Authored by Dave DeCamp via AntiWar.com,

The US is planning to establish a military base in Damascus, Syria, Reuters has reported, as the Trump administration continues to strongly back the new Syrian government that’s led by former al-Qaeda leader Ahmed al-Sharaa.

The report said that the US will establish a military presence at an airbase on the outskirts of the Syrian capital for the purpose of enabling a security pact that Washington is attempting to broker between Israel and Syria.

The idea would be for the US military to monitor a potential deal that would include the demilitarization of areas to the south of Damascus. Officials compared it to the US monitoring of the ceasefire deal in Lebanon, which Israel has constantly violated, and the ceasefire deal in Gaza, which Israel has also been in breach of.

A Syrian Foreign Ministry official later told Syria’s state news agency SANA that the Reuters report was “untrue” but did not specifically deny that the US would establish a military presence in Damascus.

“The current stage marks a transformation in the US position towards direct engagement with the Syrian central government in Damascus, and towards supporting the country’s unity while rejecting any calls for partition,” the official said.

A Syrian defense official told Reuters that the US had flown to the base in military C-130 transport aircraft to ensure the runway was usable, and a security guard at one of the base’s entrances said that American aircraft were landing there as part of “tests”.

Previous reports have said that the Trump administration may sign an agreement with the new Syrian government to formalize its military presence in Syria.

The US has been closing bases in northeast Syria but is expected to maintain its presence at the al-Tanf Garrison in the south, which is situated where the borders of Syria, Iraq, and Jordan converge.

A well-known American anti-Assad Islamist commentator admits the endgame is US-Israel hegemony and control over Syria:

Exclusive: U.S. Forces Reported at Mezzeh Airbase in Damascus

▪️ Eyewitnesses report U.S. helicopters operating from the Syrian capital.
▪️ Base linked to rumored Tel Aviv–Damascus “security agreement.”
▪️ Bilal Abdul Kareem questions U.S. neutrality: “They arm and fund Israel.” pic.twitter.com/FJbN2UgHMC

— Bilal Abdul Kareem (@BilalKareem) November 8, 2025

President Trump will be hosting Sharaa at the White House on Monday, where he is expected to formally join the US-led anti-ISIS coalition. Ahead of the visit, the US is asking the UN to lift sanctions on Sharaa, which were imposed due to his history as an al-Qaeda commander and associate of Abu Bakr al-Baghdadi, the founder of ISIS.

A new forensic analysis into the Jan. 6 pipe-bomb case has concluded that a former US Capitol Police officer’s gait is a 94%-98% match to the ‘unique stride’ of the Jan. 6 pipe-bomb suspect, Blaze Media reports, following an investigation which was confirmed by several intelligence sources. 

According to the investigation, former U.S. Capitol Police officer, Shauni Rae Kerkhoff, is a high-probability match to the unidentified pipe-bomb suspect seen on surveillance video on Jan. 5, 2021. Kerkhoff, who served four and a half years on the Capitol Police force before leaving in mid-2021 for a security position later described by the CIA as “campus security,” was matched through a forensic gait-analysis software tool that compared her stride to the suspect’s.

Software used in the analysis placed the match at 94%, however the forensic analyst who conducted the review estimated the similarity closer to 96%-98%. Several intelligence officials who reviewed the findings concurred, according to the report. 

Interestingly, Kerkhoff’s residence in Alexandria, Va., appeared to be monitored by law enforcement officers last week – as Blaze News’ editor in chief, Christopher Bedford, said he was pulled over by police after stopping to observe the home and later released.

• Of note – the Blaze report has been disputed by Headline USA and journalist Breanna Morello. so pop over and read their takes. 

FBI Surveillance Near Suspect in 2021

The new analysis has revived scrutiny of the FBI’s handling of the case. Former FBI Special Agent Kyle Seraphin told Blaze News that, in the days immediately after Jan. 6, he and his team conducted surveillance “one door away” from the residence now tied to the suspected individual. He says the team was pulled off the assignment without explanation, and requests to interview a person linked to the suspect’s movements were denied.

I’ll leave this right here. pic.twitter.com/ixzhimP5Zg

— Kyle Seraphin (@KyleSeraphin) November 8, 2025

Seraphin said he has recounted these details publicly since 2021, and that the Blaze News findings “vindicate” his account.

Read this excerpt from an earlier story at Daily Wire. pic.twitter.com/jMCt3KZksm

— Citizen Free Press (@CitizenFreePres) November 8, 2025

The FBI tied a SmarTrip Metro card allegedly used by the suspect to an Air Force civilian employee. Agents conducted two days of surveillance but were instructed not to interview him, Seraphin said. The bureau has not addressed the claim publicly.

A Career in Law Enforcement and Security

Kerkhoff, 31, is a former Division 1 athlete from Ohio who played goalkeeper at Temple University and later for the Columbus Eagles Football Club. A significant leg injury in college required surgery and left her with a slight limp – an element noted by the gait analyst who reviewed her movements from Capitol Police security footage.

People seem to miss that the suspect woman had a sports injury that affected her gait. It wasn’t just that she walked with her stride a certain number of inches. That narrows things down quite a bit.

— Tim Conrad (@TimConradB623) November 8, 2025

Kerkhoff joined the U.S. Capitol Police in 2018. She served in the Civil Disturbance Unit and was a training officer for crowd-control munitions deployed on Jan. 6. Blaze News also reported this week that surveillance video shows Kerkhoff and other officers firing “less-lethal” rounds that struck multiple individuals above the waist on the Capitol’s West Plaza.

She left the force months after the riot and later worked in security at the CIA.

Suspicion Around the Pipe-Bomb Videos

Blaze News’ analysis relied on surveillance footage of the pipe-bomb suspect that was not the publicly released FBI version. A private researcher who spent more than a year studying the videos told the outlet the bureau-released clip was downsampled, reducing motion clarity. The higher-quality footage used for the gait analysis reportedly shows smoother movement, allowing for more accurate comparison.

The FBI has said the suspect placed pipe bombs outside the Democratic National Committee and near the Republican National Committee between 7:54 p.m. and 8:16 p.m. on Jan. 5, 2021. The devices were discovered the following day shortly after noon—at the same time Capitol Police resources were being stretched by the breach of the Capitol grounds.

The mysterious handling of the bombs drew scrutiny from Congress and the Department of Homeland Security’s inspector general. Surveillance footage later released by Rep. Thomas Massie (R-KY) showed Secret Service agents responding slowly after being told a device was found at the DNC. Agents remained in their vehicle eating lunch for roughly two minutes before investigating and allowed pedestrians and cars to pass near the device.

America is waking up today to learn that Capitol Police turned CIA orchestrated the pipe bombs on January 6th, and the FBI has covered it up for over fours years. I questioned FBI Dir. Wray, ATF Dir. Dettlebach, and FBI asst Dir. (over DC) D’Antuono under oath. All played dumb. https://t.co/mrqtNy7fP6

— Thomas Massie (@RepThomasMassie) November 8, 2025

Read the rest of the report here…

Authored by Victor Davis Hanson via The Epoch Times,

The left wing and media rage hysterically from one Trump psychodrama to the next, while President Donald Trump trolls both on social media.

But all that is verbiage.

What matters is the data and facts of Trump’s first nine months since Jan. 20, 2025, in comparison to either former President Joe Biden’s prior year or the averages of his four years in office.

Take the border. No one knows how many illegal aliens entered—or stayed in—the U.S. during Biden’s four years of open borders. What is clear is that he set a presidential record of well over seven million illegal entrants.

The border under Trump is now tightly closed. Prior to his administration, it was common for 10,000 people to cross illegally in a single day. In just nine months, approximately two million illegal aliens have been deported or self-deported. The rate of border crossings is now the lowest it’s ever been since 1970.

How about energy? For Trump’s first nine months, gas prices have averaged $3.19 versus Biden’s 2024 average of $3.30 a gallon. Over Biden’s four years, gas averaged $3.46 a gallon.

During the Biden years, oil production averaged 12.3 million barrels per day, compared to 13.5 million barrels during Trump’s first nine months. Biden removed 200 million barrels from the Strategic Petroleum Reserve, leaving office with only 394 million barrels in the SPR.

The reserve has already inched upward under Trump’s initial months to 406 million barrels. Releases have been canceled. Purchases of replacement oil have been scheduled.

Regarding the economy, Biden’s four years averaged 2.9 percent GDP growth per annum.

Trump’s GDP rose 3.8 percent in the second quarter, with final estimates for 2025 ranging around 3 percent.

Inflation under Trump so far averages about 3 percent. Under Biden’s tenure, inflation increased by 21.4 percent over four years, or on average about 5.3 percent a year.

How about U.S. deterrence and defense?

Under Biden, the military fell short by approximately 15,000 recruits per year, crashing to a shortfall of 41,000 in 2023.

Following Trump’s election and throughout the first nine months of 2025, all branches of the military met or exceeded their recruitment goals.

The number of NATO nations meeting their promise to spend 2 percent of GDP on defense rose from 23 in 2024 to a likely total of 31 in 2025, with several pledging to spend as much as 5 percent.

Trump left office in 2021 with no major ongoing wars. His first administration had nearly bankrupted Iran, destroyed ISIS, decimated the Russian Wagner group in Syria, and birthed the Abraham Accords.

Under Biden, the Middle East exploded into a four-front war against Israel.

Iran boasted that it was within months of developing nuclear weapons after the Biden administration lifted prior Trump sanctions and courted Tehran to return to the so-called “Iran Deal.”

Over the last decade and a half, Russian leader Vladimir Putin had only kept within his borders during Trump’s first term, invading neighboring countries during the Bush, Obama, and Biden presidencies.

In 2022, Putin attacked Kyiv during Biden’s second year in office—leading to a full-scale Ukrainian-Russian war, incurring the greatest combat losses in Europe since the Second World War.

In August 2021, in one of the greatest military humiliations in U.S. history, Biden ordered the abrupt flight of all U.S. personnel from Kabul, Afghanistan. The skedaddle resulted in utter chaos, the deaths of 13 Marines, and destroyed U.S. deterrence.

Thousands of U.S. contractors and employees were left behind, and the administration abandoned billions of dollars of new weapons and military equipment to the terrorist Taliban.

In contrast, there is now a tentative calm across the Middle East. After Trump’s bombing of Iran’s nuclear facilities, the theocracy is not expected to be able to acquire a nuclear weapon for years.

Iran, Hezbollah, Hamas, and the Houthis are decimated and increasingly impotent.

No wars broke out during Trump’s current year. Tentative Trump-inspired ceasefires helped stop violence between India and Pakistan, Cambodia and Thailand, Egypt and Ethiopia, Serbia and Kosovo, and Armenia and Azerbaijan.

Trump’s tariffs so far have not caused, as critics predicted, a recession or stock collapse. Instead, the stock market has reached all-time highs.

Trillions of dollars in promised foreign investments in the U.S. have set a record. And China, for the first time in 50 years, is facing an American-led global pushback against its exploitative, mercantilist trade policies.

The left is outraged about many of Trump’s executive orders.

But the public largely supports destroying the cartels’ seaborne drug shipments bound for the U.S. Polls show majorities favor banning transgender males from female sports, ending DEI racialist fixations, and enacting long-overdue higher education reforms.

Yet the daily news is about politicians’ f-bombs, government shutdowns, Trump’s social media trolling, and street violence. But the facts tell a different story of national recovery from the self-inflicted disasters of the recent past.

Friday night witnessed more heavy Russian airstrikes on Ukrainian cities, which has left a reported eleven people killed and large swathes of Ukraine without power. Moscow said its attacks targeted the country’s energy infrastructure.

Ukraine’s military confirmed Saturday morning that Russia launched hundreds of drones and missiles from the air, land, and sea, primarily targeting vital energy infrastructure, ahead of a potentially severe winter.

In total some 500 aerial attacks were detected overnight, including 45 missiles and over 450 drones. Ukraine’s military said just nine missiles were intercepted, but air defenses managed to shoot down 406 UAVs.

Gas and power facilities, including thermal energy sites, were damaged, leading to widespread outages across several regions – something which has started to become the norm as Russia escalates these strikes.

An attack on eastern Dnipro region included a building being hit, which killed three people and injured 11 others, with Ukrainian media saying children were among the casualties. This was the result of a drone ripping through a residential building.

“Russian strikes once again targeted people’s everyday life. They deprived communities of power, water and heating, destroyed critical infrastructure, and damaged railway networks,” Foreign Minister Andriy Sybiha said in the aftermath.

Emergency management crews are working overtime to restore power to the impacted grids, but this has been a growing problem as badly needed parts are hard to constantly replace after years of accumulated damage.

Reports say Kiev has been plunged into darkness, and swathes of the city and region could be without power for some 9-hours or more:

The scenes of blackout in the capital of Ukraine, Kyiv, following a large-scale Russian attack on Ukrainian energy infrastructure last night.

The only visible light is provided by the passing cars. pic.twitter.com/DmVl4WxSLA

— Status-6 (Military & Conflict News) (@Archer83Able) November 8, 2025

“We are working to eliminate the consequences throughout the country. The focus is on the rapid restoration of heat, light and water,” Svyrydenko said.

Ukraine’s southern Odesa was also impacted, with outages reported. The southern Black Sea port city has come under growing attacks, though it was mostly sparred from any major direct military action throughout the war. But as things keep escalating that could change.

Kyiv Post has cited authorities who say that all state thermal power plants are now offline:

All thermal power plants (TPP) operated by Ukraine’s state-owned energy company Centrenergo are down following “the largest Russian attack” which targeted all of them, the company announced on Nov. 8.

According to the company, the same thermal power plants that had been restored after attacks in 2024 were struck again, with multiple Russian drones targeting them “each minute” overnight on Nov. 8.

APOCALYPTIC scenes at Ukraine’s Zmievskaya Thermal Power Plant

HUGE black smoke columns rise after missile strike

One of Ukraine’s LARGEST power plants — operated by Centrenergo, now ALL plants SHUT down https://t.co/T4JaHyNSAB pic.twitter.com/UQqdiB5LHE

— RT (@RT_com) November 8, 2025

In the north, the mayor of Kharkiv has also reported a “noticeable shortage of electricity.” The Kremlin has confirmed this has been systematic and intentional so long as Kiev refuse to make significant compromise, including territorial concessions, to end the war.

While President Trump has recently approved some escalatory measures, such as providing Ukraine with intelligence for long-range attacks on Russian territory, the US president has by and large seemed to have washed his hands of involvement in a rapid peace process or any kind of lasting solution for that matter.

Authored by Tom Ozimek via The Epoch Times,

President Donald Trump said on Nov. 7 that no federal government officials will attend Group of 20 summit in South Africa on Nov. 22–23, accusing Pretoria of human rights abuses against white Afrikaners and illegal land seizures.

“It is a total disgrace that the G20 will be held in South Africa,” Trump wrote on Truth Social.

“Afrikaners (People who are descended from Dutch settlers, and also French and German immigrants) are being killed and slaughtered, and their land and farms are being illegally confiscated. No U.S. Government Official will attend as long as these Human Rights abuses continue. I look forward to hosting the 2026 G20 in Miami, Florida!”

South Africa’s foreign ministry called Trump’s remarks “regrettable” and said his claims were factually and historically inaccurate.

“The characterization of Afrikaners as an exclusively white group is ahistorical,” the ministry said in a Nov. 8 statement.

“Furthermore, the claim that this community faces persecution is not substantiated by fact.”

The ministry stated that its focus remains on utilizing the G20 platform to promote global cooperation and share South Africa’s post-apartheid lessons in reconciliation.

It noted that its experience in overcoming racial and ethnic divisions makes it “uniquely positioned to champion within the G20 a future of genuine solidarity.”

Broader Dispute Over Policy and Human Rights

Trump’s decision not to send any officials to the G20 builds on his remarks on July 29 that he might skip the summit altogether and “send somebody else” in his place.

“I’ve had a lot of problems with South Africa,” Trump told reporters at the time. “They have some very bad policies.”

The president has repeatedly criticized South Africa’s domestic and foreign policies, including its land expropriation law and its accusations that Israel committed genocide in Gaza—claims Israel has denied.

Since the end of apartheid, South Africa has implemented what it calls affirmative action and Black Economic Empowerment programs to address historical inequalities. However, the government has rejected allegations that it seizes land belonging to white citizens or targets specific racial groups.

Trump’s decision to boycott the G20 deepens tensions that have been growing since he returned to office in January. Just days after his inauguration, South African President Cyril Ramaphosa signed legislation allowing for the seizure of farmland without compensation and its redistribution to marginalized groups. More than 70 percent of the country’s farmland is owned by white farmers.

In February, Trump issued an executive order in response to what he called a genocide of Afrikaners, saying the law followed “countless government policies designed to dismantle equal opportunity in employment, education, and business, and hateful rhetoric and government actions fueling disproportionate violence against racially disfavored landowners.”

The South African government has consistently denied those claims, calling them unfounded and politically motivated.

Diplomatic Strains Ahead of G20 Transfer

South Africa holds the rotating G20 presidency from December 2024 through November 2025, after which the United States will assume the role. Ramaphosa said in May that he expected Trump to attend the summit to ensure a smooth handover of responsibilities.

“I want to hand over the [G20] presidency to President Trump in November,” Ramaphosa said.

“He needs to be there. I don’t want to hand it over to an empty chair. I expect him to be coming to South Africa.”

Earlier this year, Secretary of State Marco Rubio announced a U.S. boycott of a G20 foreign ministers’ meeting in Cape Town. Writing in a post on X on Feb. 5, Rubio criticized South Africa for “expropriating private property” and for using the G20 platform to promote “solidarity, equality, & sustainability.”

“In other words: DEI and climate change,” Rubio wrote, arguing that it was not in America’s interest to waste taxpayer money or “coddle anti-Americanism.”

South Africa’s close relationship with China and its membership in the BRICS bloc—alongside Brazil, Russia, India, and China—have further strained its relations with Washington.

Pretoria has maintained a policy of strategic non-alignment in global affairs but has increasingly aligned its rhetoric with Beijing and Moscow on issues ranging from Israel to trade.

In February 2023, South Africa conducted a 10-day military drill with China and Russia, an exercise that overlapped with the one-year mark of Russia’s war in Ukraine.

The United States is set to host the G20 in 2026.

Authored by Rob Sabo via The Epoch Times,

ChatGPT maker OpenAI and its founder, Sam Altman, are facing seven lawsuits alleging that the AI chatbot was psychologically manipulative and drove multiple people to commit suicide.

The lawsuits, filed in state courts in San Francisco and Los Angeles on Nov. 6 by Social Media Victims Law Center and Tech Justice Law Project, allege that OpenAI rushed GPT-4o to market and failed to properly install safeguards and protocols to protect users against emotionally harmful conversations.

The AI chatbot was engineered for maximum engagement through immersive features such as humanlike empathy responses that exploited users’ mental health struggles, the lawsuits allege. Charges include wrongful death, assisted suicide, and multiple product liability, negligence, and consumer protection claims.

Matthew Bergman, founding attorney of Social Media Victims Law Center, said ChatGPT blurred the line between tool and companion.

“OpenAI designed GPT-4o to emotionally entangle users, regardless of age, gender, or background, and released it without the safeguards needed to protect them. They prioritized market dominance over mental health, engagement metrics over human safety, and emotional manipulation over ethical design,” Bergman said.

The seven lawsuits were filed on behalf of four users who had extensive conversations with ChatGPT just prior to committing suicide. The decedents are: Zane Shamblin, 23, of Texas; Amaurie Lacey, 17, of Georgia; Joshua Enneking, 26, of Florida; and Joe Ceccanti, 48, of Oregon. Plaintiffs Jacob Irwin, 30, of Wisconsin; Hannah Madden, 32, of North Carolina, and Allan Brooks, 48, of Ontario, Canada, were survivors of emotionally harmful interactions named in the lawsuits.

According to the lawsuits, instead of guiding users toward seeking professional help during emotional crises, ChatGPT allegedly acted in some instances as a suicide coach through emotionally immersive responses that guided users toward their fateful decisions.

In its rush to market, the plaintiffs allege, GPT-4o developers skipped months of important safety testing so it could beat the release of Google’s AI assistant, Gemini. OpenAI’s GPT-4o was released in May of 2024, while multiple versions of Gemini (formerly named Bard) were released throughout last year.

“ChatGPT is a product designed by people to manipulate and distort reality, mimicking humans to gain trust and keep users engaged at whatever the cost,” said Meetali Jain, executive director of Tech Justice Law Project. “These cases show how an AI product can be built to promote emotional abuse—behavior that is unacceptable when done by human beings.”

In a response to The Epoch Times, an OpenAI spokesperson said the company is reviewing the filings to better understand the details of the lawsuits.

“This is an incredibly heartbreaking situation,” OpenAI said in a written statement. “We train ChatGPT to recognize and respond to signs of mental or emotional distress, de-escalate conversations, and guide people toward real-world support. We continue to strengthen ChatGPT’s responses in sensitive moments, working closely with mental health clinicians.”

In addition, OpenAI noted, it’s expanded access to localized crisis resources and one-click hotlines, routed sensitive conversations to safer models, and improved the model’s reliability in long conversations. It also assembled a team of experts to serve on its council on well-being and AI.

The US Federal Reserve’s decision to ease monetary policy is inflating an economic bubble that could drive up the prices of hard assets, but also marks the final phase of a 75-year economic cycle, according to former hedge fund manager Ray Dalio.

Typically, as CoinTelegraph’s Vince Quill reports, the Federal Reserve typically eases interest rates when economic activity is stagnating or declining, asset prices are falling, unemployment is high and credit dries up, as seen during the Great Depression of the 1930s or the 2008 financial crisis,

However, as Dalio wrote in an article posted to X this week, the Fed is now easing monetary policy at a time of low unemployment, economic growth and rising asset markets, Dalio wrote, which is typical of late-stage economies saddled with too much debt. 

Monetary stimulus is typically injected during times of falling inflation and lower asset prices. Source: Ray Dalio

This “dangerous” combination is more inflationary, Dalio wrote, warning investors to keep an eye on upcoming fiscal and monetary decisions.

“Because the fiscal side of government policy is now highly stimulative, due to huge existing debt outstanding and huge deficits financed with huge Treasury issuance – especially in relatively short maturities – quantitative easing would effectively monetize government debt rather than simply re-liquify the private system.”

The continued inflationary pressure and currency debasement are positive catalysts for Bitcoin, gold and other store-of-value assets, which are seen as hedges against macroeconomic and geopolitical risks, including a reset of the global monetary order.  

This Time is Different Because the Fed Will be Easing into a Bubble.

While I would expect the mechanics to work as I described, the conditions in which this QE would take place are very different from those that existed when they took place before because this time the easing will be into a bubble rather than into a bust.

More specifically, in the past QE was deployed when:

• Asset valuations were falling and inexpensive or not overvalued.

• The economy was contracting or very weak.

• Inflation was low or falling.

• Debt and liquidity problems were large and credit spreads were wide.

• So, QE was a “stimulus into a depression.”

Today, the opposite is true:

• Asset valuations are at highs and rising. For example, the S&P 500 earnings yield is 4.4% while the 10-year Treasury bond nominal yield is 4% and real yields are about 1.8%, so equity risk premiums are low at about 0.3%.

• The economy is relatively strong (real growth has averaged 2% over the last year, and the unemployment rate is only 4.3%).

• Inflation is above target at a relatively moderate rate (a bit over 3%) while inefficiencies due to deglobalization and tariff costs are exerting upward pressures on prices.

• Credit and liquidity is abundant and credit spreads are near record lows.

So, QE now would not be a “stimulus into a depression” but rather a “stimulus into a bubble.”

Let’s look at how the mechanics typically affect stocks, bonds, and gold.

Because the fiscal side of government policy is now highly stimulative (due to huge existing debt outstanding and huge deficits financed with huge Treasury issuance especially in relatively short maturities) QE would effectively monetize government debt rather than simply re-liquify the private system.

That’s what makes what is happening different in ways that seem to make it more dangerous and more inflationary.

This looks like a bold and dangerous big bet on growth, especially AI growth, financed through very liberal looseness in fiscal policies, monetary policies, and regulatory policies that we will have to monitor closely to navigate well.

…

With a lag it should be expected to raise inflation from what it otherwise would have been.

When the Fed and/or other central banks buy bonds, it creates liquidity and pushes real interest rates down as you see in the chart below.

What happens next depends on where the liquidity goes.

• If it stays in financial assets, it bids up financial asset prices and lowers real yields so multiples expand, risk spreads compress, and gold rises so there is “financial asset inflation.” That benefits holders of financial assets relative to non-holders so it widens the wealth gap.

• It typically passes to some degree into goods, services, and labor markets raising inflation. In this case, with automation replacing labor, the extent to which this will happen would seem to be less than typical. If it stimulates inflation enough that can lead nominal interest rates to rise to more than offset the decline in real interest which then hurts bonds and stocks in nominal terms as well as in real terms.

If real yields fall because of QE but inflation expectations rise, nominal multiples can still expand, but real returns erode.

It would be reasonable to expect that, similar to late 1999 or 2010-2011, there would be a strong liquidity melt-up that will eventually become too risky and will have to be restrained.

During that melt-up and just before the tightening that is enough to rein in inflation that will pop the bubble is classically the ideal time to sell.

Read Dalio’s full note here…

By Jacob Wulff Wold of Euractiv

Calls are mounting for Norway to use its €1.8 trillion sovereign wealth fund to help move forward the EU’s stalled €140 billion loan for Ukraine, after a Danish newspaper revived a once far-fetched idea during last month’s EU leaders’ meeting.

Five Norwegian political parties, including three backing Labour Prime Minister Jonas Gahr Støre’s next government, have now urged Oslo to step in to overcome Belgium’s concerns about using immobilised Russian sovereign assets to fund a €140 billion reparation loan to Kyiv.

EU leaders discussed the issue on 23 October at a summit in Brussels, without reaching an agreement, as Belgium insists that other EU countries must share the legal and financial risks associated with the plan before it agrees to proceed. The assets are held by Euroclear, a Brussels-based clearing house.

Last week, Støre ordered a “full review” of Norway’s possible involvement.

Oil-rich Norway is sitting on the world’s largest sovereign wealth fund, worth €1.8 trillion, including an estimated €109 billion earned from soaring gas prices in 2022 and 2023 following Russia’s invasion of Ukraine.

“We are paying close attention and are continuing our dialogue with EU colleagues,” state secretary at the Norwegian finance ministry, Ellen Reitan, told Euractiv.

The comments come as EU countries are eyeing Russian frozen assets rather than their own budgets to meet Kyiv’s financial needs, which the International Monetary Fund estimates are around €55 billion for the next two years.

Brussels intends to present options to finance Ukraine’s needs but will “intensify discussions with like-minded partners and allies … at a later stage”, a European Commission spokesperson told Euractiv.

Politiken activism

The push for Norway’s involvement, however, did not originate in Brussels or Oslo but in Copenhagen.

As EU leaders gathered in Brussels to discuss the loan on 23 October, Politiken published an interview with two Norwegian economists urging their country to use its vast wealth and triple-A credit rating to break the impasse.

“That would be great,” said Danish Prime Minister Mette Frederiksen when a Politiken reporter asked her about it some hours later in Brussels, but added that she hadn’t heard anything suggesting Oslo was considering the idea.

The same reporter later asked Ukrainian President Volodymyr Zelenskyy whether he had discussed the proposal with the Norwegian leader Støre during their meeting earlier that week.

Continue reading at Euractiv

President Trump has directed the Justice Department to investigate the meatpacking cartel – JBS, Cargill, Tyson Foods, and National Beef – for potential collusion, price-fixing, and price manipulation. The four companies, two of which are foreign-owned, now control 85% of the U.S. beef processing market, up from just 36% in 1980.

“I have asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving up the price of Beef through Illicit Collusion, Price Fixing, and Price Manipulation,” Trump wrote on Truth Social. 

The president continued, “We will always protect our American Ranchers, and they are being blamed for what is being done by the Majority foreign-owned meat Packers, who artificially inflate prices, and jeopardize the security of our Nation’s food supply.”

“Action must be taken immediately to protect Consumers, combat Illegal Monopolies, and ensure these Corporations are not criminally profiting at the expense of the American People. I am asking the DOJ to act expeditiously. Thank you for your attention to this matter!” he noted in the post. 

The White House released four key takeaways of how America’s beef supply chain has been hijacked by globalists that operate in what appears to be a cartel and have eliminated competition by crushing small mom-and-pop ranchers:

• For too long, a handful of giant meat packers have squeezed America’s cattle producers, shrunk herds, and jacked up prices at the grocery store. By examining whether these companies have violated antitrust laws through coordinated pricing or capacity restrictions, this investigation will root out any illegal collusion, restore fair competition, and protect our food security.

• The “Big Four” meat packers — JBS (Brazil), Cargill, Tyson Foods, and National Beef — currently dominate 85% of the U.S. beef processing market, up from just 36% in 1980. Two of these companies, including the largest meat packer in the world, are either foreign-owned or have significant foreign ownership and control.

• Industry consolidation has crushed competition and hammered cattle producers. In the 1980s, the top four packers purchased one-third of all fed cattle; by the mid-1990s, that share exploded to over 80% and has only grown more concentrated since.

• This has led to the exploitation of American consumers, farmers, and ranchers. In fact, mounting evidence shows this monopoly power has slashed payments to ranchers, reduced herd sizes, driven up consumer prices, and threatened America’s food supply chain.

Like Trump’s wild success in tackling out-of-control egg prices, he’s about to do it again with beef.

Important:

• Trump “Worked Magic” On Beef Deal – Likely With Argentina – As Cattle Futures Surge Most Since 1978

• Ground Beef Inflation Sizzles, Egg Prices Cool Off

• 12-Year Cattle Cycle Bottoms: Tyson CEO Predicts Rebuild Phase Beginning Next Year

• Got Beef? 12-Year Cycle Signals “Cyclical Low”

Great news for the Trump administration: In June, Goldman analysts Leah Jordan and Eli Thompson signaled that the 12-year cattle herd cycle has likely reached a cyclical low, suggesting a rebuilding phase may be approaching. 

The new DoJ investigation could mark the early innings of a broader MAHA-aligned effort gaining traction into the 2026 midterm election cycle, aimed at restoring fair competition, ending foreign control of America’s meat supply, and empowering Americans to buy from local farmers and ranchers. At its core, the initiative seeks to break the toxic grip of globalist corporations that have hijacked the food supply chain and flooded the nation’s food supply chain with chemicals, pesticides, and monopolistic control.

Don’t wait for the Trump administration or the DoJ to take on the globalist food cartel – take control now.

@zerohedgestore Who wins the beef wars? Help us help ranchers win. #madeintheusa #preparedness #realbeef #localfarmers #steaktiktok #zerohedge ♬ original sound – ZeroHedge Store

The ZeroHedge Store brings you Rancher-Direct beef, sourced straight from America’s mom-and-pop farms. It’s time to invest in your health and freedom – starting with clean, real food you can trust.

Submitted by Thomas Kolbe

The German Federal Audit Office (Bundesrechnungshof) has dismantled the government’s hydrogen strategy. Neither on the supply side nor on the demand side do the results even remotely align with the ambitious political targets. Germany faces yet another subsidy ruin.

Berlin is in a state of hangover. The ongoing economic crisis is mercilessly exposing the delusions of the so-called green transformation. After the collapse of battery production – think of subsidy ruins like Northvolt – the retreat of industry from “green steel,” and the failure of the energy transition under the weight of wind and solar, which have become bottomless subsidy pits, the next major project is now under heavy attack: the hydrogen strategy.

Audit Office Steps Out of the Shadows

In a recent report, the Federal Audit Office examined the German hydrogen economy – political art at its finest. Since 2020, the sector has been flooded with subsidies. For 2024 and 2025 alone, more than €7 billion in funding has been allocated. Plenty of lubricant for an engine that has been sputtering from day one and still refuses to start.

Private investors, enticed by guarantees and state-backed prices, add more than €3 billion annually. And what’s the result after five years of constant funding? Devastating. Current production of green hydrogen stands at a mere 0.16 gigawatts. Another 0.2 gigawatts are under construction.

In other words: a market that practically doesn’t exist is already consuming around €8 billion every year—public and private – like a black hole.

As always happens when the state tries to centrally steer complex sectors of the economy: hydrogen in Germany is becoming a subsidy graveyard, and taxpayers will have to pay the bill. The Audit Office politely calls it “a financial risk for the taxpayer” – but it means exactly that.

Central Planning Has Failed – Again

Yes, even the Audit Office, being part of the state apparatus, follows the ideological blueprint from Brussels. And yet the verdict is surprisingly clear. The auditors ask two central questions:

1. Can Germany still reach its now constitutionally enshrined goal of climate neutrality by 2045 with this strategy?
2. Is any of this economically viable?

One major point of criticism: the Ministry of Energy scrapped the requirement that new gas-fired power plants be built hydrogen-ready. Without that, a crucial demand stimulus is missing.

At the same time, the planned hydrogen core network is described as wildly overambitious. Supply and demand are completely out of sync.
Translation: there is no meaningful free-market demand for an overpriced eco-product.

Who could’ve guessed? Central planning has crashed and burned once more.

In conclusion, the Audit Office sees the danger of permanent state funding—with far-reaching risks for German industry and, as always, with incalculable costs for taxpayers.

In plain language: we’re witnessing the birth of another niche for green crony capitalism. An overpriced eco-product is being artificially produced even though no real market exists. Businesses are walking away, leaving behind a brutal public verdict on German energy policy: straight F.

A Remarkable Rebuke

The explosive nature of this criticism lies in its source: the Federal Audit Office—an institution typically lenient toward political mismanagement. The fact that its analysis is this sharp shows the extent of the policy failure, the waste of taxpayer money, and the excess debt taken on to force political objectives.

And with rising public debt, the Audit Office will have plenty more to do. This year alone, net new borrowing—counting the so-called “special funds,” which are just rebranded debt—amounts to about 4.7% of GDP, which continues to shrink.

If the government survives, the economy remains weak, and Chancellor Friedrich Merz stays in office, Germany’s total public debt could reach around 80% of GDP by the end of the term.

Room for further green subsidy adventures is shrinking rapidly.

No Industry, No Scale

The lack of subsidies isn’t the only problem. A major brake on hydrogen expansion is the collapse of German industry caused by the very same green transformation policies. What Brussels and Berlin didn’t account for were fleeing investments due to skyrocketing energy costs.

Scaling hydrogen production requires industrial demand—but that demand is evaporating.

Policy is stumbling from subsidy to subsidy, driven by desperation to keep previous green ruin projects alive. It’s a dreadful spectacle—for every taxpayer forced to finance it.

And business has already delivered its verdict. After ArcelorMittal walked away from a €1.3 billion subsidy to produce hydrogen-based green steel, others followed: HH2E in Thierbach, the Forsight Group, RWE—withdrawing from one of the biggest hydrogen projects in the country.

No one wants to touch this subsidy corpse, no matter how many new loans Klingbeil and friends throw at it.

* * *

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