The Law of Success in PDF Format: A Comprehensive Guide

Napoleon Hill’s foundational work, alongside guides like the “Seven Spiritual Laws of Success,” offers a pathway to achievement, readily available in PDF format for focused study.

Napoleon Hill’s The Law of Success, a monumental work born from decades of research interviewing prominent figures like Carnegie, Edison, and Rockefeller, remains a cornerstone of personal development literature. Initially conceived as a set of lessons distributed through the Mandeville Publishing Company, it evolved into a comprehensive philosophy for achieving lasting success.

While often discussed alongside related works like the “Seven Spiritual Laws of Success,” Hill’s original masterpiece delves into seventeen distinct principles. These principles, meticulously outlined, aren’t merely theoretical concepts but practical strategies for cultivating a mindset geared towards accomplishment. The enduring appeal lies in its actionable advice, offering readers a roadmap to unlock their potential and navigate life’s challenges with purpose and determination.

Understanding the Historical Context

Hill’s research unfolded during the Era of Industrial Titans, influencing his principles, and reflecting the ambition of figures like Edison and Carnegie.

The Era of Industrial Titans & Hill’s Research

Napoleon Hill’s groundbreaking work emerged from a period defined by unprecedented industrial growth and the rise of powerful entrepreneurs. He embarked on a twenty-year investigation, commissioned by Andrew Carnegie, to uncover the secrets behind success. This research involved extensive interviews with prominent figures of the time – individuals like Thomas Edison, Harvey Firestone, and John D. Rockefeller – titans who shaped the American landscape.

Hill meticulously analyzed their habits, philosophies, and strategies, seeking common denominators that underpinned their achievements. His aim wasn’t merely to document their stories, but to distill actionable principles applicable to anyone striving for success. The era’s focus on tangible results and relentless ambition heavily influenced Hill’s methodology and the core tenets of his philosophy, ultimately forming the foundation of The Law of Success.

The Influence of Carnegie and Edison

Andrew Carnegie’s challenge to Napoleon Hill – to discover a “philosophy of personal achievement” – was pivotal. Carnegie believed success wasn’t accidental, but a result of specific principles. He provided access to his vast network, facilitating interviews with leading industrialists. This access was crucial for Hill’s research and the development of his core concepts.

Thomas Edison’s influence stemmed from his relentless experimentation and unwavering belief in his abilities. Hill observed Edison’s dedication to specialized knowledge and organized planning, principles he later incorporated into his 17 principles of success. Both Carnegie and Edison exemplified the power of a “Definite Chief Purpose” and the importance of a “Master Mind” alliance, concepts central to Hill’s teachings. Their examples shaped the practical application of his philosophy.

Core Principles of the Law of Success

Hill’s framework centers on principles like Definite Chief Purpose, the Master Mind alliance, and Applied Faith – essential for achieving lasting success and fulfillment.

Definite Chief Purpose: The Foundation

Napoleon Hill emphatically states that possessing a Definite Chief Purpose is the indispensable starting point for all achievement. This isn’t merely setting a goal; it’s defining a central aim that directs all efforts and decisions.

He highlights that without this clarity, individuals drift aimlessly, expending energy without focused results. The principle demands specificity – a clearly articulated, measurable objective. This purpose should inspire unwavering commitment and serve as a constant motivator.

Hill’s research, drawing from the lives of industrial titans like Carnegie and Edison, consistently revealed this as a common denominator of success; It’s the bedrock upon which all other principles are built, providing direction and fueling the necessary drive to overcome obstacles.

Master Mind Alliance: Collaborative Power

Napoleon Hill’s concept of the Master Mind Alliance emphasizes the immense power derived from harmonious collaboration. It’s not simply teamwork, but a synergistic blending of minds focused on a shared definite chief purpose; This principle suggests that two or more people working in perfect harmony will achieve far more than they could individually.

Hill’s extensive research, involving interviews with successful individuals like Henry Ford and Rockefeller, consistently demonstrated the importance of surrounding oneself with trusted advisors and collaborators.

The alliance fosters mutual support, idea exchange, and constructive criticism, accelerating progress and overcoming limitations. It’s about leveraging collective intelligence and experience to achieve extraordinary results, a cornerstone of lasting success.

Applied Faith: Belief and Visualization

Napoleon Hill’s principle of Applied Faith transcends mere wishful thinking; it’s a powerful combination of unwavering belief and vivid visualization. It’s the conviction that your definite chief purpose will materialize, coupled with consistently picturing its fulfillment in your mind’s eye.

This isn’t passive hoping, but active mental engagement. Hill stresses the importance of auto-suggestion – repeatedly impressing your subconscious mind with positive affirmations and imagery.

Faith, in this context, isn’t necessarily religious; it’s a psychological force. By cultivating a strong belief and visualizing success, individuals can overcome obstacles, maintain motivation, and attract opportunities aligning with their goals. It’s a crucial element in transforming desires into reality.

The 17 Principles Detailed

Napoleon Hill’s comprehensive system outlines seventeen principles, starting with a definite purpose and encompassing collaborative power, faith, and specialized knowledge for lasting success.

Principle 1: Definite Chief Purpose

Establishing a Definite Chief Purpose is the cornerstone of Napoleon Hill’s philosophy, representing the initial spark for all achievement. This principle isn’t merely about setting a goal; it demands a clearly defined ambition, meticulously planned and relentlessly pursued.

Hill emphasizes that lacking this central aim leads to drifting through life, susceptible to external influences and ultimately, unfulfilled. A definite purpose provides focus, fuels motivation, and attracts the necessary resources – including a Master Mind Alliance – to overcome obstacles.

It’s the foundational element upon which all other principles are built, acting as a compass guiding decisions and actions. Without it, even possessing faith or specialized knowledge proves insufficient for sustained success. This principle, detailed within the “Law of Success,” is paramount.

Principle 2: Master Mind

The Master Mind principle, central to Napoleon Hill’s teachings, highlights the power of collaborative energy. It’s not simply about gathering opinions, but forming a harmonious alliance with individuals possessing complementary skills and shared ambition. This synergy creates an intellectual force exceeding the capabilities of any single mind.

Hill drew inspiration from industrial titans like Carnegie, Edison, and Firestone, observing their reliance on close-knit teams. A Master Mind group fosters brainstorming, problem-solving, and mutual support, accelerating progress towards a Definite Chief Purpose.

Effective collaboration requires trust, open communication, and a unified vision. The principle, thoroughly explored in the “Law of Success,” emphasizes that collective intelligence unlocks opportunities otherwise unattainable.

Principle 3: Applied Faith

Applied Faith, as outlined by Napoleon Hill, transcends mere wishful thinking; it’s the unwavering belief in the attainment of one’s Definite Chief Purpose, coupled with consistent action. This principle isn’t about hoping for success, but knowing it will manifest through focused effort and positive visualization.

Hill emphasizes that faith must be mixed with equivalent action – a passive belief yields no results. Drawing on the experiences of figures like Edison, he demonstrates how persistent faith fuels resilience in the face of obstacles.

The power of auto-suggestion, a related concept, reinforces this faith by programming the subconscious mind for success. It’s a cornerstone of achieving lasting fulfillment.

Principle 4: Auto-Suggestion

Auto-Suggestion, a pivotal principle in Napoleon Hill’s “Law of Success,” involves deliberately feeding the subconscious mind with positive thoughts and affirmations. This process, Hill argues, is crucial for overcoming limiting beliefs and cultivating a success-oriented mindset. It’s essentially self-persuasion, reprogramming your internal dialogue to align with your goals.

The technique requires consistent repetition of affirmations, visualized outcomes, and a clear understanding of your Definite Chief Purpose.

Hill highlights its effectiveness, noting its use by successful individuals like those studied – Carnegie and Rockefeller – to build confidence and maintain focus. It’s a powerful tool for manifesting desired realities.

Principle 5: Specialized Knowledge

Napoleon Hill’s “Law of Success” emphasizes that general knowledge is insufficient for achieving significant success; Specialized Knowledge is paramount. This isn’t merely academic learning, but a deep, focused understanding within a chosen field. Hill observed that individuals who rose to prominence – figures like Edison and Firestone – possessed expertise far exceeding the average.

He stresses the importance of organizing and applying this knowledge strategically. Acquiring information is only the first step; the ability to utilize it effectively is what truly differentiates successful individuals.

Continual learning and adaptation are also vital, ensuring knowledge remains current and relevant in a dynamic world.

Principle 6: Imagination

Napoleon Hill identifies Imagination as a crucial force in achieving success, going beyond mere wishful thinking. It’s the workshop of the mind, capable of creating plans, ideas, and solutions not readily apparent. He observed that successful individuals, like those he studied – Carnegie, Rockefeller – were prolific idea generators.

Hill distinguishes between synthetic and creative imagination. Synthetic imagination rearranges existing concepts, while creative imagination generates entirely new ones. Both are essential for innovation and problem-solving.

Cultivating imagination requires deliberate practice, visualization, and a willingness to explore unconventional ideas, ultimately shaping a desired future.

Principle 7: Organized Planning

Napoleon Hill emphasizes that a Definite Chief Purpose, coupled with Organized Planning, forms the bedrock of achievement. Simply having a goal isn’t enough; a detailed, actionable plan is vital. This principle builds upon previous ones – Master Mind collaboration aids planning, while Applied Faith fuels perseverance.

Effective planning involves breaking down large objectives into smaller, manageable steps. Hill advocates for creating concrete timelines and identifying resources needed for each stage. Procrastination is the enemy of organized planning, demanding consistent action.

Successful individuals don’t leave success to chance; they meticulously chart their course and adapt as needed, ensuring progress towards their ultimate vision.

Accessing the “Law of Success” PDF

Napoleon Hill’s “Law of Success” and related works, including guides on spiritual laws, are available digitally, but prioritize legitimate sources to avoid copyright issues.

Legitimate Sources for Download

Finding authentic digital copies of Napoleon Hill’s “Law of Success” requires careful navigation. The Napoleon Hill Foundation itself is the most reliable source for official publications and resources, ensuring you receive an unadulterated version of his work. Several online booksellers also offer legitimate PDF versions for purchase, providing a convenient and legal way to access this classic text.

Beware of websites offering free downloads, as these often contain pirated material or may compromise your device with malware. Prioritize established platforms and verify the source’s credibility before downloading any files. Exploring resources related to the “Seven Spiritual Laws of Success” can complement your study, but always confirm their authenticity. Supporting the official channels helps preserve the integrity of Hill’s teachings and ensures continued access to his invaluable insights.

Avoiding Copyright Infringement

Respecting intellectual property is crucial when accessing Napoleon Hill’s “Law of Success” in PDF format. Downloading from unauthorized sources constitutes copyright infringement, potentially leading to legal repercussions. The work remains protected, and obtaining it through illegal channels undermines the author’s legacy and the Napoleon Hill Foundation’s efforts.

Prioritize purchasing the PDF from reputable booksellers or directly from the Foundation’s official website. Avoid websites offering “free” downloads, as these are almost always illegal copies. Supporting legitimate sources ensures continued publication and accessibility of Hill’s teachings. Remember, even sharing unauthorized PDFs with others contributes to copyright violation. Choosing legal avenues demonstrates respect for the creator’s rights and supports the continued dissemination of valuable knowledge, including related works like guides on the “Seven Spiritual Laws of Success.”

Related Works & Further Exploration

Explore complementary texts like “The Law of Financial Success” (1907) and “Power vs. Force,” deepening your understanding of Hill’s principles alongside the “Seven Spiritual Laws.”

“The Law of Financial Success” (1907)

Published decades before “The Law of Success,” this earlier work by Napoleon Hill lays the groundwork for his later, more comprehensive philosophies. It delves specifically into the psychological and practical elements required for accumulating wealth, focusing on mental attitude, overcoming fear and worry, and cultivating unwavering faith.

The book explores latent powers within individuals and the crucial roles of ambition, desire, and will power in achieving financial independence. Hill emphasizes the power of auto-suggestion – harnessing the subconscious mind to attract prosperity. While distinct from the “Seven Spiritual Laws of Success,” it shares a common thread: the importance of a focused mindset and deliberate action; It provides a fascinating glimpse into the evolution of Hill’s thought process and remains a valuable resource for those seeking financial mastery.

Napoleon Hill’s Self-Confidence Formula

A cornerstone of personal achievement, this formula, officially published by the Napoleon Hill Foundation, builds upon the principles outlined in “The Law of Success” and other works. It’s a practical guide designed to cultivate self-reliance and overcome limiting beliefs, essential components for manifesting success, even mirroring concepts found within guides like the “Seven Spiritual Laws of Success.”

Hill details techniques for strengthening inner conviction and projecting an aura of confidence, attracting opportunities and influencing others. The formula emphasizes the power of positive self-talk, visualization, and consistent action. It’s not merely about feeling good; it’s about developing a deeply ingrained belief in one’s ability to achieve desired outcomes, a vital element for navigating life’s challenges and realizing one’s full potential.

“Power vs. Force” and its Connection

Napoleon Hill’s exploration of “Power vs. Force” delves into the fundamental energies driving human action and achievement, complementing the principles found in works like the “Seven Spiritual Laws of Success.” He argues that true, lasting success stems from harnessing inner power – a positive, creative force – rather than relying on brute force or coercion. This distinction is crucial for building genuine relationships and achieving sustainable results.

The concept directly relates to the principles of faith and auto-suggestion in “The Law of Success,” emphasizing the importance of cultivating a positive mental attitude. By understanding and utilizing the power within, individuals can overcome obstacles and attract favorable outcomes, aligning with the harmonious principles outlined in spiritual success guides.

The Napoleon Hill Foundation

The Napoleon Hill Foundation provides authentic publications, including “The Law of Success” and related works, ensuring the enduring legacy of his principles.

Official Publications and Resources

The Napoleon Hill Foundation serves as the primary source for genuine publications stemming from Hill’s extensive research and writings. Beyond “The Law of Success,” explore “Napoleon Hill’s Self-Confidence Formula” and “Power vs. Force,” deepening your understanding of his philosophy.

Access official PDFs and resources directly through the Foundation’s website, guaranteeing authenticity and avoiding copyright infringements. These materials build upon the core seventeen principles, including having a definite chief purpose and cultivating a Master Mind alliance. Discover how Hill’s insights, gleaned from titans like Carnegie and Edison, translate into practical strategies for personal and financial success. The Foundation diligently preserves Hill’s legacy, offering a wealth of knowledge for those seeking lasting achievement.

Authenticity and Legacy

Preserving Napoleon Hill’s original intent is paramount, especially with widespread digital access to works like guides on the “Seven Spiritual Laws of Success” and “The Law of Success” in PDF format. The Napoleon Hill Foundation actively combats unauthorized reproductions and ensures the integrity of his teachings.

Hill’s legacy extends beyond personal achievement; his research, involving interviews with industrial leaders like Rockefeller and Edison, aimed to distill universal principles for success. Authenticity guarantees you’re receiving the complete, nuanced message – encompassing faith, specialized knowledge, and organized planning. By supporting official publications, you contribute to maintaining the accuracy and enduring power of Hill’s transformative philosophy, ensuring its continued impact for generations to come.

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The Fatal Limits Of The Technocrat Class

Authored by Charles Hugh Smith via OfTwoMinds blog,

Goliath dies not because collapse occurs, but because scale mistakes itself for life. What survives was never his.

This guest essay by longtime correspondent 0bserver speaks to a dynamic woven into all of my work: the intrinsic impossibility of fixing what technocratic management broke with more technocratic management. Attempts to do so result in doing more of what's failed, with fatal consequences for the systems being "fixed," as the technocratic elite holds the power to impose policies but is immune to the consequences of the failure of those policies. Those fall on the system, which then veers into incoherence and Model Collapse.

I've been reading Luke Kemp's Goliath's Curse: The History and Future of Societal Collapse with care, because the book is serious, well-researched, and written from within institutions that spend their days thinking about systemic fragility. Kemp is not unserious, nor is he shallow. His diagnosis of elite failure, complexity, inequality, and institutional overreach aligns with much of what many of us have been warning about for years.

Where I think the book ultimately fails, however, is not in what it sees--but in what it cannot see from the altitude at which it operates.

Kemp's collapse framework is managerial. Collapse is treated as a system-level pathology to be prevented through coordination, governance, and institutional reform. This makes sense given his professional formation and affiliations, but it creates a blind spot that becomes more consequential the longer one reads: continuity is assumed, not explained.

The book speaks fluently about sustainability, inequality, elite capture, and long-term risk. Yet it does not seriously engage with inheritance--not inheritance as wealth alone, but inheritance as transmission: skills, trades, family structure, norms, fertility, competence, and responsibility carried forward across generations. Sustainability is framed as system stability rather than generational renewal.

This omission matters, because collapse is not the absence of order. It is the failure of particular scales of organization. When large institutions fail, life does not disappear--it reorganizes. The question is not whether systems can be stabilized indefinitely, but whether anything capable of inheritance remains when stabilization fails.

Luke Kemp is excellent at identifying fragility in centralized systems. He is far less interested in, or perhaps less equipped to examine, the base-rate reality that most societies muddle through breakdowns via informal order, households, and local competence. This is where pessimism overweights evidence. Failure is dramatic and legible; endurance is quiet and distributed.

Where this becomes decisive is in Kemp's proposed solutions.

When collapse looms, the remedies offered are more coordination, better governance, stronger institutions, improved global frameworks, and smarter management of risk. Complexity is to be handled by expertise; inequality by policy; instability by coordination. The scale that failed is asked to save itself.

This is the core problem.

The solutions operate at the same level as the failure.

Centralization is offered as the cure for overextension.

Governance is offered as the cure for institutional fragility.

Coordination is offered as the cure for complexity.

The very mechanisms meant to prevent collapse amplify its consequences when they fail.

Recent history supplies proof--not theory.

The financial collapse of 2008 rescued banks while households absorbed the loss. Large institutions were recapitalized immediately; families lost homes, savings, and years of accumulated effort. Recovery was declared long before household continuity returned.

The pandemic reinforced the same pattern. Large corporations were deemed essential, while small and local businesses were declared nonessential and shuttered. Compliance favored scale; capital consolidated upward; independent capacity quietly disappeared.

A third proof is now unfolding without crisis declarations. Large banks continue to grow while private equity consolidates trades and local services--plumbing, HVAC, electrical, veterinary clinics, small manufacturing. Businesses are bought, debt-loaded, stripped, and optimized for extraction. Ownership disappears, stewardship evaporates, and nothing is left to inherit when failure arrives.

These outcomes are not policy accidents.

They are the predictable result of scale-first solutions.

Systems are stabilized.

Households are tested.

Continuity bears the cost.

What troubles me most is that Goliath's Curse critiques elites and inequality while failing to recognize how insulated analysis itself has become. Collapse expertise that cannot be lived becomes abstract. Risk is modeled without skin in the game. Moral urgency is asserted without moral grounding. The book makes moral claims--about obligation, responsibility, and injustice--without ever naming the source of those obligations.

This creates a quiet contradiction. Moral language is necessary to motivate coordination, but moral foundations are left ambiguous to preserve managerial flexibility. In the absence of grounding, obligation eventually collapses into power.

Nassim Nicholas Taleb has a name for one failure mode here: the intellectual yet idiot--not stupid, not malicious, but insulated from consequence. I don't think Luke Kemp himself is the target. The framework is. Collapse theory that remains legible only to institutions will always propose institutional solutions, even when the problem has already migrated below that level.

The real threat is not collapse per se. Systems rise and fall. The real threat is the dissolution of the family and the erosion of inheritance.

Institutions can be recapitalized. Markets can reprice. States can fragment and re-form. Families cannot be substituted.

When families fail to reproduce competence, culture, and responsibility across generations, nothing downstream inherits. What follows is not collapse but vacancy.

Goliath dies not because collapse occurs, but because scale mistakes itself for life. What survives was never his.

That is the argument I think Goliath's Curse gestures toward but cannot complete from where it stands. The book diagnoses fragility well. It does not yet explain endurance.

And in the end, endurance--not prevention--is what decides the future.

This is a guest essay by longtime correspondent 0bserver.

CHS here: note that the global technocrat elite follows a power law distribution in where they attended university:

...and the power they wield in markets and institutions:

*  *  *

My new book Investing In Revolution is available at a 10% discount ($18 for the paperback, $24 for the hardcover and $8.95 for the ebook edition). Introduction (free)

Check out my updated Books and Films. Become a $3/month patron of my work via patreon.com. Subscribe to my Substack for free

Tyler Durden Mon, 01/26/2026 - 19:15

IRGC Has 'Finger On The Trigger' As US Carrier Strike Group Enters Waters Near Iran

The US Navy's aircraft carrier strike group USS Abraham Lincoln has arrived in the Middle East, this week entering CENTCOM waters in the Indian Ocean, and is awaiting orders

Fox correspondent Jennifer Griffin cites a senior American official who said the carrier is not yet on station for any possible future strikes against Iran, however.

via AFP

The same outlet has further reported, "U.S. officials say Washington is reinforcing its military posture in response to growing instability inside Iran, boosting its presence by air, land and sea, while closely monitoring developments in Syria."

"A squadron of F-15 fighter jets has deployed to the region, and C-17 aircraft carrying heavy equipment have arrived," Fox adds.

This all comes after President Trump's apparent climb-down after threatening military intervention against Tehran in the wake of large deadly protests which rocked the Islamic Republic early this month, amid an internet blackout.

But Trump has put Iran on notice, despite that Iranian streets have been clear of unrest for well over a week at this point. He said on Thursday he has ordered a "massive fleet" to be sent toward Iran "just in case" he wants to take action - although he underscored that "maybe we won't have to use it." 

Just in terms of the strike group, this includes the following advanced assets:

The strike group is comprised of the Lincoln, an aircraft carrier, and three guided missile destroyers: the USS Frank E. Petersen, Jr., the USS Spruance and the USS Michael Murphy. On board the Lincoln are squadrons of F/A-18E/F Super Hornets, EA-18G Growlers, F-35C fighter jets and MH-60R/S helicopters.

The naval force was not necessarily "on station" as of Monday morning Eastern Time, meaning it was not in its intended ultimate position.

This is being taken seriously by Tehran leaders given the month kicked off with a shock US military intervention in Caracas - which was actually among Iran's few Latin American allies - to overthrow longtime socialist leader Nicolás Maduro.

State affiliated Nournews, which is close to Iran's Supreme National Security Council, reported on its Telegram channel that Gen. Mohammad Pakpour, commander of the Islamic Revolutionary Guard Corps (IRGC), warned the US and Israel "to avoid any miscalculation."

"The Islamic Revolutionary Guards and dear Iran stand more ready than ever, finger on the trigger, to execute the orders and directives of the Commander-in-Chief," Pakpour stated.

LATEST: Map shows the scale of the U.S. military buildup around Iran.

Fighter jets, tankers, AWACS, and carrier air wings positioned across Europe and the Middle East.

Source: DefenceGeek pic.twitter.com/PbDV6O62aD

— Clash Report (@clashreport) January 25, 2026

Iran's military capability is nowhere close to being on par with the US; however, it does have a feared and sophisticated ballistic missile program, and has mass quantities of drones, which could threaten a carrier group through potential 'drone swarm' attacks, aimed at overwhelming naval defenses.

Cameron Chell, CEO and co-founder of drone technology firm Draganfly, has been widely quoted in various media outlets this week as explaining, "If hundreds are launched in a short period of time, some are almost certain to get through," and added: "These drones give Iran a very credible way to threaten surface vessels."

Tyler Durden Mon, 01/26/2026 - 18:50

Ignoring Geopolitical Risk?

Authored by Daniel Lacalle,

The increase in the global geopolitical risk index has not affected global markets.

The general tone remains bullish despite a surprising “neutral” view shown in CNN’s Fear and Greed Index.

The reality is completely different.

Investors may say they are neutral given the elevated valuations and the global uncertainty, but most asset managers’ positioning is exceedingly bullish and concentrated on very cyclical sectors like banks and technology.

The main reason for this striking contrast between explicit concerns and positioning is a clear consensus of central bank easing as the norm.

Global money supply is expected to grow much faster than nominal GDP in 2026, what I call the monetary tsunami.

Investors should not ignore geopolitical risks and the evident impoverishment of middle classes due to inflationist policies that we have commented on in this column a few times.

Inflating financial asset prices while eroding the real value of fiat currencies generates social discontent, weaker productive investment, and a dangerous sentiment of confidence.

Gold soars as government bonds lose appeal

Risk accumulates gradually but can manifest suddenly, and the current environment is characterised by a perilous sovereign debt bubble that coincides with a decrease in global central banks’ demand for bonds from developed economies.

That is why gold soars. Demand for gold is rising while appetite for government bonds declines.

Global broad money is probably going to rise well above nominal output, with overall money supply growth projected to exceed 12% in 2026 while global GDP stalls around 3–3.1%, far below pre-2008 norms.

Furthermore, global capital investment is likely to be flat relative to depreciation in 2026. This enormous difference between liquidity and real activity reflects years of aggressive monetary and fiscal policies, with out-of-control deficits and bloated public balance sheets still driving central bank behaviour.

In Europe, the challenging political and fiscal situation, particularly in countries such as France, makes it very difficult for the ECB to normalise

According to JP Morgan, US money supply (M2) rose by 1.7 trillion dollars in 2025, growing at 6.6% and above nominal GDP for a third consecutive year.

This creates a risk of persistent inflation and elevated valuations in financial assets. Even if consumer prices rise at a slower pace than in previous years, the risk of loss of purchasing power remains.

For 2026, JP Morgan expects US money creation to exceed 2 trillion dollars, approaching the 2021 pace, as new liquidity channels—especially Federal Reserve T-bill purchases—replace quantitative tightening and extend the monetary stimulus cycle.

In 2026 the Federal Reserve is likely to remain accommodative, bringing real rates down towards a neutral level and even maybe adding a potential “mini–Quantitative Easing” or hidden easing program of roughly 20 billion dollars a month in Treasury purchases and mortgage-backed securities.

In Europe, the challenging political and fiscal situation, particularly in countries such as France, makes it very difficult for the ECB to normalise, forcing it to persist with instruments such as the anti-fragmentation tools and the monetisation of EU funds as well as a larger EU budget.

Resisting the negative impact of inflation

The reason why investors remain bullish is also because recent years’ events have shown that geopolitical risk plays a diminishing role in market volatility.

However, ongoing inflation and geopolitical risk do impact economic growth, investment, and consumer spending, which results in lower forecasts for economic output, reduced earnings estimates for companies that are more sensitive to the economy and keeps valuations at uncomfortable levels.

Global inflation is expected to moderate but remain above pre-pandemic levels around 3%, with developed economies still above their 2% targets because governments refuse to cut spending or deficits, so CPI stays “artificially” high relative to where it should be and underlying growth.

This leads to social discontent and rising populist measures in developed nations, while protests may bring more unrest in countries like Iran.

The situation never ends well. Central banks stopped being independent years ago, and their main strategy is to maintain unjustified low yields in sovereign bonds at the expense of consumers, who suffer the accumulated impact of inflation and rising taxes.

Ignoring geopolitical risks may lead to more aggressive investment in financial assets than would be advisable. However, too much fear leads to real losses for investors who decide to stay in cash and therefore suffer the annual erosion of the purchasing power of the currency.

What to do then?

Active portfolio management, prudent positioning, and a focus on gold, silver, and developed economies’ equities may help investors resist the negative impact of inflation and avoid the risks accumulated due to political uncertainty.

Tyler Durden Mon, 01/26/2026 - 18:25

Layan Odeh of Bloomberg reports Ontario Teachers’ reroutes some cash into public markets: 

Ontario Teachers’ Pension Plan chief executive Jo Taylor said that the pension is “warehousing” capital in public markets after selling several assets within its private market portfolio last year.

The pension plan “sold some private equity assets” and “our plan is to reinvest that capital,” Taylor said in an interview with Bloomberg TV in Davos. “We are really just warehousing it until we know where we want to redeploy it.”

Ontario Teachers’ struck deals to sell some assets last year, including its stakes in airports in Copenhagen and Brussels, as well as three airports in the United Kingdom. The pension plan also agreed to sell its majority stake in India’s Sahyadri Hospitals Group.

The pension plan, which manages $269.6 billion of assets, reduced its exposure to the United States dollar and treasuries in the first quarter of last year, Taylor said, citing the “risk of a deflationary dollar.”

But as the pension plan shifted to “benign” but liquid markets, OTPP’s equity weighting stayed tilted toward the U.S.

“The U.S. is still 30 per cent, 35 per cent of our portfolio,” Taylor said. “It will be an important territory for further capital.”

In recent days, some European pension plans said that they’re cutting their exposure to the U.S. dollar amid concerns that the policies of U.S. President Donald Trump have created credit risks too big to ignore.

AkademikerPension, a Danish pension fund that manages around US$25 billion of savings, said it’s planning to exit U.S. Treasuries by the end of the month. Swedish pension fund Alecta said it already sold most of its U.S. Treasuries since early last year, citing the unpredictability of U.S. policy, budget deficits and national debt. 

Alright, I had a chance to listen to Jo Taylor's interviews at Davos last week, one with Bloomberg and one with CNBC.

Jo is always on point and very careful when he speaks, here are my quick bullet points but take the time to watch both interviews below.

• They cut exposure to the US dollar and Treasuries in Q1 2025 because they were a bit overexposed but he added: "The US is always roughly 30% to 35% of their portfolio -- it's 30% at the moment -- and it will always be an important territory fro us for further capital."
• They cut their dollar and treasury exposure in Q1 2025 because they saw deflationary risk to the dollar and kept it at that level going into 2026.
• They had important realizations last year in private markets particularly when they sold five airports in Europe and parked the money in "benign, liquid public markets" mostly in the US. 
• Nonetheless, private markets is a "hugely successful part of their business" and a "core activity" and Jo specified they are "not asset collectors", they acquire companies, make them more successful and if someone comes along to buy them and give them a good offer, then they will tend to "monetize them."
• So, in 2025, their biggest realizations were in airports and some private equity assets but their plan is to reinvest that capital. "Putting that money into liquid form in public liquid markets is we're really just warehousing it till we know where we want to redeploy it given our all-weather portfolio."
• On AI, Jo said they're not sure "the larger businesses will automatically win over time" so they're being careful and selective on where they invest. More importantly, they're looking at how AI impacts their existing portfolio of companies they own. "How do we enable them so they use AI to their advantage?" and "how we use AI to make better investment choices given the data we have?" 
• He said they own stakes in Anthropic and SpaceX and the latter has been a "fabulous investment" and said the company was "executing" on all levels and hitting its mark.
• Interestingly, toward the end of the Bloomberg interview, he said IPOs are not always the best solution because disclosed of a listed company is onerous and sometimes it makes sense to stay private for longer. 
• On the CNBC interview, Jo hones in on how Teachers' plans for the long term since their liabilities go out 50-60 years but also want to capitalize on short-term volatility where they see opportunities.  "When markets get really choppy, you want to be brave enough to look for good opportunities particularly on the investment side."
• He said last year they were  more "sellers of assets" and this year they're trying to correct that as "you don't want too much vintage year risk in what could turn out to be a wonderful year in investing." He said from his own experience, when markets are volatile, it's a great time to buy.\
• He said there has already been an equity correction is private equity and the challenge is in a world of tariffs how do you look at a business to try to understand its future growth.  So a business can look good when you buy it but will that be maintained and also if it's "a business that does a lot of M&A after you (acquire), then that looks more uncertain."
• He stressed you need to "know what you own" and they do direct investing as well as work with partners and do their own due diligence.
• They will be selling and buying assets again this year, and sold an oil and gas business earlier this year.
• He said they've done well investing in technology, financial services and industrials but as they look forward they're asking the question "will everyone win on AI?' and "which are the areas where you can see good growth and technology has the upper hand". He said one area where they are uncertain is in healthcare where "AI is speeding up some of the discovery and value creation."
• Jo said they have a good exposure to AI and "Teachers' Venture Growth made a very good return last year of over 30%." 
• They want to examine where AI disrupts their portfolio and where it can help them add value.

Alright, take the time to watch both interviews, Jo Taylor is always on point and very precise with is comments.]

Below, Ontario Teachers' Pension Plan President & CEO Jo Taylor says the pension has cut exposure to US Dollar and Treasuries. He speaks to BTV's Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern on the sidelines of the 2026 World Economic Forum in Davos, Switzerland.

Also, Jo Taylor, CEO and president of the Ontario Teachers’ Pension Plan (OTPP), tells CNBC’s Dan Murphy in Davos that he’s closely watching geopolitical spillovers in financial markets. While volatility should be seen as a buying opportunity, Taylor emphasizes investors must “know what you own” during uncertain times.

Appeals Court Denies DOJ's Bid To Arrest More Minnesota Church Protesters

Authored by Aldgra Fredly via The Epoch Times,

Late last week, a federal appeals court denied the Justice Department’s (DOJ’s) request to arrest more individuals involved in an anti-ICE protest that occurred inside a church in Minnesota earlier this month.

Protesters disrupted a Sunday service at Cities Church in St. Paul on Jan. 18, chanting phrases such as “Justice for Renee Good,” following claims that one of the church pastors serves as the acting field office director for Immigration and Customs Enforcement (ICE) in Minnesota. Several people were arrested on Jan. 22 for allegedly organizing the protest.

The Eighth U.S. Circuit Court of Appeals on Jan. 23 rejected the DOJ’s emergency petition for a writ of mandamus after Minnesota Chief District Judge Patrick Schiltz refused to issue five more arrest warrants related to the protest.

In a Jan. 23 letter to the appeals court, Schiltz said the DOJ had requested arrest warrants for eight people on Jan. 20, but Magistrate Judge Douglas Micko issued warrants for only three, finding no probable cause to arrest the remaining five.

The five individuals allegedly entered the church and yelled “horrible things at the members of the church” but committed no violence, according to the judge’s letter.

“It is important to emphasize that what the U.S. Attorney requested is unheard of in our district or, as best as I can tell, any other district in the Eighth Circuit,” Schiltz said, referring to the DOJ’s request to review Micko’s denial of arrest warrants.

“The reason why this never happens is likely that, if the government does not like the magistrate judge’s decision, it can either improve the affidavit and present it again to the same magistrate judge or it can present its case to a grand jury and seek an indictment,” the judge added.

The DOJ said that arresting the five individuals was necessary to deter potential “copycats” from disrupting churches, synagogues, and religious services. Schiltz disagreed.

“The leaders of the group have been arrested, and their arrests have received widespread publicity. There is absolutely no emergency,” Schiltz said, suggesting that the DOJ could instead take its case to a grand jury.

The Epoch Times has reached out to the DOJ for comment but did not receive a response by publication time.

Among the five individuals for whom the DOJ sought arrest warrants is former CNN journalist turned YouTuber Don Lemon, who livestreamed the protest on social media.

Lemon’s attorney, Abbe Lowell, said in a statement on Jan. 23 that the magistrate’s actions “confirm the nature of Don’s First Amendment protected work this weekend in Minnesota as a reporter.”

“Should the Department of Justice continue with a stunning and troubling effort to silence and punish a journalist for doing his job, Don will call out their latest attack on the rule of law and fight any charges vigorously and thoroughly in court,” Lowell said.

Harmeet Dhillon, the DOJ’s assistant attorney general for civil rights, posted on X on Jan. 18 that a house of worship is not a public forum for protest.

“It is a space protected from exactly such acts by federal criminal and civil laws,” Dhillon said.

Tyler Durden Mon, 01/26/2026 - 17:40

As ordered reported by the Senate Committee on the Judiciary on January 15, 2026

Tehran Cheers US Unrest, Calls Minneapolis Protests 'Instant Karma'

Iran's state media has blasted the Trump administration as hypocritical, drawing a direct comparison between the recent protests inside the Islamic Republic and the ongoing unrest ignited by the controversial ICE shootings in Minneapolis.

Iran has seized on the latest fatal shooting of Alex Prettio, arguing that President Trump has no moral standing to condemn how Iranian authorities have handled its own nationwide demonstrations, which were triggered by economic strain and a collapsing currency after years of US-imposed sanctions.

State-backed Press TV pointed to Trump's earlier public call for Iranians to rise up and take to the streets while pointing to the current Minneapolis demonstrations as "instant karma".

Getty Images/BBC

Newsweek observed several fresh broadcasts from Iranian outlets drawing on the comparison:

While these protests were largely peaceful, Iranian state news channel Press TV dedicated a segment in which it presented them as the latest iteration of the anger at the actions of ICE.

The presenter on Press TV, Roya Pour Bagher, referred to social media posts by Americans expressing outrage at the killing, and described "growing fears of an imminent civil conflict—yes a civil war in the United States."  

In a separate clip, Bagher said that footage of Pretti’s killing clearly showed he did not pose a threat to anyone, adding that more protests could help stop the killings. 

This has been the theme across pro-Tehran social media as well:

Iran’s state TV channel Press TV: "Calls on social media demanding Trump’s removal before the US is pushed into the unknown are growing louder, as crimes by ICE against civilians continue to rise." 

Iranian outlet Press TV: "Instant karma? Trump: Iranian Patriots, KEEP PROTESTING—TAKE OVER YOUR INSTITUTIONS!!!"

There's actually some truth here in the way US officials and media portray things whenever there's a protest inside Iran, or any nation deemed a 'rogue' state for that matter: all demonstrations no matter how small or varied in terms of the protesters' actual motives tend to get treated as somehow "pro-Western democracy" in nature, or else as if the "regime" is always on the brink of collapse.

And then there are always the familiar calls by American politicians and pundits of the 'Ayatollah must go' or this or that dictator must go. Western mainstream media is also notorious for grossly oversimplifying complex dynamics behind foreign events and protest movements.

Tehran officials and state media have also of late been saying the Iranian protests that kicked off on December 27, but which last week finally ended, were quickly "hijacked" by foreign powers and interests. For example the below fresh PressTV commentary says:

In an interview with the Press TV website, Nury Vittachi, a Hong Kong-based journalist, author, and political commentator, said the deadly unrest and acts of terrorism in Iran in recent weeks bore the unmistakable signs of a coordinated campaign orchestrated by the United States and Israel.

“There is no doubt that there was heavy involvement from foreign forces during the riots. I have seen this same procedure in many locations,” he stated.

A protest light display was projected onto an ICE detention center in Los Angeles, California, depicting an ICE officer shooting at humanity, democracy, rights, and freedoms.

Follow: https://t.co/7Dg3b41hTx pic.twitter.com/cdwoCEv631

— PressTV Extra (@PresstvExtra) January 26, 2026

Thousands were killed, among them at least dozens or possibly even hundreds of police, security personnel, and pro-government people. But the majority of casualties were clearly on the anti-government side, as even Iran state sources have lately appeared to admit.

The West accuses Iran of often firing on unarmed protesters, while the Islamic Republic has retorted that there was an armed insurrection in tandem with those who went to the streets peacefully - creating a more murky, complex series of bloody clashes with the police and military.

Tyler Durden Mon, 01/26/2026 - 17:20

A Year After Pardons, Freed January 6 Prisoners Tell Their Stories

Authored by Janice Hisle via The Epoch Times (emphasis ours),

A year ago, President Donald Trump pardoned nearly 1,600 people for “offenses related to events that occurred at or near the United States Capitol on January 6, 2021.”

Illustration by The Epoch Times, Bobby Sanchez for The Epoch Times, Samira Bouaou/The Epoch Times, Nathaniel Smith for The Epoch Times, Natasha Holt for The Epoch Times, Leo Shi/The Epoch Times

That decision to issue the blanket pardon, in one of his first official acts as the 47th president, ignited controversy. It covered not only people who strolled through open doors of the U.S. Capitol, unaware they were trespassing, but also rioters who damaged property and assaulted police.

After the initial public backlash subsided, the pardoned—many of them newly freed from prison—began rebuilding their lives.

The Epoch Times interviewed five of those former Jan. 6 prisoners. Their consensus: Jan. 6 is one of the most-mischaracterized events in U.S. history, largely because records—and personal stories like theirs—have been ignored by most media outlets. They say the pardon was not a panacea. Some are still ostracized from friends and family. Others are still recovering from the financial setbacks.

All five believe they’ve been unjustly prosecuted and none say they regret their actions. Rather, the pardoned said they were proud to have stood up for the integrity of U.S. elections, Trump, and American values on that fateful day—despite the great cost.

Micki Witthoeft, mother of Ashli Babbitt, waits outside the DC Central Detention Facility after President Donald Trump pardoned roughly 1,500 Jan. 6 defendants, in Washington on Jan. 20, 2025. Babbitt, a Trump supporter, was the only person killed, by a police officer, during the Jan. 6 conflict. Samira Bouaou/The Epoch Times Twists of Fate

As Dan Leyden, 58, struggles to regroup after his wife died of cancer late last year, he remains in disbelief over the life-changing events that preceded that horrible loss.

Circumstances lined up and thrust him—a low-profile union electrician from Chicago—into the forefront of the Jan. 6 conflict in 2021.

At the last minute, he had decided to join his brother in Washington to watch “our favorite president” speak, possibly delivering his final big public speech as the 45th president.

But the brothers got separated from each other.

“Then I don’t see that speech, because the man next to me says, ‘Dan, would you walk with me to the Capitol?’ So I walked to the Capitol,” Leyden said, “And, from there, my life has turned upside-down.”

While he doesn’t want pity, Leyden—who injects many of his remarks with wry humor—used the word, “heartbroken,” to describe losses he has suffered.

First, his prosecution cost him the Chicago Park District job he had worked without a single complaint for 24 years.

Also, while beginning to serve a prison sentence that would have spanned three years, Leyden missed the birth of his first grandchild—“a gorgeous baby girl” who he now enjoys visiting.

Days after an overjoyed Leyden was pardoned and freed, he plunged into sorrow over the shooting death of Matt Huttle, 42, a Jan. 6 prisoner who became his friend while they served time in prison together. Stopped for speeding in rural Indiana, Huttle threatened to kill himself rather than face life behind bars again. As Huttle resisted arrest, an officer fatally shot him.

Worst of all, Leyden lost his wife of 27 years to cancer on Dec. 29 last year. That illness, which stress has been known to trigger, hit Linda Leyden shortly after her husband was freed. His incarceration had kept them apart for 15 months.

Dan Leyden, 58, at his home in Chicago on Jan. 13, 2026. A low-profile union electrician, Leyden lost his 24-year career at the Chicago Park District due to the Jan. 6 prosecution while mourning the recent loss of his wife to cancer. Nathaniel Smith for The Epoch Times

Leyden said his wife was known for her compassion. It was her idea to adopt two daughters from a Russian orphanage; they are now grown.

A lively woman, his wife ran marathons in major cities across the United States and as far away as South Africa before she died at 62.

Despite mourning her death, Leyden jokes about their contrasting lifestyles: “I don’t run unless somebody’s chasing me—and the FBI hasn’t been chasing me lately.”

With sarcasm, he disputes a label he and other defendants were given. “I was a very poorly trained ‘domestic terrorist,’” Leyden says, noting he showed up for the wintertime protest wearing a lightweight green flannel shirt over a T-shirt, and “cheap mittens from Walmart.”

Trump was scheduled to speak at The Ellipse, a park about two miles from Capitol Hill, following a series of other presenters.

But the speeches were hard to hear above the din of the crowd, broadcast over poor-quality loudspeakers.

And Leyden was shivering. It was windy; temperatures hovered in the 30s.

Unable to find his brother, Leyden headed toward the U.S. Capitol, hoping the walk would help him feel warmer.

After arriving at the U.S. Capitol, Leyden noted insufficient security; he ended up near a bike rack that functioned as a barricade. Photos show that Leyden was “pushing the barricade,” prosecutors said in a court record.

That’s a misrepresentation, Leyden said: “Did I lean on a bicycle rack? Yeah, I’m guilty.”

About 17 months later, the FBI descended upon his Illinois home. His wife was home alone with the family pets; she was terrified.

Leyden soon surrendered. He faced 29 years in prison, even though he never went inside the U.S. Capitol; neither did his brother, Joe, who was sentenced to six months.

Leyden’s wife urged him to take a plea, saying, “Can we get this nightmare over with?” His legal battle had cost $30,000, wiping out his savings, though he is not in debt.

Now after a year of freedom, he is awash in grief. He doesn’t know what direction his life will take. “I just wanna go walk my dog at the park; my best friend of 29 years is gone,” he said.

Spiritually, he has never given up. Leyden said he was “just knocked to the curb [and] got back up.” He is beginning to feel less ostracized and hopes to go back to union electrical work.

Many people’s lives have been devastated, too, he said, “all because of one day” that remains shrouded in questions.

“The American people deserve the truth,” he said. And that, he said, is worth fighting for.

Flowers and cards Dan Leyden received after his wife’s passing at his home in Chicago on Jan. 13, 2026. Nathaniel Smith for The Epoch Times Grateful, But Wants More Action

Like many former Jan. 6 defendants, Alexander Sheppard hoped that being pardoned would go a long way toward clearing his name.

It didn’t.

Many people still treat the ex-defendants “like we are totally inhuman,” Sheppard, an Ohioan, said.

Another once-maligned group has consistently shown respect. “I’ve had Vietnam veterans tell me: ‘Thank you for your service.’ It’s mind-blowing,” Sheppard said.

Also, people of faith have demonstrated compassion. “A lot of Christians have been praying for the Jan. 6 people,” Sheppard said. “I appreciate that more than anything.”

With those notable exceptions, Sheppard still feels ostracized. He blames “the mainstream media” for falsely labeling nonviolent people like him “insurrectionists.”

On Jan. 6, 2021, Sheppard was 21 and had just started his own company. His prosecution forced him to return to restaurant work; he shares living expenses with his brother. He recently quit the restaurant job in search of a better opportunity.

Sheppard made a last-minute decision to attend the Jan. 6 rally, mostly because he opposed COVID-19 restrictions and believed that the 2020 election was stolen.

He was among many who entered the U.S. Capitol through open doors—unaware that they were trespassing.

Fatefully, Sheppard happened to be nearby when a police officer fatally shot Trump supporter Ashli Babbitt—unwittingly making him far more noticeable.

Sheppard would like to put Jan. 6 behind him. But “another part of me is saying, ‘We can’t move on because the people who did this to me are the criminals,’” who should be held to account.

Alexander Sheppard in Columbus, Ohio, on Jan. 28, 2025. Sheppard said many former Jan. 6 defendants, including himself, have since struggled to find employment. Samira Bouaou/The Epoch Times

Sheppard believes the FBI and Justice Department should apologize and pay restitution, calling for federal trials to be televised to prevent unjust tactics from being used without scrutiny.

People would be stunned to learn what really happened during trials like his, he said. Not a single Republican sat on his jury in Democrat-dominated Washington, D.C.

Prosecutors presented five witnesses against him, and “every single one of them said they didn’t know me,” except for the FBI agent who tracked him down after Jan. 6, he said.

“There’s no victim to my ‘crime’ and there’s no witnesses—and somehow, I get convicted.”

Investigators never asked him about the fatal shooting of Babbitt—which Sheppard witnessed from about 10 feet away. U.S. Capitol Police Lt. Michael Byrd fired the fatal shot and faced no criminal charges.

Babbitt, a stranger to Sheppard, was shot as she attempted to climb through the broken window in a doorframe.

Although the presidential pardon didn’t produce the reputational boost Sheppard had hoped for, “I’m so grateful for the pardon; I’m so grateful that President Trump included every January Sixer.”

Because of a court ruling involving Jan. 6 prosecutions, a judge reduced Sheppard’s 19-month prison term to six months. Thus, he was released in May 2024. Still, he benefited from the pardon in January 2025; it restored his unblemished criminal record and removed restrictions he had faced.

Although he was represented by a public defender, Sheppard took a financial hit after the arrest and the ensuing prosecution.

“I am not completely broke because I have been working a job and keeping expenses relatively low, but I would have a lot more money if I didn’t endure four years of persecution from the federal government,” Shepard said.

He feels there is much unfinished business about Jan. 6.

“We need accountability for FBI agents and prosecutors and judges who let this go down, because, in my opinion, what they did to us January Sixers is … one of the worst human rights abuses and biggest stains on our country’s history,” Sheppard said.

A Christmas card sent to Alexander Sheppard while he was in prison in Illinois from a supporter in Poland, in Columbus, Ohio, on Jan. 28, 2025. Samira Bouaou/The Epoch Times Curiosity Drove Him

On an early February morning in 2021, in Tampa, Florida, Paul Hodgkins III awakened to the sound he had been dreading: an insistent, loud banging on his front door.

He knew the FBI had caught up with him for entering the Senate chamber of the U.S. Capitol on Jan. 6, six weeks prior.

Wearing only a towel around his waist, Hodgkins opened the door. An officer yelled for him to put his hands up. Hodgkins tried to comply while also attempting to keep the towel in place with his elbows.

“But he handcuffed me behind my back, and left me standing naked in my living room when they all came barreling in,” Hodgkins said, describing the humiliating circumstances of his arrest at his duplex.

At that moment, Hodgkins felt the weight of the federal government crushing him—later reinforced when he saw the words, “The United States of America vs. Paul Hodgkins” on legal paperwork.

Hodgkins, who had no prior criminal record, also gained unwanted notoriety that summer when he became “the very, very first person who was sentenced to prison” for the events of Jan. 6.

At a lawyer’s urging, he pleaded guilty to a single charge and was sentenced to eight months in prison.

Being the first-sentenced defendant “put all eyes on me,” Hodgkins said, describing “a lot of paparazzi” taking his photo at a Washington courthouse. Photographers from a publication based in the U.K. also staked out his neighborhood and snapped pictures of him.

Paul Hodgkins III returns to a Raymond James Stadium parking lot, where he had worked crowd control during a 2020 Trump rally, in Tampa, Fla., on Jan. 13, 2026. Hodgkins, who had no prior criminal record, gained notoriety as the first person sentenced to prison over the events of Jan. 6, 2021. Natasha Holt for The Epoch Times

Hodgkins made a last-minute decision to catch a chartered bus trip to Washington for Trump’s rally on Jan. 6, 2021, spurred by fellow Trump supporters.

After hearing Trump’s speech, Hodgkins followed the crowd to the U.S. Capitol.

Curiosity drove him around to the rear of the Capitol building, and before he knew what had happened, he was inside the Senate Chamber, thinking he might be able to see some of the senators and “encourage them to audit this election.” He didn’t know they had been evacuated because the U.S. Capitol was breached.

At the time, he realized he might be “crossing somewhat of a line,” but thought that, at most, he could face a minor charge such as disorderly conduct.

“I didn’t think I would be getting slapped with felonies and prison time, right?” As he left the Capitol building, an uneasy feeling stalked him, especially after he learned about the shooting death of Babbitt.

Now 43, Hodgkins was among those who paid respects to Babbitt at a memorial service on the anniversary of Jan. 6 this year. He has gotten to know Babbitt’s mother, and still has a hard time watching any footage of the shooting.

Paul Hodgkins III clutches flowers honoring slain protester Ashli Babbitt on the fifth anniversary of her death in Washington on Jan. 6, 2026. Courtesy of Paul Hodgkins III

Besides losing his freedom, Hodgkins’ prosecution cost him his job, but he has been able to find another good job at a machine-motor service shop. He has “plenty of haters” online and has lost friendships over his Jan. 6 involvement.

“And, financially, yes, I was set back a lot by case, but I got back to work, recovered, and marched on. I work, and live comfortably on my own,” Hodgkins said. “I didn’t like my life being so damaged from it all, but I also take pride in how I survived and built my life back.”

Still, he says, “I do not regret that I stood up for President Trump at that time. I don’t regret standing up for my country when I know we were being wronged. I still to this day, I know for myself that the 2020 election was compromised, and I don’t regret confronting that.”

When Hodgkins briefly met Trump at a 2023 dinner, he got the notion that a pardon might follow if Trump won a second term in office. “It was a prayer answered” when the pardon came, clearing Hodgkins’ conviction. It is now framed and on display in his home alongside other Trump memorabilia.

He thinks the pardon will help his career aspirations. “And I’m hoping, you know, before I’m too old to do it, that I might find a wife and start a family. ... Whether that does happen for me or not, you know, I have a very, I have a very blessed life.”

Paul Hodgkins III stands in front of a portrait of President Donald Trump during a St. Patrick’s Day Lincoln Day Dinner at Mar-a-Lago in Florida. Ex-New York Officer Conflicted

Being pardoned delivered sweet freedom. But for Sara Carpenter, it also left a bitter aftertaste. She believes the pardon signifies that she was absolved of crimes that she didn’t commit.

“My pardon looks great on paper,” Carpenter said. “And then I say, ‘Wait a minute. It should never have happened to begin with.’”

While she is grateful that the pardon led to her release about midway through a 22-month prison term, Carpenter had filed an appeal. She was hoping to have her convictions overturned, and “that’s why I didn’t want the pardon, in a sense,” she said.

She knows of other pardoned defendants who feel similarly conflicted. Like many of the pardoned, Carpenter alleges she was convicted in an unfair trial based largely on falsehoods.

“I didn’t get tried by a judge and jury,” she said. “I got tried by political activists.”

Carpenter was convicted of two felonies—civil disorder and obstruction of an official proceeding—and five misdemeanors.

As a retired New York City police officer, Carpenter was particularly offended when the Justice Department alleged she “slapped” officers’ arms.

She has publicly challenged anyone to produce a video proving that claim; none has surfaced, she said.

Carpenter, 56, admits she got riled up; she perceived police were stoking unrest, not quelling it. But she says her actions weren’t criminal.

“I don’t regret what I did,” she said. “I yelled. I raised my voice.”

As an officer who responded to the 9/11 terrorist attacks in New York City, Carpenter suffered lingering trauma that led to her retirement. It also affected her reactions on Jan. 6, she said; a suspected provocateur inflamed her when he compared Jan. 6 to 9/11.

Sara Carpenter, an artist and retired New York City police officer, holds one of her paintings in New York City on Jan. 14, 2026. Though a presidential pardon granted her freedom, Carpenter said it came with a bitter aftertaste—being absolved of crimes she says she never committed. Samira Bouaou/The Epoch Times

Investigators initially treated Carpenter with some deference, she said. Dozens of Jan. 6 defendants worked in law enforcement, government, or military roles.

However, professional courtesies soon evaporated, Carpenter said. In March 2021, authorities raided her New York home, with a helicopter circling above.

Post-pardon, Carpenter, a college-educated artist, is producing artwork “that brings out hope.” With encouragement from others who share “America First” beliefs, Carpenter also does public speaking about Jan. 6.

“The reason I keep talking is so they won’t get away with it,” Carpenter said, alleging unjust persecution of Jan. 6 defendants and coverups of evidence. “The truth is there. People are choosing not to see it.”

She would like to see history courses teach a balanced view of Jan. 6, so children become critical thinkers and evaluate “both sides of a story, not just one.”

Carpenter said her side of the story wasn’t adequately told in court. While prosecutors showed images of her yelling, they didn’t show her praying at the U.S. Capitol, said Carpenter, who comes from a devout Irish Catholic family.

An item of religious significance was used as evidence against her: A trio of wise men figurines. “The three wise men are still being held hostage,” said Carpenter, who has made multiple requests for her personal property to be returned.

The figurines are antiques from her childhood Christmas displays, but where they are now is a mystery. Prosecutors presented them on the witness stand during her 2023 trial—an odd sight that dumbfounded her.

Carpenter says she likely took the figurines to the U.S. Capitol because Jan. 6 is the traditional date that the Vatican celebrates the Epiphany, the three kings’ adoration of the newborn Jesus.

The government’s use and retention of the figurines serve as a metaphor for many things about Jan. 6 that “make no sense,” she said.

“God was with me all the way and still is, because of my relationship with the Good Lord Jesus I have hope in the future,” Carpenter said. “My prayers are with those who did this to us and for Americans to speak up more to not accept being lied to by the past administrations, almost all of whom still hold positions in our government.”

An ornament of the Three Wise Men made by Sara Carpenter at her home in New York City on Jan. 14, 2026. Samira Bouaou/The Epoch Times The Lego Model

The FBI unwittingly created an internet sensation when agents seized an odd piece of evidence from the Pennsylvania home of Robert Morss: a Lego model of the U.S. Capitol.

Last June, on the four-year anniversary of his arrest, Morss received the Lego box back—empty.

“I think someone has a trophy on their desk somewhere in some federal building, perhaps … but, yeah, the legend continues, you know?” Morss said.

Even though the Lego set remains missing, Morss has embraced his internet-birthed nickname, “Lego Man.” For him, it has become symbolic of his rebuilt, post-Jan. 6 life.

Authorities accused Morss of interfering with police and assisting others in doing so, among other actions on Jan. 6.

Had he not been pardoned in 2025, Morss would have spent five-and-a-half years in prison.

He chronicles his three-and-a-half years behind bars in a new, 565-page book, “Still There: A Story of Survival and Penance in Prison Through the Eyes of a J6 Political Prisoner.”

Besides writing and publishing two books, Morss quit drinking alcohol. He strengthened his Christian faith. He became a public speaker. During one speaking engagement in Florida, he met the woman he intends to marry in April, Olivia Pollock, a fellow former Jan. 6 defendant.

“We realize just how profound it is to have a connection with somebody that has also suffered in a very similar way,” Morss, 32, said. “You know, who else could I be with that could relate to what I’ve gone through?”

It’s essential for people to continue speaking out about what happened on Jan. 6, he said, because “justice dies in the quiet.”

Robert Morss, CEO of LeggoMan Productions, poses with a set of Legos and his Bible in Dallas, Texas, on Jan. 13, 2026. A Lego model of the U.S. Capitol seized from Morss’s home was used as evidence in his prosecution, later earning him the internet nickname “Lego Man.” Bobby Sanchez for The Epoch Times

Using a variant of his “Lego Man” nickname, Morss has launched his own film production company in Texas.

LeggoMan Productions aims to create “movies that reinvigorate the next generation to want to keep this Republic,” Morss said. Although the films will be “gritty,” the stories will be told from a Christian perspective, he said.

Noting that the word, “Lego,” means “I assemble” in Latin, Morss says that sums up what he wants to do: “Assemble” people into a cohesive group. His company is growing, and he expects to hire additional staff—opportunities he wants to provide first to Jan. 6 defendants and veterans.

He is a former Army Ranger who served three deployments to Afghanistan. In addition to the Lego model, authorities seized military-related items and notes, along with clothing Morss wore to the Jan. 6 protest.

In court records, prosecutors described the Lego model as “fully constructed” when the FBI seized it. The government later corrected the record, blaming a “miscommunication” for the inaccurate description.

By listing the model of the U.S. Capitol as evidence, that suggests it could have played a role in Morss’s alleged Jan. 6 planning. Morss and internet commenters savaged that notion as preposterous.

Morss explains why a former girlfriend bought him the U.S. Capitol model: “She knew I was a history buff, and she knew I wanted to be a teacher, and she also knew that I loved Legos.” He propped up the box as a “decoration” at his home, until it was seized.

At a recent fundraising gala, Morss auctioned off other Lego U.S. Capitol models to benefit his production company. “Everybody wants one,” he said; and purchasers asked him to autograph the boxes.

Yet some of the pieces of his life can’t be put back together. His father and brother turned their backs on him. His uncle worked with private investigators to help turn him in to the FBI.

And despite the book sales and speaking engagements, he is still struggling financially.

None of the positive changes in his life would have happened without his faith, he said.

“The only way that I’ve been successful at any of this stuff is because I continue to give glory to God,” Morss said. “It’s like a secret recipe: The more you want to honor God with what you’re doing, the more you incorporate God into your life ... things just seem to work out.”

He advises his Jan. 6 brethren: “Find a new mission that honors God and saves your country, and you'll be okay.”

Tyler Durden Mon, 01/26/2026 - 17:00

In Secret Recordings, Ted Cruz Bashes Trump Tariffs, JD Vance, And Tucker Carlson

Sen. Ted Cruz (R-TX) took aim at President Trump's tariff policy and Vice President JD Vance during closed-door donor meetings last year, according to recordings obtained by Axios. The recordings reveal deep rifts inside the GOP over trade and foreign policy. 

Credit: AP

The recordings, totaling nearly 10 minutes, were provided by a Republican source and were made during two donor sessions in early and mid-2025.

In the recordings, Cruz repeatedly singled out JD Vance and Tucker Carlson, accusing them of driving an anti-interventionist foreign policy inside the Trump administration. Cruz claimed the two were responsible for pushing out former national security adviser Mike Waltz because he supported military action against Iran, even though Trump later embraced that approach.

"Tucker created JD. JD is Tucker's protégé, and they are one and the same," Cruz told donors. He has been feuding publicly with Carlson on social media for months. 

Cruz also said Vance and Carlson played a role in briefly installing Army veteran Daniel Davis in a senior intelligence position. Cruz described Davis as fiercely hostile to Israel and said their involvement triggered backlash that ultimately led to Davis being forced out.

In the second recording, Cruz recounted a tense late-night phone call with Trump after the president rolled out his tariff plan in early April 2025. Cruz and several other senators tried to persuade Trump to back off the policy. The call stretched past midnight and "did not go well," Cruz said. Trump was "yelling" and "cursing" during the conversation.

"Trump was in a bad mood," Cruz told donors. "I've been in conversations where he was very happy. This was not one of them."

Cruz warned Trump that the tariffs could wreck the economy and imperil the GOP's political standing.

"Mr. President, if we get to November and people's 401(k)s are down 30% and prices are up 10–20% at the supermarket, we're going to go into Election Day, face a bloodbath," Cruz said he told Trump.

"You're going to lose the House, you're going to lose the Senate, you're going to spend the next two years being impeached every single week."

Trump's response, according to Cruz, was blunt: "F**k you, Ted."

According to the Bureau of Economic Analysis, the trade deficit shrank to $29.4 billion in October. That marks the smallest gap since June 2009 and a sharp 39% decline from September’s $48.1 billion. The economy also grew at an annualized rate of 4.4% in the third quarter — the fastest pace in two years.

When a donor brought up "Liberation Day," Trump's branding for the tariff rollout, Cruz mocked the phrase. He said he told his staff that anyone using it "will be terminated on the spot." He added, "That is not language we use."

Cruz also told donors he had been "battling" the White House to secure a trade agreement with India. When asked who inside the administration opposed such deals, Cruz pointed to economic adviser Peter Navarro, Vice President Vance, and "sometimes" Trump.

A Cruz spokesperson downplayed the recordings in a statement, insisting that Cruz is "the president's greatest ally in the Senate and battles every day in the trenches to advance his agenda." 

"Those battles include fights over staffers who try to enter the administration despite disagreeing with the president and seeking to undermine his foreign policy," the statement continued. "Sen. Cruz is proud of those fights, his accomplishments, and his close relationship with the president. These attempts at sowing division are pathetic and getting boring.”

Tyler Durden Mon, 01/26/2026 - 16:40

As ordered reported by the Senate Committee on Veterans’ Affairs on July 30, 2025

As ordered reported by the House Committee on Foreign Affairs on January 21, 2026

Abandon Big Tech: Ethereum Founder Buterin Calls 2026 The Year To Reclaim Self-Sovereign Computing

Authored by Christina Comben via CoinTelegraph.com,

Ethereum cofounder Vitalik Buterin declared 2026 to be the “year we take back lost ground in computing self-sovereignty,” starting with his own devices. 

In a Friday post on X, he laid out the software changes he has made to reduce reliance on data-hungry, centralized platforms.

The “two major changes” to the software he used in 2025 were switching “almost fully” to Fileverse, an open-source, decentralized document platform — a kind of privacy-preserving Google Docs — and switching “decisively” to Signal as his primary messaging app.

Signal uses end-to-end encryption by default for all one-to-one and group chats, and stores minimal metadata, meaning only limited information, such as when an account was created or the last date it connected to the service.

Telegram, in contrast, only offers end-to-end encryption in optional “secret chats” and otherwise keeps messages and metadata on its own servers, a model that has drawn scrutiny as law enforcement data requests have increased in countries like France.

Becoming more self-sovereign. Source: Vitalik Buterin

Local AI and self-hosted tools

In 2026, Buterin has moved from Google Maps to OpenStreetMap via OrganicMaps and from Gmail to Proton Mail, while prioritizing decentralized social media.

Buterin also discussed his experiments with locally hosting large language models, arguing that sending all data to third-party services is “unnecessary” when users can increasingly run artificial intelligence tools on their own hardware. 

He said better user interfaces, integrations and efficiency are still needed to make local models a seamless default, but added that there has already been “huge progress” compared with a year ago. 

Privacy advocates see broader shift

His post echoes points made by privacy advocate and NBTV founder Naomi Brockwell, who described running models locally as the most private way to use AI without sending prompts or documents to external servers.

How to use AI privately. Source: Naomi Brockwell

Brockwell has spent years teaching privacy-enhancing behavior to mainstream audiences, arguing that privacy is about autonomy rather than secrecy and encouraging the use of tools like Bitcoin, encrypted messengers and self-hosted services to reduce government and corporate surveillance power.

Buterin’s post also comes amid renewed debate over how much access governments and platforms should have to users’ private communications and metadata.

The European Union’s controversial Chat Control proposal, for example, originally included pre‑encryption scanning of messages to detect abusive material, and prompted warnings from civil liberties groups and technologists that client‑side scanning could undermine trust in encrypted apps.

Progressively swapping out everyday apps for encrypted, open-source and local alternatives is, according to Buterin and other privacy advocates, one way for users to start reclaiming control over their data flows.

Tyler Durden Mon, 01/26/2026 - 15:25

As ordered reported by the House Committee on Oversight and Government Reform on December 2, 2025

As ordered reported by the House Committee on Oversight and Government Reform on December 2, 2025

As ordered reported by the House Committee on Oversight and Government Reform on May 21, 2025

As ordered reported by the House Committee on Foreign Affairs on January 21, 2026

Mobocracy: Democratic Politicians Compete In Race To The Bottom Over ICE Shooting

Authored by Jonathan Turley,

This year, there has been a race to the bottom as Democratic politicians fuel the rage in our streets against Immigration and Customs Enforcement (ICE) officers.

That continued this last week when Minnesota Gov. Tim Walz again rushed to judgment after a shooting, adding that the public should not treat Border Patrol or ICE officers as real “law enforcement” officers.

However, rock bottom was finally reached by Arizona Attorney General Kris Mayes (D), who not only said that she does not consider ICE officers to be “real law enforcement,” but raised the possibility of citizens shooting them under state law.

First, the obvious.  

Mayes said, “I put [“officers”] in air quotes because I don’t think they are real law enforcement.” These are real law enforcement officers under federal law, enforcing federal law. Period. The effort by Walz, Mayes, and others to question their status or treat them as impostors is clearly designed to inflame citizens and encourage greater confrontations.

It is a dangerous form of demagoguery. It is sending citizens into harm’s way, encouraging them to impede federal operations involving the arrest of criminal suspects.

Mayes’s comments could justify many putting “attorney general” in air quotes since she is not only misleading citizens about the status of these officers but also enabling the very rage that is causing the injury and death of individuals.

Again, repeating Walz’s talking points, she referred to these officers as “poorly trained.” She obviously has no idea about the training of these officers. The officer involved in the Alex Pretti shooting was an experienced officer with the Border Patrol. The officer involved in the prior Renée Good shooting was also an experienced officer.

While mischaracterizing the officers, figures like Walz are sending demonstrably “untrained” citizens into highly dangerous situations. Walz specifically called out citizens into the streets to record these operations, which is precisely what Pretti was trying to do before his fatal confrontation with officers.

Mayes, however, was not looking for a tie in that race to the bottom. She told citizens that Arizona’s “Stand Your Ground” law might be cited as grounds for the use of lethal force against officers.  She declared:

“You have these masked, federal officers with very little identification — sometimes no identification — wearing plain clothes and masks and we have a ‘Stand Your Ground’ law that says if you reasonably believe your life is in danger and you’re in your house or in your car or on your property, that you can defend yourself with lethal force.”

She later added, “It’s a fact that we have a ‘Stand Your Ground’ law and, in other states, un-uniformed, masked people who can’t be identified as police officers.”

It was a reckless statement of the law.

These laws only protect “reasonable” uses of self-defense. However, they have an express exemption for using force “to resist an arrest that the person knows or should know is being made by a peace officer or by a person acting in a peace officer’s presence and at his direction, whether the arrest is lawful or unlawful, unless the physical force used by the peace officer exceeds that allowed by law.”

It is not uncommon for law enforcement to use officers in plain clothes to make initial arrests or contacts with suspects who might flee or resist.

Mayes’s comments could encourage an already enraged and irrational segment of our population to use lethal force under the false pretense of standing their ground.

Attacks on these officers have increased exponentially with the violent rhetoric of these politicians. Just last week, a rioter bit off the finger of an officer.

Mayes also vowed to prosecute any ICE agent who violates state laws in these operations. She is also mimicking Walz in spreading legal disinformation. While federal officers do not have absolute immunity in all cases, it is extremely unlikely that state officials could successfully prosecute such cases without facing a transfer to federal court and likely dismissal.

Walz made the same misleading claim in saying that Minnesota would investigate the shooting and that the federal government would not be allowed to conduct the investigation. He has no authority to dictate who or how the shooting will be investigated.

While the state can conduct its own investigation, the federal government will investigate a shooting by a federal officer. Walz further pandered to the mob by raising the debunked “bait boy” story and telling citizens that ICE was “shooting them in the face when they come out of donut shops.”

Rage is hard to maintain for months and the Pretti shooting, as described by one Democratic operative according to Fox’s Chad Pergram, is a “new wild card” in the politics on the Hill over funding.

There remain legitimate questions about this shooting. The videotapes do not show, as suggested in early accounts from the federal government, that Pretti approached the officers brandishing a weapon.

Pretti does not obey the commands of the officers in returning to the middle of the road during their operation. However, he did not appear threatening until after the officer pushed him to the side of the road. At one point, he appears to shove the officer as he tries to assist a woman who was pushed to the ground.

What happens next is hard to determine. There is a video that suggests that an officer may have removed his weapon from its holster just before another officer yells “gun.” It is hard to see Pretti’s hands and we do not know what happened in that split second. We may get a better idea as new videotapes emerge.

Law enforcement officers do not expect blind deference on shootings. However, they have a right to expect a fair chance for an investigation to hear their side of a shooting — not a governor or a mayor rushing before cameras to effectively accuse them of murder.

At this point, it may not matter. Only the mob matters.  Minneapolis Brian O’Hara explained: “even if there is an investigation that ultimately proves that at the time of the shooting it was legally justified, I don’t think that even matters at this point, because there just- there is so much outrage and concern around what is happening in the city.”

Walz has demonstrated politics of the lowest kind, stoking anger as citizens and officers alike are injured. Walz is pledging to go to court to stop further operations—a lawsuit that would be another frivolous filing. Previously, the state, including Attorney General Keith Ellison, filed to prevent the federal government from increasing forces to investigate fraud and immigration violations.

Walz, Mayes, and others are following a long line of demagogues who sought to use social unrest to advance their political careers. For Walz, sending people into the streets has the benefit of not having them at home watching and reading about the growing fraud scandal in his state.

It is not a defense of democracy, but mobocracy in Minnesota.

Jonathan Turley is a law professor and the author of the forthcoming “Rage and the Republic: The Unfinished Story of the American Revolution,” which will be released on Feb. 3 as part of the celebration of the 250th anniversary of the Declaration of Independence.

Tyler Durden Mon, 01/26/2026 - 14:45

Saudi Aramco Dismisses Oil Glut Narrative As "Seriously Exaggerated"

Authored by Tsvetana Paraskova via OilPrice.com,

Forecasts of a massive oil glut are seriously exaggerated as demand keeps rising and global stocks are below the five-year average, according to Saudi Aramco’s chief executive officer, Amin Nasser. 

“Oil glut predictions are seriously exaggerated,” Nasser said on the sidelines of the World Economic Forum in Davos, Switzerland, last week as carried by Reuters.

Global oil stocks are low, while the amassed barrels in floating storage on tankers are mostly sanctioned supplies, the CEO of the world’s biggest oil firm and top crude exporter said. 

Moreover, spare capacity has dwindled over the past year, also limiting potential efforts to boost output in case of major supply disruptions, according to Nasser. 

“It (spare capacity) is ‌at 2.5% and we need a minimum of 3%. If OPEC+ further unwinds cuts, spare capacity will ‌fall even further and we will need to watch this very carefully,” Aramco’s top executive said. 

The market is oversupplied, analysts say, as reflected in only brief spikes in oil prices in recent weeks driven the geopolitical developments. 

Most investment banks and the EIA forecast that average oil prices will be below $60 per barrel in 2026 due to an emerging and persistent market oversupply, especially during the first half of the year.  

But OPEC, led by Saudi Arabia, insists that the market would be balanced as demand growth is robust and will remain such in 2027, too. 

The International Energy Agency (IEA) this week raised its oil demand growth estimate and expects growth at 930,000 barrels per day (bpd) in 2026, up by 70,000 bpd from last month’s assessment. 

The upgrade reflects a recovery in feedstock demand in the petrochemicals industry, on top of expectations of normalized economic conditions after the unpredictable and chaotic tariff policy of the Trump Administration last year.

But the market continues to be oversupplied, the Paris-based agency noted. 

“Indeed, benchmark crude oil prices remain $16/bbl lower than a year ago, reflecting the large global supply surplus that built up over the past 12 months, in line with our forecasts,” the IEA said.

Tyler Durden Mon, 01/26/2026 - 14:05

Egon von Greyerz On The Hidden Crisis Behind Silver's Price Surge

In the following clip, Egon von Greyerz explains why the precious metals market has entered a fundamentally new and unprecedented phase.

One which is driven not by speculation or momentum trading, but by deep structural imbalances between physical supply and an unprecedented physical demand.

Persistent supply deficits in silver over several consecutive years, combined with rapidly rising industrial demand from sectors such as solar energy, electric vehicles, electronics and defense, have created a physical shortage in the last 5 years that paper markets can no longer mask.

At the same time, the volume of outstanding paper contracts in London and New York now vastly exceeds the amount of physical silver available for delivery.

Von Greyerz warns that this imbalance marks a critical turning point, as silver transitions away from a manipulated paper-based system into a genuinely physical market, where price is ultimately set by scarcity, not leverage. 

Watch Egon explain why manipulation fails when physical precious metals run out...

Here are some key excerpts from the full transcript: (emphasis ours)

...this is a fundamental change. Some viewers might remember the late 1970s when silver quickly climbed from a few dollars up to $50. This was primarily speculation by the Hunt Brothers.

[01:44.7] And of course, the market could quickly sell enough paper silver to crash the price. And it didn't stay long at $50. This time, any selling that is attempted by bullion banks fails ,and we've seen many times being sold in the evening and, within a few hours, it's back up again.

[02:06.0] And this has happened last week again. Friday evening was sold off and then quickly went up to $90. I think we're quickly going to see $100 and more already in the Far East and in Australia, like the Perth Mint, selling now silver at over $100.

[02:25.0] So the price in London and in New York will have to follow. So what does that mean for the ordinary investors? Well, it clearly means that silver is just starting the move, and we are going to see, as I have stressed many times, we are going to see multiples of the current price.

[02:44.8] Will it correct? Of course, silver always corrects, but this is not a normal market because it's now turned into a physical market, which is it should always be rather than the manipulation that we have seen in paper markets. [03:00.0] So physical demand has gone from 10% of production to now 50% in the last year. That is a massive increase in demand, obviously stemming from solar panels, electric cars, electrical products, electronic products and also of course from defence contracts.

[03:18.4] Every missile uses quite a lot of silver, and all other electronic products and weapons use a big amount of silver now. So the demand is there on the physical side, and the demand is there on the investment side, and the production just isn't there.

To satisfy this demand, we've had deficits for the last five years.  Those deficits are going to increase. This is why there will be constant demand for silver, and it is probable in the next year or two that there'll be failure in some markets. Whether that will be in the London market, and some bullion bank will go under. Whether that will be on Comex, we don't know.

[03:53.9] But the risk is very high.

So it is obviously absolutely important for investors to hold nothing but physical silver, buy physical and hold it outside the banking system, not within the banking system. Don't buy ETFs, don't buy any futures, hold physical silver and keep it in a safe storage, in a safe vault like we do for clients, and keep it outside the banking system.

[04:19.7] Now, there are of course many other factors that influence the price of the metals. Gold is also going up, but as I have made clear for quite a while, silver will go twice as fast as gold in the coming years. Now the gold-silver ratio has gone from over 100 to about 50.

[04:36.4] Now the long-term ratio is probably going to be around the 15 level initially, but I wouldn't be surprised to see even lower than that, that being a natural level. But now I think the demand is of such magnitude and the supply so minuscule.

...

Now I'm absolutely convinced we'll see $10,000 for gold. What does that mean for silver? If you take the gold-silver ratio at 15, which is an historical quite important level, then you divide 10,000 by 15, you get 666.

[05:38.3] So, a minimum we would see with silver, in my view, is $666. 

...

But remember, you are not buying silver or gold for speculative purposes or to make money.

[08:16.2] You are buying it to protect your wealth against the total destruction of wealth that we're going to see in the next few years. That is a destruction of paper wealth that is now, at levels which are unprecedented in history, because money printing has been unprecedented, and lending has been unprecedented.

[08:35.2] Countries will go bust, banks will go bust in America, in Europe. Whether it's due to property market, whether it's commercial markets, or people not being able to pay their loans, it doesn't matter. Many banks will go under. Governments and central banks are going to print unlimited amounts of money, and therefore, the value of your dollar, your euro or your pound is going to collapse.

[08:58.6] And that would be reflected in a much higher gold price...

Tyler Durden Mon, 01/26/2026 - 13:45