Justice officials told Trump early on that his claims of election fraud were baseless.

“From the beginning, Donald Trump’s fraud allegations were concocted nonsense, designed to prey upon the patriotism of millions of men and women who love our country,” the report concluded.

In addition, the committee found that Trump’s effort to overturn the election was multi-layered. He worked with a “handful of others” to prepare Trump slates of Trump electors in seven states that Biden won. He raised roughly $250 million between the election and Jan. 6 to support his claims. And as the attack on the Capitol unfolded, Trump watched the violence on television and did not tell his supporters to desist for 187 minutes.

Police without “sufficient assets”

At the same time, the Jan. 6 select committee was different from the Senate Watergate Committee of 1973 and 1974 and the 9-11 Commission, and not just because the panel hired contractors and consultants with backgrounds in television.

The panel also examined only one part of that day and the events leading up to it – the role of Trump, his administration, and supporters. In its report, the panel concluded Trump was “the central cause” of an attempted insurrection. 

In addition, the committee referred four criminal charges against Trump to the Department of Justice. While the Justice Department convicted more than 900 people for their actions on Jan. 6, special counsel Jack Smith was unable to prosecute Trump after Trump won the presidential election last year, bowing to longstanding department custom to not prosecute a sitting president. 

Further, the Jan. 6 committee devoted less attention to the role of federal, state, and local law enforcement in failing to deter or stop the attack. 

“Capitol police leadership did not have sufficient assets in place to address the violent and lawless crowd,” the report concluded.  

The committee’s conclusion has come into question.  

In an op-ed for Politico in January 2023, Georgetown Professor Donell Harvin, who oversaw the District of Columbia’s assessment of threat intelligence, wrote that “(t)he events of Jan. 6 represented the most telegraphed and predictable attack on the homeland in history.” Further, Harvin noted that the committee devoted only 44 pages in the annexes to the security and intelligence issues, roughly 5% of the 845-page report. 

In 2022, Denver L. Riggleman, a former GOP U.S. representative with a background in military intelligence, wrote in Esquire magazine that the committee group in charge of investigating law enforcement’s response, known as the “Blue team,” occupied a lower place in the panel’s pecking order. 

“The sensitivity of their investigation and the multiple moving parts – House leadership, the National Guard, DC and Capitol police, and the Pentagon – created a politically explosive finger-pointing extravaganza,” Riggleman wrote.

“Several witnesses they tried to interview remained elusive, and the committee gave Blue no means to compel testimony.” 

Riggleman received at least $97,047 in personal and other compensation as a senior technical advisor to the committee for 10 months, House spending data shows. 

A February 2023 study from the General Accountability Office concluded that the attack on the Capitol cost taxpayers $2.7 billion. Most of the costs were for Capitol police and other law enforcement.  

In September, House Speaker Johnson, a Louisiana Republican, named eight members – five Republicans, three Democrats – to a select subcommittee under the authority of the House Judiciary Committee to “conduct a thorough review of the security failures that occurred on Jan. 6.”

The subcommittee’s chairman, U.S. Rep. Barry Loudermilk, a Georgia Republican, declined comment. Kinzinger, Cheney and other members of the committee did not respond to The Center Square’s requests for comment.

Tyler Durden Sat, 11/15/2025 - 12:50

US Utility Giants Discuss Soaring Power Bills, Grid Reforms In The Data-Center Era

Zero Hedge -

US Utility Giants Discuss Soaring Power Bills, Grid Reforms In The Data-Center Era

Readers were given an epic breakdown on Wednesday detailing the true scale of funding needed for the AI data-center boom, one that would require an estimated $5 trillion in investment, with Washington on the hook for at least $1 trillion of it. In a separate note, we highlighted an inconvenient truth for this cycle: the U.S. is short 44 nuclear power plants.

Power is the obvious bottleneck that could derail the entire AI boom cycle. We now turn to Goldman analysts led by Carly Davenport for deeper insight into what electric companies are saying about the grid's current structure, data center demand, load growth, the power-bill crisis, and other critical topics discussed at the EEI Financial Conference in Hollywood, Florida, earlier this week.

Davenport told clients that sentiment across the utilities sector was broadly constructive, driven by optimism about accelerating load growth, expanding capital spending plans, and a stronger earnings outlook heading into 2026. She noted investors are increasingly focused on identifying which utilities have downside protection tied to data-center growth and which are proactively addressing labor, supply-chain, and affordability constraints.

Conversations during the meetings highlighted growing bullishness toward NextEra Energy and Sempra, while near-term political and regulatory developments remain key issues for Public Service Enterprise Group, Southern Company, and PG&E Corp.

Here's a breakdown of the top ten takeaways Davenport had from EEI:

  1. Focus on inflections in regulatory backdrops. Several utilities are experiencing significant state-level policy shifts and ongoing rate case activities. In New Jersey, the upcoming transition to Governor-elect Sherrill's administration and anticipated changes within the BPU are topical. PEG is preparing to leverage mechanisms such as utilizing ZECs to help alleviate customer bills, aligning with the new administration's focus. EXC expects its NJ rate case at ACE to be on track for year-end 2025, and FE noted that clarity on BPU composition will be key ahead of upcoming rate case filings at JCP&L. Elsewhere, ES is focused on securing regulatory approvals for its Aquarion sale and storm cost securitization in CT from a newly composed PURA. Sentiment is growing more constructive on a positive shift in balanced collaboration between utilities and regulators in the state. Finally, SO noted 2026 could be noisy from a state-wide elections standpoint, but with a relatively quiet regulatory calendar, the company plans to actively engage with newly elected commissioners on utility economics and affordability.

  2. Still room for positive capex revisions into 4Q earnings, with focus on financing options. SRE anticipates significant capital plan upside at Oncor, highlighting opportunities around an incremental ~$12 bn on top of the preliminary 30% increase to the current five-year plan, driven by accelerated Permian transmission projects and substantial data center load growth, with a definitive update pending the ongoing rate case outcome. DUK has previewed a robust $95-105 bn capital plan, with an expected update next quarter, and sees the $10 bn upside range driven by LNG solutions and transmission investments, while exploring numerous options around financing, including private credit for specific projects. XEL targets a 9% EPS CAGR through 2030, and has identified significant upside around both generation and transmission, with resource plans pointing to a potential $16-20 bn (though XEL targets 50% ownership of assets) and over $10 bn for transmission projects. FE benefits from the PJM open window, with three identified projects on the RTEP short list totaling approximately $3 bn in potential capital expenditures, in addition to growth opportunities in West Virginia from data centers, with current generation addition plans estimated at $2.2-2.5 bn of capital. Finally, SO mentioned potential capex upside, driven by significant demand growth particularly from large industrial and data center loads in Georgia, in addition to FERC natural gas pipelines.

  3. Potential for greater state involvement to reform PJM. Utilities are increasingly advocating for greater state involvement in reforming the PJM market, driven by perceived market inadequacies and the need for enhanced resource adequacy. EXC advocates for states to take more control over generation procurement through processes like Maryland's dispatchable generation procurement and Illinois's IRP, while also pushing for expedited interconnection and extended price collars within PJM. PEG emphasizes the necessity for New Jersey to implement a comprehensive IRP to define reliability standards, emissions targets, and affordability metrics, suggesting that state-led solutions, potentially including utility-owned storage, gas or nuclear generation, are crucial, and advocating for competitive processes that allow rate-base solutions. FE highlights West Virginia's proactive approach, where the governor is focused on generation, transmission, and energy security, allowing for new generation filings outside of standard IRP cycles to meet rapid load growth, and notes a desire for continued capacity pricing caps in PJM with less traction for longer-duration auctions. This collective sentiment points towards a growing trend where states are stepping in to ensure resource adequacy and guide generation development.

  4. Affordability and bill transparency remain top of mind. As utilities strive to meet rising power demand, affordability remained a key discussion point in our meetings with management. ED's management highlighted that property taxes, which constitute a sizable portion (~20%) of customer bills, will potentially be displayed separately to consumers as part of its joint proposal for its CECONY rate cases, aiming to promote transparency. During our meeting with PEG, management discussed the possibility of refunding ZECs to customers, which could reduce rates by 2%. However, this was viewed as a short-term solution, given that bill inflation in PEG's service territories rose 17-20% year-over-year, largely due to supply cost increases rather than distribution costs for which PEG is directly responsible. Collectively, utilities emphasized that affordability is paramount, with customers and regulators seeking greater clarity, hence the focus on bill inflation targets (e.g., DUK aiming to keep bills below inflation).

  5. EPC relationships matter for capital plan execution. Several utilities are emphasizing the strategic importance of long-term Engineering, Procurement, and Construction (EPC) relationships and partnerships to ensure efficient capital plan execution and manage labor and equipment supply. AEP highlighted that its partnership with Quanta will be key to secure labor and transformers/breakers for grid project execution, while its agreements with Kiewit, allowed for proactively locking in turbine slots. Similarly, DUK underscored its partnerships with EPCs like Zachry and Kiewit to standardize operations and ensure a consistent labor force across multiple sites, while XEL has pivoted from project-by-project RFPs to partnering with key tier-1 EPCs for a multi-year book of business. WEC also highlighted its long-standing relationships with EPCs/developers such as Burns & McDonnell and Invenergy to line up labor and manage project delivery. This positioning is crucial for mitigating supply chain constraints, standardizing equipment, and ensuring a stable, skilled labor force to manage the scale and complexity of current capital plans.

  6. Phase 2 of wildfire policy reform underway, but investors still in wait and see mode. Phase 2 of the California's wildfire policy reform is actively progressing, with Investor-Owned Utilities (IOUs) like PCG, EIX, and SRE collaboratively engaging in the process. Over 30 diverse stakeholders have submitted abstracts, with IOUs filing together to present a unified front on problem identification and solution principles, aiming for a whole society approach to reduce wildfire risk and ensure predictable claims recovery. Key next steps include the submission of detailed white papers by December 12, with comprehensive reports anticipated by January 30 and a final recommendation on April 1, outlining necessary legislative changes and reforms in areas touching insurance, liability, and community hardening. According to PCG and EIX, credit rating agencies are closely monitoring phase 2 developments, with some mainly seeking tangible progress in Phase 2, while others are awaiting the final legislative outcomes before fully assessing the benefits.

  7. Focus on identifying high confidence load from overall pipelines. Investors are increasingly focused on rigorously identifying high-confidence load within utility pipelines, moving beyond speculative inquiries to secure firm commitments. There is a higher degree of focus on signed ESAs, and more concern from investors that LOAs do not have the staying power that they have had previously. Companies are working to cull the speculative inquiries by requiring upfront deposits to conduct load/engineering studies, including FE, WEC, DUK, EXC and AEP. For example, AEP and EXC employ measures such as upfront deposits, take-or-pay contracts, and TSAs or LOAs that can convert to ESAs to identify high confidence load. AEP sees 80% of its LOAs converted to ESAs in PJM, though that share is lower in Texas/SPP. SO also has ESAs for its 2 GW of demand, with customers already funding engineering and site studies.

  8. Customer and financial protections for data center deals are key: Across meetings, minimum take provisions, 12-18 year contract lengths, and termination fees emerged as key considerations, reflecting the push to ensure predictable cash flows amid unprecedented data center led power demand surge. WEC's filed tariff for very large customers includes robust protections: hyperscalers must cover all incremental infrastructure costs, agree to 20-year contracts if seeking renewable generation, and pay for all requested capacity even if not fully utilized. Under the terms of WEC's proposed contract for large load customers, they must pay the net book value if WEC cannot re-purpose assets upon early contract termination, providing downside protection for WEC and its other customers. Overall, managements remained confident that a collapse of the tech driven data center build-out is less of a concern for in flight projects, given the amount of capital tech companies are investing in the facilities. The tone of our meetings remained optimistic, with data centers driving a large portion of power demand in the U.S., but with utilities prioritizing contract discipline and balance sheet protection over headline megawatt wins.

  9. Investors still highly focused on revisions to EPS growth CAGRs. Investors are seeking proof that increased power demand is translating into earnings growth for utilities. Companies that have successfully raised their EPS CAGRs are viewed more favorably on the back of this theme. For instance, XEL, targeting a 9% EPS CAGR through 2030, received positive feedback from attendees. NEE's upcoming investor day is anticipated to bring potential earnings revisions, aligning closer to its historical EPS CAGR of approximately 10%, especially since its current CAGR is lower at 6%-8%. AEP's recent guidance revision to a 7%-9% CAGR, with expectations of achieving 9% actual earnings growth, was also well-received. Some investors have queried if there is upside to DUK's current 5%-7% earnings CAGR over time, given its projected annual rate base growth of approximately 8.5% (at the lower end of its new capital plan) and management's expectation to comfortably reach the top end of the current range by 2028. For SO, growth is projected to be in the 5%-7% range, with 2027 and 2028 likely above the top end, after which the company would re-base off 2028, which was viewed as mixed by investors.

  10. All the above generation technologies needed to meet demand. Renewables remain topical for utilities with investors focused on projects that are safe harbored. NEE also talked about how 8-hour batteries are becoming increasingly cost-competitive, though there are still technology evolutions needed for longer duration options. Nuclear has also been topical where PEG had talked about its opportunity for new nuclear development where it would leverage its existing early site permit but established that it will not direct capex into new nuclear generation to avoid development risk. In meetings, our overall impression was that bridge solutions are not viewed as cannibalization risk due to the amount of demand needing to be met, and that utilities including NEE and AEP are also considering those options to provide better time to power for customers.

ZeroHedge Pro subscribers can read the complete note (here) with additional color from the EEI conference about data centers colliding with the grids. 

Tyler Durden Sat, 11/15/2025 - 12:15

CEO Of Crowd-For-Hire Company Calls For Transparency In Who Funds Demonstrations

Zero Hedge -

CEO Of Crowd-For-Hire Company Calls For Transparency In Who Funds Demonstrations

Via American Greatness,

The CEO of Crowds On Demand is urging members of Congress to pass a Transparency In Political Demonstration Act (TPDA) that would require greater transparency in groups that hire demonstrators for events around the country.

Adam Swart wrote a letter to Congress on November 11, calling for more transparency in who is hiring protestors in order to “protect free speech while ensuring accountability and safety.”

According to Swart, the TPDA is needed to ensure that the American people have full knowledge of who is funding and facilitating political demonstrations.

Swart expressed concern that “in recent years, we’ve seen the line between authentic civic expression and paid political manipulation blur beyond recognition.”

In his letter, Swart told Congress, “Across the country, peaceful activism has too often been replaced by coordinated influence campaigns. Most concerningly, many of these campaigns result either intentionally or unintentionally in violence, property destruction, and the mass disruption of American cities through unpermitted road closures.”

He added, “While these demonstrations are branded as ‘grassroots,’ evidence increasingly shows large-scale organization and financing behind them, often routed through opaque nonprofit networks designed to conceal true funders—some of whom may be foreign entities with nefarious intentions.”

The TPDA would require disclosure of funding sources behind demonstrations that exceed a defined number of participants as well as establish a “public accountability portal” where the sponsors or subcontractors involved in planning or logistics of large scale protests must be disclosed.

According to The Hill, the proposed bill would also seek to ensure that foreign entities and intermediaries cannot covertly fund or coordinate demonstrations intended to destabilize domestic institutions.

The TPDA would also hold funders and organizers to a strict nonviolence standard and would disqualify those who promote or tolerate violence from nonprofit protections or certain federal benefits.

Swart told Newsnation that he’s making his proposal to Congress because peaceful protest is supposed to be protected speech, saying, “This isn’t about stopping protest; it’s about protecting it. The First Amendment only works when Americans know who’s paying.”

Tyler Durden Sat, 11/15/2025 - 11:40

BBC Edits Trump; Trump Still The Villain

Zero Hedge -

BBC Edits Trump; Trump Still The Villain

Authored by Jenna McCarthy via Jenna's Side Substack,

“Sure, we misquoted him. But now he’s weaponizing our mistake!”

Remember that fateful January day when the sitting President of the United States ordered all his angry, disappointed supporters to rush down to the Capitol—where they were busy certifying his opponent’s stolen Electoral College victory—and fight like hell? I mean, that was bold. Crazy, even. It almost sounded as if he was inciting violence.

Except—tiny plot twist—he didn’t say that. I know, you saw it all over the news and everything, but what he actually said was, “We’re going to walk down to the Capitol and we’re going to cheer on our brave senators and congressmen and women.”

Slightly different ring, no?

But let’s be honest; “Go, Congress!” makes a lousy lead-in to a Trump Spurs an Insurrection story. So when the BBC was putting together a little pre-election documentary about the famed day, they decided to rewrite the script. They grabbed that “walk down to the Capitol” line, snatched a completely different quote from nearly an hour later in his speech (notably, “We fight, we fight like hell”), and then chopped out everything in between—including peacefully and patriotically, in case anyone’s keeping track.

The result? Oh, just a bunch of mostly benign words being rearranged into a call to arms. No big deal.

@flufrstf #BBC #Jan6 #Trump ♬ original sound - FlufferstuffTheBlameless

It’s bad enough that a once respected media outlet was so blatant in their bias. It’s humiliating that they were busted, hilarious that they think anyone will believe it was accidental, and egregious that their journalistic PR-wrangling cronies are actually trying to defend them. But the fact that, even after the BBC issued an apology and an admission of guilt, the rest of the media mafia is trying to spin this into Orange Man Attacks Journalists is almost too much to take.

THE BBC, BASICALLY: “Look, editing is hard. Who among us hasn’t unknowingly rearranged someone’s words to mean the exact opposite of what they actually said? It’s called craft. You wouldn’t understand.”

But, you see, Trump is the bad guy here, because he didn’t just notice; he said something. Actually, he didn’t just say something, he filed a lawsuit. A big-with-a-B (as in billion-dollar) lawsuit.

“They actually changed my January 6 speech, which was a beautiful speech, which was a very calming speech, and they made it sound radical,” Trump said.

“I think I have an obligation to [proceed with legal action], because you can’t allow people to do that.”

And even though the BBC admitted they were in the wrong, even though two of their top executives promptly escorted themselves out of the building in the wake of the editing scandal, and even though the “documentary” has now been confirmed to be about as honest as a reality TV reunion… the true crime, according to the press, is, well, Trump.

Whatever you say, Guardian.

“There’s a political context to this attack—and it is an attack—it’s a concerted full-frontal assault on the BBC for what was absolutely an editorial mistake,” said broadcaster Steven Barnett. “It’s the kind of mistake that is easily accounted for, easily apologized for… and once you see that program, you will realize that that edit made absolutely no difference to the overall impartiality of that biography of Donald Trump leading up to the 2024 presidential election.”

So, just so we’re clear: “news” outlets are now accusing politicians of “weaponizing editing errors”—as if asking journalists and editors not to remix speeches like a bad rap track is some unreasonable, dictator-level request and not basic kindergarten fairness. It would be like your teenager admitting they were texting when they wrecked the car—then accusing you of “holding it against them” when you won’t pay for the repairs.

The subtext of the coverage is basically: How dare the peasants expect accuracy?

From StopTrump.org.uk, because of course.

And the BBC saga is only one chapter in the Media Bias scrapbook. CBS had to quietly settle a $16 million lawsuit because 60 Minutes edited Kamala Harris’ answers so creatively that she actually appeared intelligent. Kristi Noem accused Face the Nation of “whitewashing the truth” by selectively chopping out entire chunks of her replies, to which the network sheepishly responded by announcing they’d now only air full, unedited interviews. Apparently they realize their editing bay is a lawless frontier where any sentence might wake up missing an organ.

Regardless, every headline still finds a way to imply Trump is the problem. The BBC admitted it Frankensteined his speech. Editors resigned. The entire world noticed. But the narrative is, “Editing decisions were once behind the scenes—now Trump is turning them into weapons.”

No, kids. The weapon was forged when newsrooms decided that “shortening clips for time” included playing God with context. Trump is merely the first person with the resources (and the pettiness… and the cojones) to fire back.

Poor, tortured journalists lament that they’re being scrutinized “more than ever.” Yes. Yes, you are. Because it turns out when people discover you’ve been editing interviews like they’re Hollywood trailers instead of news broadcasts, they realize you’re not journalists—you’re screenwriters.

“I would call this a big screw-up, a big journalistic screw-up, but in a very small, narrow way, because it was one small part of a long documentary, and most importantly, because nobody seemed to notice it at the time,” said CNN’s Brian Stelter.

Oh, well, nobody noticed it at the time? I guess we’re good.

One editor quoted by the AP complains that every cut is now “under a microscope.” Good. If you can stitch together two unrelated fragments of a presidential speech like a Build-A-Bear, you deserve a microscope, a spotlight, and possibly a babysitter.

My favorite part is the quiet panic underlying all these articles: the realization that normal people, armed with transcripts and internet access, can now compare what aired to what was actually said. In 1992, that would’ve required a team of interns and a sacrifice to the gods of VHS. Today, it’s a Tuesday morning for any bored guy on Reddit.

The media in a meme.

No wonder the press is stressed. The era of “trust us, it’s fine, this is totally what they said—er, meant” is over. When you make a living off deception, that’s bad news. But sure, mainstream media. Tell us more about how you’re the real victims here.

Tyler Durden Sat, 11/15/2025 - 10:30

MiB: Binky Chadha, Chief US Equity & Global Strategist at Deutsche Bank Securities

The Big Picture -

 

 

This week, I speak with Binky Chadha, Chief US Equity & Global Strategist at Deutsche Bank Securities. They discuss Binky’s time with the IMF and his role at Deutsche Bank as an equity strategist.

We also discussed making asset allocations and market cycles.

A list of his current reading is here; A transcript of our conversation is available here Tuesday.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, SpotifyYouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business next week with Paul Zummo, Chief Investment Officer of J.P. Morgan Alternative Asset Management (JPMAAM). The Hedge Fund & Alternative Credit Solutions group manages $35B in external hedge fund solutions for institutional and HNW investors. He also heads the Research and Portfolio Management Group for JPMAAM and is Chair of the JPMAAM Investment Committee. Paul co-founded JPMAAM in 1994.

 

 

 

Favorite Books

 

 

 

The post MiB: Binky Chadha, Chief US Equity & Global Strategist at Deutsche Bank Securities appeared first on The Big Picture.

Germany Marches Toward Reinstating Military Conscription, Starting With Fitness Database

Zero Hedge -

Germany Marches Toward Reinstating Military Conscription, Starting With Fitness Database

Under US pressure to bolster its armed forces so as to deter supposed Russian aspirations to invade NATO countries, Germany is moving toward reinstating military conscription, with the initial steps centering questionnaires and medical exams that will feed a database detailing each young man's fitness, aptitude and willingness to serve. The plan was agreed upon by Germany's coalition government on Thursday, and now goes to parliament, where the ruling coalition has a slim majority of 12 seats out of a 630 total.   

Today, the German armed forces -- the Bundeswehr -- has about 180,000 service members. The government said it was laying out a plan to have 260,000 people on active-duty service, with another 200,000 reservists, which is triple the current reserve force. In the first step, to be taken in 2026, the government will send questionnaires to every 18-year-old in the country. Men will be legally obliged to complete it; for women, it will be optional. The questionnaires will gauge respondents' inclination and willingness to serve. Then, starting in July 2027, men will be required to report for a medical examination.

Germany drafted men for military service from 1956 until 2011, when the country adopted the US model of a professional, voluntary force. Rather than abolishing conscription -- which would have required a constitutional amendment -- it was merely suspended that year. Reinstating it would only require a simple majority of the parliament. However, unless the constitution is changed, women will remain exempt. 

Earlier this month, protesters in Munich carried a banner that read "Against Conscription. End War Preparation." (Michael Nguyen/NurPhoto/ Getty via The Times)

For now, conscription will not be put to a vote, as the government hopes to achieve its enormous military expansion -- 44% growth in active-duty ranks -- via recruitment of willing volunteers.  “We will make voluntary service more attractive,” said Jens Spahn, parliamentary leader of the conservative Christian Democrats (CDU) party. “We want to win over as many young people as possible for the service for the fatherland.” If that fails, however, "we'll need to make it obligatory," he added. Without providing details, the government has said a lottery system would be employed. The Bundeswehr will report on its recruitment efforts every six months, ready to request the reinstatement of conscription to make up any shortfalls.

A recent poll for Stern magazine found that a slim majority of Germans favored reinstating the draft. However, 63% of Germans between 18 and 29 years old opposed it.  

German defense minister Boris Pistorius told Germans there was "no cause for concern...no reason for fear...The more capable of deterrence and defense our armed forces are, through armament through training and through personnel, the less likely it is that we will become a party to a conflict at all." Pistorius and Chancellor Friedrich Merz have set a goal for having Europe's largest military and to be "war-ready" by 2029. Doing its part to promote German militarism, the Wall Street Journal's report on the conscription plan credulously cited unnamed "military analysts [who] think Russia may be able and willing to attack NATO" by that year

Tyler Durden Sat, 11/15/2025 - 09:55

New Facial Recognition Vans Rolled Out For Use By 7 More UK Police Forces

Zero Hedge -

New Facial Recognition Vans Rolled Out For Use By 7 More UK Police Forces

PA Media via The Epoch Times,

A new fleet of facial recognition vans are to be rolled out by seven police forces across the UK in an expanded pilot programme.

A police officer views a camera feed from inside a live facial recognition (LFR) van. Andrew Matthews/PA

The Metropolitan Police, South Wales Police and Essex Police have been using the facial recognition vans for some time to mixed receptions.

The software enables officers to use cameras mounted on top of their vans to locate people on their watchlists by filming the surrounding area.

Home Office funding has been provided for new facial recognition vans in Greater Manchester, West Yorkshire, Bedfordshire, Surrey, Sussex, Thames Valley and Hampshire.

The Met released a report last month which said that from September 2024 to September 2025 the software had a false alert rate of 0.0003 percent from more than three million scans.

Civil liberties and anti-racism groups criticised the software for having a “well-documented history of inaccurate outcomes and racial bias” ahead of the Notting Hill Carnival this year.

In response, the Metropolitan Police Commissioner Sir Mark Rowley acknowledged that the software was “limited” when it was used at the Carnival in 2016 and 2017 but has made “considerable progress” since then.

Ahead of the new rollout, Chief Inspector Andy Hill, of Surrey Police, was asked if he still harboured concerns about false readings from the technology.

He said: “There’s been a lot of development with the software, a lot of national testing to give us confidence in the software and, at the last Notting Hill Carnival this year, their positive alerts were much higher.”

The police watchlists uploaded to the van are bespoke and will include details and photos of wanted people and people subject to court orders like sex offenders.

If their faces are scanned by the van’s cameras it will alert the officer to the match, and they can verify whether the comparison is correct and take action.

“It’s a positive step in terms of using the latest technology available to us, and it’s about pursuing criminals, it’s about investigating crime thoroughly and also reassuring the public that we are out and about and we are visible and we’re doing our job,” Mr Hill said.

Across the seven new centres, 10 new vans are to be deployed including one in Surrey and another in Sussex which will at times be used in tandem.

The police have said that images of people walking past the van which do not set off an alert will be deleted in less than a second.

Mr Hill said: “We want to be as open and transparent about our deployments, we publish them on our website at least seven days in advance, and we’ll publish the results afterwards as well,

“And during the deployment, we’ve got signage up to inform people that they’re entering a zone of live facial recognition with information on that, and also they can talk to any of our officers at any time about the technology.”

Surrey Police will be deploying a Live Facial Recognition van in Redhill on November 13.

Tyler Durden Sat, 11/15/2025 - 09:20

US, Switzerland Reach Tariff Deal That Lowers Duties, Stokes Investment

Zero Hedge -

US, Switzerland Reach Tariff Deal That Lowers Duties, Stokes Investment

The United States and Switzerland have reached a trade deal under which Swiss imports to America will be subject to a reduced 15 percent duty, officials said.

U.S. Trade Representative Jamieson Greer told CNBC on Nov. 14 that the administration had “essentially reached a deal” with the Swiss government after months of negotiations in the context of President Donald Trump’s reset of U.S. trade ties with the rest of the world.

Under the Trump administration’s trade policy, Swiss goods were hit with a 39 percent tariff, one of the highest rates imposed on any country and substantially higher than the 15 percent applied to European Union member states.

The new agreement, which lowers Switzerland’s levy to match that of EU countries, includes measures that support Trump’s goal of reindustrializing the United States quickly, after decades of offshoring.

“They’re going to send a lot of manufacturing here to the United States—pharmaceuticals, gold smelting, railway equipment—so we’re really excited about that deal and what it means for American manufacturing,” Greer said, adding that the White House would release details of the agreement later in the day.

As Tom Ozimek details below for The Epoch Times, the Swiss government confirmed the deal in a social media post, thanking Trump for his “constructive engagement” and acknowledging a “productive” meeting with Greer.

“Switzerland and the U.S. have successfully found a solution: U.S. tariffs will be reduced to 15%,” it said.

In a statement offering further details on the agreement, Switzerland’s State Secretariat for Economic Affairs said that the country would reduce its import duties on a range of U.S. products. These include all industrial products, fish and seafood, as well as American agricultural products that are considered “non-sensitive.”

For certain categories of U.S. agricultural products considered sensitive due to their potential impact on the Swiss market, Switzerland will grant duty-free quotas, including 500 tonnes of beef and 1,500 tonnes of poultry from the United States.

Swiss companies have also agreed to invest $200 billion in the United States by the end of 2028, partly in initiatives meant to boost vocational training.

“The announcement of the reduction in additional US tariffs on Swiss imports will serve to stabilise bilateral trade relations,” the Swiss government said.

“Although overall tariffs remain higher than before the additional tariffs were introduced in April, the agreed reduction in additional tariffs is expected to have a positive impact on the Swiss economy.”

The announcement comes a day after Greer met with Swiss Economy Minister Guy Parmelin in Washington for talks on resolving outstanding trade issues and finalizing the deal.

The deal stabilizes the approximately $188 billion in bilateral trade between the United States and Switzerland, whose export-driven economy heavily relies on U.S. demand for its pharmaceuticals, high-precision machinery, and world-famous watches.

The United States absorbs more than one-fifth of all Swiss foreign direct investment, making it Switzerland’s top investment destination.

The tariff accord ends months of tension for Swiss exporters, who had warned that the 39 percent duty was disrupting shipments and forcing companies to rethink production plans.

Additional technical talks are scheduled for the coming weeks as details of the new quotas, tariff schedules, and investment pledges are finalized.

Nearly 1,200 U.S. companies operate in Switzerland, employing about 95,000 people. Swiss firms, meanwhile, rank among the highest-paying foreign employers in America, with average wages above $130,000, according to Switzerland’s foreign affairs department.

Tyler Durden Sat, 11/15/2025 - 08:45

Tucker Exposes Trump Would-Be Assassin Thomas Crooks' Social Media History, The FBI Coverup, And More Strangeness

Zero Hedge -

Tucker Exposes Trump Would-Be Assassin Thomas Crooks' Social Media History, The FBI Coverup, And More Strangeness

Tucker Carlson has just released a deep dive into Donald Trump's attempted assassin, Thomas Crooks - who both the Biden and the Trump FBI have been very quiet about since the July 13, 2024 shooting in Butler, Pennsylvania. 

In late September, Carlson's team received an anonymous tip from someone who said they had gained access to some of Crooks' online accounts, which he found using 'tools commonly used by private investigators' after obtaining Crooks' phone number and gmail address from public documents. He then traced that to two encrypted foreign email accounts (bcook[at]mailfence.com and americangamer[at]gmx.com). He also had a snapchat account, a Venmo, Zelle and PayPal account among several others. 

"It turns out that Crooks was hardly an online ghost," Carlson reports. "And yet, federal investigators lied and told us there was no trace of him online."

The source was able to obtain all materials from Crooks' deactivated YouTube account - which includes his search history, watch history, and 737 public comments. 

When Carlson's team asked the FBI why they hadn't shared this information with the public, the agency replied by asking if they could verify the authenticity of the shooter's account. 

What did Crooks say?

The comments by Crooks were posted between 2019 and 2020, when he was between 15 and 17-years-old. "They show two things," Carlson explains. "First, that Thomas Crooks was not some secretive lone wolf who never warned anyone that he was planning on violence. Just the opposite. Years before he showed up in Butler, Crooks was leaving a detailed digital trail of violent threats - including calls for assassinations and political violence. Second - they show a man who started out as a radical Trump supporter, whose views on the President transformed - changed completely, during Covid. The FBI lied about that fact, and that Crooks was a right-winger."

Pro-Trump: 

On July 19, 2019 Crooks writes: "Ilhan Omar and others are invaders and should honestly be killed and their dead bodies sent back."

On July 20, 2018, Crooks writes: "If youre saying trump is a bad president you arent a patriot as trump is the literal definition of Patriotism"

Seven hours after that comment, Crooks writes: "I hope a quick painful death to all the deplorable immigrants and anti-trump congresswoman who dont deserve anything this countru [sic] has given them"

Later that evening he wrote: "Everyone of the Trump hat-ing democrats deserve to have their heads chopped of and put on steaks for the world to see what happens when you fuck with America"

These types of comments continued for months, "and became increasingly violent." 

"If any of the democratic candidates win. They wont be in there for long. Because unlike the dems we have guns and lots of them"

He also quoted Mao - writing "The only real political power comes from the barrel of a gun." 

The Change:

In early 2020 as the pandemic shifted into the headlines, crooks "radically" changed - writing of "trumps stupidity." 

He then began to mock the idea of the deep state - writing that "The deep state is simply made up of anybody who dis-agrees with the right wing. Conversation over." 

In Feb. 2020, Crooks called out Trump supporters as "brainwashed," and a "cult."

Later that day, Crooks called Trump a racist

And in April 2020 when the COVID panic was in full swing, Crooks became pro-lockdown, writing "It seems that you people don't understand that sometimes Public safety comes before your Personnel rights." 

He then wrote: "...going to a chinese new years party in america isn't putting you at risk for corona virus because believe it or not viruses don't spread through race like Tucker Carlson probably told you.

In May of 2020, Crooks called Republican concerns over voter fraud "ignorant." 

He then wrote a comment that sounded like a "digital manifesto," Carlson reports. 

"they only way to fight the gov is with terror-ism style attacks, sneak a bomb into an essential building a set it off before anyone sees you, track down any important people/politicians/military leaders etc and try to asasinate them. Any sort of head fight is suicide and even ambush/surprise attacks likely aren't going to end well."

The Agitator

Then - a YouTube user @Willy_Tepes began seemingly encouraging Crooks... writing "If a gun and a badge is all that is needed, then authority obviously comes from the barrel of a gun. We have more guns than they do ;)" 

"We have nothing to lose and everything to win,.....and the alternative, a global police state, is unacceptable!" Tepes continues in another comment. 

Carlson asks who Tepas could be - noting that the FBI hasn't made any mention of him, but that someone had screenshotted his YouTube page despite the fact that he had very few followers. 

That said, the usernme was used on a foreign Antifa website linked to the Nordic Resistance Movement, which was designated a terrorist organization by the US State Dept. 

Crooks' online comments mysteriously disappear after his interactions with Tepas, and Carlson notes that Crooks was 'ripe for recruitment' by someone. However his search history was still available:

From early 2019 to mid-2020, "Crooks searched for Trump more than 700 times online," and searched for "Jack Ruby" , "Best places for mass shooting." , and how to make various explosives and devices for mass killings. He also searched for "Sniper in Dallas shooting" , "American Nazi Party" , "German National Anthem 1933-1945," and "Hitler's speeches with subtitles." 

FBI Coverup? 

"Why is the FBI keeping Crooks' views a secret?" asks Carlson, adding "Why are they ignoring Congressional subpoenas to divulge information?"

"So here you have a volatile, troubled, possibly mentally ill young man with a long record of espousing violence in public," Carlson continues. "The FBI clearly knew he existed. And then you have at the very end of his years commenting in public, espousing violence, an exchange with a mysterious figure affiliated with a group that we know is being monitored by the US State Department." 

Turns out that around the same time as Thomas Crooks was making assertions and posting overt threats of violent against public figures on YouTube, the FBI was issuing contracts to private sector tech surveillance firms to harness the power of mass data collection tools to monitor social media for people just like Thomas Crooks," Tucker continues. "It's hard to imagine that Thomas Crooks is making these posts publicly and in his own name, and had not been identified and looked at closely by federal law enforcement. In fact, it's impossible to imagine." 

"We know that the FBI had access to these YouTube comments."

Yet, "they used a selective read of those comments to lie about what Thomas Crooks was saying."

Two and a half weeks after the attack, a 'source familiar with the investigation' told CNN that "Federal investigators are looking into a YouTube account possibly connected to Crooks in which the user espoused political violence as well as antisemitic and anti-immigration themes."

Carlson says that the FBI "knew full well" that it was Crooks' account. "There was never any question." 

Biden's FBI Deputy Director lied the same day as the CNN report in Congressional testimony, while the NY Post reported in Feb. 2025 that the "FBI has obstructed efforts to solve the mystery of why Thomas Matthew Crooks, who left no manifesto, did what he did."

Other notable facts: 

  • Crooks' body was cremated on orders from the FBI the same day the House Homeland Security and Oversight Committee began their investigation.

"Can't do a new tox(icology) screen, because the body doesn't exist," Carlson points out. 

  • Photos from the day after the shooting "show an FBI agent hosing down the site where Crooks died," which high-level sources told Carlson was 'very strange,' as the FBI 'usually hires out crime scene cleanup to third-party contractors - but in this case they did it themselves." 

  • Biden FBI officials accessed Crooks' phone using software from an Israeli firm, Cellebrite, and accessed his phone, computer and his encrypted messaging apps in Belgium, New Zealand and Germany - "yet none of the online activity the FBI discovered was referred to in any way in the final Congressional report." 

Carlson then notes FBI Director Kash Patel and Assistant Director Dan Bongino's awkward and evasive answers when asked whether we'll find out more...

More Weirdness

Carlson also points out that Crooks had an unbelievably 'lucky day' the day of the shooting, which the FBI is stonewalling the public over. 

For example: 

  • Within days of the shooting, the FBI had 'collected all the relevant surveillance footage,' which includes footage from local businesses, state police,  and "critically, the gun range where Thomas Crooks trained." Did he train alone? We don't know, because to this day the FBI refuses to release the footage.
  • Some of Crooks' comments were erased from the internet archive after the shooting. 
  • On the day of the attack, Crooks conducted surveillance at Butler - flying a drone over the rally site for 11 minutes - right as the Secret Service's anti-drone system was mysteriously down

  • Police at Butler saw Crooks with a rangefinder and a backpack, identified him as a suspicious person, but 'quickly lost track' of him. 
  • Crooks climbed onto the only building in the area that did not have a video surveillance system, and was 'remarkably' outside the Secret Service's security perimeter. 
  • Two local cops saw crooks but did not report it, while a 3rd police officer who was supposed to be covering the building 'left early.'

Watch the entire thing below:

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Tyler Durden Sat, 11/15/2025 - 08:20

Schedule for Week of November 16, 2025

Calculated Risk -

SPECIAL NOTE: The statistical agencies will likely provide updated schedules this week. I'll update this schedule when that happens. The September employment report will be released this week on Thursday.

The key economic reports this week are Existing Home sales and the (likely) September employment report.

For manufacturing, Industrial Production, and the November NY, Philly and Kansas City Fed surveys, will be released this week.

Items in Red will not be released due to the government shutdown.

----- Monday, November 17th -----
8:30 AM: The New York Fed Empire State manufacturing survey for November. The consensus is for a reading of 5.7, down from 10.7.

----- Tuesday, November 18th -----
Multi Housing Starts and Single Family Housing Starts8:30 AM: Housing Starts for October.

This graph shows single and total housing starts since 1968.

This will be 2nd consecutive months without housing start data.






Industrial Production9:15 AM: The Fed will release Industrial Production and Capacity Utilization for October.

This graph shows industrial production since 1967.

The consensus is for no change in Industrial Production, and for Capacity Utilization to decrease to 77.3%.

10:00 AM: The November NAHB homebuilder survey. The consensus is for a reading of 36, down from 37. Any number below 50 indicates that more builders view sales conditions as poor than good.

----- Wednesday, November 19th -----
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

During the day: The AIA's Architecture Billings Index for October (a leading indicator for commercial real estate).

2:00 PM: FOMC Minutes, Meeting of October 28-29

----- Thursday, November 20th -----
8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for 223K initial claims.

Employment per month8:30 AM: Employment Report for September.   The consensus is for 43,000 jobs added, and for the unemployment rate to be unchanged at 4.3%.

There were 22,000 jobs added in August, and the unemployment rate was at 4.3%.

This graph shows the jobs added per month since January 2021.

8:30 AM: the Philly Fed manufacturing survey for November. The consensus is for a reading of 2.0, up from -12.8.

Existing Home Sales10:00 AM: Existing Home Sales for October from the National Association of Realtors (NAR). The consensus is for 4.08 million SAAR, up from 4.06 million in September.

The graph shows existing home sales from 1994 through the report last month.

11:00 AM: the Kansas City Fed manufacturing survey for November.

----- Friday, November 21st -----
10:00 AM: University of Michigan's Consumer sentiment index (Final for November).

Germany's "Council Of Economic Experts" Calls For Higher Inheritance Taxes, And Bows To The State

Zero Hedge -

Germany's "Council Of Economic Experts" Calls For Higher Inheritance Taxes, And Bows To The State

Submitted by Thomas Kolbe

In its latest annual report, Germany’s Council of Economic Experts — once regarded as a market-oriented corrective to government excess — has presented what can only be described as a courtesy opinion. Rather than challenging the political status quo, the five “wise men” largely echo Berlin’s own agenda: more state intervention, higher taxes, and tighter regulation.

On Wednesday, the council presented its annual report at the federal press conference. For the first time, Chancellor Friedrich Merz received the economists’ assessment in person. What they handed him, however, reads less like independent advice and more like a compilation of familiar political slogans.

At the top of the list stands — yet again — the call for “cutting bureaucracy,” a mantra repeated endlessly but never realized. Meanwhile, the council ignores the core problem: the German economy is suffocating under its own regulatory machinery. In the past three years alone, businesses have had to hire roughly 325,000 additional staff just to deal with the avalanche of new rules — a massive diversion of resources that adds nothing to productivity.

Bureaucratic Strangulation, Military Keynesianism

Among the council’s key recommendations is “more joint procurement and innovation” in the defense sector — another item perfectly aligned with government priorities. Together with its uncritical support for climate policy, the report reveals how deeply the economists have internalized state narratives.

Instead of questioning the economic burden of the artificial “green industry,” which drags down productivity across all sectors, the council now embraces the logic of a war economy as the next growth engine. The parallels are disturbing. Rather than recalibrating Germany’s economic compass, the report doubles down on the same failed assumptions: more state, more coordination, less individual responsibility.

Phantom Growth, Real Debt

When it comes to growth, the council again mirrors the government’s projections. Both the experts and the Economics Ministry expect a meager 0.2% GDP growth for 2025. That means the massive, debt-financed stimulus packages — which will push public debt up sharply in the coming years — have already fizzled out.

With the state share at roughly 50% of GDP and net new borrowing around 4.2% (including special funds and off-balance items), the implication is devastating: the private economy has contracted by more than 4%.
This is a resounding failure of the government’s Keynesian strategy — yet the economists respond not with structural criticism but with timid nods to bureaucracy reform, while otherwise parroting eco-socialist talking points.

Inheritance Tax: The New Redistribution Tool

The council’s most controversial proposal concerns inheritance taxation. Once a bastion of market-oriented reasoning, the body now advocates raising taxes on inherited business assets, denouncing the current exemptions as “socially unjust.” The language could have been lifted straight from the Green Party’s manifesto.

Specifically, the report suggests limiting the tax exemption for business assets to €26 million, and either abolishing or sharply restricting relief for larger inheritances. Payment deferrals would be introduced to avoid liquidity crises during succession. 

Behind the talk of “asset mobility,” however, lies a distinctly socialist vision — one aimed at broader redistribution and fiscal relief for the state.

Meanwhile, Germany’s real debt (including special funds and hidden borrowing) will rise by over 5% next year. Yet the council sees no problem, as long as Berlin remains in the good company of the EU’s “debt club.”

The State as Sacred Cow

Any notion of shrinking government or ending the interventionist spiral has vanished. The council now fully embraces the political orthodoxy. In doing so, it breaks decisively with the principles of private property and free enterprise, aligning itself intellectually with Marcel Fratzscher’s DIW — a think tank long known for its statist bias.

The report even promotes a state-guided “retirement savings fund” that would channel private investment toward politically defined objectives — above all, climate policy. Once again, the state seeks to steer private capital allocation while dressing it up as “financial inclusion.”

The underlying message is unmistakable: the state is no longer the problem, but the solution.
Even by Berlin standards, this marks a profound paradigm shift.

The Fall of the Economic Council

The council’s ideological transformation — especially in its endorsement of higher inheritance taxes — is a turning point. It confirms what many suspected: Berlin’s bureaucracy has wrapped itself in a belt of compliant advisors, ensuring that no fundamental market-liberal critique can pierce its walls.

Now, even family-owned businesses are to be fed into the meat grinder of redistribution. This represents the low point of a once-proud institution that has steadily drifted away from the foundations of economic freedom.
The principle of private property, generational continuity, and the right to dispose freely of one’s already-taxed assets — all this has been subordinated to the new orthodoxy of “social justice.”

If economists truly value civilizational progress, these principles should be their starting point, not their target.
It is a bitter moment for German academia — assuming one can still call it that.

* * * 

About the author: Thomas Kolbe, born in 1978 in Neuss/ Germany, is a graduate economist. For over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden Sat, 11/15/2025 - 08:10

Tariffs and Prices

Angry Bear -

Short commentary on what is going on with US prices. With Trumpian on and off policies, economic stability is difficult to maintain. Pulled this graph from a Tax Foundation article from October 21, 2025. “Trump Tariffs Raising Prices for Consumers, New Evidence Shows.” As you can see. prices did increase for domestic product just as […]

The post Tariffs and Prices appeared first on Angry Bear.

Healthcare in the United States

Angry Bear -

Dean Baker discussing healthcare costs in the United States. Not something we have not heard before. In this case, Dean is adding a lot more detail to explain the issues. The PPACA is also known as the ACA. It is most commonly known as Obamacare. That is so as to assign blame for any shortcomings […]

The post Healthcare in the United States appeared first on Angry Bear.

What People May Think about Donald Trump

Angry Bear -

Just some data for which I thought Angry Bear readers might be interested. It is about 4 months old and “probably” has some bearing to what people are thinking. This article from August 2025 was originally published in The Surveyor, YouGov America’s weekly email newsletter. It has been revised for publication. The Surveyor has regular updates on YouGov’s polling. David […]

The post What People May Think about Donald Trump appeared first on Angry Bear.

Climate Circus COP30: Capital Bazaar And Moral Rejuvenation

Zero Hedge -

Climate Circus COP30: Capital Bazaar And Moral Rejuvenation

Submitted by Thomas Kolbe

From November 10 to 21, the latest climate summit, COP30, is taking place in Belém, Brazil — a global stage for fighting what is labeled the “climate-damaging gas” carbon dioxide. Germany has sent a 170-member delegation to participate — ostensibly to “save the planet,” but more realistically to distribute German taxpayers’ money among the world’s climate faithful.

The German group travels in the slipstream of Chancellor Friedrich Merz, who arrived in Belém early for a brief five-minute speech and a tour of the Amazon. Merz pledged that Germany would make a “significant contribution” to the so-called Tropical Forest Forever Facility (TFFF) — an initiative rumored to receive around €1 billion in German funds.

Indulgence Level Unknown

Last year, Germany already funneled €6.1 billion into global climate financing — a form of checkbook diplomacy with zero economic return. How much will be paid this year remains unclear, but travel activity is intense: a 170-strong delegation from the ministries of economy and environment has flown commercial to Belém to negotiate Germany’s share in “saving the world’s climate.”

The sacred rule remains: every ton of CO₂ emitted must be compensated by equally costly “climate protection” measures. Greta Thunberg’s ghost clearly still haunts German ministries.

What we are witnessing is nothing but modern indulgence trading. The higher the payment, the purer the conscience. The entire climate circus survives on the illusion that sending money to global funds can stabilize the planet’s temperature. Simple, absurd, and lucrative.

Despite budget constraints, Berlin is again expected to pour over €5 billion into various initiatives. The tropical fund is a fresh addition — and Germany, as always, is in the thick of it.

Germany: The Taxpayer as Milking Cow

This is money siphoned from German workers to vanish in the opaque channels of the green clientelist economy, where corruption thrives and accountability is a relic. Reason, efficiency, and transparency have long been replaced by symbolism. Politicians now care less about impact and more about waving the green flag of virtue.

This became painfully evident in the alarmist speeches of EU Commission President Ursula von der Leyen and UN Secretary-General António Guterres, both desperate to inject new life into the limping climate show.

Guterres lamented that the 1.5-degree target had failed, warning of advancing catastrophe — but insisted that “hope remains” to secure humanity’s survival on a livable planet. One might add with a smirk: everything now depends on the price of redemption, morally steadfast and fiscally “creative.”

Yet with Europe sliding into recession, public enthusiasm for man-made climate apocalypse has faded. Ordinary citizens have other worries than embracing Greta Thunberg’s and Luisa Neubauer’s “degrowth” fantasies that lead straight into economic ruin.

Thus, COP30 exists above all to manufacture public consent — keeping the moral machinery oiled and the green patronage networks supplied with fresh credit.

Chancellor Merz, the Climate Savior

After half a year under Chancellor Friedrich Merz, one thing is clear: Germany stays the course as climate policy front-runner, continuing the legacy of his predecessors. Merz has not reversed the combustion-engine ban, nor touched the Building Energy Act, which will cost households billions. The nuclear exit remains final, Russian gas is history, and now even the gas grid faces dismantlement.

With his subsidized industrial electricity plan, Merz practices the classic shell game of interventionism: each political blunder is buried under a new subsidy — all at the expense of purchasing power and market efficiency.

CO₂ taxes continue to rise, hitting aviation and industry alike. The EU’s emissions trading reform, soon to cost German companies billions annually, remains untouched.

Merz is, in short, the perfect climate chancellor — soothing the middle class with rhetoric and fake reforms while faithfully executing Brussels’ dogmatic agenda. A believer in state omnipotence, he wields ever-more intervention as a cure for the very economic damage his policies cause.

Despite criticism from activist groups like Fridays for Future or Last Generation, the COP30 crowd in Belém will be delighted to see Merz’s delegation arrive bearing gifts. Germany’s lavish climate pledges confirm that domestic hardship will never interfere with global virtue signaling.

This is music to Ursula von der Leyen’s ears, as she pushes her 2028-2034 EU budget proposal — expanding the climate fund by over 30% to a staggering €750 billion. Facing resistance in the European Parliament, she badly needs Berlin’s continued compliance.

A European Affair

Since the United States abandoned the Paris Agreement and returned to an unregulated energy policy, the COP summits have become a Eurocentric spectacle. India refuses to foot the bill, while China plays both sides — funding climate NGOs in Europe that keep the green channel open, then using it to export its subsidized solar panels and batteries.

Meanwhile, China’s domestic energy strategy revolves around building hundreds of new coal plants, rendering Western emissions targets meaningless.

COP30 represents the lunatic apex of a Western climate dogma now facing real resistance — particularly from the United States. Under Donald Trump, carbon dioxide was removed from Washington’s list of “climate-killer gases,” where it had sat since Obama’s era.

That alone offers a glimmer of hope: that in the face of deepening global recession, this costly climate cult may soon meet its end.

Tyler Durden Sat, 11/15/2025 - 07:00

10 Weekend Reads

The Big Picture -

The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat outside, and get ready for our longer-form weekend reads:

Why Doesn’t Anyone Trust the Media? Anatomy of a credibility crisis: Trust in the press is at a record low, with only a quarter of Americans aged 18 to 29 expressing confidence in media organizations. Jobs in journalism, meanwhile, are declining fast: since 2005, the United States has lost more than one third of its newspapers and three quarters of its newspaper journalism positions. Significant professional failures—from the flawed coverage of the COVID-19 pandemic to inadequate reporting on President Biden’s cognitive health — have sent audiences into ever-narrower silos of Substacks, podcasts, livestreams. (Harper’s)

Boomers Are Passing Down Fortunes — And Way, Way Too Much Stuff: As the $90 trillion Great Wealth Transfer begins, millennials and Gen X aren’t just inheriting money. They’re being buried under an avalanche of baseball cards, fine china and collections of all sorts. (Bloomberg free) but see also Will Trump’s Trade War Break America’s Addiction to Cheap Stuff? The president has said American children should be content with two dolls instead of 30. But the country’s shopping habit has been built over decades of abundant imports from Asia. (Wall Street Journal)

Big Tech Wants Direct Access to Our Brains: As neural implant technology and A.I. advance at breakneck speeds, do we need a new set of rights to protect our most intimate data — our minds?  (New York Times Magazine)

The Slop Cycle—How Every Media Revolution Breeds Rubbish and Art: The popularization of the term “slop” for AI output follows a centuries-long pattern where new tools flood the zone, audiences adapt and some of tomorrow’s art emerges from today’s excess. (Scientific American)

Gold, guns and cartels: The battle for a billion-dollar mine: A gold mine in Mexico was taken over by the sons of the drug lord Joaquín “El Chapo” Guzmán. Mexican officials and generals said they would help an American businessman reclaim the mine — but demanded hefty bribes. For one man, reclaiming the mine was more than a business proposition. It was a reckoning with his past and a chance to pay back the orphanage that raised him.  (Los Angeles Times)

A Jane Street Alum Teaches Trading: Adverse selection is the concept that, conditional on getting to do a trade with someone, your trade might be worse than you’d previously thought it would be – that the world that you are looking at is one that has lots of different models that will explain different systems, and you can make predictions of what those models would output for numbers. But as soon as you are putting an order into a market, you need to think about the profitability of your trade, if it gets traded with, versus if it doesn’t. If it doesn’t, it profits zero. (Party at the Moontower)

Michael Mauboussin on Capital Allocation: An essential part of creating value, and one of management’s prime responsibilities. Not all senior executives know how to allocate capital effectively. We review capital allocation alternatives in detail, including a novel discussion of intangible investments, and offer a guide for thinking about the prospects for value creation. We finish with a framework for assessing a company’s capital allocation skills, which includes looking at past behavior, calculating return on invested capital, an evaluation of incentives, and five principles of effective capital allocation. (Morgan Stanley)

Private Equity/Credit: The Bubble and its Implications. The golden age of PE – at least from the standpoint of investor returns (AUM and fees to sponsors were significantly lower) – was during 1980-2000. During this era, PE delivered legitimately good returns – in some cases outstandingly so. What enabled it was that it was still a niche industry where there was a limited amount of capital chasing deals, while the backdrop was conductive. Asset prices were cheap after the savage inflationary 1970s bear market – a period that concluded with very high interest rates, depressed multiples, and much in the way of undervalued tangible assets (due to years of cumulative high inflation understating book values). The opportunity was ripe, competition was limited, and everything subsequently went right. (The LT3000 Blog)

How to tolerate annoying things: Hassles are part of life, but the way we react often makes them worse. ACT skills can help you handle them with greater ease. (Psyche)

How a ‘Bridesmaids’ star is channeling the ‘incendiary’ rage of Gen X moms: Rose Byrne rose to fame playing uptight women who are actually hot messes. Her latest role finds her spiraling into the existential terror of motherhood. (Washington Post)

Be sure to check out our Masters in Business interview  this weekend with Bankim “Binky” Chadha, Chief US Equity & Global Strategist and Head of Asset Allocation at Deutsche Bank Securities, a role he has held since 2004.

 

In 2010, the median age of all US homebuyers was 39 years old. Today, it is 59, see chart below

Source: Apollo

 

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Trump to save Americans from Trump

Angry Bear -

Looks like Trump is finally seeking tariff reductions to lower the price of groceries. “The White House on Thursday during a background call with reporters announced framework deals with Argentina, Guatemala, El Salvador, and Ecuador that it hopes will bring down the costs of certain groceries. “These deals come after President Donald Trump and some […]

The post Trump to save Americans from Trump appeared first on Angry Bear.

Deep In The Fourth Turning: The Darkest Hours Are Before The Dawn

Zero Hedge -

Deep In The Fourth Turning: The Darkest Hours Are Before The Dawn

Via Gold and Geopolitics Substack,

Foreword

I first thought to write this as a multi-part series, but I finally decided to group everything together as it wouldn’t do justice to this article. There’s a lot to unpack when discussing the ongoing societal changes, and I feel I barely touched on anything but the essence of that. Even then, standing at more than 6000 words, and spending nearly 10 full waking days refining it, the scope of what we’re witnessing feels almost too vast to capture in any single piece.

The Fourth Turning doesn’t reveal itself gradually—it crashes over you all at once when you finally start to see the pattern. Writing this piece felt like trying to grab sand in my hands; every attempt to contain one aspect of the transformation led to three more slipping through my fingers.

What you’ll read here is my best effort to trace the contours of something far larger than any individual could possibly comprehend.

The same boiling water that softens the potato hardens the egg.

— Roald Dahl

We’re all in the same boiling water now—the Fourth Turning’s Crisis that began with Lehman Brothers’ collapse in 2008—but whether we emerge hardened or dissolved depends entirely on what we’re made of. We’re now deep in the Fourth Turning, the winter of this historical cycle, and if you think the past few years have been chaotic?

You ain’t seen nothing yet!

History doesn’t move in straight lines. It breathes, it pulses, it turns through seasons as predictable as winter following autumn. William Strauss and Neil Howe discovered this pattern in 1997. Like clockwork, every 80 years or so - a human lifetime, America faces an existential crisis that threatens to tear apart everything we thought permanent. We’ve been through this three times before, and we’re going through it again right now.

Strauss and Howe predicted in 1997 that around 2005, some spark would ignite a Crisis mood. They suggested it might be “as ominous as a financial crash, as ordinary as a national election, or as trivial as a Tea Party”. They nailed it. The 2008 financial crisis wasn’t just another recession—it was the moment the post-World War II global order began its death spiral. Lehman Brothers’ September 15, 2008 collapse marked more than a bank failure; it marked the beginning of the end of trust in the system itself.

I’ve started following these markets around 2007, and what happened after that particular collapse was unprecedented. The Federal Reserve’s balance sheet exploded from $900 billion to $4 trillion in a matter of years, then to $9 trillion during COVID. The national debt, which stood at $10 trillion in 2008, has now reached $37 trillion as of August 2025. We didn’t solve the crisis—we papered it over with printed money and kicked the can down the road. We didn’t solve the problem—we made it exponentially worse. As someone who tracks gold markets, I can tell you with increasing clarity: the people who actually understand money are quietly converting their paper promises into something that can’t be printed.

The response to 2008 revealed something critical: our institutions no longer functioned as designed. The Federal Reserve, created to be a lender of last resort, became the market itself. Banks that should have failed were declared “too big to fail”. Capitalism’s core principle—that bad bets lead to bankruptcy—was suspended for the connected class while enforced ruthlessly on everyone else. The very people who caused the crisis not only avoided jail but got bonuses funded by taxpayer bailouts. The social contract didn’t just fray; it snapped.

What most people didn’t understand then—and many still don’t grasp now—is that 2008 never really ended. Each intervention created larger distortions requiring bigger interventions. Zero interest rates led to asset bubbles. Quantitative easing led to wealth inequality explosion. Each “solution” deepens the underlying problem: a system that could only survive through ever-increasing debt monetization. The music has stopped, but the Fed keeps the party going by turning up the volume until everyone is deaf.

The knock-on effects rippled globally. European banks, stuffed with toxic American mortgage securities, required massive bailouts. The European debt crisis followed, nearly destroying the euro. China, terrified of global depression, launched the largest credit expansion in history, building ghost cities and redundant infrastructure. Every major economy became addicted to monetary heroin, and seventeen years later, we’re still shooting up.

But the financial crisis was just the catalyst. What makes this a Fourth Turning isn’t the proximate cause but the comprehensive breakdown that follows. Look around. Every institution Americans once trusted—government, media, academia, medicine, law enforcement, intelligence agencies—has suffered catastrophic reputational collapse. When the CDC changes its story for the fifth time, when the FBI raids a former president, when the Supreme Court’s legitimacy is openly questioned, you’re not watching normal political friction. You’re watching the complete unraveling of institutional authority.

This Fourth Turning differs fundamentally from all previous ones because of technology’s role. We’re not fighting with muskets or tanks—we’re fighting with algorithms, narratives, and digital currencies. The battlefield isn’t Gettysburg or Normandy; it’s your smartphone screen, your social media feed, your digital wallet.

Previous Fourth Turnings required mass mobilization of physical bodies. Men marched to war, women worked in factories, everyone bought war bonds. Physical presence mattered. But our Fourth Turning is being fought in the realm of information and perception. When you can’t trust any source of information, when deepfakes make seeing no longer believing, when AI can generate unlimited propaganda at zero marginal cost, how do you even know what you’re fighting for or against? The fog of war has become the fog of everything.

Consider the comprehensive surveillance apparatus that’s emerged since 2008. Edward Snowden’s 2013 revelations showed us the NSA was collecting everything—every email, every text, every call. But that was just the beginning. Now we have AI-powered behavioral prediction, social credit systems, and facial recognition networks. China leads the way with 700 million surveillance cameras—more than half the world’s total—but Western “democracies” aren’t far behind. London has more cameras per capita than Beijing. San Francisco uses the same facial recognition technology as Shanghai.

The COVID-19 pandemic accelerated this technological authoritarianism by decades. Digital vaccine passports normalized the idea that you need government permission to enter a restaurant. Contact tracing apps trained us to accept constant location monitoring. QR codes made every movement trackable. What would have taken a generation to impose gradually was accomplished in months under the banner of “public health”. The ratchet only turns one way—powers gained during a crisis are never voluntarily relinquished.

Consider the Central Bank Digital Currency (CBDC) agenda that’s advancing globally while most people remain blissfully unaware. This isn’t just digitizing money—it’s making money programmable, controllable, censorable. The Federal Reserve, Bank of England, and European Central Bank are all developing CBDCs, following China’s lead with the digital yuan. Imagine a world where your ability to buy gasoline depends on your carbon credit score, where your grocery purchases are limited by your BMI, where your savings can be “expired” to force spending. Money that can’t be used for disapproved purchases, that can be frozen instantly if you express wrongthink.
It’s not imagination — China is already doing it. Europe is launching trials. The Federal Reserve is “researching” it.
This is the ultimate fusion of monetary and social control.

Bitcoin emerged from the 2008 crisis’ ashes with a message embedded in its genesis block: “Chancellor on brink of second bailout for banks”. The cypherpunks who created it—whether Satoshi was an individual or a team—understood that monetary sovereignty required technological sovereignty. But here’s the uncomfortable question: did we play them or did they play us? Bitcoin’s transparent blockchain makes every transaction traceable forever. The NSA’s 1996 paper “How to Make a Mint” described a system remarkably similar to Bitcoin. The CIA met with Gavin Andresen, Bitcoin’s lead developer, in 2011. Was Bitcoin genuine resistance or the perfect trap—getting libertarians to build their own financial panopticon?

The promise was decentralization, but the reality is increasingly centralized. A handful of mining pools control Bitcoin’s hash rate. A few exchanges handle most trading volume. BlackRock and other institutions now dominate ownership through ETFs. The rebels who thought they were building an alternative to Wall Street may have just built Wall Street 2. 0. With better surveillance.

Every Fourth Turning includes a monetary reset. The Revolution gave us the Constitution’s gold and silver clause. The Civil War brought greenbacks and the National Banking System. The Depression/WWII era ended the gold standard domestically and created Bretton Woods. What’s coming this time will be even more dramatic.

The numbers are so large they’ve lost all meaning. The U. S. national debt stands at $37 trillion as of August 2025. Unfunded liabilities—Social Security, Medicare, government pensions—exceed $200 trillion. The Federal Reserve holds over $1 trillion in unrealized losses. Commercial banks sit on $600 billion in underwater securities. We’re not approaching insolvency. We’re already there. Just one repricing away from systemic collapse. And everyone in finance knows it. The only question is whether it happens slowly (inflation), suddenly (default), or systematically (CBDC rollout).

My money, literally, is on “all of the above”.

While Americans fight over pronouns and vaccines, the rest of the world isn’t standing still. The real Fourth Turning story isn’t just about America—it’s about the end of the American Century and the birth of something new. The unipolar moment that began with the Soviet Union’s collapse in 1991 is over. We’re not transitioning to a new order but to disorder—multiple competing power centers with incompatible worldviews and no hegemon strong enough to impose rules.

Russia and China’s “no limits” partnership, announced February 4, 2022, just before the Ukraine war, represents the most significant geopolitical realignment since the Molotov-Ribbentrop Pact. Unlike that cynical arrangement between natural enemies, this reflects genuine strategic convergence.

Let that sink in.

The two largest threats to American hegemony have decided they’re better off together than apart. China needs Russian resources and military technology. Russia needs Chinese markets and manufacturing. Both need to break American hegemony. Their combined nuclear arsenals, industrial capacity, and geographic position make them essentially unsanctionable and uncontainable. While we’ve been focused on internal divisions, they’ve been stockpiling gold, building alternative payment systems, and creating a parallel world order that doesn’t need dollars or SWIFT.

I’ve called this “water finding a way”—capital, trade, and power flowing around obstacles like sanctions and finding new channels. The West sanctions Russia, so Russia sells oil to India and China at a discount. We freeze Russian reserves, so everyone else starts wondering if their dollars are safe. We weaponize SWIFT, so they’re building alternative payment systems. Every action creates an equal and opposite reaction, and we’re too arrogant to see we’re accelerating our own replacement.

But perhaps the most devastating loss isn’t monetary or military—it’s moral. The West built its post-WWII hegemony not just on military might and economic power, but on moral authority. We are the “good guys” who defeated fascism, rebuilt Europe, and championed democracy and human rights. That moral high ground is gone, destroyed by our own hypocrisy. When we lecture others about sovereignty while expanding NATO to Russia’s borders despite promises not to, when we invoke “rules-based order” while ignoring international law when convenient, when we sanction countries for actions we ourselves commit—the world sees increasingly through it.

Take Ukraine. We frame it as democracy versus autocracy, good versus evil. But Russia has legitimate security concerns that we’ve deliberately ignored for decades. How would America react if China formed a military alliance with Mexico and stationed missiles in Tijuana? We know exactly how—we nearly started nuclear war over Soviet missiles in Cuba. Yet we expect Russia to accept NATO expansion to its borders as normal. The West could have guaranteed Ukrainian neutrality and avoided this war entirely. Instead, we used Ukraine as a proxy to bleed Russia, but it’s Ukraine that’s bleeding out. Hundreds of thousands dead. For what? So Victoria Nuland could have another regime change on her résumé?

Or look at Gaza. Israel is systematically destroying an entire population—bombing hospitals, schools, refugee camps, killing journalists, aid workers, children by the thousands. The International Court of Justice is investigating genocide charges. They issued arrest warrants. Yet the same Western leaders who thundered about Russian war crimes provide Israel with weapons and diplomatic cover for atrocities that shock the conscience.
When you can watch children being deliberately starved and bombed while your government calls it “self-defense”, something fundamental breaks in your worldview. The system reveals itself as not just flawed but actively evil.

This moral bankruptcy accelerates the Fourth Turning’s institutional collapse. When people see their governments supporting genocide while preaching human rights, enabling war crimes while demanding justice, destroying countries while claiming to protect democracy—they don’t just lose trust in leaders. They lose faith in the entire Western project. Every Palestinian child killed with American weapons creates a hundred people who will never believe the Western moral claims again. Every Ukrainian conscript sent to die for NATO expansion makes a mockery of our “defensive alliance”. The hypocrisy isn’t just noted; it’s radicalizing.

The Ukraine war thus becomes a triple failure. Militarily, it demonstrates that despite spending more than the next ten nations combined, we can’t defeat Russia in its own backyard. Economically, our sanctions backfire, strengthening alternative systems while weakening our own. But most critically, morally, it exposes the lies undergirding the entire system. We’re not defending democracy—we’re pursuing hegemony. We’re not protecting sovereignty—we’re expanding empire.

e’re not the good guys.

We’re just another power, playing the same brutal game, whilst demanding everyone pretend otherwise.

The expansion of BRICS in 2024 to include Saudi Arabia, Iran, Egypt, Ethiopia, and the UAE wasn’t just about adding members—it was about creating a critical mass. BRICS now represents 45% of the global population, 35% of global GDP, and controls most of the world’s critical resources.

More importantly, it offers an alternative.

Countries can now access development funding without IMF conditionalities, trade without SWIFT, and maintain reserves without dollars. Every country that joins weakens the Western system and strengthens the alternative.

The Middle East’s transformation is particularly striking.

Saudi Arabia, America’s most important Arab ally since 1945, is now buying Chinese fighters, pricing oil in yuan, and coordinating with Russia on production cuts. The Abraham Accords, trumpeted as an historic achievement, are being superseded by Chinese-brokered agreements. When Iran and Saudi Arabia restored relations under Chinese auspices in 2023, it marked the end of American diplomatic monopoly in the region.

But the real prize is Taiwan. If China takes Taiwan —increasingly likely given war game results— without an American military response, the entire American alliance system will collapse overnight.

Japan, South Korea, the Philippines, and Australia would have to accommodate China.

The dollar would lose reserve status as countries realized American security guarantees are worthless.

It wouldn’t be a military defeat but a psychological collapse—the moment everyone realizes the emperor has no clothes.

The tragedy is that America’s military, despite spending more than the next ten nations combined, can’t win wars anymore. We couldn’t defeat the Taliban after twenty years. We can’t build ships that work—the Littoral Combat Ship, Zumwalt destroyer, and Ford-class carrier programs are all disasters. We can’t even supply Ukraine with enough 155mm shells, the most basic artillery ammunition. The military-industrial complex is optimized for profit, not victory. And now we’re paying the price.

Fourth Turnings are generational psychodramas where each archetype plays its destined role. But something’s different this time—the actors seem to be forgetting their lines.

The Boomers (our Prophet generation) should be the Gray Champions providing moral clarity during the Crisis. Instead, they are the crisis. They’ve held power longer than any generation in American history and refuse to let go. Biden, Trump, Pelosi, McConnell—all in their 80s or late 70s, all clinging to power like Gollum to his precious. The oldest president in American history is followed by the second-oldest. Congress looks like a nursing home. The Supreme Court is a gerontocracy. They won’t pass the torch; it will have to be pried from their cold, dead hands.

But which Boomer is the Gray Champion? Trump fits the archetype—the charismatic elder who emerges during the Crisis to remake society. His first term was prologue; his return in 2025 could be the main act. He has the prophetic certainty, the devoted following, the absolutist vision. But Gray Champions are supposed to unite society for collective purpose, and Trump divides as much as he inspires. Maybe that’s the point—maybe this Fourth Turning’s Gray Champion destroys the old order rather than defending it.

Generation X, my generation, are playing our Nomad role perfectly—cynical survivors building escape routes. We’re the ones stacking gold, learning skills, moving to rural areas, homeschooling our kids. We don’t believe in collective anything because every institution failed us. Latchkey kids who raised ourselves, we learned early that self-reliance is the only reliability. We’re not trying to save the system; we’re trying to survive its collapse.

But it’s the Millennials who worry me. They’re supposed to be the Hero generation—the ones who should come together, sacrifice for the collective purpose, and rebuild from the ashes. Previous Hero generations—the Republicans who fought the Revolution, the Gilded who won the Civil War, the GI Generation who defeated fascism—had external enemies to unite against. This generation can’t even agree on basic reality.

Half of them want socialism without understanding that socialism requires a social cohesion they don’t have. The other half chase wealth through crypto and day-trading while living in their parents’ basements.

They’re the most educated generation in history but can’t do basic repairs.

They’re the most connected but loneliest.

They’re supposed to be heroes, but they’re barely functional adults.

Maybe that’s harsh, but Fourth Turnings don’t care about hurt feelings.

The problem might be that this generation’s Crisis is too abstract.

Climate change is the perfect example—it’s an ever-shifting, never-reached goal that keeps moving further away the closer we supposedly get. First it was global cooling in the 1970s, then global warming, now “climate change” to cover all bases. The apocalypse is always 10 years away—in 1989, the UN said we had until 2000 before irreversible damage. In 2006, Al Gore gave us 10 years. In 2019, Greta gave us 12. The goalposts keep moving, the demands keep escalating, but the emergency never quite arrives.

You can’t defeat climate change like you can defeat Nazi Germany. There’s no V-E Day for carbon emissions, no unconditional surrender of greenhouse gases. It’s a permanent crisis requiring permanent sacrifice with no victory condition—exactly the kind of nebulous threat that demobilizes rather than mobilizes.
Systemic racism is another concept, not a Confederate army you can defeat at Gettysburg.

COVID was scary. But not scary enough. A 99% survival rate doesn't mobilize like Pearl Harbor.

Our heroes need something concrete to fight against, and they might get it soon enough.

Generation Z and Alpha, our emerging Artists, are being shaped by this Crisis in ways we don’t yet understand. They’re growing up with screens instead of friends, algorithms instead of thoughts, anxiety as baseline. Previous Artist generations were overprotected physically but connected socially. This one is overprotected digitally but isolated physically. They might be the first generation that’s more comfortable in virtual reality than actual reality. Whether that prepares them for the future or ruins them for it remains to be seen.

Every Fourth Turning includes cultural revolution—the complete inversion of previous values. What was sacred becomes profane; what was profane becomes sacred. We’re living through that inversion now, and it’s more extreme than anything since the 1960s.

The traditional family structure, foundation of every successful society in history, is now “heteronormative oppression”. Having children is selfish environmental destruction. Marriage is patriarchal enslavement. Meanwhile, drug use is harm reduction, crime is social justice, and mental illness is identity. We’re not just tolerating dysfunction; we’re celebrating it. The DSM-5 has become a character creation guide.

The gender revolution is particularly telling. Not content with equal rights—a worthy goal achieved decades ago—we’ve moved to denying biological reality itself. Men can be women. Women can be men. Children can choose their sex like they choose breakfast cereal. Anyone who points out biological facts is a “transphobe” who must be destroyed. We’re performing medical experiments on children that would have been considered crimes against humanity a generation ago, and we call it “healthcare”.

This isn’t organic social evolution—it’s engineered chaos. Every institution pushes the same message simultaneously. Corporations mandate pronoun training. Schools teach gender fluidity to kindergartners. Media celebrates each new boundary pushed. It’s too coordinated to be coincidental. Someone benefits from this social dissolution.
And it’s not the confused kids getting surgeries they’ll regret.

The racial revolution follows similar patterns. Not content with civil rights—another worthy goal largely achieved—we’ve moved to racial revenge. “Antiracism” means active racism against whites and Asians. “Equity” means equal outcomes regardless of effort. “Diversity” means everyone thinks the same but looks different. Martin Luther King’s dream of colorblind society is now considered racist. We’re re-segregating schools and calling it progress.

The religious revolution completes the trifecta. Traditional Christianity, the bedrock of Western civilization for two millennia, is now “hate”. Churches that maintained consistent doctrine for centuries are “bigoted”. Meanwhile, we’ve created new religions—wokeism, climatism, covidism—complete with original sin (privilege/carbon/unvaccination), confession (struggle sessions), and excommunication (cancellation). These new faiths are more intolerant than any Inquisition.

The purpose of cultural revolution isn’t progress—it’s demoralization.

When you can make people affirm obvious lies, you’ve broken their spirit.

When you can make them betray their children, you’ve broken their souls.

When nothing is sacred, nothing is worth defending.

A demoralized population doesn’t resist tyranny; it welcomes it as relief from chaos.

But cultural revolutions create their own antibodies.

The more extreme the push, the more violent the snapback.

Parents discovering what schools are teaching their kids become activated.

Workers forced into struggle sessions become radicalized.

Normal people told they’re evil for being normal don’t stay normal—they become resistance.

Resolution Scenarios for the 2030s

Based on historical patterns and current trajectories, this Fourth Turning will resolve somewhere between 2028 and 2033. But resolution doesn’t mean return to normal—it means transformation into something unrecognizable. Let me paint the possibilities as I see them.

The Breakup (Most Likely)

Trump returned as the Gray Champion in 2025, but not the Trump of 2017. This is a Trump unleashed, a Trump with nothing to lose, a Trump surrounded by true believers instead of establishment Republicans. He uses emergency powers to implement his vision—mass deportations, tribunals for the “deep state”, even a possible federal takeover of elections. But here’s where the script diverges from his expectations.

Trump, the self-proclaimed dealmaker and strongman, starts losing.

Everywhere.

He already lost Ukraine—Congress won’t fund it anymore, Europe can’t sustain it alone, and Russia grinds to victory through sheer attrition.
He loses Iran—they get the bomb while he’s tweeting threats, fundamentally altering Middle Eastern power dynamics.
He tries to bully Venezuela with military threats and sanctions, but they’ve learned from watching Russia that America’s bark is worse than its bite.

Each loss emboldens the next challenger. The world realizes the emperor truly has no clothes.

Seeing that he’s losing both militarily and morally—with Israel’s ongoing genocide in Gaza destroying what remained of American moral authority—Trump does what all failing empires do: he turns inward. But this creates an economic catastrophe. His tariffs, meant to punish others, punish Americans with inflation. His pressure on the Fed to cut rates despite soaring prices destroys dollar credibility. His continued weaponization of USD and SWIFT drives even allies to seek alternatives.
Suddenly, all those dollars held overseas come flooding home—tens of trillions seeking safety as global trade abandons the greenback.

The dollar hyperinflates into toilet paper.

The resulting inflation isn’t the 1970s redux everyone expects—it’s Weimar Germany. When bread costs $50 and gas hits $20 a gallon, society doesn’t slowly decay; it collapses. Supply chains that never fully recovered from COVID snap completely. Cities that depend on just-in-time delivery face actual starvation. The EBT system fails, and 40 million Americans lose food assistance overnight. The military, traditionally conservative and oath-bound, doesn’t splinter—it hunkers down, protecting what it can, essentially writing off ungovernable areas.

Blue states, which never really accepted Trump’s legitimacy anyway, make it official. California stops sending tax revenue to Washington—why fund a government that hates you? New York follows suit. Illinois, Oregon, Washington state—they all realize they’re subsidizing their own oppression. The federal government, broke from lost wars and fleeing dollars, can’t enforce compliance. It’s not 1861 where Lincoln could raise an army to preserve the union. The military won’t fire on Americans, and Trump doesn’t have the loyalty to make them.

By 2035, America follows the Soviet playbook. Not violent collapse but exhausted dissolution. The federal government, like Gorbachev’s Kremlin, simply becomes irrelevant. States stop listening, regions form their own arrangements, and one day everyone realizes the United States exists only on maps nobody updates anymore.
The empire doesn’t fall—it evaporates.

The Breakup v2 (Increasingly Possible)

The differences prove irreconcilable. After another disputed election—2028 seems likely—states start going their own way. Not through formal secession but through nullification and non-cooperation. Red states refuse to enforce federal gun laws. Blue states refuse to enforce immigration law. Both refuse to send tax revenue for programs they oppose.

The federal government, broke and impotent, can’t enforce its will. The military, asked to fire on Americans, refuses or splits. Washington becomes ceremonial while real power devolves to regions. The Pacific states form an economic union with Canada and Asia. Texas remembers it was once a republic. The Northeast aligns with Europe. The heartland goes its own way.

By 2035, America exists on paper but not in practice. The dollar is replaced by regional currencies or Bitcoin. The military splits into state militias. The federal government maintains embassies and negotiates treaties, but has no domestic power. It’s not civil war—it’s civilized divorce. Messy, expensive, but better than the alternative.

The War Resolution (Plausible but Dangerous)

Taiwan is the obvious flashpoint. China invades in 2027, calculating America won’t risk nuclear war over an island. They’re right—we won’t—but we don’t back down either. Economic war escalates to cyber war escalates to proxy war escalates to... what? Not nuclear exchange—everyone loses—but something new. Bioweapons that target specific ethnicities? AI-controlled drone swarms that can’t be stopped? Infrastructure attacks that kill millions without firing a shot?

Or maybe it’s Iran. Israel finally figures out how to strike their nuclear program. Iran retaliates. America gets drawn in. Russia backs Iran. China backs Russia. Suddenly we’re in World War III without anyone planning it. The Middle East burns. Europe freezes without Russian gas. Asia starves without Middle Eastern oil. Supply chains collapse. Billions face famine.

The war isn’t won or lost—it just ends when everyone’s exhausted. America “wins” by not losing as badly as others, but the victory is pyrrhic. A generation is traumatized. The economy is destroyed. The empire is over. We retreat to our hemisphere, rebuild what we can, and try to forget. The 2030s are about recovery, not prosperity.

The Transformation (Hopeful but Unlikely)

Maybe, just maybe, this Crisis catalyzes genuine renewal instead of collapse. A new generation of leaders emerges—not Boomers clinging to power but GenX/Millennial hybrids who understand both technology and reality. They implement radical but necessary reforms: a constitutional convention that updates our 18th-century operating system for a 21st-century reality, a monetary reset that includes a debt jubilee and sound money, a healthcare system that actually provides health rather than profits, an education system that teaches skills rather than ideology, and a political system that represents people rather than its donors.

Technology gets harnessed for liberation rather than control. Open-source AI breaks the corporate monopolies. Mesh networks break surveillance states. Cryptocurrency breaks central banks. 3D printing breaks supply chain dependencies. Unlimited clean fusion energy breaks resource scarcity. We don’t return to the past but create a future that honors what worked while fixing what didn’t.

By 2035, America is smaller globally but stronger domestically. We’re not the world’s policeman anymore but we’re not an isolationist either. We trade with everyone, ally with those who share our values, and mind our own business otherwise. The federal government is smaller but more effective. States have more autonomy but share a common purpose. It’s not utopia but it’s sustainable.

After the Storm: The Coming High

History suggests that however this Fourth Turning resolves, a High will follow. Spring always follows winter, even the harshest winter. The question isn’t whether we’ll emerge but what we’ll look like when we do.

Previous Highs shared common characteristics that we’ll likely see again. Social cohesion will replace atomization—people will desperately want to belong to something larger than themselves after years of isolation and conflict. Institutional authority will be restored—not the old institutions but new ones built by Crisis’ survivors who know what failure costs. Conformity will be valued over individualism—after chaos, order will feel like freedom. Economic growth will explode—all the delayed investment and deferred consumption will be released all at once.

But this High will be different because the world is different. It won’t be American-dominated—that era is over regardless of how this Crisis resolves. It might not even be Western-dominated. The center of global civilization could shift to Asia for the first time in 500 years. Or we might see true multipolarity—regional powers managing regional spheres without a global hegemon.

Technology will define the new High more than politics will. Artificial intelligence will be either a tool of total control or liberation depending on who controls it. Bioengineering will extend the human lifespan—but perhaps only for those who can afford it. Fusion energy might provide unlimited clean power—or remain forever 20 years away. Space colonization could open infinite resources—or remain science fiction. The choices made during the resolution of this Crisis will determine which future we get.

The Millennials who survive this Crisis will be different than the ones who entered it. The Crisis completes this Hero’s generation development—it burns away weaknesses and forges strength. They’ll build institutions with the knowledge of how previous ones failed. They’ll raise children in a stability they never knew themselves. They’ll create art that celebrates order rather than chaos.

They’ll be boring, and that will be beautiful.

Their children, the new Artists, will grow up in a world we can barely imagine. They might be the first generation that’s more machine than human—enhanced, augmented, connected to AI from birth. Or they might rebel against technology entirely, seeking authenticity in a synthetic world. Either way, they’ll be shaped by the High we create, just as we were shaped by the Crisis we’re enduring.

The 2030s and 2040s could be golden if we navigate this Crisis successfully. Imagine fusion finally working, providing unlimited clean energy. Imagine AI eliminating drudgery while humans focus on creativity. Imagine biotech defeating aging, adding healthy decades to life. Imagine space colonies opening infinite resources. Imagine governance that actually represents people. Imagine money that can’t be debased. It’s all possible—if we survive.

But survival isn’t guaranteed. Rome had its Fourth Turning and ended up with the Dark Ages. China had multiple Fourth Turnings that led to centuries of stagnation. The Soviet Union had a Fourth Turning and ceased to exist. The difference between renewal and collapse often comes down to leadership at the crucial moment. Do we get Lincoln or Buchanan? FDR or Hoover? Churchill or Chamberlain? The answer determines whether our grandchildren curse or bless our memory.

What this means for you

So we’re living through the most dangerous period in world’s history since World War II. What do we actually do about it? The answer depends on who we are and what we can control.

First and foremost: accept that this is structural, not political. Your candidate winning won’t fix it. Your party taking control won’t stop it. The system itself is what’s breaking, and it needs to break for something new to emerge. Fighting to preserve the current system is like trying to hold back winter—exhausting and futile. Better to prepare for spring while others freeze.

Secondly, position yourself for multiple scenarios. Geographic diversification matters—have somewhere else you can go if your area becomes untenable. This doesn’t mean fleeing the country necessarily, but having options. A rural property, family in another state, even just camping gear and a plan. When cities burned in 2020, those who could leave did. Those who couldn’t suffered.

Financial diversification is crucial but complicated. Yes, own gold and silver—physical metal you can hold, not ETF promises. But also understand their limitations. Gold doesn’t earn yield. Silver is bulky. Both can be confiscated or taxed into uselessness. Diversify across jurisdictions, asset classes, and storage methods. Some gold in a safe. Some silver buried. Some Bitcoin in cold storage. Some cash in small bills. Some barterable goods—ammunition, alcohol, antibiotics. Don’t put all your eggs in any basket because all baskets have holes.

Skills diversification might matter most. Learn to grow food—even apartment dwellers can grow something. Learn basic medical care—when hospitals are overwhelmed, basic knowledge saves lives. Learn to fix things—when supply chains break, repair becomes invaluable. Learn self-defense—when police won’t come, you’re on your own. Learn to teach—your children might need homeschooling. These skills have value regardless of which scenario plays out.

Community building is essential but difficult. Modern Americans barely know their neighbors, let alone trust them. But any crisis creates rapid bonding—shared danger builds relationships faster than years of small talk. Identify who around you is reliable. Build relationships before you need them. But be careful—the person flying the right flag might be an informant. The one flying the wrong flag might be an ally. Judge by actions, not words.

Mental preparation matters more than physical. This Crisis will last years more. You can’t maintain panic that long—you’ll burn out. You need sustainable vigilance—alert but not anxious, prepared but not paranoid. History is your friend here. Read about previous Fourth Turnings. Understand that a Crisis is normal, not exceptional. Our ancestors survived worse with less. You can too.

Most importantly, understand that you’re living through history, not the end of it. Yes, the West as you knew itmight be ending. But something new is being born. You get to participate in that birth. That’s not a burden—it’s a privilege. Most humans live boring lives in boring times. You get to live through transformation. Your choices matter. Your actions have consequences. Your life has meaning.

The Fourth Turning will end, probably around 2035. You’ll either be a survivor who helped shape the new order or a casualty who didn’t. The choice—and it is a choice—is yours.

The Choice Before Us

We stand at history’s inflection point. Behind us, the familiar world dissolves into memory—the American Century, the post-war order, the assumptions that guided our parents and grandparents. Ahead, something new struggles to be born—unclear, unformed, but inevitable. We can’t go back. That bridge is burned. We can only go forward, through the Crisis, to whatever awaits on the other side.

The Fourth Turning isn’t a prophecy—it’s a pattern. And patterns can be understood, navigated, even shaped by those who see them clearly. Our ancestors faced their Fourth Turnings without understanding the cycle. We have the advantage of historical perspective. We know this is temporary. We know it’s survivable. We know it’s necessary.

But knowing and doing are different things.
Knowing winter comes doesn’t keep you warm—preparing for it does.
Knowing that the Crisis peaks before its resolution doesn’t make the peak any less dangerous—it might be even more so.
Knowing previous generations survived doesn’t guarantee we will—that depends on our choices.

The water is boiling all around us. Some are hardening into stronger versions of themselves. Others are dissolving into mush. The difference isn’t random—it’s about what you’re made of and how you respond to heat. You can’t control the temperature, but you can control your composition.

These times demand passion, compassion, commitment, full-speed-ahead engagement with life.

Not because it’s comfortable—it’s not.

Not because it’s safe—it won’t be.

But because we’re living through the most consequential period in American history since World War II. Our choices will echo for generations. Our actions will be studied by historians. Our courage or cowardice will determine whether the Western experiment continues or ends.

The Fourth Turning suggests we have about five more years of Crisis before resolution.
Five years of increasing chaos, conflict, and transformation.
Five years that will feel like fifty.
Five years that will determine the next fifty.

Are you ready?

The storm is here.

The old world is dying.

The new world awaits.

What are you going to do about it?

*  *  *

Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.

Tyler Durden Fri, 11/14/2025 - 23:25

Russia Still Open To Trump-Backed Peace Talks, But Ukraine Must Open Door: Kremlin

Zero Hedge -

Russia Still Open To Trump-Backed Peace Talks, But Ukraine Must Open Door: Kremlin

Clearly the status of US efforts to find peace in Ukraine have stalled to the point of dying, following the Trump-Putin summit in Alaska back in August. Since then attacks on energy sites by both warring countries have only intensified.

The White House in the meantime unleashed its latest round of sanctions targeting Russia's two state oil majors Rosneft and Lukoil. All of this represented an inability to find compromise. But Russia has the upper-hand and saw no real effort from Washington to push Ukraine into territorial concessions in the east - the one thing that would probably end the war. This week Russian Presidential Spokesman Dmitry Peskov explained that the Kremlin is still open to a negotiated settlement

The Thursday Kremlin statement was the first on the prospect of returning to the peace table in a long time. "Given the lack of an opportunity to continue negotiations, we will certainly proceed with the special military operation to achieve the objectives set by the Supreme Commander-in-Chief and the President [Vladimir Putin]," Peskov said. 

He continued, "Russia is open to settling the Ukrainian conflict via political and diplomatic means. But with the lack of such an opportunity, when the doors for this have been slammed shut by the Kiev regime, we continue with the special military operation."

Despite Russian forces having made significant gains of late in the Donbass, President Zelensky has continued to try and rally Western support - including demands for NATO to help "close the skies". He has also been demanding that Putin be tried for war crimes.

Since a mid-October phone call with Putin, the question of President Trump meeting with the Russian leader in Hungary has also constituted a stalled prospect.

But for a peace process to be set in motion again, there would have to be a meeting with Trump, the Kremlin has said.

"The issue of a new meeting between the presidents was discussed in this context by Lavrov in a phone call with Rubio on October 20," TASS has newly quoted the foreign ministry as saying. "The summit is definitely necessary, but it must be preceded by careful organizational and substantive preparation. However, this is only feasible if the US firmly adheres to the Anchorage agreements."

So Washington is being chastised here too, in terms of thwarting peace. "We are convinced that the practical details of the meeting between the presidents must be worked out in the spirit of the understandings reached in Alaska," the Kremlin side continued.

And yet by the time the sides to potentially or eventually reach the negotiating table, Russia is likely to be in an even better position on the battlefield, at the rate things are going near Pokrovsk, for example.

Tyler Durden Fri, 11/14/2025 - 23:00

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