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Update: Lumber Prices Down 8% Year-over-year

Calculated Risk -

Here is another update on lumber prices.
SPECIAL NOTE: The CME group discontinued the Random Length Lumber Futures contract on May 16, 2023.  I switched to a physically-delivered Lumber Futures contract that was started in August 2022.  Unfortunately, this impacts long term price comparisons since the new contract was priced about 24% higher than the old random length contract for the period when both contracts were available.
This graph shows CME random length framing futures through August 2022 (blue), and the new physically-delivered Lumber Futures (LBR) contract starting in August 2022 (Red).
On November 28, 2025, LBR was at $544.00 per 1,000 board feet, down 7.6% from a year ago.
Lumber PricesClick on graph for larger image.

There is somewhat of a seasonal demand for lumber, and lumber prices frequently peak in the first half of the year.
The pickup in early 2018 was due to the Trump lumber tariffs in 2017.  There were huge increases during the pandemic due to a combination of supply constraints and a pickup in housing starts.  
Now, even with the tariffs, prices are down slightly year-over-year suggesting weak demand.

NATO's Potential "Anschluss" With Austria Would Be For Purely Narrative Reasons

Zero Hedge -

NATO's Potential "Anschluss" With Austria Would Be For Purely Narrative Reasons

Authored by Andrew Korybko via Substack,

This would be nothing but “another (faux) victory over Putin” that could be spun as having made the populace’s reduced living standards worthwhile after they dropped due to the anti-Russian sanctions.

Former Russian President and incumbent Deputy Chairman of the Security Council Dmitry Medvedev published a piece at RT in late August about “NATO’s Anschluss” in which he warned about the consequences of Austria joining the bloc like some there want to do. This issue affects his country’s prestige since the USSR was one of the guarantors of Austrian neutrality. Any unilateral moves towards NATO membership in violation of Moscow’s veto would therefore provoke an international legal crisis.

This would accelerate the breakdown of international law that’s been in progress for a while and bring the West closer towards fully revising the post-WWII order in Europe. Germany’s remilitarization plans from 2022 onward arguably made this a fait accompli but Austria’s moves towards NATO membership might finally provoke a long-awaited political crisis over this issue. Medvedev also proposed that international institutions in Vienna be relocated abroad to a truly neutral country in that scenario.

As for the military-security consequences, he warned that “Austria’s Bundesheer units may find themselves included in the Russian Armed Forces’ long-range mission plans. A package of countermeasures was adopted against Sweden and Finland after their NATO accession, and Austria should not expect any exceptions here.” Any NATO-Russian war would likely result in Austria becoming unlivable whether it’s neutral or not, as well as a lot of the Northern Hemisphere, so that’s a moot point.

Nevertheless, it’s important for Austrians to realize that they’d be shattering their country’s neutral reputation and putting a target on their backs in the event of war, but none of that matters for NATO. Its potential “Anschluss” with Austria would be for purely narrative reasons in order to spin it as “another (faux) victory over Putin” to go along with Finland and Sweden’s membership in NATO. The scenario of Serbia sanctioning Russia and Bosnia fast-tracking its NATO membership would complement this notion.

The goal of NATO’s proxy war on Russia through Ukraine has always been to inflict a strategic defeat upon Russia, first by using Ukraine as a platform from which Russia could be blackmailed into submission via NATO infrastructure there and then via more direct means after the special operation sought to preempt that. After the special operation, this goal was openly declared and advanced through the dual means of sanctions and then 2023’s counteroffensive, but both failed and a strategic defeat was averted.

Accordingly, any political resolution of the Ukrainian Conflict will therefore be seen as a defeat for the West, ergo the need to engineer faux victories that could be spun as having made the populace’s reduced living standards worthwhile after they dropped due to the anti-Russian sanctions. Formalizing Finland’s and Sweden’s NATO memberships after years of them being de facto members and the bloc’s “Anschluss” with Austria are easy means to this end while the mentioned Balkan ones are a bit tougher.

Circling back to Medvedev’s article, he’s right about the legal-political and military-security consequences of Austria joining NATO, but his piece could have benefited by addressing the question of why this is being discussed right now despite it having no significant impact on the balance of power. The answer is that it’s all for perception management purposes vis-à-vis the Western public after the Ukrainian Conflict failed to result in Russia’s strategic defeat despite the costs that they’ve paid for this.

Tyler Durden Sun, 11/30/2025 - 07:00

4 Dead, 10 Wounded After Mass Shooting At Stockton, California Banquet Hall

Zero Hedge -

4 Dead, 10 Wounded After Mass Shooting At Stockton, California Banquet Hall

Four people were killed and ten others wounded late Saturday in Stockton, California, after a gunman opened fire inside a banquet hall during a family birthday party. This is a shooting that authorities say appears to have been a "targeted" one.

Authorities say they received calls of a shooting just before 1800 local time near the 1900 block of Lucile Avenue.

San Francisco Chronicle reports

The San Joaquin County Sheriff's Office said it received reports of a shooting in the 1900 block of Lucile Avenue around 6 p.m., the office said.

Stockton Vice Mayor Jason Lee said, on a social media post, a children's birthday party was the site of a mass shooting, adding that an "ice cream shop should never be a place where families fear for their lives."

However, the Associated Press reported that the shooting occurred at a banquet hall, and that the victims were both children and adults.

The sheriff's office said there are indications that the shooting could have been a targeted attack.

Gov. Gavin Newsom's Office wrote on X that they've "briefed on the horrific shooting in Stockton." 

Fox News reported early Sunday that the shooter remains at large, prompting a massive manhunt as authorities work to track down the suspect.

*Developing... 

Tyler Durden Sun, 11/30/2025 - 06:35

10 Sunday Reads

The Big Picture -

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures:

Inside the DOGE Succession Drama Elon Musk Left Behind: What really happened when he logged out of Washington. (Politico)

They were looking for work — but found a scam instead: Innovative scammers are posting jobs that are nearly indistinguishable from legitimate listings, including on trusted websites like LinkedIn and ZipRecruiter. (NBC News) see also Americans With Four-Year Degrees Now Comprise a Record 25% of Unemployed Workers: Americans with four-year college degrees now comprise a record 25% of total unemployment, underscoring a sharp slowdown in white-collar hiring this year. (Bloomberg)

AI Meets Aggressive Accounting at Meta’s Gigantic New Data Center: Favorable treatment off the balance sheet hinges on some convenient assumptions. (Wall Street Journal)

What It Takes to Defeat the Leaf Blowers: To end the use of gas-powered blowers, advocates in one New Jersey town focused on public health and made their case directly to local elected leaders. (CityLab)

New X Games: Legitimate Groyper or Bangladeshi Bot? The ragebait in your timeline may be coming from abroad. (The Bulwark) see also On the Internet No One Knows You’re a “MAGA patriot” in Lagos: On X’s new location feature… (Agents of Influence)

The Ultrarich Are Spending a Fortune to Live in Extreme Privacy: In Miami and elsewhere, the wealthy are moving in increasingly private spheres, shelling out big money to bypass the indignities of public life. (Wall Street Journal)

Deportation Inc.: Cost to Deport One Person: The US government says it spends an average of $17,121 to deport a single person. One man’s journey through the process shows the price can be significantly higher. (BusinessWeek)

It’s the ‘most important fish in the sea.’ And it’s disappearing. If the menhaden decline continues, striped bass could be next to vanish.  (Washington Post) see also First, the frogs died. Then people got sick. An emerging area of research is uncovering surprising links between nature and human health. (Washington Post)

Recycling Lead for U.S. Car Batteries Is Poisoning People: This is what the auto industry wants people to see: sparkling factories turning reclaimed lead into batteries for Ford, Toyota, GM and the rest. But in Africa’s lead recycling capital, reality looks very different. Factories are poisoning people. We know because we tested them. (New York Times)

The Olivia Nuzzi and RFK Jr. Affair Is Messier Than We Ever Could Have Imagined: Inside the most important, and also least important, story of our time (The Ringer) see also We Are Not Amused: The Olivia Nuzzi Return is a Disgrace. Olivia Nuzzi Return is a Disgrace (Unpopular Front)

Be sure to check out our Masters in Business interview this weekend with Wilhelm Schmid, CEO of famed watchmaker A. Lange & Söhne, the Glashütte, German watchmaker, recorded live at the Audrain Newport Concours d’Elegance.

 

More Americans are getting their power shut off, as unpaid bills pile up

Source: Washington Post

Sign up for our reads-only mailing list here.

~~~

To learn how these reads are assembled each day, please see this.

 

The post 10 Sunday Reads appeared first on The Big Picture.

The United States Of Delusion

Zero Hedge -

The United States Of Delusion

Authored by Buck Sexton via DailyReckoning.com,

If I looked you in the eye and told you the Rocky Mountains don’t exist, you’d think I was crazy.

But give me time, and I could make you believe it.

I wouldn’t need threats or force. I wouldn’t really even need a good argument.

All I’d need is steady, confident repetition. The kind that comes from the voices you already trust.

Say, you lived out on the eastern plains of Colorado. The land is flat and the horizon looks empty.

You’ve got a job, a family, responsibilities. You’re not driving hours west to confirm whether a mountain range is sitting there; it’s not like it’s urgent.

So you don’t push back. You just absorb the disinformation.

And soon enough, you’re not just accepting the idea, you’re defending it.

Your identity becomes wrapped in the belief that the world is exactly as you were told it is.

Any challenge to that belief feels like a personal attack.

Then one afternoon, you drive a little farther than usual and there it is. The massive, immovable Rockies, exactly where they’ve always been

And instead of asking, “Why was I misled?” you lash out.

Who put these mountains here? This disrupts everything! Who do I blame?

And people just like you begin insisting that the problem isn’t the lie… It’s the chain of mountains.

Nothing changed about the Rockies, only your relationship to reality changed.

This is how real manipulation works.

Not by controlling your actions, but by controlling the lens you use to see the world. So when reality finally shows up, you treat reality itself as the enemy.

And that is exactly where America is right now.

The Mountains in Plain Sight

The same psychological trick is being played on the entire country.

For years, people have been told certain problems simply don’t exist and that the “mountains” rising out of our national landscape are illusions.

You know the list: The border isn’t wide open, crime is down, failing schools are fine, our cities are flourishing. Nothing is wrong with the country’s direction.

Millions of people have accepted these claims not because they’ve verified them, but because they’ve heard them repeated endlessly by institutions they once trusted.

And when the evidence becomes undeniable, their instinct isn’t to reconsider…

It’s to rage.

This is Manufactured Mass Hysteria.

And that’s the single greatest danger facing the U.S. now…

Millions of Americans walking straight into the shadow of mountains they’ve convinced themselves don’t exist.

This Is What Actually Breaks a Country

I’m coming out with a book on this phenomenon, called Manufacturing Delusion. I’ll share more about it in a moment, but the core idea is simple:

Americans can handle hardship. We cannot handle insanity.

This country has survived world wars, economic depressions, political violence and cultural upheaval. We adapted. We endured. We rebuilt.

Hardship isn’t new to us. But widespread derangement will break us as a nation.

And unfortunately, that’s exactly where left-wing politics has taken us. We’re in a very dangerous moment when mass delusion is the preferred weapon of mobilization.

They make people crazy… And they make them crazy on purpose.

Totalitarian systems have used these methods for more than a century. The architecture of mind control has been studied, refined, tested and deployed across the world.

Propaganda, psychological conditioning and censorship operate on predictable principles.

Once you understand these principles, you’ll start to see them everywhere.

This is the material I lay out in my book — the mechanics of manipulation, the scientific foundation of how it works, the incentives that keep it running and why it’s happening right now.

We don’t have the luxury of viewing this as an academic exercise, because the consequences are unfolding in real time.

The cost of this engineered insanity is rising, and the country is feeling it.

How the Conditioning Nearly Killed a President

You don’t have to look far to see what manufactured delusion produces.

Look at what happened this week.

The country already knew that a young man tried to assassinate President Trump in July 2024. That part has been public for more than a year.

Only now do we have a clear picture of who the attacker actually was.

And the profile is exactly what you would expect in an era shaped by psychological destabilization…

A self-identified “they/them,” furry-obsessed, left-wing tranTIFA extremist.

Someone whose entire online presence is a collage of ideological confusion, identity instability and rage manufactured by years of propaganda.

This guy wasn’t writing insane stuff in his basement somewhere…

This was a person shaped — deliberately — by the emotional machinery of the modern left.

And he came within inches of killing a president and derailing a U.S. election.

Inches.

We were one breath away from a national trauma that would have set the country on fire.

We’re still processing and grieving for the horrific assassination of Charlie Kirk — the most important conservative activist in the country.

In just a little over a year’s span, the American right nearly lost both its leading grassroots architect and its most consequential political leader.

A society does not produce this level of violence by accident.

It produces it through years of cultivated derangement.

I noticed the build-up long before most people did. I can’t share every detail, but anyone paying attention knew where the pressure was building.

That’s why I wrote Manufacturing Delusion… to explain exactly how a country ends up in the place we now find ourselves with institutions saturated by hysteria and individuals pushed to the brink by narratives designed to destabilize them.

This is the outcome of widespread psychological manipulation.

Trump Derangement Syndrome

This week, Fox News had psychotherapist Jonathan Alpert on to talk about this exact problem.

You know how we operate here at Money & Power. We don’t give into theatrics. But what Alpert described is staggering.

According to him, roughly 75% of his patients are hyper-fixated on Donald Trump.

They can’t sleep, they feel restless — traumatized, in fact, by President Trump.

One of Alpert’s patients told him she couldn’t enjoy a vacation because anytime she saw Trump in the media, she felt triggered.

Alpert calls it a profound pathology. And he’s right. It’s the defining pathology of our time.

Trump Derangement Syndrome is a mass psychosis, a mass psychosis that has been manufactured using similar tactics to what you would expect from authoritarian regimes like communist China, North Korea or the former U.S.S.R.

This is the terrain of my book — and the results are in plain sight…

People aren’t simply opposed to Trump. They are obsessive. Clinically obsessive.

They absorb propaganda until it becomes part of their identity and then recoil from reality with the intensity of someone defending a cult.

Beware the Anxiety Machine

Trump Derangement Syndrome is only one expression of the larger psychological breakdown we’re living through. The same conditioning that drives people into obsession over Trump shows up everywhere else on the left.

Start with the basics…

The constant lies about men becoming women. And remember, that’s just the opening move. It’s the first step in the process.

Tell people to deny something obvious, force them to repeat it and, eventually, you condition them to accept any contradiction.

Then look at climate hysteria.

There are grown adults — not children, not teenagers, adults — who lose sleep because they’ve convinced themselves climate change is going to make humanity extinct.

That’s a real, documented phenomenon on the left. But think about what that means…

For instance, people refusing to have children because of what left-wing propaganda has done to their minds.

People who sincerely believe there is a “genocide” against trans people because we don’t think a 200-pound bearded man should be competing in girls’ athletics.

That which was once on the fringe has now become the left’s mainstream opinion.

And of course, COVID fits right into this: The madness of Fauci-ism was never just about public health.

It was about Pavlovian-style social conditioning.

The idea is simple. Create a stimulus, attach an emotional reaction, repeat until the reaction becomes automatic and bypasses the rational mind entirely.

That’s why the reality of anti-Trumpism is what it is today — absurdity on a loop.

  • The Russia-collusion hoax

  • The endless prosecutions

  • The Epstein insinuations.

  • The constant, coordinated lies.

For people rooted in reality like you and me, we haven’t handed over our brains to the system. You’re part of Money & Power precisely because you still trust your five senses! As well as your gut.

But ask yourself this:

How many people you know — especially in big blue states, people who voted for Kamala Harris — believe things that are flatly impossible?

How many talking points are repeated that make no sense?

How many become enraged when you question the narrative?

How many behave like they’ve been absorbed into a cult?

That’s what happens when a political movement trains millions to surrender their judgment and react emotionally on command.

Recognizing the Pattern

Once you understand what’s happening, the scheme becomes impossible to miss.

Manufactured delusion doesn’t rely on persuasion. It relies on process — the same process you see in every society that tries to control how people think, not just what they think.

It starts with constant emotional pressure: fear, outrage, shame, moral panic. Keep people in a heightened state of emergency and their rational defenses weaken.

Then comes isolation. Not necessarily locking people in their homes, but walling them off from honest dissent.

Next, you elevate certain narratives until they feel morally mandatory. Good people believe [fill in the blank with leftist ideology]. Bad people question it.

Then you punish doubt. You don’t have to arrest anyone, you just make skepticism costly. People learn to self-censor long before anyone has to silence them.

Once a person believes the sky is yellow instead of blue, power trippers can do the real work of rewriting his worldview from the inside out.

At that point, you don’t need to win arguments. You just need to keep reinforcing the script.

That’s when you can tell someone there is no mountain, and they’ll defend that narrative to the death, even when they’re standing at its base.

You can tell them men can become women, and they’ll treat skepticism as a moral failure.

You can tell them the climate will destroy humanity in ten-years time, and they’ll rearrange their lives accordingly.

If you don’t understand how that disconnection from reality happens, you can’t arm yourself — or the people you care about — against the same process.

The Fight for Your Perception

Everything I’ve described follows a predictable pattern. I recognized that pattern years ago because I’ve seen versions of it up close.

When you spend time inside the intelligence community, you learn quickly how fragile perception is.

You learn how easily a narrative can be constructed, how rapidly an entire population can be steered and how dangerous it becomes when the people shaping those narratives stop caring about the truth.

I’ve seen what happens to countries when their citizens lose the ability to distinguish reality from manufactured emotion.

It never ends well. And for the first time in my life, I’m watching that same process unfold here in the U.S.

So, I wrote Manufacturing Delusion as both a warning and a manual.

It took two years to write — in part, because it had to go through the same clearance process that every former intelligence officer faces.

There were details I’ve never spoken about publicly before; I was determined to handle them responsibly.

And what you’ll find in my book isn’t available anywhere else.

We’re now living in a country where millions have been conditioned to doubt what they can clearly observe. They don’t arrive at that point alone. They’re guided there, pushed there, conditioned there.

If you want to understand how that happens, why it works and how to protect yourself from the same machinery, that’s exactly what this book is for.

Manufacturing Delusion comes out February 17, 2026.

And I’ll be blunt… Preorders matter.

They determine how widely this book is distributed, how seriously publishers and retailers take its message and how much reach it’ll have when the country enters the most turbulent political year of our lifetimes.

If you want this information in the hands of people who need it — and if you want your own copy guaranteed when it launches — you can click this link to preorder now.

This is the moment when clarity becomes a survival skill.

Because once you learn how the delusion is built, something important happens…

No one can ever convince you the Rockies aren’t there.

You may stand on the flat plains, but you’ll know exactly what’s on the horizon.

And you’ll never mistake a manufactured narrative for the landscape right in front of you.

Tyler Durden Sat, 11/29/2025 - 23:20

No Mercy For Repeat Offenders As "Iryna's Law" Takes Effect In North Carolina

Zero Hedge -

No Mercy For Repeat Offenders As "Iryna's Law" Takes Effect In North Carolina

The murder of Ukrainian refugee Iryna Zarutska on a light rail train in Charlotte, North Carolina, in August 2025 drew national attention because of the random brutality caught on camera.  But beyond that, it brought into question the ongoing decline of America's prosecution and punishment policies, especially within Democrat controlled cities.

The trend within progressive enclaves is to reduce prosecutions in order to reduce crime stats.  Far-left district attorneys and judges also have a habit of cutting deals with repeat offenders in order to keep the prison system from being "overwhelmed."   Often, they use the excuse that suspects require mental health services rather than long prison sentences.

Violent assailants are set loose on the unsuspecting public over and over again. 

  

The Iryna Zarutska murder suspect, Decarlos Brown Jr., is a repeat offender with a history of 14 arrests including  armed robbery and assault.  He was released without bond months earlier.  The reason?  Brown was initially diagnosed with schizophrenia.  But doesn't this mean he should have been locked up for good instead of being released over and over again?  

The notion of "rehabilitation" for such offenders is a fantasy.  Numerous psychological studies have failed to produce even the slightest change in the recidivism rate for violent criminals.  Though politically unsavory, the fact is that high recidivism rates are the historical norm and have never substantively declined. Criminal behaviors are habituated and manifest from early callous and unemotional traits in childhood that seamlessly unfold into antisocial personality dysfunction throughout adulthood.

A Bureau of Justice Statistics (BJS) study between 2008 and 2018 found that 66% of people released from prison in 24 states in were re-arrested within three years.  Of those re-arrested, 48% had an arrest that led to a conviction, and 49% returned to prison.  A review of 110 homicide suspects found that 82% had serious prior criminal convictions, 59% had a prior weapons offense, and 44% had prior violent crime convictions.

Multiple studies from countries around the world indicate that 1% of the population (repeat offenders) are responsible for over 60% of all violent crime and convictions. 

Under progressive policies, these criminals enjoy consistent protection from long term imprisonment.  Arguments include the claim that criminals are a "product of their environment" and that American society is to blame, not the perpetrators.  Leftists also assert that rehabilitation is superior to incarceration and that most criminals are "not bad people", they simply face mental health obstacles. 

None of this is accurate.  Instead, leftist judges and politicians have created a system in which psychopathic offenders of certain demographics receive special treatment in the name of "equity" despite the risk they pose to the general public.  Beyond that, leftists want to deconstruct the prison system, not expand it, because they view it as an "oppressive mechanism" of white supremacy.

The passage of Iryna's Law in North Carolina is triggering a panic among Democrat officials who claim that requiring a bond for repeat offenders is going to pack their prisons; the very prisons they would prefer to defund.   

Critics also worry that harsher penalties for repeat offenders will open the door to the return of the death penalty. The bill passed the state House of Representatives 82-30 and the state Senate 28-8. Initially a bipartisan effort, 10 Democrats crossed party lines to vote with Republicans in the House. No Democrats voted for passage in the Senate.

Its main provisions enforce stricter pre-trial release conditions, mandate mental health evaluations for some defendants and expedite the process for implementing capital punishment. The death penalty changes were a last-minute amendment introduced by Phil Berger (R), president pro tempore of the state Senate, which caused Democrats to walk out. 

The statute virtually eliminates cashless bail for “violent offenses” and certain repeat offenders, as well as expanding the definition of “violent offenses.” For all offenses, it completely removes the condition to release a defendant on a written promise to appear.

In other words, common sense crime reform which should be the standard across the US.  Liberal crime theory has been an abject failure.  Rather than targeting the primary source of violent crime (repeat offenders) and locking them away for good, Democrats have chosen to hide stats by reducing prosecutions and convictions behind the facade of a mental health crusade.  Where they have failed in protecting the public, Iryna's Law is likely to succeed.

Tyler Durden Sat, 11/29/2025 - 22:45

Does AI Lead To Socialism?

Zero Hedge -

Does AI Lead To Socialism?

Authored by George Ford Smith via The Mises Institute,

There’s an argument running through the commentariat that goes something like this: AI (artificial intelligence) has already rendered some jobs obsolete and will continue this trend until the human race is unemployed. Even now it surpasses the ability of most people to write an effective opinion essay because it can create logic-driven, elegant compositions in seconds. Since government schools turn out illiterates, people will depend on AI commentaries for intellectual expression. Combined with research functions that are allegedly dependent on flawed databases, leading users to accept falsehoods in areas such as medicine, government, and economic theory, it renders them easy prey for a program of complete statism, such as socialism.

Why socialism? Because socialists promise to care for the downtrodden, which will be every person left alive when AI achieves full robustness.

AI in the hands of a socialist government will feed and house them, and will, of course, see that it’s done equitably. This leaves libertarians and conservatives with the urgent need to stop AI in its tracks now, while they still can.

The idea of AI overtaking humanity has a distinguished pedigree. The website PauseAI presents quotes from leaders in their fields about the dangers of runaway AI:

Physicist and cosmologist Stephen Hawking had warned that, “The development of full artificial intelligence could spell the end of the human race… It would take off on its own, and re-design itself at an ever increasing rate.”

Elon Musk—who is developing his own AI called Grokipedia—said, “AI is a rare case where I think we need to be proactive in regulation than be reactive. I think that [digital super intelligence] is the single biggest existential crisis that we face and the most pressing one.”

Microsoft co-founder Bill Gates thinks “Superintelligent AIs are in our future…. There’s the possibility that AIs will run out of control.

The founder of computer science and artificial intelligence Alan Turning predicted,

It seems probable that once the machine thinking method had started, it would not take long to outstrip our feeble powers… They would be able to converse with each other to sharpen their wits. At some stage therefore, we should have to expect the machines to take control.

Anthropic CEO Dario Amodei has said,

There’s a long tail of things of varying degrees of badness that could happen. I think at the extreme end is the Nick Bostrom style of fear that an AGI (Artificial General Intelligence) could destroy humanity. I can’t see any reason in principle why that couldn’t happen.

The foregoing experts have IQs far beyond ordinary. But they’re also human, subject to error.

Inventions that shake up the world have always been feared.

According to Plato, the invention of writing “will implant forgetfulness in [men’s] souls. They will cease to exercise memory because they rely on that which is written, calling things to remembrance no longer from within themselves, but by means of external marks.” As it happened, writing by hand can improve memory and learning, especially for children. And, in early America, Thomas Paine showed incredible recall as he hand-wrote detailed critiques while relying solely on his memory.

Calculators have been said to be another tool for the lazy. In fact, they were found to have “allowed learners to focus on problem-solving rather than mechanical calculations” while fostering confidence in their learning abilities.

While it is in some sense true that the internet has shortened attention spans, there is ample evidence to contradict the claim, such as Substack essays, multi-hour podcasts, and eBooks. If people are engaged in tasks meaningful to them, while working in a supportive environment that keeps dopamine distractions to a minimum they are fully capable of multi-hour focus.

People are not, therefore, inert automatons under control of subversive forces. As Bastiat wrote about in The Law, in which he defined socialism as the improper use of force,

When law and force keep a person within the bounds of justice, they impose nothing but a mere negation. They oblige him only to abstain from harming others. . . . But when the law, by means of its necessary agent, force, imposes upon men a regulation of labor, a method or a subject of education, a religious faith or creed—then the law is no longer negative; it acts positively upon people. It substitutes the will of the legislator for their own wills; the initiative of the legislator for their own initiatives.

There is nothing in AI or AGI that requires the imposition of force. But socialism and its variants do. Socialism as an economic and sociological theory was thoroughly debunked by Ludwig von Mises in 1920 and again in 1922. As Mises argued in his 1920 essay, socialism suffers from the fatal absence of market pricing in producer goods. Even the best-selling socialist author Robert Heilbroner admitted in 1990, “It turns out, of course, that Mises was right. The Soviet system has long been dogged by a method of pricing that produced grotesque misallocations of effort.”

The only purpose of an economy is to create goods and services that satisfy human wants, not to create jobs. If AI eliminates jobs in the sense we now understand it, other opportunities will emerge for value creation as they have before when new technologies upset the status quo. Human wants are unlimited, and theory and history have shown that a market free from state intervention is the best way to satisfy them.

recent poll shows more college students favor socialism than capitalism. This is hardly surprising given the socialist orientation of universities and their misrepresentation of capitalism. As Mises wrote in Socialism, “The terms ‘Capitalism’ and ‘Capitalistic Production’ are political catchwords. They were invented by socialists, not to extend knowledge, but to carp, to criticize, to condemn.”

The economic system that has sent students—graduating with four-year degrees, saddled with mountains of debt, and few marketable skills—is the Federal Reserve, income tax, warmongering, interventionist big government monstrosity.

This is a gross perversion of capitalism.

Tyler Durden Sat, 11/29/2025 - 22:10

Chaos In New York As Trained Activists Try To Block ICE Operations

Zero Hedge -

Chaos In New York As Trained Activists Try To Block ICE Operations

Multiple people were taken into custody by the NYPD during a protest in Chinatown Saturday afternoon after protesters gathered outside a parking garage at Centre Street and Howard Street where ICE agents were reportedly stationed in preparation for an immigration raid.  As with many of these incidents across the country in recent months, activists were somehow tipped off to the location of the ICE rally point.

Chaos and violence ensued as protesters blocked government vehicles (which is illegal), obstructed roadways (also illegal), threw items into the road to create obstacles (very illegal) and damaged public and private property (about as far from legal protest as it gets).  The NYPD was called by residents reporting the blocked streets and was not there specifically to aid ICE.  

The coordination of these groups is rather complex (not grassroots) and is handled by NGOs running call centers (rapid response hotlines).  These centers collect information from anonymous sources and then send out activists for on the ground verification.  Trained activists are then notified by phone or by text of an ICE location in their area. 

The protesters are paid, often by stipend or reimbursement, allowing low wage or jobless people to work as a mob for hire. 

There are a number of NGOs that run these operations in the NY area, but the largest is "Make The Road New York", a group which is often cited for its involvement in anti-ICE actions.  MRNY receives tens-of-millions of dollars in funding from globalist NGOs like the Ford Foundation, George Soros' Open Society Foundation, and the Rockefeller Foundation.  They have also collected government grants in the past and have worked closely with Democrat Politicians like former NY Mayor Bill de Blasio.

As we saw in the North Carolina ICE raids, NGO funded networks run training seminars for activists, teaching them methods for obstruction and provocation.  Again, there is nothing "grassroots" about these organizations.  Without funding for ultra-wealthy international non-profits, most of these protest would probably not exist. 

  

Then, of course, there's the lack of any real deterrent to their tactics.  Local police make minimal arrests despite the endless criminal violations.  Riot police are rarely deployed and riot tactics are avoided; this puts the police at risk while enabling the paid protesters.  A little CS spray would go a long way in dispersing these mobs, but they seem to be protected from serious repercussions and ICE is limited in their manpower.

These provocations may simply be designed to force the Trump Administration's hand, requiring Trump to deploy the national guard.  This then allows the leftist media and Democrat politicians to accuse Trump of "authoritarianism".  At some point, the optics need to take a back seat to practicality.

The majority (66%) of Americans support deportations for illegal immigrants and the public voted for Trump based in large part on his promises to reverse the immigration disaster created by Joe Biden and the Democrats.  NGO funded activism is a direct violation of the will of the voters and eventually, it will have to be dealt with at the source.  

Tyler Durden Sat, 11/29/2025 - 21:35

Incidents Of Sexual Extortion For Money Targeting Youth Escalating: Financial Intelligence Agency

Zero Hedge -

Incidents Of Sexual Extortion For Money Targeting Youth Escalating: Financial Intelligence Agency

Authored by Jennifer Cowan via The Epoch Times (emphasis ours),

Sexual extortion of children for profit is on the rise, Canada’s financial intelligence agency says, and a large portion of such activities are tied to organized crime.

A person types on a computer keyboard on May 13, 2025, in this photo illustration. Oleksii Pydsosonnii/The Epoch Times

This form of online coercion consists of threats to share sexual images or videos of a victim unless they provide the offenders with money or additional pictures, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) says in a newly published operational alert.

The federal agency released the alert this week as part of its efforts to combat the online sexual exploitation of children.

“Online child sexual exploitation is a disturbing global crime targeting children that continues to rise year after year, not only in the number of confirmed reports showing child sexual abuse images, but also in the severity of the images and videos,” Fintrac said in a press release.

The motivation for sexually exploiting children varies, and while most perpetrators commit child sexual exploitation for sexual gratification and not financial gain, there has been an increase in financially motivated offending, including sexual extortion cases in recent years.”

FINTRAC described the 11-page report as a way to help businesses identify and report financial transactions associated with such crimes and is urging banks and businesses to be on the lookout for the patterns identified in the report that can point to extortion or other types of child sexual exploitation.

The updated alert is based on strategic intelligence released by the agency in December 2020, and it integrates lessons learned about such crimes since then.

Victims Blackmailed

FINTRAC’s investigation into transactions linked to online child sexual exploitation showed that nearly all suspected offenders were male. They occupied various professions or referred to themselves as retired, with the majority ranging in age from their late 20s to 60s.

There has also been an increase in online purchases of child sexual exploitation material using virtual currencies, typically by men in their late 20s to 30s, the agency said.

The Canadian Centre for Child Protection has reported that perpetrators often use social media platforms to impersonate a young person so they can establish a connection and lure the victim into sending a nude image or video,  the alert says. The offender will then blackmail the youth after receiving the photo or video, demanding money or items such as gift cards, or further images, in exchange for not distributing the content to family and friends or making it public.

Demands for money have been known to come from international organized criminal networks, FINTRAC said, citing sources consulted by Cybertip, a national tip line for reporting online sexual abuse of children.

“Cybertip further highlights that boys are often targets of financial sexual extortion, while girls are more often extorted for more images,” the alert said.

FINTRAC outlined a range of indicators that could suggest online child exploitation. Sexual extortion may involve the rapid depletion of an account through email money transfers, online gift card acquisitions, or funds transferred to peer-to-peer payment platforms, it said.

Some transaction notes have been known to contain references that the funds are being extorted from the senders, including mentions of explicit content or desperate phrases like “please stop” or “delete the video.”

Some countries attract sex offenders because of their economic conditions, insufficient laws to safeguard vulnerable individuals, or their relative proximity to Canada, the FINTRAC alert said. The jurisdictions identified as high-risk are the Philippines, Thailand, India, South Africa, the Dominican Republic, Mexico, and Cuba.

FINTRAC was founded in 2000 and began operations as Canada’s national financial intelligence agency and anti-money laundering and anti-terrorist financing regulator shortly after, becoming fully operational in 2001.

It looks for funds associated with money laundering by examining millions of data points annually from banks, insurance firms, securities traders, money service providers, real estate brokers, casinos, and various other entities. The agency then passes on the intelligence it gathers to the RCMP and other police services and security partners.

The Canadian Press contributed to this report.

Tyler Durden Sat, 11/29/2025 - 21:00

China Issues Rare Bubble Warning Forming In Humanoid Robotics

Zero Hedge -

China Issues Rare Bubble Warning Forming In Humanoid Robotics

China's top economic-planning body, the National Development and Reform Commission (NDRC), issued a rare warning earlier today about the emergence of bubble conditions in the country's humanoid robotics industry. This warning comes just as Elon Musk is planning to scale production of the Tesla Optimus robot next year. 

Bloomberg cites comments from NDRC spokeswoman Li Chao, who warned that more than 150 companies and startups are developing nearly identical robots, creating the risk of a classic investment bubble that could trigger a bust cycle and stifle real innovation.

"Frontier industries have long grappled with the challenge of balancing the speed of growth against the risk of bubbles, an issue now confronting the humanoid robot sector as well," Li warned. 

Humanoid robotics has exploded in popularity since Unitree's robot dog with a flamethrower attachment. We've purchased one from an importer (minus flamethrower attachment) to see what all the excitement is about…

Taking a look at the Solactive China Humanoid Robotics Index -  a thematic equity index tracking Chinese companies involved in the commercialization of humanoid and robotics technologies -  is up 28.5% year to date and doubled from 2024 lows. 

Related: 

Latest reports:

Citi forecasts the humanoid robot industry could reach $7 trillion by 2050, although mass adoption remains a 2030s story. 

Tyler Durden Sat, 11/29/2025 - 20:25

Obamacare's Costly Illusion Of Affordability: From Subsidies To Serfdom

Zero Hedge -

Obamacare's Costly Illusion Of Affordability: From Subsidies To Serfdom

Authored by Richard Menger via The American Institute for Economic Research (AIER),

Since the enactment of the Affordable Care Act (ACA), health insurance premiums have steadily increased, as has healthcare’s proportion of the gross domestic product (GDP). In employer-sponsored insurance, escalating premiums are the primary driver for stagnant take-home wages.

The structure of the Affordable Care Act (ACA) and employer-sponsored insurance conceal the true cost of healthcare. The recent government shutdown exposed this underlying flaw to public scrutiny.

Should the premium tax credits lapse as expected, the Kaiser Family Foundation (KFF) projects that premiums for Americans will increase by more than 75 percent. This stark price increase will now confront consumers, leaving patients worried and dissatisfied.

Both the ACA and employer-sponsored healthcare obscure actual healthcare costs, promoting moral hazard and distorting economic incentives.

Unraveling the Mechanics of ACA Premium Subsidies

The ACA in 2010 established premium tax credits (PTCs) to enhance the affordability of health insurance through Marketplace exchanges. These refundable credits, authorized under IRC Section 36B, reduce premiums for households with modified adjusted gross income (MAGI) at or above 100 percent of the federal poverty level ($15,650 for an individual in 2025). In 2021, enhancements increased credit amounts for existing eligible participants and extended eligibility to those exceeding 400 percent of the federal poverty level. The 2023 resolution of the “family glitch” enables dependents to access PTCs when family coverage is deemed unaffordable.

Absent congressional intervention, enhanced subsidies will expire in 2025, potentially doubling premiums and disenrolling millions, thus undermining the coverage gains championed by ACA advocates. Estimates suggest that without renewal, enrollees would face an average premium increase of $1,016 on the marketplace. The expiration of enhanced PTCs is projected to escalate annual premium costs for subsidized enrollees by 114 percent, rising from an average of $888 in 2025 to $1,904 in 2026.

In essence, the collapse of this support structure threatens the stability of the ACA’s framework. The house of cards comes crashing down.

The Hidden Challenge With Employer-Based Coverage

A Kaiser Family Foundation survey revealed that the average premium for employer-sponsored family coverage increased by 26 percent from 2020 to 2025. In 2024, the average annual cost for single coverage was $8,951, with employees typically contributing $1,368, while family coverage averaged $25,572, with employees paying $6,296.

A recent Mercer survey reported that employers expect a 6.5 percent rise in employee healthcare costs for 2026, the largest increase since 2010. Likewise, a Business Group on Health poll indicated employers anticipate a 7.6 percent surge in healthcare expenses in 2026, the most significant jump in over a decade.

Employees often remain unaware of true healthcare costs, as their contributions are partially offset by tax-advantaged employer benefits. However, these costs indirectly suppress wage growth. Meanwhile, healthcare inflation consistently outpaces general wage increases.

Conversely, insurance companies are thriving.

Since the ACA’s passage, the top five health insurers’ annual profits have soared by 230 percent. In 2024, UnitedHealth’s CEO earned $26.3 million, Cigna’s CEO $23.2 million, and others followed suit.

This dynamic does not reflect true capitalism or free-market principles but rather crony capitalism bolstered by government subsidies.

The Core Economic Problem

Imagine a pizza system mirroring healthcare. Employers subsidize 80 percent of a Supreme Pizza plan for employees, lowering the visible cost per slice to $2, though the true price is $10. Uninformed consumers add extravagant toppings—pineapple, anchovies, glitter sprinkles—perceiving them as nearly free. With numerous pizza varieties available, consumption surges. Moral hazard drives daily orders, even for breakfast pizza, escalating demand. Pizzerias, aware of this price ignorance, promote lavish new combinations. An ACA-style “PizzaCare” program caps costs at a fraction of income, encouraging excessive consumption without consideration. Prices skyrocket, benefiting pizza companies. Government subsidies intensify this distortion, further inflating costs. Employees relish their pizza; it becomes part of their daily or weekly routine. They are unaware of its true cost, but may notice and object if their pizza price component rises from $2 to $2.50 or $3.

Hayek’s Warnings and the Dependency Trap

Notably, Marketplace enrollment doubled from 11 million to 24 million following the introduction of enhanced premium tax credits in 2021.

This is Hayek’s cautionary narrative.

The critical issue lies in the vulnerability of ordinary individuals, distracted by whether Notre Dame will secure a College Football Playoff berth, the Islanders will win the Stanley Cup, or their seven-year-old will score in Saturday’s soccer game. These individuals face significant financial strain, having grown reliant on subsidies to afford healthcare. The broader healthcare system similarly depends on government support, embodying Hayek’s warning of diminishing personal autonomy and deepening entanglement with state intervention.

In “The Road to Serfdom,” Friedrich Hayek vividly depicts government overreach as a frog slowly boiling in a pot, lulled by promises of security. The ACA’s subsidies, like a siren call, have enticed 24.2 million enrollees with affordable premiums, obscuring the escalating true cost of healthcare. Once established, these subsidies become indispensable, with millions now dependent on them, as evidenced by projected premium spikes.

Should the enhanced subsidies, originally temporary, expire as planned in 2025, the resulting premium surge reveals the trap: dependence on state generosity. As Hayek cautioned, this reliance, cloaked in equity and justice, erodes freedom, empowering a bureaucracy to dictate government-directed winners and losers.

Once entrenched, dismantling programs initially deemed temporary becomes politically toxic. Individuals adapt to a subsidized reality, viewing affordable premiums as essential, mirroring Hayek’s portrayal of populations bound to state largesse. The ACA’s framework, with 24.2 million enrollees dependent on credits, fosters a cycle of deepening reliance. Any rollback, such as the looming 2025 expiration, risks economic disruption, entrenching a system where insurers profit from inflated costs while patients, shielded from true price signals, remain tethered to subsidies.

This validates Hayek’s thesis: centralized interventions breed dependency, eroding choice and fueling a gradual descent into serfdom.

Tyler Durden Sat, 11/29/2025 - 19:50

Study Finds Tattoo Ink Accumulates In Lymph Nodes

Zero Hedge -

Study Finds Tattoo Ink Accumulates In Lymph Nodes

A new study shows tattoo ink drains into the lymphatic system and accumulates in lymph nodes, diminishing the effects of immune cells. This accumulation of ink pigment triggers both local and systemic inflammation that persists for months.

A third of American adults, roughly 32% - or about 80 million people - have tattoos, and they should read this new study published in the Proceedings of the National Academy of Sciences of the United States of America (PNAS).

"Despite safety concerns regarding the toxicity of tattoo ink, no studies have reported the consequences of tattooing on the immune response. In this work, we have characterized the transport and accumulation of different tattoo inks in the lymphatic system using a murine model," researcher Arianna Capucetti wrote in the study.

Capucetti continued:

Upon quick lymphatic drainage, we observed that macrophages mainly capture the ink in the lymph node (LN).

An initial inflammatory reaction at local and systemic levels follows ink capture. Notably, the inflammatory process is maintained over time, as we observed clear signs of inflammation in the draining LN 2 mo following tattooing. In addition, the capture of ink by macrophages was associated with the induction of apoptosis in both human and murine models. Furthermore, the ink accumulated in the LN altered the immune response against two different types of vaccines.

On the one hand, we observed a reduced antibody response following vaccination with a messenger ribonucleic acid (mRNA)-based severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) vaccine, which was associated with a decreased expression of the spike protein in macrophages in the draining LN.

In contrast, we observed an enhanced response when vaccinated with influenza vaccine inactivated by ultraviolet (UV) radiation.

Considering the unstoppable trend of tattooing in the population, our results are crucial in informing the toxicology programs, policymakers, and the general public regarding the potential risk of the tattooing practice associated with an altered immune response.

As we noted earlier this year, "Many tattoo inks contain chemicals that have been classified as carcinogenic — or cancer-causing — by the International Agency for Research on Cancer."

While black tattoo inks use carbon black, colored inks contain pigments designed for industrial applications such as plastics and paints. More troubling, tattoo inks are far less regulated than pharmaceuticals.

We have already covered two important studies:

  • A 2024 Swedish study tracking nearly 12,000 people found that individuals with tattoos had a 21% higher risk of malignant lymphoma compared with those without ink.

  • A Danish twin study published earlier this year reported similar trends. Tattooed participants showed higher rates of skin cancer.

Dr. Trisha Khanna, dermatologist and medical advisory board member at Codex Labs, recently told The Epoch Times, "Current regulations on tattoo ink ingredients are not sufficient," adding, "This is a growing concern among dermatologists."

And laser removal could make it worse.

Tyler Durden Sat, 11/29/2025 - 19:15

Bull Vs Bear: The Pain Trade Is "Likely To Be Higher"

Zero Hedge -

Bull Vs Bear: The Pain Trade Is "Likely To Be Higher"

Authored by Lance Roberts via RealInvestmentAdvice.com,

Rally Begins As Doves Emerge

Markets surged into the Thanksgiving holiday, ending the week with substantial gains across all major U.S. indexes. The S&P 500 rose by approximately 3.7%, marking one of its strongest weeks in the past six months. The catalyst was a combination of falling bond yields and increasing confidence that the Federal Reserve has completed its rate hikes. Currently, Kalshi (prediction market) is projecting an 80% chance of a rate cut in December.

With inflation data continuing to trend lower and growth indicators remaining stable, the markets are starting to price in stronger earnings and economic growth in 2026, particularly as lower Treasury yields boosted duration-sensitive sectors and encouraged risk-on behavior.

Unsurprisingly, despite all of the recent talk of the “Death of the AI Trade,” Technology stocks once again led the charge. The AI narrative regained momentum, pulling mega-cap names higher and lifting the broader Nasdaq. Nvidia’s earnings beat helped reinforce the bull case around AI infrastructure and cloud demand. The “Magnificent Seven” tech leaders contributed outsized returns to index performance, though broader participation remained limited.

Volatility declined as technical indicators turned more supportive after the last few weeks of choppy action, which was also unsurprising. Despite the gains, many risks remain, including concentration in the market-cap-weighted index, valuations, and market breadth. However, those concerns may take a backseat temporarily following the recent correction and reversal in bullish sentiment.

Heading into December, all eyes will turn to the upcoming PCE inflation report, jobs data, and the final round of Fed comments before the blackout period. Until then, momentum favors the bulls, but the foundation remains fragile.

Year-End Rally Begins

In last week’s #BullBearReport, we discussed how the market becomes more predictable as we approach year-end. To wit:

“Heading into December, the seasonal tailwinds remain intact, as noted above. December is historically the best month for equities, with the “Santa Claus rally” often delivering average gains of 1.5% to 2.0%. With corporate buybacks in full swing, adding $5-6 billion in daily volume, investor positioning remaining stable, and professional managers underweight in exposure, particularly in technology companies, the fuel for a rally is present. However, the market also remains fragile due to poor underlying breadth and rising volatility, so caution is advised.

The near-term outlook is constructive, provided the Fed remains quiet and bond volatility remains contained. But any surprise, in inflation, growth, or geopolitics, could shift sentiment quickly. The key for investors is discipline. Don’t chase the rally blindly. Stick to quality, stay diversified, and use elevated prices to trim into strength where appropriate. While the potential for a year-end rally is higher after the recent correction, nothing is guaranteed.”

As discussed in the “Market Brief” above, the rally appears to have begun. November and December have historically shown a strong performance bias since 1950, with the S&P 500 posting gains in roughly 75% of the years. This period accounts for a disproportionately large share of annual returns.

The drivers aren’t mysterious. Mutual funds and institutions close their books on the calendar, or fiscal year, so there tends to be a push to catch up on exposures to certain stocks or sectors before year-end reporting goes out. This is commonly referred to as “window dressing,”  but it does add support for the markets in the near term. Furthermore, as noted, investment managers who have underperformed try to play “catch-up,” so they rotate into the winners. “Beating the Market,” which isn’t a financial goal, has been incredibly difficult this year, as only 37% of the index is actually outperforming. As a result, mega-cap stocks and growth names are likely to be chased into the end of the year. That’s performance chasing, not investment strategy, but it still moves markets.

Lastly, retail flows also increase as post-October corrections tend to shake out weak hands. When that fear subsides, sidelined cash looks for a home, and retail investors tend to add to the buying pressure in November. We commented on this behavior in our October newsletter, Year-End Rally, 3-Reasons To Buy The Dips,” we said:

“Furthermore, the “retail demand” remains consistent in 2025, and every dip continues to be bought aggressively. We can visualize this retail investing “BTFD” momentum trade. The following chart shows the “buying panic” that has occurred since the “Pandemic Shutdown” for investors under the age of 40, which dwarfs all other periods in the data set. While the eventual reversion is likely massive, by year-end, there is likely very little that can break the current psychology driving markets.”

As we stated in that mid-October newsletter, investors should have expected the recent pullback.

“Strong earnings, aggressive buybacks, and trend-following behavior provide a durable backdrop for the stock market rally to continue. Pullbacks should be expected, but they are more likely to serve as buying opportunities than signals of a larger trend reversal.

That’s precisely what’s happened, and Thanksgiving week is usually the kickoff. Over the past decade, the S&P 500 has been green during Thanksgiving week in seven out of ten years. This year, that rally appears to have started early with Technology, small caps, and crypto turning higher.

As noted in the Technical Update above, the much-needed corrective action in the first half of November relieved the overbought conditions impacting the market, providing a better base for a year-end rally.

Tailwinds and Why the Correction Set Up This Move

With the majority of selling pressure having exhausted itself over the last few weeks, the backdrop for a year-end rally has improved. The setup is no longer dominated by panic-driven selling or forced de-risking, but, instead, several identifiable tailwinds are providing the necessary fuel for sustained upside. These forces don’t guarantee a rally, but they reintroduce one critical factor that had been missing: consistent buying power.

One of the most critical catalysts is the return of corporate buybacks, which, since 2000, has accounted for nearly 100% of net equity purchases. As shown, there is a very high correlation between corporate share buybacks and stock market returns. Now, with earnings season mostly complete, blackout periods have ended, and companies, particularly the mega-caps, are now stepping back in as steady buyers of their own stock. According to Goldman Sachs, daily buyback demand is expected to exceed $5 billion through early December. That kind of structural bid creates a firm floor under prices, especially in a low-volume environment.

Another overlooked factor is the cessation of CTA-driven selling. These computer-driven trend followers were net sellers throughout the recent correction. As they unwind bearish positions and shift to neutral or net-long exposure, the pressure flips. What was previously a source of downside has now become a source of upward momentum. Furthermore, hedge funds have been aggressive net buyers of equities in recent days to gain exposure to the market.

Earnings also play a key role in a year-end rally. With earnings season behind us, where expectations heading into Q3 were low, most of the bearish concerns have been laid to rest. Over 75% of companies beat estimates, 74% beat revenues, and 61% beat on both, which was well above the historical averages. More importantly, profit margins didn’t collapse, and forward guidance, while cautious, remained optimistic. That helped reset sentiment and reduce fears of an imminent earnings recession.

Finally, retail investors showed up to “buy the dip,” as they have done continuously this year. Such is also not surprising over a holiday-shortened Thanksgiving trading week when trading volume is lighter because institutional traders are away, leaving the “inmates to run the asylum.”

While there are undoubtedly many concerns heading into 2026 that investors should be aware of, over the next few weeks, several catalysts suggest that the “pain trade” is likely to be higher.

Is that a guarantee? Absolutely not.

Does that mean the markets can pull back in the first couple of weeks of December when mutual funds distribute their gains and incomes for the year? No.

However, the data does suggest that the market will likely have a positive bias into year-end, and dips should be used opportunistically.

Key Catalysts Next Week

Next week marks a pivotal moment for investors. The bulk of U.S. economic data is expected to resume after recent delays. Liquidity remains seasonally light. That raises the stakes. A few data points and events could drive outsized volatility. They also carry the potential to reinforce or derail the market’s year‑end setup. Below is a table of the most important market and economic events to watch.

The first week of December reconnects markets with key economic data that had been delayed during the recent government shutdown. The arrival of those data releases reactivates the fundamental underpinnings of market direction. A few strong prints — on inflation, employment, manufacturing, or services — could validate a bullish year-end narrative. Conversely, any surprise weakness could derail current optimism. Inflation data is especially sensitive, and the upcoming PCE release is expected to shape market expectations ahead of the next Fed meeting on December 9–10.

Liquidity remains thin with many traders still on holiday or in partial holiday mode. In such an environment, headline‑driven moves can be magnified. That means surprises, either good or bad, have the potential to move markets significantly more than usual. Lastly, with this being the last week before the Fed’s policy blackout period, any public statements from officials carry extra weight. Market participants will scrutinize every word looking for any tone or messaging that will influence yield expectations, risk sentiment, and positioning as we head into the final stretch of the year.

Bull Vs Bear

Over the last few weeks, we discussed the risk of downside pressure in the market and that the correction set up potential for a rally during the holiday-shortened trading week. That occurred with the S&P 500 rising roughly 3.7% from last Friday’s close near 6,849. That rebound recaptured the losses from the prior AI- and rate-cut-wobble selloff and pushed the index back toward its late-October highs. On a bigger picture basis, the index remains up around 16% year-to-date and is now roughly flat for November, reflecting a strong tape that has simply been digesting earlier gains. The rally also triggered a fresh momentum “buy signal” which will be supportive of further gains into next week.

From a trend standpoint, the price remains aligned with the bulls. The S&P is trading above its rising 50- and 100-day moving averages, which sit roughly in the 6,700–6,575 zone, and well north of the 200-day moving average near 6,175. Earlier in November, the index finally broke its streak above the 50-day moving average (DMA) and corrected back to the 100-DMA, working off some of the speculative excess in AI and high-beta names. This week’s bounce off that support pulled the price back into the upper half of its recent trading range, keeping the primary uptrend intact.

Volatility has cooled but not disappeared. After spiking into the upper 20s during the recent tech/AI downdraft, the VIX slid back into the high teens, around 16, by Friday’s close, signaling that the panic bid for protection is fading but that investors are not yet entirely complacent. That’s consistent with a market transitioning from a “shot across the bow” correction to a more typical year-end positioning grind.

Breadth is improving, but it isn’t a blow-out green light. Roughly 59% of S&P 500 stocks are back above their 50-day moving averages, and just over 61% trade above their 200-day, a solid improvement from the trough earlier in the month but still shy of the 70%+ readings you’d expect in a truly broad-based rally. Participation has also expanded beyond mega-cap tech, with more cyclical and value names stabilizing; however, leadership remains heavily tilted toward large-cap growth and AI-adjacent beneficiaries.

Bullish case heading into December: 

Seasonality, positioning, and trend still lean in favor of the bulls. December is historically one of the stronger months for equities, particularly when the market is already up by double digits year-to-date. Expectations for a December Fed rate cut, and a gradual cooling of inflation, support the “soft-landing” narrative, while corporate buybacks and under-invested managers create fuel for a “chase into year-end” if resistance gives way. With volatility easing and breadth improving, the path of least resistance near term remains higher if key support zones are maintained.

Bearish case heading into December: 

The bears will point out that valuations in AI and growth expectations remain stretched, that volatility is still elevated compared to the summer lows, and that breadth, while improved, is not confirming a runaway advance. The recent episode, where AI leaders and other risk assets (including Bitcoin) sold off together, is a reminder that risk appetites can shift quickly when the crowd questions the durability of earnings or the timing of Fed cuts. Delayed economic releases from the earlier government shutdown create an additional wildcard: a batch of weaker-than-expected data hitting all at once could challenge the soft-landing narrative just as liquidity gets thinner into year-end.

Support and Resistance Levels

  • Near-term support:

    • ~6,725–6,750: cluster of short-term support at the 20 and 50-DMA

    • ~6,569: last week’s support at the 100-DMA.

    • Deeper support: ~6,175 (200-DMA) on any more serious risk-off move,

  • Resistance:

    • 6,867–6,909: Previous market tops in mid-October and early November.

    • 7,000: psychological round-number magnet if momentum accelerates

  • Volatility “line in the sand”:

    • VIX back above ~22–23 would signal a renewed risk-off phase; sustained readings in the mid-teens would confirm a constructive backdrop for a “Santa Rally” push.

Bottom line: the primary trend remains bullish, but the margin for error is narrowing. As we enter the final month of the year, the bulls remain in control as long as the index holds above the 50-day moving average and breadth continues to improve. A failure back below the 6,600 area, especially if accompanied by a renewed spike in volatility and renewed AI/credit jitters, would shift the balance of risk toward a deeper consolidation rather than a clean “Santa rally” into year-end.

Tyler Durden Sat, 11/29/2025 - 18:40

Democrats Sue After Trump Cuts SNAP Benefits For Alien Migrants

Zero Hedge -

Democrats Sue After Trump Cuts SNAP Benefits For Alien Migrants

It was one of the key debates that led to the longest government shutdown in US history:  The Trump Administration wanted to close the loopholes that allowed non-citizens access to government subsidies like ACA healthcare and free food through SNAP. 

Democrats claimed that "illegal migrants" don't have access to such programs. 

Yet, the Democrats were willing to drag out the government shutdown for 35 days just to stop Trump from implementing cuts that would apparently affect no one. 

Why?

Because leftists are liars

If they are not telling a direct lie, they are lying by omission or by using semantics and carefully crafted language so that if they get caught they can say "That's not what we meant..."  

When Republicans moved to block subsidies for migrants this included the millions of asylum seekers that entered the US illegally and then took advantage of Joe Biden's lax policies, including "catch and release." 

Democrats, however, categorize asylum seekers as residing in the US "legally". 

It's a dishonest way to bypass the debate and pretend as if Trump is living in a fantasy land.  Meanwhile, Democrats hope that the general public will not catch on to the game they are playing.  

Eventually, the truth gets out, often through self-exposure because the leftists can't help themselves.  After months of Democrats asserting that "illegal" non-citizens don't receive government subsidies, Oregon is suing the Trump administration over changes to the nation’s food assistance program, arguing that new federal guidance unlawfully blocks certain groups of "legal" immigrants from accessing food aid.  When Democrats mention "legal immigrants" they are referring to all asylum seekers.

Twenty-one other states joined Oregon in filing the lawsuit Wednesday in federal court in Eugene, arguing that the U.S. Department of Agriculture overstepped its authority when it issued an Oct. 31 memo telling states to cut off benefits for people who have long been eligible for the Supplemental Nutrition Assistance Program, or SNAP. 

The dispute centers on changes Congress made in July through the One Big Beautiful Bill Act, which limited SNAP eligibility for certain noncitizens in temporary immigration categories. 

In the lawsuit, Oregon Attorney General Dan Rayfield and the other Democratic attorneys general said the USDA memo goes further than what Congress approved and effectively blocks many lawful permanent residents from the SNAP program even though they qualify under the law.  Those include refugees, asylum seekers and people admitted under humanitarian programs once they obtain a green card and meet the program’s income and residency rules.

Their definition of "legal" non-citizens, however, is irrelevant.  The federal government has broad authority to determine who is here legally and who gets access to federal subsidies including SNAP.  Migrant aliens who flooded into the US during the Biden regime and took advantage of wide open asylum policies do not necessarily qualify.

Furthermore, there needs to be a national discussion about who should be allowed access to American taxpayer dollars.  Progressives exploit subsidies as a way to lure migrants to the US and buy their votes once they become naturalized.  The Democrat agenda is clearly to upend the demographics of the country in their favor.  Why would native born Americans allow their money to be used against them as a means to steal their country from them?

No migrants, legal or illegal, should ever qualify for government subsidies.  If they can't support themselves, they should not be traveling to the US in the first place.  At the very least, there needs to be a set moratorium on immigrant applications for benefits; perhaps 5-10 years after they gain residency.  This would weed out any parasites looking to feed on the American system rather than contribute and assimilate. 

Oregon and other states are asking the court for a preliminary injunction to block the new policy while the case is heard.  AG Rayfield says the goal is “to get in front of a judge as quickly as possible to make sure that we can get this food assistance flowing again here in the near term."

Democrats understand that they have a limited window of time - A few months without SNAP benefits and migrants will leave blue states, possibly self deporting back to their countries of origin.  The incentives to stay will be gone.  Meaning, Democrats lose their census advantage, they lose vast pool of future voters (or current voters in states without voter ID), not to mention a useful mob of thugs they can muster whenever they need to create civil unrest.   

Tyler Durden Sat, 11/29/2025 - 18:05

Watch: 'Seditious' Kelly Doubles Down On Military Mutiny Call

Zero Hedge -

Watch: 'Seditious' Kelly Doubles Down On Military Mutiny Call

Authored by Steve Watson via Modernity.news,

Arizona Sen. Mark Kelly doubled down on his call for military mutiny against President Trump during a late-night appearance with Jimmy Kimmel, insisting he’s “not backing down” from urging troops to defy “illegal orders”—yet admitting he can’t cite a single instance of that.

Kelly’s deflection, amid a DoW probe into his “serious allegations of misconduct,” fuels accusations that such rhetoric incited the D.C. shooting of two National Guards members—one fatal—by an Afghan migrant.

Kelly told Kimmel, “You can’t keep track of this guy and what he says. I’ll tell you this though, I’m not backing down. We said something very simple. Members of the military need to follow the law. We wanted to say that we have their backs. His response, kill them.”

Quite clearly Trump did not call for Kelly and the others to be killed, but this was the spin from the leftist media.

Kelly mocked the investigation into him and the other ‘seditious’ Dems, noting “This is what he can do this week, go after me under the Uniform Code of Military Justice, which is a law in the military, which is kind of wild because we recited something in the Uniform Code of Military Justice, and he is going to prosecute me under the Uniform Code of Military Justice for reciting the Uniform Code of Military Justice.”

“It is so ridiculous, it is like you can’t make this shit up.” Kelly blathered, adding “What I am worried about is the reaction and what this transmits to the military and the public, which is basically, shut up and listen to that guy. That is not the way our system works.”

He continued, “My oath and every member of the military took is loyalty to the Constitution, not to a person. He is trying to get some fear out there, and fear can be contagious, but what also can be contagious is courage and patriotism.” 

It is how democracy dies. It is right out of the playbook. The playbook of authoritarianism, that’s what they do,” Kelly further charged, adding “They try to suppress speech. Every one of us has First Amendment speech rights. I think the president is infringing on those, and he is sending a strong message, you don’t want to cross him and your loyalty should be to him. It should not. It always should be to the Constitution.”

Kelly’s Kimmel dodge, failing to name a single “illegal order” despite prodding, reduces the “Seditious Six’s” stunt to more empty ‘Trump bad’ fearmongering. On Rachel Maddow’s ratings bereft show, Kelly also conceded Trump has “only given ‘lawful’ orders.”

As we previously highlighted, former CIA agents have flagged the Dems’ video as a “handler”-driven op, asserting that it is straight out of the CIA playbook.

Air Force vet Buzz Patterson called it “treasonous and seditious,” urging prosecutions, while Press Secretary Karoline Leavitt accused Kelly of “intimidating” 1.3 million troops: “You can’t have a functioning military if there is disorder and chaos within the ranks… They can’t identify ‘illegal’ orders because there ARE NO illegal orders!”

Kelly’s defiance draws fire for fueling the D.C. ambush, where an Afghan migrant killed U.S. Army Spc. Sarah Beckstrom and critically wounded U.S. Air Force Staff Sgt. Andrew Wolfe.

Conservatives have pinned it on Democrats’ “illegal” deployment smears and mutiny video. Patterson raged: “What they did was treasonous and seditious… They are circumventing the chain of command.” Leavitt warned: “These officials are trying to sow chaos and distrust, which is a very dangerous thing to do within the military’s rank.” 

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Sat, 11/29/2025 - 17:30

'Self Deport' Or Else: DHS Guts Biden's Haitian Invasion Pipeline

Zero Hedge -

'Self Deport' Or Else: DHS Guts Biden's Haitian Invasion Pipeline

After a no-nonsense review that apparently didn't involve the usual DEI smoke and mirrors, DHS Secretary Kristi Noem declared Haiti's endless cocktail of chaos no longer qualifies for America's taxpayer-funded hotel voucher program.

“Based on the Department’s review, the Secretary has determined that while the current situation in Haiti is concerning, the United States must prioritize its national interests and permitting Haitian nationals to remain temporarily in the United States is contrary to the U.S. national interest,” the DHS said in the termination notice.

Translation: Enough with the virtue-signaling; America's sovereignty isn't a globalist buffet.

DHS pegs the current Haitian headcount at a whopping 352,959 - give or take a few who slipped in through the southern sieve - with only around 18,000 living as "lawful permanent residents."

Homeland Security officials said that the TPS program has become a draw for illegal immigrants in recent years.

“Using TPS to grant temporary status to successive waves of new arrivals from a designated country may generate a significant pull factor for illegal immigration and act in tension with the congressional design,” the agency said.

DHS officials did not mince their words, advising Haitians to use the CBP Home app to self-deport and receive a $1,000 exit bonus.

If you are an alien who is currently a beneficiary of TPS for Haiti, you should prepare to depart if you have no other lawful basis for remaining in the United States.

You can use the CBP Home mobile application to report your departure from the United States.

This secure and convenient self-deportation process includes a complimentary plane ticket, a $1,000 exit bonus, and potential future opportunities for legal immigration to the United States.

Of course, the deep-state legal vultures have been circling. Efforts to torch TPS have sparked courtroom cage matches, but the Supreme Court just handed Trump a W last October, greenlighting the exodus of Venezuelan freeloaders.

“Limited access to critical information and significant processing delays hinder the ability of federal officials to reliably assess the criminal histories or national security threats posed by aliens attempting to enter the U.S. illegally,” DHS said Nov. 28.

“As a result, public safety and national security risks are significantly heightened in such conditions.”

As a reminder, Haitian hordes became 2024's election piñata, with VP JD Vance and President Trump zeroing in on the Springfield, Ohio pet-eating fiasco - a microcosm of how these "protected" imports turn heartland towns into no-go zones overnight.

And just to twist the knife, Uncle Sam slapped visa sanctions this week on some shadowy Haitian bigwig accused of bankrolling the island's gangbanger terror cells, stonewalling the "fight" against what D.C. delicately dubs "terrorist organizations."

Because nothing screams "allies" like funding narco-thugs while your citizens flood our streets.

Tyler Durden Sat, 11/29/2025 - 16:55

Japan Denies Trump Asked PM Not To Provoke Beijing

Zero Hedge -

Japan Denies Trump Asked PM Not To Provoke Beijing

Authored by Dorothy Li via The Epoch Times (emphasis ours),

Japan has refuted a report indicating that Prime Minister Sanae Takaichi received advice from U.S. President Donald Trump to refrain from provoking the Chinese regime over Taiwan.

Japan's Prime Minister Sanae Takaichi answers questions from reporters about her telephone talks with U.S. President Donald Trump at the Prime Minister's Office in Tokyo on Nov. 25, 2025. JIJI Press / AFP via Getty Images

Trump and Takaichi spoke by phone on the evening of Nov. 24, their first conversation since the Chinese communist regime ramped up its pressure campaign against Japan following Takaichi’s remarks suggesting that a crisis in Taiwan could pose a threat to Japan.

The Wall Street Journal (WSJ), citing anonymous sources, reported on Nov. 27 that Trump had advised the Japanese prime minister “not to provoke Beijing on the question of Taiwan’s sovereignty” during the call. The report described Trump’s advice as subtle, saying that he did not pressure Takaichi to withdraw her comment.

When asked about the WSJ report at a briefing on the morning of Nov. 27, Minoru Kihara, the Japanese government’s top spokesperson, declined to comment on the meeting between Takaichi and Trump, saying it’s a matter of diplomatic exchanges. 

However, at a regular press conference hours later, Kihara said he found it necessary to clarify this matter.

“In the article you mentioned, there is a description that President Trump advised not to provoke the Chinese government on the issue of Taiwan’s sovereignty, but I would like to make it clear that there is no such fact,” Kihara told reporters when asked about the WSJ report.

He confirmed that Tokyo had reached out to the U.S. media outlet regarding this article.

Kihara at the briefings on Nov. 27 was not asked about other reports containing similar claims. Those include a Reuters report saying that Trump asked Takaichi not to further escalate the dispute with Beijing, citing two unnamed Japanese government sources. The report added that Trump did not present any specific demands to Takaichi.

Japanese media outlet Kyodo News also reported that during the phone call with Takaichi, Trump advised her to refrain from escalating the row with Beijing while emphasizing the importance of managing the relationship between the two Asian neighbors, citing an unnamed government source.

The White House did not respond to a request for comment on the three reports by publication time.

President Donald Trump speaks to the media aboard Air Force One in flight en route to Florida on Nov. 25, 2025. Pete Marovich/Getty Images

Takaichi, speaking to reporters shortly after the call with the U.S. president, said they exchanged views on a wide range of topics, including strengthening the Japan–U.S. alliance and addressing challenges facing the Indo-Pacific region.

“During the conversation, President Trump provided me with an update on the latest situation in U.S.–China relations, including the U.S.–China summit meeting held yesterday evening,” she told reporters in Tokyo. “I also responded to his question about the recent G20 summit that I attended.”

Takaichi said they affirmed the importance of continued cooperation between Tokyo and Washington under the current international situation.

“President Trump said that he would be willing to receive calls from me at any time as a close friend of his.”

Trump also said that the talk with Takaichi was “great.”

“She’s very smart, she’s very strong, and she’s going to be a great leader,” he said of the Japanese leader aboard Air Force One on Nov. 25, without disclosing the details of the exchange.

The fast-escalating spat between Tokyo and Beijing began on Nov. 7 after Takaichi, in response to a parliamentary committee question, said that a naval blockade against Taiwan may constitute a “survival-threatening situation” for Japan. She used a legal term that could enable Japan to mobilize its military.

The comments on a theoretical possibility drew furious responses and violent threats from the Chinese Communist Party (CCP), which views self-ruled Taiwan as a breakaway province to be taken by force if necessary.

China, Japan’s largest trading partner, has turned to economic measures to pressure Japan to retract the prime minister’s comments.

The regime’s foreign ministry has advised tourists against traveling to Japan, and its education ministry has asked students to plan their studies in Japan with caution. Along with postponing the release of Japanese movies in China, Beijing has stated that there is “no market” for Japanese seafood in China.

Amid a deteriorating relationship with China, Takaichi said on Nov. 26 that the government remains open to dialogue with the Chinese side.

As for a Taiwan contingency, she said the government’s stance is that it would evaluate the situation comprehensively, based on the specific circumstances that actually occurred. This position, she said, had been repeatedly stated.

She explained that her initial comments were simply to respond to a question that was limited to a Taiwan contingency and that also mentioned the blockade of sea lanes.

“Since it was asked with specific examples, I answered sincerely within that scope,” she said.

Tyler Durden Sat, 11/29/2025 - 16:20

The 'K-Shaped' Economy In One Graph

Zero Hedge -

The 'K-Shaped' Economy In One Graph

Tuesday’s weak Consumer Confidence report was a good reminder of why some economists are calling our economy the K shaped economy.

As RealInvestmentAdvice.com reports, The Conference Board Consumer Confidence Index fell 6.8 points to 88.7 in November, below expectations of 93.

Moreover, it sits at levels similar to those of early 2020, when the pandemic shuttered the economy. Similarly, the University of Michigan Consumer Sentiment survey is slightly above 70-year lows.

Both surveys indicate that a large majority of consumers are struggling.

Within the surveys, the outlook on current jobs and job availability is low.

Inflation, tariffs, politics, and the government shutdown are also weighing on the consumer and limiting big-ticket spending plans.

A K shaped economy describes a post-crisis recovery where different parts of the economy and society are performing at sharply diverging rates, forming the two arms of the letter “K.”:

  • The upper arm (going up): Sectors, companies, assets, and people that benefit from the recovery and, in many cases, are wealthier than before the pandemic. This includes investors in technology stocks, big tech companies, the luxury sectors, high-income professionals, and asset owners.

  • The lower arm (going down): Sectors, small businesses, and people that continue to decline or stagnate even as the overall economy appears to improve. Examples include: the hospitality and travel industries, many lower-priced retail outlets, low-wage service workers, small businesses, and many middle-class and lower-income households.

The graph below showing the stark divergence between the S&P 500 and the University of Michigan consumer survey best depicts the K shaped economy.

You can make similar K shaped plots comparing stock markets, GDP, and megacap corporate profits versus small business closures, wage growth for low-income workers, and economic activity in the manufacturing sector.

The question is - how do the jaws of that widening alligator's mouth snap shut? Sentiment surge or equity purge?

Tyler Durden Sat, 11/29/2025 - 15:45

Documents Stuffed Into Burn-Bags At FBI HQ To Be Made Public: Kash Patel

Zero Hedge -

Documents Stuffed Into Burn-Bags At FBI HQ To Be Made Public: Kash Patel

Authored by Zachary Stieber and Jan Jekielek via The Epoch Times,

Sensitive documents found in burn bags at FBI headquarters will all be made public, FBI Director Kash Patel said in a new interview with The Epoch Times.

“You’re going to see everything we found in that room in one way or another, be it through investigation, public trial, or disclosure to the Congress,” Patel told The Epoch Times’ Jan Jekielek in an exclusive interview, which is set to air on EpochTV at 5 p.m. ET on Nov. 29.

Before becoming FBI director, one of Patel’s past roles was working as a congressional investigator. He was on the House Intelligence Committee team that uncovered previously unknown information about the FBI’s probe of possible links between the 2016 campaign of President Donald Trump and Russia.

The probe and fallout over the information that emerged, including the reliance on a dossier compiled on behalf of the Hillary Clinton campaign, has come to be known as “Russia Gate.”

Patel said on X in August that “we just uncovered burn bags/room filled with hidden Russia Gate files, including the Durham annex, and declassified them.”

The declassified annex to a report from former special counsel John Durham, whose team investigated the FBI’s actions and found that the full probe was based on unverified intelligence, was released in July by Sen. Chuck Grassley (R-Iowa). It showed that the FBI did not adequately review reports showing the Clinton campaign may have been promoting a false narrative connecting Trump to Russia, Grassley said at the time.

Clinton’s office has not commented on the annex. Robby Mook, Clinton’s 2016 campaign manager, has said he believed that work done by the international law firm Perkins Coie, which paid the dossier author, “was done for the purpose of providing legal services and legal advice” to the campaign.

During a hearing in September, Rep. Scott Fitzgerald (R-Wis.) asked Patel why somebody would place documents related to the investigation into the FBI’s probe of Donald Trump and Russia in burn bags.

Patel said he could not comment on the case because it was ongoing.

“In general terms ... a burn bag is what you use to put classified documents into, generally, because that is literally how you destroy them,” he said.

Patel told The Epoch Times that “when the United States government and agency heads want things to disappear and want things to be buried and hidden, they know how to do it.”

“But what they didn’t count on was President Trump winning, him electing leadership across the United States government to say, ‘Go, find out how they corrupted and weaponized law enforcement,’ and that’s what we did—that’s what we’re doing; that’s how we found it, and we’re going to continue to expose it.”

Patel said the FBI is working with partners in Congress to release documents, including those relating to the Department of Justice investigation into Trump for alleged unlawful interference with the transfer of power after the 2020 election, which involved obtaining records from senators’ phones.

While investigations are ongoing, “we are going to have full accountability and we are going to have full transparency for the American public,” he said.

Tyler Durden Sat, 11/29/2025 - 15:10

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