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China Rushes To Buy Russian Oil As India Pulls Back

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China Rushes To Buy Russian Oil As India Pulls Back

While Trump has been raging in the past month at India for buying Russian oil (then processing it and reselling it to Europe at a huge markup) and slapping it with punitive tariffs in response to repeat sanctions violations, he has generally ignored the fact that China has been importing glorious amounts of Russian oil as well: amounts which are only set to become even more glorious in coming weeks. 

And now that India is suddenly shy about funneling millions of Russian barrels with the world spotlight aimed squarely at it, Beijing is stepping up to fill the void: according to Kpler, Chinese state-owned and mega-sized private refiners are snapping up Western Russian crude cargoes for Oct. and Nov. arrival as India eases off.

Previously Bloomberg reported that in hopes to appease Trump and as they hedged their bets ahead of the Trump-Putin summit, refiners in India, the world’s top importer of seaborne Russian crude, have been scouring the globe for alternative supplies. Trump has demanded that India stop purchases of cut-price crude and doubled tariffs on the country’s goods as punishment for imports he has said were fuelling “the war machine”. The move left refiners in the world’s third-largest oil consumer looking to switch up their procurement plans.

India’s state processors have bought large volumes of non-Russian crude this week for prompt September-October delivery, extending a buying spree spurred by an early threat by Washington. Indian Oil Corp. and Bharat Petroleum Corp. have taken cargoes from all corners of the market including the US, but also Brazil and the Middle East. Just earlier today, Reuters reported that IOC bought another cargo of US WTI for delivery in October. 

These spot market purchases come on top of supplies from long-term sellers like Saudi Arabia, which is set to send about 22.5 million barrels of crude to India for September loading, traders said. India’s monthly imports from Saudi last exceeded that level in September 2024, according to data from analytics firm Kpler. 

And with India slowing, China has stepped up: as Bloomberg reports, Chinese refiners purchased about 13 cargoes of Urals and Varandey for October delivery, and at least two Urals cargoes for Nov., Kpler analyst Muyu Xu wrote in a report. The last time China took Varandey was Sept. 2023.

Following intensified Ukrainian drone attacks, which have crippled many of its refineries and lowered domestic intakes, Russia instead moved to export 10-12 more Urals cargoes. Indeed, according to BBG, refineriies at Saratov, Novokuibyshevsk, Afipskiy, and Ryazan have fully or partially halted crude intake

Still, the rise in Chinese demand for Russian oil has failed to fully offset loss of Indian demand, and Urals may be trading at $0.80/bbl premium to Dated Brent, down from $2/bbl before India scaled back buying in July. Prices are expected to fall further if India continues to eschew Russian, although with India forced to buy oil in the open market, it will likely push broader benchmark prices solidly higher in coming weeks. 

Tyler Durden
Fri, 08/15/2025 – 18:00

I Challenged Duke’s DEI Dogma – And Paid With My Job

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I Challenged Duke’s DEI Dogma – And Paid With My Job

Authored by Dr. Kendall Conger via RealClearInvestigations,

I was heartened to see my former employer, Duke University Health System, quietly reverse its commitment to woke racism this year. I had joined the internal resistance to its diversity, equity, and inclusion crusade and was fired because of it. Here’s my story. 

Without public notice, the 38,000-employee organization scrubbed its website of the commitment to DEI it had trumpeted in 2021, when it proclaimed racism a “public health crisis,” and “equity” as its cure. Now, all such fealty to DEI has been discarded with its new 2025 statement of values

The title of its 2021 pledge to patients – “Duke Health Stands Against Racism, Bias, and Hate” – has been replaced by “Leading with Heart: Rooted in Humanity.” 

No doubt some of this change is due to increasing pushback to those policies: a federal civil rights lawsuit alleging pervasive racial discrimination in its hiring and admissions practices, and the Trump administration’s freezing last month of $108 million of federal monies to Duke University and Duke Health because of “the illegal use of racial preferences.”

Duke Health did not respond to requests for comment. 

I worked at Duke for 10 years without incident before spending the last few years of my tenure battling the 2021 policy – at the cost of my job as an emergency room physician, which is now the subject of a separate lawsuit I have brought. As much as I would like to proclaim victory, I do not want this episode to get memory-holed by organizational leaders who would rather we forget the moral panic that gripped them and the price many of us paid for their destructive and divisive efforts. As the country pulls back from the pernicious ideology of DEI, there are countless other people like myself who suffered the repercussions for refusing to buckle to the madness.

Lest there be any misunderstanding, let me be clear: Everyone I know is opposed to racism, bias, and hate, but Duke distorted those words to indict white doctors and nurses for complicity in the poorer health outcomes of black patients. 

My own form of resistance began in 2018 when Duke’s chief diversity officer gave a talk on implicit bias at a physicians’ meeting. I was shocked by what I heard. For the previous six years, I had been secluded from the world, working weekends in the ER while spending the week homeschooling my children. I was blithely unaware that academia had shifted from a love of Western civilization (a mandatory course when I was in college) to a disdain. The diversity officer told us that “society can be broken up into two groups, the oppressors (those with power – essentially, white males) and the oppressed.” With stunned incredulity, I wondered, “Who thinks like this?” 

One week later, and purely coincidentally, I read “The Communist Manifesto” by Karl Marx. There it lay in his opening paragraph: “The history of society is the history of class struggles…of oppressor and the oppressed.” As I continued reading, I was shocked by how similar Duke’s diversity officer sounded to the discredited 19th-century polemicist. Didn’t she know Marx seized on this confrontational construct as dynamite to obliterate the current capitalist system via the communist revolution? Although Marx held out hope for one day creating an imagined classless society, the purpose of his model was destruction. Desiring answers, I read all I could on diversity, equity, and inclusion, and the historical origins of this ideology. I expressed my concerns over the divisiveness of her ideas. “What else do you propose?” she asked me. I was prepared, and quoted social psychologist and author Jonathan Haidt:

To make a human hive, you want to make everyone feel like family. So don’t call attention to racial and ethnic differences; make them less relevant by ramping up similarity and celebrating the group’s shared values and common identity. You can make people care less about race by drowning it in a sea of similarities, shared goals, and mutual interdependencies.”

Haidt’s advice seemed like common sense to me. There was an awkward, discomfited pause before she responded, “That’s not our model.” Discussion over. 

After the George Floyd riots in 2020, Duke’s embrace of DEI tightened. The university prepared an antiracist pledge to the community, dedicating itself to equity. It read, in part:

“We commit to the elimination of racial inequities. … We recognize our own implicit biases and actively seek, listen, and respond to feedback from others as part of our personal growth and development. When confronted with racism, we always take action to speak out against it. … We are guided by science and know that excellent research and health care cannot happen without equity.”

Call for Questions

Before its public release, Duke asked its employees if they had any “questions or concerns” regarding the content. I knew remaining silent meant giving tacit approval to their political pursuits, and I thought it unfair of them to strong-arm our complicity, knowing most people would fear “poking the bear,” as I was warned. Not totally naïve to the danger, I spoke up. 

Upon questioning the pledge, I was told by an ill-informed chief medical officer (CMO) that equity did not mean “equal outcomes for groups,” as I had feared, but rather “equal distribution of resources and equal access to treatments.” However, my reading on DEI told me this was a dodge, that its advocates believed if racial groups were given equal “resources and access” then outcomes for groups necessarily would follow. The proof for “equitably distributed resources” could only be equal group outcomes.

The pledge alleged “racism is a public health crisis,” an assertion that was purportedly “guided by science,” and signed by four senior-level physicians. As racism was not my observation, I asked my supervisor for the medical data supporting this audacious claim that racism was the primary driver of the unfortunate health disparities among many African Americans. He did not have the evidence, nor did he offer to find it. So, I approached the CMO. He likewise did not have the data, nor did he offer to look into it. At this juncture, I was beginning to understand this ideology as tyrannical, precariously held in place by fiat – an automatic red flag to its dubious legitimacy. 

Next in line was Duke Health’s vice president. My supervisor urged caution in approaching him. “Why,” I thought, “is the data a state secret?” I was redirected to the chief architect of the pledge, who sent me eight studies to read. Unconvincingly, the studies showed differences in racial outcomes without any link to implicit bias (unconscious racism) as alleged. The assumption was that unequal outcomes were proof of harbored unconscious racism. I pressed the architect: “I did not see a correlation between outcomes and unconscious racism in these studies, did you?” He conceded he did not, but there were “social science studies” linking implicit bias to unequal outcomes. I was dumbfounded and, as a physician trained in evidence-based/clinical data, I was uninterested in social science studies. I had social science studies of my own with different conclusions. The pledge misleadingly claimed to be “guided by science,” only it was not medical science.

Disagreement Turns Dangerous

My persistent efforts nettled Duke, and tension was growing. A nurse saw me reviewing those eight studies at work and asked what I was working on. This segued into a discussion about implicit bias. We civilly disagreed, and I assumed that was the end of the matter. I soon learned that she reported me to the ER supervisor. A few days later, my presence was requested in his office along with a human resources representative in tow. I wasn’t asked what had happened or for my side of the story. I was simply told the nurse felt my speech was “unsafe.” Instead of receiving instruction on the science of implicit bias, I received a hard lesson on how this dogma would be wielded in the workplace.

It was Kafkaesque, with the conclusion predetermined, with no evidence presented to me and none asked of me. With the gravity of the proceedings sinking in, I leveled my gaze to his and inquired, “Which ideas were unsafe?” He seemed flummoxed that I asked, telling me he wasn’t prepared to discuss it. All that mattered was my expression of opinions inconsistent with Duke’s dogma. In addition, as a doctor, I had exploited a power differential with the nurse – who had initiated our conversation – leaving her, presumably, in no position to withstand a conversation with me, even though I wasn’t her supervisor. In consequence, I was forbidden to speak about or discuss the pledge in any way with anyone while on Duke property. I had been silenced.

Around that time, I had reached out to the new president of Duke Raleigh Hospital regarding the subject of equity. Earlier, I had informed Duke that equity seemed like discrimination and a new form of racism in line with the work of Ibram X. Kendi, whose bestselling work, “How To be Anti-Racist,” was recommended reading. In this left-wing, social justice bible, Kendi famously claimed the “only remedy to past discrimination is present discrimination. The only remedy to present discrimination is future discrimination.”

I arranged a meeting with her, indicating I had one question I wanted made official and on the books, not a passing curb-side consult. To my surprise, she brought along HR for backup. “Here is my question,” I said, “Please explain why equity is a better goal for society than equality.” In my mind, equity was the foundation upon which the whole woke edifice rested, and I wanted to know why America’s original foundation of equality, in place since 1776, was being replaced. The president never got back to me with an answer, but suggested that if others joined me, then maybe Duke would reply. She knew others would never join, and Duke would never explain itself.

Since the head of HR was at my meeting with the president, I sought a substantive answer from her. Instead, she sent this: “Duke leaders have shared with you that these commitments were made after many opportunities listening to the voices of the people we serve. Our commitment is resolute.” Duke was resolute, resolute to not answering my question.

I asked my supervisor why Duke was refusing to answer my concern about equity, as it seemed discriminatory by favoring certain preferred groups. He said that whenever Duke speaks with me, I share their responses with others. It was true. Was that a crime? The pledge was a public document; shouldn’t their defense of it be public as well if they were willing to provide one? I said, “Supervisor, do you hear the words coming out of your mouth? Duke does NOT want the public to know why it values equity above equality? How strange.” 

I decided to put equity on pause and test diversity. I wrote to the CMO, “Does diversity mean that Duke hires the best and the brightest, or is diversity a goal to be sought as an end in itself?” The response I received, minus some verbiage, was, “Diversity is a Duke value.” “Right,” I said, “but as a goal or as an accommodation of hiring the best and the brightest no matter how it looks?” He wouldn’t say. 

When I asked my supervisor, he responded, “My opinion is that our emergency department team should be focused on the delivery of high quality emergency medical care to anyone seeking it. This is my singular focus as medical director. Duke’s values and policies serve as a guide for me in that work and should guide all of us in our care of patients at DRAH [Duke Raleigh Hospital]. Persistent emails demanding debate are a distraction and consume time that could otherwise be better directed.” 

The ER Is Colorblind

I wrote back to my supervisor: “It was an important question. It never occurred to me that diversity would be a goal. I thought diversity was a way of acknowledging that greatness comes in various shapes, sizes and colors, and that we should be open to it. However, the goal should be greatness and excellence, not diversity for its own sake. Priorities seem twisted. We should look for the person best fitted and capable for the job rather than looking at melanin or gonads when hiring. Merit is a better way to deliver high quality care.” (I wanted to tell him we both knew how silly these ideas were. When a patient comes into the ER struggling to breathe, bleeding out, or crashing in any way, all we think about is the algorithms in our heads for cheating death, not the physical characteristics of the person on the gurney. Every save is cause for equal celebration and reflects on our skill and training as physicians.)

I shared most communications with family and co-workers so they could stay abreast of developments. My colleagues cautioned against foolhardiness and quixotic endeavors, and my family feared for our livelihood. Moreover, my wife said termination would be an embarrassment. I was counseled to keep quiet because things would turn on their own, and my meager efforts wouldn’t make a ripple. The prudent path was to keep my head down and lie low. The pendulum would swing. The confrontation with Duke brought tense moments between my wife and me. To her credit, she did become a staunch supporter as Duke showed its ineptitude.

I had read “The Gulag Archipelago,” including Solzhenitsyn’s conclusion that the work camps were the result of good men holding their tongues and taking the expedient path in the face of evil. I knew the equality of individuals was the good and proper goal for society. Individuals were created equal, not groups, and imperfect equality was better than forced equity. I was convinced Solzhenitsyn was right when he said, “If one man can tell the truth, and always tell the truth, and never lie, he can bring down a tyranny.”  

It was clear to me that Duke was not interested in substantive diversity, only superficial diversity. Each year, we could propose a change to help improve the health system. As I could find no conservatives in leadership or on the board, I recommended a diversity of ideas by actively seeking out conservative voices for leadership positions to offset their uber-left echo-chamber. The leadership declined. Apparently, it’s not a diversity of ideas that matters, but diversity of color and genitals. I sensed most medical professionals at Duke agreed with me, so the next year I asked for an anonymous survey of the employees with this question: “Would you rather be judged and treated based on your personal and individual qualities or by your group identity?” Duke said they couldn’t do anonymous surveys. My supervisor and CMO never replied after I showed them that Duke had done so in the past.

Told To Go Home

I had pushed them near the breaking point, not with difficult questions, but embarrassingly simple ones. How had this whole DEI fiasco been allowed to progress this far? I showed up for work on Jan. 1, 2024, but was instead directed to a room with the president and the CMO while a security officer stood outside. Having done nothing medically or ethically wrong, I was told I was being terminated “not for cause.” The president opined, “You don’t seem surprised.” I replied, “From the first day I spoke up, I knew this was a possibility.” I was given six months’ notice. 

“Go home,” they said, “we have someone to cover your shift.” 

“I’m fine,” I said, “I don’t want anyone covering my shift.” They insisted. What bothered me more was walking back into the house and facing my wife. How would I tell her? She is strong, but this stung and needed processing.

One year later, when it was time to renew my medical license through the North Carolina Medical Board, I had to answer in the affirmative that I had been terminated from a previous position. This triggered an investigation, which triggered more stress and more consultations with my lawyer. Duke listed the cause of my termination as “disruptive behavior.” However, nothing I did qualified as disruptive behavior per the board’s website. Fortunately, the Board found no violation.

Finding a new job that would not require moving became difficult. Attaining employment at a new hospital as an employee was typically blocked by HR. I would interview with the medical director, and things would be fine until HR found out who I was. I eventually found a facility where I work as a contractor (not an employee), a little more than an hour’s drive from home. With twelve-hour shifts and driving back and forth, it makes for a long day.

As my hero Jordan Peterson, the Canadian psychologist, says, “always tell the truth and you will have the adventure of your life.” The adventure may not be easy, but it will be worthwhile. Have faith that continually telling the truth, whatever happens, will eventually be for the best. Don’t let falsehoods pass by you. 

Some people think I was courageous. I was not. With a timid and small voice, I barely dared to ask the first question. It was Duke’s pathetic answers and evasions that emboldened me. Its supervisors weren’t so smart, they were just more fearful of the people above them than I was. 

As Duke has quietly changed its pledge, I have grown to feel indomitable – and vindicated. My biggest takeaway was what this experience allowed me to tell my four children, “You will fear something. Fear God, not man. Never shy away from asking questions in the pursuit of truth.”

Tyler Durden
Fri, 08/15/2025 – 17:40

MAHA Advocates Urge Trump To Block Immunity For Pesticide And Chemical Manufacturers

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MAHA Advocates Urge Trump To Block Immunity For Pesticide And Chemical Manufacturers

Authored by Jeff Louderbeck via The Epoch Times,

As anticipation builds about the upcoming Make America Healthy Again (MAHA) Commission Report’s release, 241 MAHA advocates sent a letter to President Donald Trump urging him to prevent the House of Representatives from limiting regulation for pesticides and “forever chemicals” in its environmental appropriations bill.

“We ask you to take action to make sure any protections for pesticides are stricken from this Appropriations bill,” the letter says, or risk losing Republican backing.

The letter also expressed opposition to liability shields for pesticide companies.

Every year, more than 1.1 billion pounds of pesticides are used on U.S. farmland, including dozens of chemicals banned in other developed nations, the letter states.

“These toxic substances are present in our food, air, soil, and water, and are increasingly in our children’s bodies, negatively impacting normal brain development and hormonal function,” the letter explains.

“Extensive peer-reviewed research has linked glyphosate to infertility, increased reproductive risks, and 6 of the top 10 most common cancers in the [United States]. At the same time, atrazine is a known endocrine disruptor affecting sexual development, and paraquat has been linked to Parkinson’s and neurological and respiratory diseases.”

Signers of the letter highlighted provisions in the Fiscal Year 2026 House Interior and Environment Appropriations Bill—Sections 453 and 507 —which they claim create broad product-liability protections for domestic and foreign pesticide and chemical manufacturers “by refusing to fund the critical, legally required scientific safety assessments needed to update labels across more than 57,000 synthetic chemicals.”

Numerous pesticides that fall under Section 453 are chemicals that are already banned in multiple other developed nations. Despite a massive outcry from citizens, the House Appropriations committee passed the spending bill last month with Section 453 and Section 507 intact,” the letter states.

MAHA advocates also expressed concern about Section 507 because “it prohibits the EPA from finalizing risk assessments for PFOA and PFOS forever chemicals found in biosolids spread on farmer’s fields and eliminates funding for community health monitoring, new research, and the cleanup of more than 70 million acres of U.S. 2 farmland contaminated with PFAS from the application of biosolids.”

“Mr. President, creating broad liability protections for pesticides is a losing issue for your party and your coalition, and may well cost you the House majority in the midterms,” the letter said.

MAHA Action CEO Tony Lyons said in a July 24 X post that stopping Section 453 should be MAHA’s top priority right now.

“There couldn’t be anything that is more important to MAHA than making sure that we don’t have pesticide liability protection for big corporations,” Lyons wrote.

“Nobody should want their children to be exposed to them. Nobody should wanna be exposed to them themselves. What’s happening now looks a lot like what happened in 1986 with the vaccine liability protection for these big companies.”

The letter stated that some Republicans “talk MAHA” on camera while silently advancing policies that undercut the movement.

“Republicans must do more than ride the wave of MAHA’s high polling,” David Murphy, founder of United We Eat, a major fundraiser for Robert F. Kennedy Jr.’s presidential campaign, said in a press release.

“President Trump must stand firm and follow through with real policy that protects American health, including opposing chemical liability shields and the Eats Act that put our children at risk and trample Americans’ constitutional right to sue,” Murphy added.

The letter pointed to a 2024 poll of Iowa Republicans by Accountable Iowa that found efforts to pass cancer lawsuit liability bills “could significantly cost Republicans in state and federal elections in 2026.”

The proposed legislation was not passed in Iowa.

According to the poll, 87 percent of registered Republicans oppose giving chemical companies like Bayer-Monsanto immunity from lawsuits, while 94 percent agreed it is “very concerning” that the EPA relies on industry-funded data to administer safety studies.

“If Republicans want to retain MAHA support long-term, they need to stop siding with agrochemical companies and take leadership on these issues,” Charles Eisenstein, who served as Kennedy’s chief speechwriter during the Health and Human Services Secretary’s presidential campaign, said.

The Make America Healthy Again (MAHA) Commission “is on track to submit its Make Our Children Healthy Again Strategy report to the President on August 12th,” Kush Desai, a spokesman for the White House, told The Epoch Times in an email on Aug. 11.

“The report will be unveiled to the public shortly thereafter as we coordinate the schedules of the President and the various cabinet members who are a part of the commission.”

The MAHA Commission’s first report was released in May. It mostly details issues related to the health of Americans and attributes the rise of chronic diseases among children to a diet focused on ultraprocessed foods, exposure to chemicals, a lack of physical activity, and the over-prescription of medications.

When Trump established the commission not long after beginning his second term, the panel was tasked to submit its first report to the president within 100 days and present him with a strategy on how to address chronic diseases, including obesity, within 180 days.

That deadline was Aug. 12.

The White House has not commented on the MAHA advocates’ letter as of this article’s publication time.

Tyler Durden
Fri, 08/15/2025 – 17:00

Power Bill Crisis Is Here To Stay “For A Few Years” 

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Power Bill Crisis Is Here To Stay “For A Few Years” 

To close out the week, we’re getting a much clearer picture of the power bill crisis financially battering working-poor and middle-class households, as well as mom-and-pop businesses – and it’s about to get a whole lot worse.

Monthly bills are set to spike even higher, and the political fallout could be brutal for Democrats who championed everything ‘green’ – retiring stable fossil fuel power generation in favor of unreliable wind and solar. This epic failure guarantees voters a monthly reminder of just how disastrous these policies have become across Maryland and New Jersey (soon, many other states) every time they open their power statement. 

On Thursday, Secretary of Energy Chris Wright joined conservative commentator Glenn Beck in a discussion about all things energy, especially the emerging power bill crisis that will soon become a national topic in the era of faltering green policies colliding with surging power demand from AI data centers. 

The takeaway from Beck and Wright’s conversation is that the power bill crisis won’t be solved this year and will only worsen. 

Here’s the conversation:

Beck: When should we see this actually starting to happen and how long before power prices come down?

Wright: Oh, man. That is the big question that President Trump asked me that every single day, let’s get oil prices down, let’s get gas prices down, let’s get electricity prices down. And it takes a while to build infrastructure. Fortunately quickly we can stop the closure of coal plants, but still have lots of lifetime left. We’ve already done that. That’s why we don’t have much worse blackouts already today. We do have new gas plants coming on this year, a lot more coming on next year. We’ll have nuclear plants on later this term. We’ll have a whole bunch of them under construction. But yet to turn the giant aircraft carrier that is the electricity grid, that’s going to take a few years. But hopefully we can stop the huge rise in prices. We can build the capacity so the United States can keep our lead on artificial intelligence over China. We get behind China and they control AI, our national security is at risk.

Beck: Yeah, I know.

Wright: So the whole administration is seven days a week working on this effort. You will see dramatically fewer blackouts this summer than you would have had the election gone the other way. And I think we’ll be in a little bit better situation next summer, somewhere in between there this winter. We’re rapidly swimming the right way. I wish I could say power prices are going down twenty percent next year, but it’s simply not possible to do that in twelve months. What I will tell you, President Trump is seven days a week doing everything he can towards that goal.

To recap the week in all things power: The epicenter of America’s power crisis appears to be on the PJM Interconnection grid, with the Mid-Atlantic area at ground zero. 

In Baltimore, Maryland, on Monday, a single substation outage pushed a grid serving a million people to the brink of collapse, with no spare capacity (thank the Democrats), as the local utility warned of widespread blackouts. The grid was ultimately fixed hours later, but the near collapse raised alarms at the local, state, and national levels over how fragile Maryland’s grid has become after years of Democrats retiring fossil fuel power generation in favor of unstable solar and wind.

Then by Tuesday, a new poll in Maryland showed that among the many things, if that’s fisical crisis, taxes, illegal aliens, crime, and whatever else, as well as exploding power bills for millions, Maryland Governor Westley Watende Omari Moore, who is being positioned for the party’s 2028 presidential run, experinced sliding poll numbers that have set the Democratic Party into a panic. 

And later in the week, we identified that the power bill crisis had spread from Maryland to New Jersey. What state is next?

As well as citing a Goldman Sachs note about how America’s power crisis is only getting started

Key chart from the report (read here). 

Ah yes, this. Mark our words. 

. . . 

Tyler Durden
Fri, 08/15/2025 – 16:40

Stockman: America Don’t Need No “Independent” Fed

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Stockman: America Don’t Need No “Independent” Fed

Authored by David Stockman via InternationalMan.com,

Talk about hiding in plain sight.

Here is possibly the most important graph ever about the flagging state of the US economy and the utter failure of Washington’s constant efforts during the last two decades to “stimulate” improved outcomes.

To wit, the US industrial production index—which measures the sum of manufacturing, energy, mining, and utility output—marched straight uphill at a 3.3% annual rate between 1954 and 2007.

Yet since then it has essentially plateaued, rising by just 0.10% per annum during the past 17 years.

That’s right. The growth rate of America’s industrial foundation has plunged by 97% since the pre-crisis peak in Q4 2007. And yet June’s industrial production index, which was up a small tad, gets headlined as a sign of economic strength. In fact, the longer-term chart below screams the very opposite.

After all, there is no logic that says an economy can remain healthy and prosperous that is increasingly based on educating a shrinking number of kids, feeding an expanding national waistline at fast food joints, and changing adult diapers among the soaring share of the population composed of octogenarians. At the end of the day, you actually have to make things in order for the population to pay for taking in each other’s laundry.

As it has happened, however, during the 48 months since June 2021 the industrial production index has been negative or flat nearly half the time on a month-over-month basis. For all practical purposes, the US industrial economy is just playing “mother may I”, advancing one step forward and the next step backwards month after month. And if that’s “strong” or even a sign of anything except decaying performance, we’d suggest the English language has lost all meaning.

As it happens, the disconnect becomes even more dramatic when you compare the production of goods since Q4 2007 with the constant dollar value of goods consumption (PCE) during the same period.

That is to say, cumulative real consumption of goods (durable and non-durable) rose by 62% but domestic industrial output was up by only 1.4%!

Obviously, the yawning gap got filled by imports. On the margin, therefore, the growth of goods consumption during the last 17 years was based on imports financed by massive current account deficits.

Needless to say, the above disconnect was not due to a want of trying by means of Washington-based stimmies. The index lines for Federal Debt and the Fed’s balance sheet since 1954 show the opposite pattern to that embedded in the industrial index chart above. That is to say, growth was slow to moderate between 1954 and 2007, but then took off like a bat out of hell thereafter.

Thus, between 1954 and 2007, US Treasury debt outstanding grew by 6.5% per annum, while the Fed’s balance sheet expanded by 5.6% per year. During the last 17 years, by contrast, the public debt rose by 10.7% per year, and the Fed’s balance sheet grew by 13.3% per year.

To reprise, industrial production growth has essentially ground to a halt at 0.1% per year since 2007, notwithstanding a 13.3% per annum expansion of Fed credit. Self-evidently, all that high-powered central bank money was going somewhere, but clearly it was not into the production of goods on Main Street.

There is no mystery, however, as to where it actually went. Since Q4 2007, the NASDAQ 100 index has risen by 86-fold. In turn, the net worth of the top 1% of US households has soared from $18.9 trillion to $49.4 trillion.

Stated differently, industrial production went nowhere, even as the net worth of the top 1.35 million US households soared by nearly $31 trillion.

And yet and yet. Bubble vision today was replete with Wall Street experts rebuking the Donald in the name of the Fed’s purportedly sacrosanct “independence” for his impending plan to fire Jay Powell.

Then again, the Latin phrase “cui bono” immediately comes to mind. The answer to “who benefits” from the Fed’s so-called “independence” is surely not Main Street America.

The fact is, the Fed is neither a democratically accountable arm of the state nor an agency of the free market. It was, is, and may always be a tool of the traders and gamblers who inhabit the canyons of Wall Street.

To be sure, the Donald’s comprehension of monetary policy is about as wrong-headed as it gets, but his imminent frontal attack on the rogue institution domiciled in the Eccles Building may well be the only way to upend its destructive reign.

*  *  *

The data doesn’t lie—and neither do the consequences. As Washington’s debt-fueled “stimulus” regime enriches Wall Street while hollowing out Main Street, the illusion of prosperity continues to mask an industrial and monetary decay that cannot go on forever. The cracks are widening, and the next phase may bring seismic changes most Americans are unprepared for. That’s why we’ve put together a free special report: “Guide to Surviving and Thriving During an Economic Collapse.” If you want to understand what’s coming—and how to protect yourself, your assets, and your freedom—don’t wait until the crisis hits full force. Click here to claim your free copy now. You owe it to yourself to be informed—and ready.

Tyler Durden
Fri, 08/15/2025 – 16:20

HHS Reboots ‘Task Force On Safer Childhood Vaccines’

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HHS Reboots ‘Task Force On Safer Childhood Vaccines’

Authored by Jon Fleetwood,

The U.S. Department of Health and Human Services (HHS) on Thursday announced the reinstatement of the Task Force on Safer Childhood Vaccines, a federal panel “created by Congress to improve the safety, quality, and oversight of vaccines administered to American children.”

“[T]oday’s action reaffirms the Department’s commitment towards continuous improvement in childhood vaccine safety oversight,” the HHS press release reads.

“HHS will transmit its first formal report to Congress within two years, with updates every two years thereafter.”

The original Task Force had been disbanded in 1998.

“By reinstating this Task Force, we are reaffirming our commitment to rigorous science, continuous improvement, and the trust of American families,” said National Institutes of Health (NIH) Director Dr. Jay Bhattacharya. “NIH is proud to lead this effort to advance vaccine safety and support innovation that protects children without compromise.”

The Task Force is made up of senior leadership from NIH, FDA, and CDC.

Director Bhattacharya will serve as Chairman of the Task Force, per the release.

The Task Force will produce recommendations for:

  • “The development, promotion, and refinement of childhood vaccines that result in fewer and less serious adverse reactions than those vaccines currently on the market.”

  • “Improvements in vaccine development, production, distribution, and adverse reaction reporting — along with supporting research to make vaccines safer.”

The Defender, a news outlet operated by Children’s Health Defense (founded by current HHS Secretary Robert F. Kennedy Jr.), noted that the announcement came just one day before the agency’s deadline to respond to a lawsuit alleging Kennedy violated federal law by failing to convene the task force after taking office.

Filed in May by attorney Ray Flores and funded by CHD, the suit claims Kennedy has been in breach of the National Childhood Vaccine Injury Act of 1986, which mandates that the HHS secretary establish a vaccine safety task force and submit progress reports to Congress every two years.

The Defender explained that the 1986 National Childhood Vaccine Injury Act requires HHS to form a task force made up of the health secretary, the FDA commissioner, and the directors of NIH and CDC, and to report to Congress every two years on vaccine safety improvements.

Flores says no such reports have been filed in over 35 years.

A 2018 lawsuit by Kennedy and Aaron Siri confirmed the absence of any reports, noting that the original task force, created in 1990, was disbanded in 1998.

The law allows citizens to sue if these requirements aren’t met, which Flores cited in his case.

Whether HHS’s sudden move is a genuine step toward long-overdue vaccine safety oversight—or simply a legal maneuver to head off a citizen-led lawsuit (or both)—remains to be seen.

If the Task Force follows through on its mandate, it could finally bring long-absent transparency, accountability, and meaningful safety reforms to the nation’s childhood vaccine program.

Tyler Durden
Fri, 08/15/2025 – 15:45

DC Attorney General Sues Over Trump’s ‘Hostile Takeover’

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DC Attorney General Sues Over Trump’s ‘Hostile Takeover’

Washington DC Attorney General Brian Schwalb (D) filed a lawsuit against President Trump early Friday after the administration installed the Drug Enforcement Agency (DEA) head to command the city’s police force. 

Members of the National Guard patrol at Union Station in Washington on Aug. 14, 2025. Madalina Kilroy/The Epoch Times

In a 33-page (!) complaint, Schwalb claims that DEA Administrator Terry Cole’s appointment as “emergency police commissioner” exceeds the administration’s authority in the DC Home Rule Act that Trump invoked in order to clean up the city. The lawsuit seeks to cancel Cole’s appointment and keep the Metropolitan Police Department (MPD) under the command of Mayor Muriel Bowser (D) and Police Chief Pamela Smith, who doesn’t know what “chain of command” means – and says she still reports to Bowser. 

“We are suing to block the federal government takeover of D.C. police. By illegally declaring a takeover of MPD, the Administration is abusing its temporary, limited authority under the law. This is the gravest threat to Home Rule DC has ever faced, and we are fighting to stop it,” reads the lawsuit. “There is no greater risk to public safety in a large, professional police force like MPD than to not know who is in command.”

Trump announced on Aug. 11 that the federal government would take over the capital city’s police department in an effort to combat crime and homelessness in the city. He also deployed the National Guard. 

The Home Rule Act requires the mayor to provide law enforcement “services” to the president when special emergency conditions are declared.

City leaders initially agreed to comply, but now they say the Trump administration has gone too far.

By declaring a hostile takeover of MPD, the Administration is abusing its limited, temporary authority under the Home Rule Act, infringing on the District’s right to self-governance and putting the safety of DC residents and visitors at risk. The Administration’s unlawful actions are an affront to the dignity and autonomy of the 700,000 Americans who call DC home,” Schwalb said in a press release. 

Hours earlier on Friday, US Attorney General Pam Bondi issued an order appointing Cole to take command of the force, and required MPD leaders to receive his approval before issuing new directives. Bondi also reportedly rescinded MPD orders limiting how officers could aid immigration enforcement. 

In response, Schwalb issued a legal opinion stating that the order is unlawful and instructing Smith not to enforce it.

“Section 740 does not authorize this brazen usurpation of the District’s authority over its own government,” the lawsuit reads. 

Tyler Durden
Fri, 08/15/2025 – 15:25

The Usual Suspects: Disclosure On The Scuttled Clinton Foundation Investigation Reveals Familiar Names

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The Usual Suspects: Disclosure On The Scuttled Clinton Foundation Investigation Reveals Familiar Names

Authored by Jonathan Turley,

As the Trump Administration finally releases the underlying documents related to prior scandals and investigations, the public has learned a great deal about the origins of the Russian collusion investigation and other subjects.

This week, another document was released explaining why the investigation into the Clinton Foundation seemed to go nowhere.

What is less surprising are the characters involved in shutting down the investigation.

It is, as Claude Rains would say, “the usual suspects” from former Acting Attorney General Sally Yates to former Deputy FBI Director Andrew McCabe.

Many of us had written about the allegations of influence peddling by the Clintons.

While Hillary Clinton was Secretary of State, the Clintons raked in hundreds of millions of dollars from foreign sources.

Clinton Foundation officials were shown to have intervened for donors at the State Department. Those funds were used not only for the Clinton Foundation programs but also for travel and support for the Clinton family members. (Tellingly, donations reportedly plummeted after Clinton left office).

What is striking is that officials who relentlessly pursued Trump and his associates on little evidence were reportedly opposed to aggressive efforts involving the Clintons.

I was one of the loudest critics of Sally Yates, who ordered the entire Justice Department not to assist Trump on immigration efforts after his inauguration. In my view, Yates’s conduct (just days before she was scheduled to leave the department) was a raw political move that shattered standards of professional conduct. It would also make her a heroine on the left and in the media.

Ultimately, Trump prevailed on the underlying claims of authority raised in the immigration orders before the Supreme Court.

In these documents, Yates is shown in an email shutting down the investigation into the Clintons. Despite findings of good cause for further investigation into these allegations of pay-to-play corruption, Yates (then-Deputy Attorney General) is quoted as saying, “Shut it down!”

FBI Director Kash Patel released a memo showing a timeline of the interference, including the message from Sally Yates, whom Trump fired as acting attorney general. McCabe, who is now a CNN contributor, is again shown intervening in a crushingly predictable way.

The declassified timeline revealed that as early as February 2016, the Justice Department “indicated they would not be supportive of an FBI investigation.” The timeline also shows that, in mid-February 2016, McCabe ordered that “no overt investigative steps” were allowed to be taken in the Clinton Foundation investigation “without his approval” — a command he allegedly repeated numerous times over the coming months.

[…]

The timeline detailed how Yates ordered one of the federal prosecutors to “shut it down,” likely in the March 2016 timeframe. Federal prosecutors in the Southern District of New York (SDNY) and Eastern District of New York (EDNY) purportedly said in August 2016 that they “would not support the investigation” into the Clinton Foundation, according to the timeline, and that “no explanation was given.”

Special Counsel John Durham found that the FBI’s Little Rock and New York investigations “included predication based on source reporting that identified foreign governments that had made, or offered to make, contributions to the Foundation in exchange for favorable or preferential treatment from Clinton.”

Nevertheless, the FBI  timeline stated that DOJ “indicated they would not be supportive of an FBI investigation” on February 1, 2016.

For those of us who closely followed these investigations and wrote about them, this is hardly surprising but still very valuable for historical purposes. The consistent efforts of figures like McCabe only magnify concerns over the role of key figures in pushing investigations of Trump while discouraging investigations of top Democrats.

Once again, the media is largely ignoring the disclosures. The same reporters who exhaustively pushed the false Russian collusion claims have little interest in these countervailing disclosures. As with the conduct of Yates and McCabe, that is also an all-too-familiar pattern.

Tyler Durden
Fri, 08/15/2025 – 15:05

Ethereum Is The “Biggest Macro Trade” For The Next 10-15 Years: Fundstrat

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Ethereum Is The “Biggest Macro Trade” For The Next 10-15 Years: Fundstrat

Authored by Martin Young via CoinTelegraph.com,

Market strategy and research firm Fundstrat said Ether will be the “biggest macro trade” over the next 10 years, as it predicted Ether may rally to as much as $15,000 by the end of 2025.

“ETH is arguably the biggest macro trade for the next 10 to 15 years as AI creates a token economy on the blockchain and as Wall Street financializes on the blockchain,” said Fundstrat Capital chief information officer Thomas Lee on Wednesday.

Head of digital asset research for Fundstrat, Sean Farrell, said ETH could go as high as $12,000 to $15,000 by year-end, “so there is still plenty of upside.”

Lee was echoing his comments in a company research bulletin on Wednesday, where he explained that the Wall Street push will be spurred by the GENIUS Act stablecoin regulations and by the US Securities and Exchange Commission’s “Project Crypto,” which aims to modernize the agency for the digital finance age.

Lee said the majority of stablecoins and Wall Street projects are being built on Ether.

The Ethereum network currently has a commanding 55% market share of the $25 billion real-world asset (RWA) tokenization sector, according to RWA.xyz.

Ethereum has 55% of the entire stablecoin market. Source: RWA.xyz

Big price predictions for Ether 

ETH has skyrocketed 60% over the past 30 days, hitting a four-year high of $4,770, just 2.5% away from its 2021 peak, during early trading on Thursday. 

“Ethereum is outperforming Bitcoin YTD, gaining +28% vs +18% for Bitcoin,” Lee pointed out.

BitMine has $5.5 billion worth of ETH

The world’s largest Ethereum treasury company, BitMine Immersion Technologies, has targeted a huge $20 billion raise to increase its treasury.

The firm has aggressively accumulated 1.2 million ETH since the beginning of July, and its treasury is now worth almost $5.5 billion.

Meanwhile, company stock (BMNR) has skyrocketed 1,300% over the same period. 

Recipe for sustained upward pressure 

In a note seen by Cointelegraph, BTC Markets’ crypto analyst, Rachael Lucas, said these positions are strategic and long-term, “taking substantial liquidity out of the market.”

“When you combine record ETF inflows with corporate and sovereign balance sheet allocations, the result is deep structural demand meeting finite supply,” she said, adding: 

“That’s a recipe for sustained upward pressure on prices, and a sign that digital assets are firmly embedded in global capital markets.”

In July, BitMine suggested the implied value of Ether could be as high as $60,000.

Tyler Durden
Fri, 08/15/2025 – 12:25

Raw Truths

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Raw Truths

Authored by James Howard Kunstler, 

Carefully and Gracefully

“It’s funny they call [intel] a ‘community.’ That sounds so benign and beneficial. Everybody likes communities.”

– Doug Casey

And so, now, in Alaska, Mr. Trump sits down with Vlad Putin to attempt a settling of Ukraine’s hash. This war has been a three-year bloody grind, millions killed, mostly Ukrainians, provoked underhandedly by US State Dept / CIA neocons, Britain’s MI6 apparatus, and the girl-bosses of the EU, for no good reason, namely, to weaken and possibly break-up Russia so as to get at its vast mineral and energy resources. This has been tried before in history, always to the grief of the triers.

From our country’s point of view, the dynamics in play at this moment are delicate to an extreme.

In the background of the Trump-Putin meet-up, amid an eerie silence in the DOJ and FBI, an epic, sweeping prosecution of the RussiaGate hoaxers creeps forward. RussiaGate, of course, was born in the false charge (by America’s highest officials, derived from nonsense cooked up by Hillary Clinton) that Donald Trump was a Russian agent. It was preposterous and continually disproven, but the many-footed creatures of America’s deep state, which controlled so many levers of power, dragged it out for years. Altogether, that endeavor amounted to a campaign of sedition and arguably treason.

The delicacy comes in as President Trump must now avoid at all costs any appearance of giving-in to Mr. Putin, of appearing to be any sort of a vassal — “Putin’s puppet,” as charged in RussiaGate. The raw truth is that Russia has likely already “won” the war in Ukraine, in the sense that it has finally gained control of the battlespace and worn out its opponent. It is fait accompli. What remains is the disposition of Ukraine’s future which, in another raw truth, is mostly Russia’s to determine.

Yet another raw truth is that this would probably be the best outcome for all concerned:

a neutralized, disarmed Ukraine returned to its prior condition as a mostly agricultural sovereign backwater of Europe within Russia’s sphere-of-influence, resuming its longstanding status as not being a problem for anyone.

Still, yet another raw truth is that the USA would benefit hugely from normalized relations with Russia:

no more sanctions, fair trade, a rebalance of the drift toward China, lessening the chance of nuclear war — and this would even benefit the knuckleheads of Europe whose economies are imploding due to a lack of affordable energy (and also because of, let’s face it, the EU’s terrifically stupid “green” policies).

All of which means there will necessarily be a lot of “pretend” played in Anchorage for show.

Mr. Trump must pretend to be tough on Putin, and Mr. Putin must pretend, a little bit, to give-in to Mr. Trump’ proposals. That is, it will be something of a kabuki, a kafabe. Surely, many of the stickiest points have been pre-negotiated by Mr. Trump’s envoy, Steve Witkoff, who quietly visited Moscow a week ago.

Mr. Trump must appear strong with Russia because his appointees are commencing to go medieval on the folks who called him “Putin’s Puppet” nine years ago — and subjected him to a series of epic torments including the subversion of his whole first term in office, nonstop obloquy from the media, impeachment (X 2), home invasion, and a grotesque set of malicious, nitwit prosecutions that have either failed completely (Fani Willis, Jack Smith) or will be subject to humiliating reversals in the higher courts. Not to mention two attempted assassinations.

You should assume that Mr. Putin well understands all this and intends to play along. He will appear to make some generous concessions to Ukraine, starting with the promise that it can go forward as a sovereign, self-governing nation. The big enchilada might be to grant that Ukraine can retain possession of Odessa, the port city on the Black Sea which is Ukraine’s depot for export to the world of its chief commodity, grains. In any case, both Russia and the USA intend to relieve Volodymyr Zelenskyy of his duties — notice he is conspicuously not invited to the Alaska meeting.

Mr. Trump well understands that one way or another, Russia is going to prevail in this conflict on-the-ground.

He abhors all the killing.

He has already expressed a disinclination to keep backing the war with money and weapons. He must be disgusted at how the Bidens (and the Deep State) used Ukraine as a money-laundry, as a site for bioweapons labs, and how it served as a nexus for human trafficking.

He also knows that Russia wants badly to be re-admitted to normal relations with the West, which is in everybody’s interest, except perhaps China’s. You should infer therefore that Russia wants the war to end in a way that does not humiliate the losers and backers — perhaps along the lines of how America managed our victory against our enemies in World War Two, carefully and gracefully.

Tyler Durden
Fri, 08/15/2025 – 11:45