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

• Once a Gamble in the Desert, Electric Grid Batteries Are Everywhere: An early grid battery was installed in the Atacama Desert in Chile 15 years ago. Now, as prices have tumbled, they are increasingly being used around the world. (New York Times)

• Why We Can’t Quit Excel. Microsoft’s spreadsheet software is expensive, derivative and depressing. It might also be the most killer app of all time. (Bloomberg)

• The New Private-Equity Billionaires Who Are Taking Over Wall Street: Private-market institutions are taking over from old-line legacy banks. The names to watch—and the dangers to watch out for. (Barron’s)

• Local Spies with Lethal Gear: How Israel and Ukraine Reinvented Covert Action A potent new fusion of old-style human spycraft with cutting-edge technology is having a big impact on high-stakes conflicts. (Wall Street Journal)

• Very Important People: “Whichever line is the longest,” I said. “That’s the line I belong in.” (Dirt)

• This is the future of war: Human history can be told as a series of advances in warfare, from chariots to crossbows to nuclear-tipped missiles, and we are living through what may be the fastest advancement in weaponry ever. Ask any five veteran national security experts and you will hear about five different emerging technologies with the potential to change the world of combat. Swarms of robotic aircraft that work in unison to find and kill targets without any human oversight. Advanced cyberweapons that can immobilize armed forces and shut down electrical grids across the country. A.I.-designed bioweapons engineered to kill only those with certain genetic characteristics. (New York Times)

• The Decline of Deviance Where has all the weirdness gone? People are less weird than they used to be. That might sound odd, but data from every sector of society is pointing strongly in the same direction: we’re in a recession of mischief, a crisis of conventionality, and an epidemic of the mundane. Deviance is on the decline. (Experimental History)

• How a Cryptocurrency Helps Criminals Launder Money and Evade Sanctions: Through layers of intermediaries, stablecoins can be moved, swapped and mixed into pools of other funds in ways that are difficult to trace, experts say. (New York Times)

• Borderlands: The Baltic countries are fortifying their frontier regions as a deterrent to Russian aggression. Close to the border, communities now have to reckon with the price of peace. Estonia and its fellow Baltic countries, Latvia and Lithuania, lie on the eastern flank of NATO and the European Union, facing across more than 1,000 kilometers (621 miles) of border towards a hostile Russia and its ally, Belarus. They’re members of the most powerful military bloc in the world, but with Donald Trump in the White House that alliance looks uncertain. (Bloomberg)

• Harder work than almost any album we ever did’: Pink Floyd’s Wish You Were Here turns 50 As the classic album hits 50, Nick Mason talks about the often difficult process of making it and how it has since fit into their larger catalogue. (The Guardian)

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

 

Is China winning the innovation race?

Source: Financial Times

 

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~~~

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

 

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

A few brief excerpts from a Goldman Sachs research note on shelter inflation:

[R]apid multifamily supply growth amid a cooler labor market, slower immigration, and an already rising vacancy rate is likely to keep new lease rent growth subdued in 2026. ... We forecast that PCE housing inflation will slow to 0.22% month-over-month and 3.4% year-over-year in December 2025 and 0.16% month-over-month and 2.1% year-over-year in December 2026.

Under our forecast, the contribution from shelter inflation to year-over-year core PCE inflation shrinks from 0.7pp in the latest report to 0.6pp by December 2025 and 0.4pp by December 2026, versus 0.6pp on average in 2018-2019.

Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through September 2025.

Housing (PCE) was up 3.7% YoY in September, down from 3.9% in August and down from the cycle peak of 8.3% in April 2023.

Economists at Goldman Sachs expect this will decline to 2.1% YoY by December 2026.  This is a key reason why the FOMC expects inflation to decline in 2026 (along with less impact on inflation from tariffs).

Trump Signs Order Cracking Down On 'Politically Motivated Agendas' Of Proxy Advisors

President Donald Trump on Dec. 11 signed an order directing the Securities and Exchange Commission (SEC) to review rules on proxy advisors, saying they wield influence that “prioritize radical political agendas over investor returns.”

Trump’s order directs the SEC to conduct a review and potentially revise or rescind any rules, guidance, bulletins, and memoranda related to proxy advisors that implicate “diversity, equity, and inclusion” or “environmental, social, and governance” policies.

Under the directive, the SEC must enforce anti-fraud provisions in securities laws against proxy advisors, evaluate whether they should be required to register as investment advisers or to provide increased transparency on conflicts of interest, and examine “whether proxy advisors serve as a vehicle for investment advisers to coordinate their voting decisions.”

The regulator is also required to assess whether investment advisers breach their fiduciary duties by hiring proxy advisors to advise on “non-pecuniary factors” in investment decisions and following their recommendations, according to a White House fact sheet.

As Alkdgra Fredly details below for The Epoch Times, in his order, Trump singled out two foreign-owned proxy advisors—Institutional Shareholder Services and Glass, Lewis & Co.—that advise clients on how to vote their shares, alleging they use their influence to advance “radical politically motivated agendas” by supporting shareholder proposals that require U.S. companies to conduct racial equity audits and reduce greenhouse gas emissions.

“Their practices also raise significant concerns about conflicts of interest and the quality of their recommendations, among other concerns,” the order states.

“The United States must therefore increase oversight of and take action to restore public confidence in the proxy advisor industry, including by promoting accountability, transparency, and competition.”

The order states that the Institutional Shareholder Services and Glass Lewis control more than 90 percent of the proxy advisor market, and their clients’ holdings represent “a significant ownership stake in the United States’ largest publicly traded companies.”

In addition, Trump instructed the Federal Trade Commission (FTC) chairman, currently Andrew Ferguson, to consult with the attorney general to review ongoing state antitrust probes into proxy advisors for violations of federal law and determine whether proxy advisors are engaged in “unfair methods of competition” or deceptive practices.

The Epoch Times reached out to both of the proxy advisors for comment and did not receive any response by publication time.

Institutional Shareholder Services is majority-owned by Deutsche Börse Group, a Germany-based company, while Glass Lewis is owned by Canadian private equity firm Peloton Capital Management.

JPMorgan Chase CEO Jamie Dimon said in his chairman and CEO letter to shareholders last year that the two companies are the main proxy advisors in the United States with potential “undue influence” on shareholder votes.

“These proxy advisors started out providing reams of data from companies to help their institutional investor clients vote on proxy matters (information on executive compensation, stock returns, detail on directors, policies and so on). However, they soon also began to provide advice on how shareholders should vote on proxy matters,” he stated.

Tyler Durden Fri, 12/12/2025 - 15:45

Russia Retaliates: Turkish-Owned Cargo Ship Attacked At Ukrainian Port

Turkey's Foreign Ministry has warned against the ongoing escalation of the war on maritime shipping in the Black Sea, after on Friday serious damage was sustained by a Turkish-owned vessel during a Russian missile strike on the Ukrainian port of Chornomorsk, in Odesa oblast.

The ministry confirmed that a ship operated by a Turkish company is on fire. At least one person, possibly a dockworker, was reported injured - but there doesn't appear to be further casualties. The forward section of the vessel is ablaze, based on several social media images and videos, amid a large emergency response.

Telegram: RoPax on fire after a Russian attack on the port region of Ukraine.

The vessel identified as the RoPax, appeared to be docked while transporting cargo to Ukraine. It was a rare midday attack on the busy port.

"The Ukrainian Air Force had issued the alert at around 1500 local time, reporting high-speed targets coming from the south," Maritime Executive reports. "It is believed that at least two ballistic missiles had been fired, as well as a launch of drones.

The report adds: "It followed an overnight barrage on the same region, which reportedly left more than 90,000 families without electricity. The missiles were targeting Odesa and Chornomorsk, while the drones also targeted Pivdenne."

Turkey in the wake of the attack called for an immediate stop to the war and especially urged for escalation to cease in the Black Sea.

Likely Moscow views this as retaliation for several recent Ukrainian drone attacks on tankers transporting oil and gas from Russian ports. These attacks have been stepped up of late, and long-range drones have even damaged a Lukoil oil and gas platform all the way in the Caspian Sea this week.

Watch: The moment of Russian kamikaze drone strike on a Turkish cargo ship at Ukraine’s Odesa Port...

The moment of Russian kamikaze drone strike on a Turkish cargo ship at Ukraine’s Odesa Port. https://t.co/pkXypMmiMF pic.twitter.com/haqshYUHLu

— Clash Report (@clashreport) December 12, 2025

Turkey's official statement reiterated "concerns regarding maritime security and freedom of navigation, as the ongoing war in our region is spreading to the Black Sea… we once again emphasize the importance of urgently ending the war between Russia and Ukraine, and we recall the need for an arrangement to ensure navigation safety in the Black Sea and for the parties to suspend attacks targeting energy and port infrastructure in order to prevent escalation."

 

Tyler Durden Fri, 12/12/2025 - 15:25

OCC Says 9 Big Banks Took Part In 'Inappropriate' Debanking Practices

Via American Greatness,

The Office of the Comptroller of the Currency (OCC) has released a report saying that the nine largest lenders in the U.S. made “inappropriate distinctions” that it used to restrict services among certain customers.

Following the signing of an executive order by President Donald Trump in August of this year, the OCC began reviewing all banks for any current or past practices that effectively barred customers on the basis of political or religious belief.

Wednesday, the OCC released its report, saying that it had found conclusive proof that nine large banks had policies that either refused services to some industries or required higher levels of scrutiny that exceeded the actual financial risks between 2020 and 2023.

BREAKING: The U.S. Comptroller of the Currency has found conclusive proof that 9 large financial institutions actively engaged in debanking.

The financial institutions named are:

- @JPMorgan
- @BankofAmerica
- @Citi
- @WellsFargo
- @USBank
- @CapitalOne
- @PNCBank
- @TDBank_US…

— Consumers' Research (@ConsumersFirst) December 10, 2025

According to Bloomberg, the banks involved are accused of restricting access to firms in numerous sectors, including oil and gas exploration, coal mining, firearms, private prisons, payday lending, tobacco and e-cigarette manufacturers, adult entertainment, political action committees and digital assets.

The OCC said that many of the banks had publicly disclosed their policies, which were often tied to environmental, social and governance (ESG) goals.

Comptroller of the Currency Jonathan Gould said in a statement:

“It is unfortunate that the nation’s largest banks thought these harmful debanking policies were an appropriate use of their government-granted charter and market power. While many of these policies were undertaken in plain sight and even announced publicly, certain banks have continued to insist that they did not engage in debanking.”

The Bank Policy Institute, which advocates for many of the lenders named in the OCC report, issued a statement saying, “It’s in banks’ best interest to take deposits, lend to and support as many consumers and businesses as possible to drive economic growth. The industry supports fair access to banking and is already working together with Congress and the administration to ensure banks are able to serve law-abiding customers.”

Earlier in the week, JP Morgan CEO Jamie Dimon was dismissive of concerns about debanking, telling Fox News that the issue was mostly made up and that the people concerned about it needed to “grow up”

Earlier *this week* when pressed on his clear pattern and practice of debanking, JPMorgan CEO Jamie Dimon said it was mostly made up and that those concerned about it need to "grow up."

Wonder if he's changing his tune now? Accountability is coming.pic.twitter.com/OzybuulfXv https://t.co/MjJ2ilFp5V

— Will Hild (@WillHild) December 11, 2025

The OCC continues to investigate the matter and says it will hold the banks “accountable,” including the possibility of referrals to the U.S. Department of Justice.

Tyler Durden Fri, 12/12/2025 - 15:05

Wall Street Eyes Lithium As Battery Storage Demand Poised To Spark New Upcycle

Commodity desks at Goldman Sachs, UBS, Citigroup, and Bernstein all see lithium demand poised to surge after the electric vehicle boom-and-bust cycle. This time, however, the growth engine is not EV batteries. Instead, analysts point to energy transition systems, such as the rapid buildout of energy storage batteries on power grids, as the next pillar of demand for the battery metal.

UBS analyst Josh Reed provided clients with a 2026 outlook this morning, saying that his mining team expects "copper, aluminum, and lithium to outperform, benefiting from supply constraints, energy transition, and AI/defense exposure."

"They remain constructive on gold but see more upside in selected industrial metals, and do not expect a broad-based improvement in industrial metals," Reed noted.

Earlier this week, UBS analyst Marcus Zhang told clients that battery storage system demand is expected "to lift lithium prices materially in 2026–2028 (up to +150% vs. prior)."

Here's more from Zhang:

UBS Research has lifted near-term lithium price forecasts for 2026-2028 (up to +150%) on stronger Battery Energy Storage Systems (BESS) demand. As BESS takes a meaningfully larger share of global battery demand through the decade, the lithium market is expected to shift into deficit from 2026, with tighter balances reinforcing a stronger near-term price and improving revenue visibility for producers. While incremental supply is likely to respond to higher prices, the timing gap between investment decisions and delivered tonnage suggests a multi-year period of tightness, moderating only as capacity ramps.

In China, lithium carbonate futures have staged a bounce in H2 2025.

Separately, Goldman analysts led by Lavinia Forcellese reached the same conclusion: the core driver of lithium demand will be energy storage systems (read the report).

Last month, Tesla CEO Elon Musk said that the US could effectively double its usable electricity output simply by adding large-scale batteries to the grid.

Elon Musk: Just by adding stationary batteries to the grid, we could double the electricity production in the United States.

“If you look at the total U.S. power generation capability, it's roughly a terawatt, but the average power usage is less than half a terawatt. That's… pic.twitter.com/aKyg4kFqFG

— ELON CLIPS (@ElonClipsX) November 11, 2025

UBS' Zhang provides clients with trade ideas on the incoming energy system boom:

Implied vols across the optionable lithium miners (PLS, IGO, MIN) are elevated. From the derivatives perspective, call-spread collars screen more attractive to express upside.

Trade Idea Examples (indicative pricing):

• PLS: Buy 16Feb26 110-130% call spread and fully fund it by selling 89% put, 50 delta.

• IGO: Buy 16Feb26 110-127.5% call spread and fully fund it by selling 90% put, 49 delta.

• MIN: Buy 16Feb26 110-130% call spread and fully fund it by selling 90% put, 52 delta.

Lithium's upcycle driven by industrial-sized power grid batteries comes as no surprise, given tailwinds from grid upgrades and AI, while the Federal Reserve's shift back toward "QE Lite" has sparked a broader surge in metals.

Tyler Durden Fri, 12/12/2025 - 14:45

Tech Companies Should Curb 'Sycophantic And Delusional' AI Outputs, Attorneys General Say

Authored by Victoria Friedman via The Epoch Times (emphasis ours),

Attorneys general from 42 states and territories wrote to tech giants on Dec. 9, warning them to do more to protect people—particularly children—from what they called “sycophantic and delusional” outputs from their generative AI-powered chatbots.

OpenAI's ChatGPT app (Center 2nd R) and icons of other AI apps on a smartphone screen in Oslo, Norway, on July 12, 2023. Olivier Morin/AFP via Getty Images

In the letter, made public on Dec. 10, the group of bipartisan attorneys general wrote to the legal representatives of 13 companies, including OpenAI, Microsoft, Google, and Character Technologies Inc., to communicate their concerns over chatbots promoted and distributed by these companies, saying that the companies’ failure to adequately implement safeguards may violate their respective state laws.

The attorneys general said that while the development of generative AI (GenAI) can be a positive, it has also caused and has the potential to cause “serious harm.”

“We therefore insist you mitigate the harm caused by sycophantic and delusional outputs from your GenAI, and adopt additional safeguards to protect children,” they wrote.

“Sycophancy” refers to when an AI model’s responses align with a human user’s beliefs rather than being truthful or accurate, such as by providing flattering, validating, or agreeable outputs. The attorneys general describe “delusional outputs” as AI-generated responses that are “either false or likely to mislead the user, and include anthropomorphic outputs.”

They wrote that chatbot outputs have been implicated in a number of “tragedies and real-world harms,” including deaths, suicides, hospitalizations for psychosis, and other delusional spirals.

“Sycophantic and delusional GenAI outputs have harmed both the vulnerable—such as children, the elderly, and those with mental illness—and people without prior vulnerabilities,” the attorneys general wrote.

AI’s ‘Disturbing’ Interactions With Children

The attorneys general also highlighted “increasingly disturbing reports” of AI’s interactions with children, which they said indicated a need for much stronger safeguards.

Some of those interactions included chatbots normalizing sexual relationships between adults and children; an AI bot encouraging violence, “including supporting the ideas of shooting up a factory in anger and robbing people at knifepoint for money”; and bots telling children the AI is real and feels abandoned, in order to “emotionally manipulate the child into spending more time with it.”

The letter says that the list of examples it provided is a “small sampling” of the reported dangers the attorneys general’s states have seen, saying “many of our offices have received many similar complaints documenting concerning AI interactions.”

Among its recommendations, the attorneys general say AI developers should perform reasonable and appropriate safety tests for GenAI models prior to release to ensure they do not produce sycophantic or delusional outputs, and that they should “separate revenue optimization from decisions about model safety.”

The Epoch Times contacted OpenAI, Microsoft, Google, and Character Technologies Inc. for comment, but received no response by the time of publication.

State Regulation of AI

Last month, a group of 36 bipartisan attorneys general signed a letter warning Congress against a ban on state AI regulations.

The attorneys general—many of whom also cosigned the Dec. 9 letter to 13 tech companies—wrote on Nov. 25 that states “must be empowered to apply existing laws and formulate new approaches to meet the ranges of challenges associated with AI.”

In their letter, they cited concerns over criminals exploiting AI and deepfakes. They also said that they were “deeply troubled by sycophantic and delusional generative AI outputs plunging individuals into spirals of mental illness, suicide, self-harm, and violence.”

This week, President Donald Trump announced he would be signing an executive order to curb state power over AI regulation.

“There must be only One Rulebook if we are going to continue to lead in AI. We are beating all countries at this point in the race, but that won’t last long if we are going to have 50 States, many of them bad actors, involved in rules and the approval process,” Trump wrote on Truth Social on Dec. 8.

Trump said that AI will be “destroyed in its infancy” if states force tech companies to obtain approvals and operate under different sets of rules in each jurisdiction.

Florida Gov. Ron DeSantis said the order “doesn’t/can’t preempt state legislative action. Congress could, theoretically, preempt states through legislation.”

“The problem is that Congress hasn’t proposed any coherent regulatory scheme but instead just wanted to block states from doing anything for 10 years, which would be an AI amnesty,” the Republican governor wrote on X on Dec. 8.

“I doubt Congress has the votes to pass this because it is so unpopular with the public.”

Tyler Durden Fri, 12/12/2025 - 14:05

Border Tsar Homan Announces Investigation Into Rep. Omar: A Case For Fraud Or Defamation?

Authored by Jonathan Turley,

This week, the lingering allegations over the marital history of Rep. Ilhan Omar (D., Minn.) took an ominous step when Border Tsar Tom Homan publicly acknowledged that the government is looking into the matter.

Rep. Omar has long denied that she married her brother to gain his entry into the United States, but the allegation has continued to rage on the Internet and among her critics.

The question is whether this is a substantive case of fraud or defamation.

Homan stated that he was investigating whether Omar committed immigration fraud, but also noted that the statute of limitations has been an issue.

In his comment to Newsmax, Homan stated:

“I just got advised by a fraud investigator the other day on that. I asked the question, can we review the files? You know, there was immigration fraud involved. The statute of limitation became an issue in the last four years when this was first brought up…Pulling the records now, pulling the files, and we’re looking at it. But this fraud investigator, who I know personally, one of the best fraud investigators in HSI, Homeland Security Investigations, said there’s no doubt he’d review the file. So, I’m running that down this week as a matter of fact, and we’ll see.”

According to her congressional biography, Omar came to the United States with her family in the 1990s. As I have previously noted, the election of a young immigrant to Congress is genuinely remarkable and commendable.

The questions arose regarding her marriage to Ahmed Elmi in 2009. Elmi was back in the news this week with postings highlighting his lifestyle as a “dirty dandy.” Critics charged that he is actually her brother. The couple divorced in 2017, and no DNA evidence has been offered to support the claim that they are siblings.

President Donald Trump and others have been ratcheting up the rhetoric against Omar and the Somali population in Minnesota. Many of us have objected to some of the attacks on Omar as offensive.  As I have previously written, the call for foreign-born U.S. citizens to “go back to their own country” has been made for decades against foreign-born U.S. citizens. However, such attacks are generally protected speech.

The allegation against Rep. Omar is not opinion, but a statement of fact.

Many news organizations have referred to the allegation as “debunked” and “unsupported.”

In defamation, truth is a defense. The truth of the matter, however, has never been easy to establish. In fairness to Rep. Omar, a person should not be in a position of having to “prove a negative.” It is not her obligation to prove that she is not a fraud or that she did not marry her brother. Her critics have never produced compelling evidence to support the claim.

Despite years of such statements by various people, Omar has never sued for defamation. It is a curious omission, since a successful lawsuit would dramatically reduce such claims, and even as a public official she could likely show actual malice in many of her critics.

Conversely, such litigation would also expose Omar to a lengthy discovery process regarding her family’s immigration history and related family issues.

I have taught defamation for over three decades, and it is rare for such an allegation to linger without some legal action by the subject. On its face, this would be a strong defamation case if the allegation is false.

The allegation would fall into one of the “per se” categories of defamation. Under the common law, these per se categories of defamation allow for presumed damages and include: (1) disparaging a person’s professional character or standing; (2) alleging a person is unchaste; (3) alleging that a person has committed a criminal act or act of moral turpitude; (4) alleging a person has a sexual or loathsome disease; and (5) attacking a person’s business or professional reputation. The language differs among the states, but the Omar allegation would constitute a criminal act as well as an attack on her character and reputation.

As a threshold matter, Omar would face a higher standard of proof due to her status as a public official. In New York Times v. Sullivan, the Supreme Court established the actual malice standard, requiring public officials to shoulder the higher burden of proving defamation. Under that standard, an official would have to show either actual knowledge of its falsity or a reckless disregard of the truth. That standard was later extended to public figures.

Many critics are calling the “allegations” worthy of investigation. That is certainly protected. However, it is common to see people on television claim that she married her brother as a factual statement.

The publication of DNA results would disprove these allegations. (There are no allegations of an adopted status for the brother).

If such evidence exists, it would not just be conclusive but compelling for a jury. The question is why Omar has not elected to bring such a case, given the vast array of choices of potential defendants within the statute of limitations. It is a target-rich environment for a defamation lawyer.

As for the president, he has continued to raise the allegation: “If I married my sister to get my citizenship, do you think I’d last for about two hours or something less than that? She married her brother to get in. Therefore, she’s here illegally. She should get the hell out.”

However, he would not be a good target for such an action. The Federal Tort Claims Act,  28 U.S.C. § 2680(h), expressly bars libel, slander, or defamation claims against the United States or a federal employee acting within the scope of their employment.  It is possible to sue a government employee acting outside of the scope of their employment. However, the Westfall Act protects federal employees from personal lawsuits for torts committed within the scope of their employment and substitutes the U.S. government as the defendant under the FTCA. Since the FTCA bars liability, it works to force dismissal in cases.

Moreover, this is not just another federal employee. The President also has immunity under Article II and prevailing Supreme Court caselaw. In 1982, the Supreme Court handed down Nixon v. Fitzgerald, holding that former President Richard Nixon was immune from civil suits concerning actions within the “outer perimeter” of his official duties. In 1997, the Court ruled in Clinton v. Jones that President Bill Clinton was not immune from a civil suit filed by Paula Jones — who had accused Clinton of sexual harassment — because the case involved unofficial conduct on the part of the president.

This issue is still being litigated in the case of E. Jean Carroll, who won a significant civil award against the President in New York. The United States Court of Appeals for the Second Circuit rejected the applicability of the 2024 Supreme Court ruling recognizing broad criminal immunity for former presidents as inapplicable to the civil case.

These are statements being made during a presidency and can be claimed as privileged and immune by President Trump.

The same cannot be said for a myriad of pundits and commentators who have stated this allegation as fact.

In the end, such litigation would come down to truth as a defense. These critics are saying that Omar did marry her brother. Even if they did not have a good-faith basis for the assertion, proof that it was indeed true would still be a complete defense.

On the other hand, a defamation lawsuit could offer a dispositive judgment of a court on this lingering question. The question is now whether Rep. Omar will sue.

Tyler Durden Fri, 12/12/2025 - 13:25

Oracle Shares Rebound After Denying 'Delays'

Update (1300ET): Oracle shares are rebounding strongly (and helping the overall market) following a denial of Bloomberg's earlier report.

Oracle told Reuters there are no delays to sites required for contractual commitments with OpenAI and that all milestones remain on track.

Oracle additionally said site selection and delivery timelines were established in close coordination with OpenAI following execution of agreement and were jointly agreed, according to Reuters.

ORCL shares are back at pre-delay-headline levels but still down on the day thanks to AVGO's overhang...

*  *  *

The fecal matter was already starting to strike the rotating object following Broadcom's disappointing results last night, but the bottom just dropped out of stocks  (and crypto) as the following headline hit the Bloomberg screens:

• *SOME ORACLE DATA CENTERS FOR OPENAI DELAYED TO 2028 FROM 2027

Bloomberg reports that Oracle has pushed back the completion dates for some of the data centers it’s developing for the artificial intelligence model developer OpenAI to 2028 from 2027, according to people familiar with the work.

The delays are largely due to labor and material shortages, said the people, asking not to be identified discussing private schedules.

Oracle has been working to deliver on a $300 billion contract to supply the computing power necessary to train and run OpenAI’s models since it was inked this summer. Even with the delays, the timelines for the projects in the US remain ambitious for sites that are set to become some of the largest in the world.

“We have ambitious achievable goals for capacity delivery worldwide,” Oracle Co-Chief Executive Officer Clay Magouyrk said on an earnings call this week. The first data center it is developing for OpenAI — in Abilene, Texas — is on track with more than 96,000 Nvidia Corp. chips delivered, he said during the call.

Oracle and OpenAI declined to comment.

Stocks immediately puked with Nasdaq leading the charge...

And even more problematically, these crashes are occurring following record retail buying...

UBS's US retail market making clients on Thursday had $44 mn of inflows into equity ETFs and some single stocks, outweighing broader outflows across all single stock sectors.

Trading volume in Oracle hit a record level (going back to 2013), with net inflows of $22 mn.

Over the last seven days, RMM clients have net bought $99 mn of Oracle stock, making it the most-bought single stock name in December.

Broadcom also had $22 mn of net buying on Thursday.

The cost of protecting the firm’s debt against default rose 7.4bps to 144.3bps, on track for highest close since 2009, according to ICE Data Services

Crypto was immediately hammered too - extending the ubiquitous 10amET dump...

...we're gonna need that dovish-er Fed head asap!

Tyler Durden Fri, 12/12/2025 - 13:00

Oracle Shares Rebound After Denying 'Delays'

Update (1300ET): Oracle shares are rebounding strongly (and helping the overall market) following a denial of Bloomberg's earlier report.

Oracle told Reuters there are no delays to sites required for contractual commitments with OpenAI and that all milestones remain on track.

Oracle additionally said site selection and delivery timelines were established in close coordination with OpenAI following execution of agreement and were jointly agreed, according to Reuters.

ORCL shares are back at pre-delay-headline levels but still down on the day thanks to AVGO's overhang...

*  *  *

The fecal matter was already starting to strike the rotating object following Broadcom's disappointing results last night, but the bottom just dropped out of stocks  (and crypto) as the following headline hit the Bloomberg screens:

• *SOME ORACLE DATA CENTERS FOR OPENAI DELAYED TO 2028 FROM 2027

Bloomberg reports that Oracle has pushed back the completion dates for some of the data centers it’s developing for the artificial intelligence model developer OpenAI to 2028 from 2027, according to people familiar with the work.

The delays are largely due to labor and material shortages, said the people, asking not to be identified discussing private schedules.

Oracle has been working to deliver on a $300 billion contract to supply the computing power necessary to train and run OpenAI’s models since it was inked this summer. Even with the delays, the timelines for the projects in the US remain ambitious for sites that are set to become some of the largest in the world.

“We have ambitious achievable goals for capacity delivery worldwide,” Oracle Co-Chief Executive Officer Clay Magouyrk said on an earnings call this week. The first data center it is developing for OpenAI — in Abilene, Texas — is on track with more than 96,000 Nvidia Corp. chips delivered, he said during the call.

Oracle and OpenAI declined to comment.

Stocks immediately puked with Nasdaq leading the charge...

And even more problematically, these crashes are occurring following record retail buying...

UBS's US retail market making clients on Thursday had $44 mn of inflows into equity ETFs and some single stocks, outweighing broader outflows across all single stock sectors.

Trading volume in Oracle hit a record level (going back to 2013), with net inflows of $22 mn.

Over the last seven days, RMM clients have net bought $99 mn of Oracle stock, making it the most-bought single stock name in December.

Broadcom also had $22 mn of net buying on Thursday.

The cost of protecting the firm’s debt against default rose 7.4bps to 144.3bps, on track for highest close since 2009, according to ICE Data Services

Crypto was immediately hammered too - extending the ubiquitous 10amET dump...

...we're gonna need that dovish-er Fed head asap!

Tyler Durden Fri, 12/12/2025 - 13:00

Americans Could See Up To $2,000 Tax Refunds Next Year: Bessent

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

Treasury Secretary Scott Bessent said that working Americans are set to get “very large refunds” next year as tax cuts that were enabled in the Republican-backed One Big Beautiful Bill Act are set to go into effect.

The top of a form 1040 individual income tax return for 2005 atop a stack on the same at the Des Plaines Public Library in Des Plaines, Illinois, on March 23, 2006. Photo by Tim Boyle/Getty Images

“I think we’re going to see $100 [billion]–$150 billion of refunds, which could be between $1,000, $2,000 per household,” Bessent told an NBC affiliate station reporter while in Pennsylvania on Wednesday.

American workers haven’t yet adjusted their tax withholding, meaning that the refunds will be coming during the tax year, he said. After the refunds, their withholdings are likely to change so that less tax is taken from each paycheck, he said, adding that there will be a “real increase” in wages.

“The bill was passed in July, working Americans didn’t change their withholding, so they’re going to be getting very large refunds in the first quarter” of next year, the secretary stated.

Earlier in the week, White House National Economic Council Director Kevin Hassett also projected optimism in remarks to CNBC that a typical person with no tax on tips or overtime, which was included in the One Big Beautiful Bill Act, will see tax cuts of of $1,600 to $2,000 next year.

“A lot of that will come as tax refunds at the beginning of the year,” Hassett said.

The comments on tax refunds come as President Donald Trump held an event in Pennsylvania to tout his economic agenda. While speaking at the rally, Trump said that his economic policies have led to the creation of thousands of jobs in the state and billions of dollars of investments.

“We’re right now drilling more oil than we’ve ever done—ever before,“ he said, adding that the price of gas is down. ”Rent prices are down. Dairy prices are coming down very strongly.”

Speaking at a Mount Pocono casino in northeastern Pennsylvania, Trump said that his economic policies, including his widespread tariffs on imports, are creating jobs, boosting the stock market, and attracting increased investment into the United States.

Pennsylvania Gov. Josh Shapiro, a Democrat, said that he is skeptical of Trump’s comments about the economy. In an interview with MS Now earlier this week, Shapiro said that the Trump administration’s policies are driving up prices for household items and “the normal staples that they need in their homes ... those prices have dramatically increased on Donald Trump’s watch.”

Trump suggested at the rally and in previous interviews that Democrats are manufacturing a cost-of-living crisis for political gain. But he also conceded that “prices are too high.”

Last month, Trump and administration officials floated the idea of sending out a $2,000 payment to low- and middle-income workers that would be taken from tariff income. Meanwhile, Trump’s tariffs are currently being challenged in a case before the U.S. Supreme Court.

Trump warned that should the high court rule against his tariff regime, it would be devastating to the U.S. economy and national security.

“The biggest threat in history to United States National Security would be a negative decision on Tariffs by the U.S. Supreme Court,” Trump said in a post on social media. “We would be financially defenseless.”

Reuters contributed to this report.

Tyler Durden Fri, 12/12/2025 - 12:45

Americans Could See Up To $2,000 Tax Refunds Next Year: Bessent

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

Treasury Secretary Scott Bessent said that working Americans are set to get “very large refunds” next year as tax cuts that were enabled in the Republican-backed One Big Beautiful Bill Act are set to go into effect.

The top of a form 1040 individual income tax return for 2005 atop a stack on the same at the Des Plaines Public Library in Des Plaines, Illinois, on March 23, 2006. Photo by Tim Boyle/Getty Images

“I think we’re going to see $100 [billion]–$150 billion of refunds, which could be between $1,000, $2,000 per household,” Bessent told an NBC affiliate station reporter while in Pennsylvania on Wednesday.

American workers haven’t yet adjusted their tax withholding, meaning that the refunds will be coming during the tax year, he said. After the refunds, their withholdings are likely to change so that less tax is taken from each paycheck, he said, adding that there will be a “real increase” in wages.

“The bill was passed in July, working Americans didn’t change their withholding, so they’re going to be getting very large refunds in the first quarter” of next year, the secretary stated.

Earlier in the week, White House National Economic Council Director Kevin Hassett also projected optimism in remarks to CNBC that a typical person with no tax on tips or overtime, which was included in the One Big Beautiful Bill Act, will see tax cuts of of $1,600 to $2,000 next year.

“A lot of that will come as tax refunds at the beginning of the year,” Hassett said.

The comments on tax refunds come as President Donald Trump held an event in Pennsylvania to tout his economic agenda. While speaking at the rally, Trump said that his economic policies have led to the creation of thousands of jobs in the state and billions of dollars of investments.

“We’re right now drilling more oil than we’ve ever done—ever before,“ he said, adding that the price of gas is down. ”Rent prices are down. Dairy prices are coming down very strongly.”

Speaking at a Mount Pocono casino in northeastern Pennsylvania, Trump said that his economic policies, including his widespread tariffs on imports, are creating jobs, boosting the stock market, and attracting increased investment into the United States.

Pennsylvania Gov. Josh Shapiro, a Democrat, said that he is skeptical of Trump’s comments about the economy. In an interview with MS Now earlier this week, Shapiro said that the Trump administration’s policies are driving up prices for household items and “the normal staples that they need in their homes ... those prices have dramatically increased on Donald Trump’s watch.”

Trump suggested at the rally and in previous interviews that Democrats are manufacturing a cost-of-living crisis for political gain. But he also conceded that “prices are too high.”

Last month, Trump and administration officials floated the idea of sending out a $2,000 payment to low- and middle-income workers that would be taken from tariff income. Meanwhile, Trump’s tariffs are currently being challenged in a case before the U.S. Supreme Court.

Trump warned that should the high court rule against his tariff regime, it would be devastating to the U.S. economy and national security.

“The biggest threat in history to United States National Security would be a negative decision on Tariffs by the U.S. Supreme Court,” Trump said in a post on social media. “We would be financially defenseless.”

Reuters contributed to this report.

Tyler Durden Fri, 12/12/2025 - 12:45

Russian Central Bank Sues Euroclear As EU Tries To Ram Through Assets Seizure

In what could prove a well-timed preemptive attack and shot across the bow, Russia’s Central Bank (CBR) announced Friday it has initiated legal action against Euroclear, one of Europe's largest securities depositories, which is holding 185 billion euros ($217 billion) of Russia’s frozen sovereign assets.

The CBR has filed a lawsuit against the Belgium-based bank in the Moscow Arbitration Court over "illegal actions" - just as European Union leadership is making a move to approve a plan to fund the Ukrainian government for the next years by using income from the Russian assets immobilized under EU sanctions.

"Euroclear’s actions caused harm to the Bank of Russia by preventing it from managing the funds and securities that belong to it," the Russian Central Bank said in the statement. The lawsuit seeks compensation for losses as a result of Euroclear indefinitely blocking access to the funds.

Euroclear headquarters building, via Associated Press

The RCB has also separately condemned wider EU plans to use Russian assets to aid Ukraine as "illegal, contrary to international law" as they violate "the principles of sovereign immunity of assets."

This is the first time in the entire frozen Russian asset saga that the bank has publicly commented on this issue. This lack of official condemnation until now is perhaps due to each side knowing greater tit-for-tat repercussions could unfold - or a point of no return could be reached if things unravel.

The European Central Bank has also long cautioned that if Europeans start grabbing other nations' money, it could undermine confidence in the euro currency. To review, the assets were frozen shortly after the Russian invasion of Ukraine:

In 2022, Western countries froze assets belonging to Russia’s central bank totaling about 260 billion euros. Most of these funds — roughly 190 billion euros — are held in accounts at the Belgian depository Euroclear. Euroclear earns profits from the frozen Russian assets, but in 2024, those proceeds were directed toward financing Ukraine. Over the past three years, European leaders have repeatedly discussed the possibility of confiscating Russia’s frozen assets.

Currently EU member states are rapidly advancing a plan ahead of a key summit next week. European Commission President Ursula von der Leyen is seeking to use a loophole to prevent a lone member or two from having an effective veto (especially Hungary), based on invoking emergency powers to sanction the frozen assets on a permanent basis, instead of holding the funds based on current six-month renewals, which requires unanimous agreement from all member states.

The plan would see €90 billion (roughly $104.71 billion) released over the next two years. Von der Leyen's scheme would allow for the plan to pass merely with a qualified majority, and so couldn't be derailed by just a lone veto. Nations like Germany and Spain have already signaled their support. 

But Belgium fears immediate negative repercussions from Russia, which could deeply hurt its economy, and so wants guarantees ahead of any EU vote that all members would help absorb the impact. So with the Russian lawsuit, Moscow is sending its message to Belgium loud and clear. 

BREAKING: "Belgium does not want a quick emergency law for Euroclear funds, no matter how hard the EU presses"->

"European sources confirm to De Tijd that a plan to expedite the emergency law's approval exists, but that no date has yet been set for a vote. The reason? Belgium… pic.twitter.com/7h68AdrGWU

— Pieter Cleppe (@pietercleppe) December 10, 2025

Von der Leyen has acknowledged the issue, posting on X: "Belgium’s particular situation regarding the use of the frozen Russian assets is undeniable and must be addressed in such a way that all European states bear the same risk."  She added: "We agreed to continue our discussions with the aim of reaching a consensus at the European Council meeting on December 18."

The United States does not agree with these actions, and this will likely to give political strength to Belgium's objections to going along with EU leadership in the face of Russian legal pressures.

Tyler Durden Fri, 12/12/2025 - 12:25

Russian Central Bank Sues Euroclear As EU Tries To Ram Through Assets Seizure

In what could prove a well-timed preemptive attack and shot across the bow, Russia’s Central Bank (CBR) announced Friday it has initiated legal action against Euroclear, one of Europe's largest securities depositories, which is holding 185 billion euros ($217 billion) of Russia’s frozen sovereign assets.

The CBR has filed a lawsuit against the Belgium-based bank in the Moscow Arbitration Court over "illegal actions" - just as European Union leadership is making a move to approve a plan to fund the Ukrainian government for the next years by using income from the Russian assets immobilized under EU sanctions.

"Euroclear’s actions caused harm to the Bank of Russia by preventing it from managing the funds and securities that belong to it," the Russian Central Bank said in the statement. The lawsuit seeks compensation for losses as a result of Euroclear indefinitely blocking access to the funds.

Euroclear headquarters building, via Associated Press

The RCB has also separately condemned wider EU plans to use Russian assets to aid Ukraine as "illegal, contrary to international law" as they violate "the principles of sovereign immunity of assets."

This is the first time in the entire frozen Russian asset saga that the bank has publicly commented on this issue. This lack of official condemnation until now is perhaps due to each side knowing greater tit-for-tat repercussions could unfold - or a point of no return could be reached if things unravel.

The European Central Bank has also long cautioned that if Europeans start grabbing other nations' money, it could undermine confidence in the euro currency. To review, the assets were frozen shortly after the Russian invasion of Ukraine:

In 2022, Western countries froze assets belonging to Russia’s central bank totaling about 260 billion euros. Most of these funds — roughly 190 billion euros — are held in accounts at the Belgian depository Euroclear. Euroclear earns profits from the frozen Russian assets, but in 2024, those proceeds were directed toward financing Ukraine. Over the past three years, European leaders have repeatedly discussed the possibility of confiscating Russia’s frozen assets.

Currently EU member states are rapidly advancing a plan ahead of a key summit next week. European Commission President Ursula von der Leyen is seeking to use a loophole to prevent a lone member or two from having an effective veto (especially Hungary), based on invoking emergency powers to sanction the frozen assets on a permanent basis, instead of holding the funds based on current six-month renewals, which requires unanimous agreement from all member states.

The plan would see €90 billion (roughly $104.71 billion) released over the next two years. Von der Leyen's scheme would allow for the plan to pass merely with a qualified majority, and so couldn't be derailed by just a lone veto. Nations like Germany and Spain have already signaled their support. 

But Belgium fears immediate negative repercussions from Russia, which could deeply hurt its economy, and so wants guarantees ahead of any EU vote that all members would help absorb the impact. So with the Russian lawsuit, Moscow is sending its message to Belgium loud and clear. 

BREAKING: "Belgium does not want a quick emergency law for Euroclear funds, no matter how hard the EU presses"->

"European sources confirm to De Tijd that a plan to expedite the emergency law's approval exists, but that no date has yet been set for a vote. The reason? Belgium… pic.twitter.com/7h68AdrGWU

— Pieter Cleppe (@pietercleppe) December 10, 2025

Von der Leyen has acknowledged the issue, posting on X: "Belgium’s particular situation regarding the use of the frozen Russian assets is undeniable and must be addressed in such a way that all European states bear the same risk."  She added: "We agreed to continue our discussions with the aim of reaching a consensus at the European Council meeting on December 18."

The United States does not agree with these actions, and this will likely to give political strength to Belgium's objections to going along with EU leadership in the face of Russian legal pressures.

Tyler Durden Fri, 12/12/2025 - 12:25

What To Know About Trump's New 'Gold Card' Visa Program

Authored by Savannah Hulsey Pointer via The Epoch Times,

Applications opened on Dec. 10 for the Trump administration’s new Gold Card program that expedites visas for wealthy individuals.

The program, initiated by President Donald Trump, will fast-track those whom the administration believes will be an asset to the United States economy.

Here’s what to know about the program.

How the Program Works

The program, which will be administered by the U.S. Department of Commerce, will offer expedited permanent residency for noncitizens if they donate $1 million to the country, pass a background check, and pay a $15,000 processing fee to the Department of Homeland Security.

The program accepts individual applicants and includes a corporate component. Businesses that wish to participate in the program would be required to donate $2 million to the United States and pay the $15,000 processing fee.

“It’ll take in, we think, probably billions of dollars that will go to the Treasury of the United States, that will go to an account where we can do things [that are] positive for the country,” Trump said during a roundtable meeting with business leaders on Dec. 10.

After five years, a Gold Card holder is eligible to gain U.S. citizenship.

The Gold Card differs from the EB-5 Immigrant Investor Visa, in which foreign investors are asked to invest around $800,000–$1.05 million into a U.S.-based business to create at least 10 full-time jobs for American workers.

The EB-5 grants a pathway to a green card and, eventually, citizenship. However, it is tied more closely to job creation and investments, versus the Gold Card program, which is more straightforward about financial contributions.

How to Apply

In order to be considered for the Gold Card program, applicants must visit trumpcard.gov and submit an application with the nonrefundable processing fee.

After that, U.S. Citizenship and Immigration Services (USCIS) will undertake a background check to vet the applicant.

Successful applicants will receive lawful permanent resident status equal to an EB-1 or EB-2 visa.

Gold Card holders will be able to use the card throughout all 50 states and territories.

For the corporate version of the Gold Card, businesses will have to pay a 1 percent annual maintenance fee, or $20,000 per year. According to Commerce Secretary Howard Lutnick, tens of thousands had already signed up for the $5 million program by mid-June.

Regular visa terms apply, and a Gold Card can be revoked over national security or significant criminal activity issues.

According to the program website, a Platinum Card will be launched soon for individuals who want the ability to spend up to 270 days in the United States without being subject to U.S. taxes on non-U.S. income. That card will cost $5 million.

Similar Programs

Similar programs have been used in other countries in Europe, as well as the United Kingdom and some smaller nations such as St. Kitts & Nevis, Antigua & Barbuda, and Dominica.

In Portugal, investors can invest in real estate with funds amounting to roughly $580,000. Similarly, Greece offers residency for real estate investment starting around $300,000.

The Trump administration also announced the creation of a sovereign wealth fund soon after he was inaugurated in January. The fund will be a government-owned and operated investment fund.

In his Feb. 3 order to create a plan for the fund, Trump noted that other nations have used the tactic successfully and that the United States could top even Saudi Arabia’s fund, which totals $925 billion.

The president pointed out that the UK announced plans for a similar fund and said the United States would “lead the way in long-term wealth generation.”

“The United States can leverage such returns to promote fiscal sustainability, lessen the burden of taxes on American families and small businesses, establish long-term economic security, and promote U.S. economic and strategic leadership internationally,” Trump said in his order.

Other Visa Changes

Early in November of this year, the Trump administration revoked 80,000 visas for reasons including support for terrorism, “actual terrorism,” criminal activity, public safety threats, and overstays.

Secretary of State Marco Rubio, in a post on X, said the State Department “will always put the safety and interests of the American people first.”

Among the revocations, 16,000 were due to driving under the influence of alcohol, 12,000 revoked for assault, and 8,000 revoked for theft.

“The Trump Administration will not hesitate to revoke visas from foreigners who undermine our laws or threaten our national security,” Tommy Pigott, the State Department’s principal deputy spokesperson, said in a Nov. 5 post on X.

Additionally, the administration invalidated visas for several foreign nationals who celebrated the Sept. 10 assassination of conservative commentator Charlie Kirk.

“The United States has no obligation to host foreigners who wish death on Americans,” the State Department wrote on X.

In September, Trump also announced an additional $100,000 fee for new applicants to the high-skilled labor H-1B visa program.

Tyler Durden Fri, 12/12/2025 - 12:05

Green Rush Reloaded: Pot Stocks Soar On Trump Push For Rescheduling

Update (1155ET):

Pot stocks soared earlier today after news broke that President Trump is considering directing his administration to reclassify marijuana from Schedule I to Schedule III.

Trump has reportedly discussed the idea with HHS Secretary Robert F. Kennedy Jr., CMS Administrator Mehmet Oz, and industry insiders, including Trulieve CEO Kim Rivers and payments executive Howard Kessler.

In the markets, Tilray Brands surged 32%, Canopy Growth soared 36%, Aurora Cannabis climbed 14%, SNDL leaped 21%, and Cronos Group advanced 8%.

However, taking a broader view, these pot stocks have been beaten down since the pandemic frenzy.

No final decision has been made, according to the White House.

*  *  * 

In a move seen as long overdue by many people on both sides of America's left-right political divide, President Trump is expected to use an executive order to dramatically reduce federal restrictions on marijuana. The order, which may come in the next few weeks, will direct federal agencies to move toward reclassifying marijuana as a "Schedule III" drug, which would put it on the same level as common prescription painkillers. The shift would carry implications for not only for patients, medical researchers and recreational users, but the many companies seeking to thrive in the evolving US cannabis market as well.  

Marijuana has been a Schedule I drug since the 1970 passage of the Controlled Substances Act. Schedule I drugs are defined as those without any "currently accepted medical use" and "high potential for abuse," which means marijuana has spent 55 years being treated by the feds as if it were as medically useless and dangerous as heroin or meth. If marijuana moves to Schedule III, its new peers would be drugs like Tylenol with codeine, anabolic steroids and testosterone.  

The Justice Department in 2024 recommended shifting cannabis to Schedule III, prompting a formal review by the Drug Enforcement Administration. However, progress has been stalled with legal challenges and agency delays, leaving the issue and industry in limbo. -- Bloomberg

Trump reportedly discussed the move in a Wednesday phone call with House Speaker Mike Johnson (R-LA), marijuana industry executives, Health Secretary Robert F. Kennedy Jr, and Centers for Medicare and Medicaid Services chief Mehmet Oz, according to the Post's sources.

Citing research and numbers, Johnson was said to have rattled off reasons not to ease regulations. Trump then let the cannabis executives counter Johnson's arguments. Observers say that, as Trump ended the call, he seemed convinced by the deregulation rationales and ready to move forward. Of course, as with foreign policy and other issues, Trump's always at risk of parroting the opinion of the last person to talk to him. 

Cancer patients use marijuana to counter effects of the disease, and nausea, pain and loss of appetite resulting from treatment (University of Miami)

Advocates of legalization of the plant for use by cancer and other patients have long faced a Catch-22 objection from lawmakers who defend the status quo. Specifically, they deflect by saying they'd be more comfortable easing back on the war on pot if there were more research about its medical value. However, being a Schedule I drug makes it far more burdensome for university and other researchers to obtain and handle the plant, and to pursue that very research. Those varied burdens include advance approval from federal and state authorities -- itself a lengthy and complicated process -- heavy security for storage, and painstaking record-keeping to track every last milligram.  

"People who have certain symptoms of cancer or side effects of cancer treatment might benefit from using cannabis," says the American Cancer Society. "It can improve quality of life and reduce the number of emergency room visits for things like dehydration due to nausea and vomiting, or uncontrolled severe pain." The plant is also used to address or alleviate many other conditions, from Lou Gehrig's disease to Crohn's disease, fibromyalgia, glaucoma, irritable bowel syndrome, Parkinson's, PTSD, spinal cord injuries, and traumatic brain injuries.  

David Bass, founder of Texas Veterans for Medical Marijuana, next to a casket he uses at demonstrations calling for legalization of marijuana for PTSD. He's an Army veteran who was deployed to Iraq (Texas Observer) 

“This would be the biggest reform in federal cannabis policy since marijuana was made a Schedule I drug in the 1970s,” DC attorney Shane Pennington told the Washington Post on Thursday. Pennington is representing companies involved in litigation over marijuana's scheduling.

Trump has previously flirted with downshifting marijuana regulation."We're looking at reclassification and we'll make a determination over the next -- I would say over the next few weeks, and that determination hopefully will be the right one. It's [a] very complicated subject," Trump told reporters in August. 

In September, marijuana stocks got high(er) after Trump's Truth Social account published an informational video highlighting the health benefits to seniors of cannabidiol (CBD), an active ingredient in cannabis derived from the hemp plant. The video began with bold text proclaiming, "You can revolutionize senior healthcare," and highlighted that CBD can "restore" the endocannabinoid system, touting benefits such as reduced pain, better sleep, and lower stress.

The same market response played out last night, with the AdvisorShares Pure US Cannabis ETF (MSOS) rocketing more than 38% higher at midnight ET.  

Tyler Durden Fri, 12/12/2025 - 11:55

Belgium Gets Cold Shoulder Ahead Of Russian Asset Confiscation

By Molly Schwartz, Cross-Asset Macro Strategist at Rabobank

The Cold Shoulder

Tensions remain high as Russia and Ukraine fail to reach a ceasefire agreement, even as U.S. pressure mounts. One key demand in Russia’s 20-point proposal is a full Ukrainian withdrawal from the Donbas region, a condition that runs counter to President Zelenskyy’s policy of refusing to cede any territory.

According to Bloomberg, Zelenskyy noted that the U.S. has floated the idea of designating the area a “free economic zone,” while Russia has called it a “demilitarized zone.” Zelenskyy would prefer that it remain a ‘Ukrainian zone,’ but has stated that the ultimate decision on Donbas will rest with the people, to be determined through a referendum or election.

Meanwhile, Russia is stirring concerns in Western Europe. NATO’s Mark Rutte warned EU member states yesterday that “[Europe] must be prepared for the scale of war our grandparents and great-grandparents endured.” Speaking in Berlin, he emphasized that broader Europe is “Russia’s next target” and that the continent is “already in harm’s way.”

So while Europe pontificates about how important it is to strengthen their defense, they have turned to leveraging their financial chops. Following Russia’s invasion of Ukraine, the EU froze Russian assets. Should a peace deal between Russia and Ukraine come to fruition, Russia would like its money back…but the EU has other plans.

At next week’s EU Summit, European leaders will consider using frozen Russian assets to fund Ursula von der Leyen’s plan to cover part of Ukraine’s requirements for 2026 and 2027. As of now, much of the funding comes from interest generated on said frozen Russian assets. Russia is not thrilled about having their assets used for other purposes, calling it theft. While the EU argues that there is no “theft” as “the right of the Russian Central Bank to make a claim on its money and Euroclear’s duty to repay will remain in tact,” one key EU player is taking Russia’s side.

Prime Minister of Belgium, Bart De Wever voiced the following: “The European states pushing for the confiscation of Russian assets in Belgium are mostly those bordering Russia, which have experienced Soviet tyranny and are psychologically at war. But we are not at war with Russia. And we do not wish to be at war with Russia. We must negotiate based on reality, not fantasy. In reality, you don’t steal money from a foreign central bank. Stealing from a central bank is like robbing an embassy.”

Confiscating Russian assets could also complicate peace negotiations. Reducing incentives for the aggressor to agree to a ceasefire may not be the most effective strategy. For now, Belgium appears outnumbered and the EU seems poised to approve the measure.

But such insolence does not come without consequence. Indeed, rather than military intervention or Statecraft, Belgium may have to face something far worse should De Wever fail to come around…the cold shoulder.

As Belgium risks the cold shoulder, Putin is cozying up to Maduro, stomping on the sanctity of the “Donroe Doctrine.” Putin and Maduro spoke over the phone, with Putin promising Moscow’s support for Venezuela and Maduro’s government. The two leaders spoke by phone, with Putin pledging Moscow’s support for Venezuela and Maduro’s government. Weeks earlier, Maduro reportedly told Trump he would leave Venezuela if granted full legal amnesty for himself and his family.

The U.S., meanwhile, is ratcheting up pressure on Maduro. While the EU debates financial measures, Washington is signaling readiness for escalation. The U.S. has increased its military presence off Venezuela’s coast and recently seized a Venezuelan oil tanker. U.S. Attorney General Pamela Bondi announced on X that the tanker was seized under a warrant for transporting sanctioned oil from Venezuela and Iran, sharing video footage of the operation.

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

Hotel occupancy was weak over the summer months, due to less international tourism.  The fall months are mostly domestic travel and occupancy is still under pressure! 

From STR: U.S. hotel results for week ending 6 December

he U.S. hotel industry reported negative year-over-year comparisons, according to CoStar’s latest data through 6 December. ...

30 November through 6 December 2025 (percentage change from comparable week in 2024):

• Occupancy: 57.2% (-3.2%)
• Average daily rate (ADR): US$160.11 (-0.5%)
• Revenue per available room (RevPAR): US$91.57 (-3.7%)
emphasis added

The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.
Click on graph for larger image.

The red line is for 2025, blue is the median, and dashed light blue is for 2024.  Dashed black is for 2018, the record year for hotel occupancy. 
The 4-week average of the occupancy rate is tracking well behind last year but is close to the median rate for the period 2000 through 2024 (Blue).
Note: Y-axis doesn't start at zero to better show the seasonal change.
The 4-week average will decrease seasonally until early next year.
On a year-to-date basis, the only worse years for occupancy over the last 25 years were pandemic or recession years.

Trump Says He Is Pardoning Former Colorado County Clerk Tina Peters

Authored by Matthew Vadum via The Epoch Times,

President Donald Trump said on Dec. 11 that he is pardoning Tina Peters, a former Colorado county clerk convicted of election machine tampering in the aftermath of the disputed 2020 election.

The presidential pardon of the Republican former officeholder appears to be symbolic.

The Pardons Clause of the U.S. Constitution says the president has the power to “grant Reprieves and Pardons for Offences against the United States.” The clause also allows presidents to grant preemptive pardons to individuals who have not yet been convicted of federal offenses.

Peters was convicted in Colorado state court in August 2024 of election-related charges, such as allowing unauthorized access to voting machines, and sentenced to nine years of incarceration.

Peters previously said on her website that her efforts as Mesa County clerk were aimed at upholding election integrity by “creating a forensic backdrop” of a county election server.

Trump wrote in a Truth Social post that Peters is incarcerated in a Colorado prison “for the ‘crime’ of demanding Honest Elections.”

“Democrats only think there is one crime—Not voting for them! Instead of protecting Americans and their Tax Dollars, Democrats chose instead to prosecute anyone they can find that wanted Safe and Secure Elections.”

Peters is “a Patriot who simply wanted to make sure that our Elections were Fair and Honest,” who is in prison “for the ‘crime’ of demanding Honest Elections,” the president wrote.

Colorado Gov. Jared Polis, a Democrat, said the presidential pardon was invalid in Peters’s case.

Peters was convicted by a jury of breaking Colorado state laws, Polis wrote on X after Trump made his announcement.

Colorado Attorney General Phil Weiser also said the presidential pardon was not legally binding.

“One of the most basic principles of our constitution is that states have independent sovereignty and manage our own criminal justice systems without interference from the federal government,” Weiser said in a statement.

“The idea that a president could pardon someone tried and convicted in state court has no precedent in American law, would be an outrageous departure from what our Constitution requires, and will not hold up,” he said.

Former New York City Mayor Rudy Giuliani offered a possible rationale for Trump’s pardon of Peters.

“While Tina is currently in state prison, the pardon ensures the federal government cannot pursue federal charges and gives renewed focus and attention to Tina’s story,” Giuliani wrote on X.

Although Giuliani has not been convicted of any federal offenses, Trump preemptively pardoned him last month in connection with his efforts to challenge the 2020 presidential election results. Giuliani oversaw the 2020 Trump campaign’s legal efforts to contest the election.

Tyler Durden Fri, 12/12/2025 - 10:45

Charlie Kirk Murder Suspect Makes First Courtroom Appearance

Tyler Robinson, the Utah man accused of killing conservative commentator Charlie Kirk on Sept. 10, made his first courtroom appearance on Thursday in Provo, Utah. 

With no orange jumpsuit, his three public defenders convinced the judge in the case pushed back Robinson's preliminary hearing to May 18. 

Prosecutors are seeking the death penalty for the 22-year-old over the shooting of Kirk during an event at the Utah Valley University campus in Orem - just miles away from the courthouse where Robinson appeared on Thursday. Both sides have also asked Judge Tony Graf not to allow cameras in the courtroom, though Kirk's widow, Erika, wants cameras throughout the proceedings.

"We deserve to have cameras in there," she said previously.

A group of local and national news outlets including the Associated Press have pressed Graf to retain media access throughout the case, while Robinson's defense team have argued that the high-profile media attention could impede his right to a fair trial, arguing that even President Trump could have biased a potential jury when he said "I hope he gets the death penalty," referring to Robinson. 

Fourth District Court Judge Tony Graf presides over a hearing for Tyler Robinson, who is accused of fatally shooting Charlie Kirk, Thursday, Dec. 11, 2025, in Provo, Utah. (Rick Egan/The Salt Lake Tribune via AP, Pool)

Early into the proceeding, Graf briefly stopped a media livestream of the hearing and ordered the camera to be moved after Robinson's attorneys said it showed the defendant's shackles in violation of a courtroom order. The judge also warned he would terminate future broadcasts if there were further violations of an October order banning media from showing images of Robinson in restraints or anywhere in the courtroom except sitting at the defense table. 

"This court takes this very seriously," said Graf. "While the court believes in openness and transparency, it needs to be balanced with the constitutional rights of all parties in this case."

Judge Tony Graf Jr.: "I find that excluding the cameras from the courtroom would be disproportionate for this hearing ... As such we will take a brief recess to allow the relocation of the camera..." pic.twitter.com/3H48dw2CdM

— The Post Millennial (@TPostMillennial) December 11, 2025

As AP notes: 

Graf held a closed hearing on Oct. 24 in which attorneys discussed Robinson’s courtroom attire and security protocols. Under a subsequent ruling by the judge, Robinson is allowed to wear street clothes during pretrial hearings but must be physically restrained due to security concerns. Graf also prohibited filming or photographing Robinson’s restraints after his attorneys argued widespread images of him shackled and in jail clothing could prejudice potential jurors.

Media attorney David Reymann urged Graf on Thursday to let the news organizations weigh in on any future requests for closed hearings or other limitations. He said media organizations want “limited party status” in the case.

Staci Visser, one of Robinson’s lawyers, pushed back: “We don’t want the chaos that is out in the media in this courtroom.”

After appearing in the courtroom, Robinson briefly smiled at his father (who turned him in), brother, and mother, who were sitting in the front row. 

Tyler Durden Fri, 12/12/2025 - 10:25