A Daily Caller News Foundation (DCNF) investigation has revealed that disgraced Los Angeles Mayor Karen Bass appointed two Chinese Communist Party (CCP)-linked bankers, Dominic Ng (CEO, East West Bank) and Simon Pang (co-founder, Royal Business Bank), to her mayoral transition advisory team in 2022. The investigation found that the two bankers and their institutions funneled over $1 million to Bass’ campaign and the mayor’s nonprofit, which she advises. 

The report, titled “Karen Bass Raked In Cash From Chinese Intel-Tied Bankers Before Hiring Them,” noted that it’s unclear what roles Ng and Pang played on Bass’ mayoral transition advisory team, but what’s undeniable is that both have held positions within an influence and intelligence service of the CCP called the United Front Work Department (UFWD).

DCNF spoke with an East West Bank spokesperson who acknowledged that Ng had participated in two Chinese government organizations. 

Recall that in 2023, House Republicans requested that the FBI investigate Ng for potential Espionage Act violations. At the time, the GOP sent a letter to FBI Director Christopher Wray stating, “The Biden administration has allowed the CCP to infiltrate the third-party sector and, consequently, political leaders who have existing relationships with these groups and are privy to U.S. intelligence.” 

Sam Cooper, a Canadian investigative reporter with The Bureau, told DCNF, “I absolutely believe that anyone holding a United Front position and then landing a spot on a mayor’s transition team is a huge red flag.” 

“In fact, they’re often placed on these teams as a reward for channeling significant donations,” Cooper explained. 

He noted, “When donors connected to United Front groups have significant wealth and show up constantly around politicians, they’re there for a reason.” 

DCNF’s June report revealed that Bass appointed the son of a Democratic fundraiser and a known CCP intelligence official to serve as the city’s liaison for Asian-American affairs and director of commission appointments.

EXCLUSIVE: How Chinese Intel Infiltrated LA Mayor Karen Bass’ Camp | Philip Lenczycki, Daily Caller News Foundation

An official in Los Angeles Mayor Karen Bass’ administration is the son of a Chinatown powerbroker and Democratic donor who has praised the Chinese Communist Party… pic.twitter.com/Gd0IS8iCbI

— Owen Gregorian (@OwenGregorian) June 17, 2025

“Los Angeles is now a wide-open city for China’s communists,” warned Gatestone Institute senior fellow Gordon Chang, adding, “Angelenos can thank the CCP sympathizer-in-chief, Karen Bass. Karen Bass resists federal agents and welcomes China’s communists. It’s very clear where her sympathies lie.”

The question is whether the CCP holds political leverage over Mayor Bass. It certainly appears that way, given her questionable policies: shielding criminal illegal aliens from federal law enforcement, supporting open borders, turning a blind eye to Marxist-linked NGO riots, standing idle as parts of Los Angeles burn, and opposing President Trump at every turn.

“Karen Bass is a Marxist. She made tons of trips to Cuba and cried publicly when Castro died, she’s made no progress in LA, and her Dep Mayor has no experience with fire and public safety, and recently called in a fake bomb threat.” – @JakeJakeNY@kevin_smith45 pic.twitter.com/f9Rkcf4Plh

— Real America’s Voice (RAV) (@RealAmVoice) January 13, 2025

Let’s not forget… Bass has a history of communist sympathizing, including publicly honoring a member of the Communist Party USA in 2017. 

Authored by Jack Phillips via The Epoch Times,

The U.S. Centers for Disease Control and Prevention issued an update on July 24 urging health care providers and public health officials to raise awareness of the symptoms of “long COVID,” a condition the CDC states can last weeks, months, or even years after an infection with SARS-CoV-2, the virus that causes COVID-19.

In the update, the agency said that public health professionals should continue to “promote awareness of Long COVID, help combat the stigma that patients with Long COVID encounter, and emphasize prevention of Long COVID,” while encouraging people to receive a COVID-19 vaccine.

In another July 24 update, the federal health agency said that “symptoms that can range from mild to severe and may be similar to symptoms from other illnesses” that can “last weeks, months, or years after COVID-19 illness and can emerge, persist, resolve, and reemerge over different lengths of time.”

According to the update, symptoms include fatigue that interferes with daily life, symptoms that worsen after physical or mental effort, fever, shortness of breath or difficulty breathing, chest pain, coughing, and a fast-beating or pounding heart.

Some symptoms could be neurological, the CDC said. That includes “brain fog,” or difficulty in thinking and concentrating; sleeping problems; dizziness when standing up; depression or anxiety; a change in smell; or a pins-and-needles feeling.

Other symptoms can include digestive problems such as diarrhea, constipation, and stomach pain, the agency adds. Joint or muscle pain, rash, and changes in the menstrual cycle are also reported symptoms of long COVID, according to the CDC.

“More than 200 Long COVID symptoms have been identified. However, fatigue, brain fog, and exhaustion (post-exertional malaise) are among the commonly reported symptoms of Long COVID,” the CDC said.

COVID-19 activity was classified as low nationwide, the agency said on July 25. Respiratory illness activity, including RSV and influenza, was also described as “very low.”

CDC wastewater activity indicates that COVID-19 is increasing in Southeast, Southern, and West Coast states as of the most recent update.

A map of wastewater levels released by the CDC last week showed that levels are “very high” in one state, Louisiana, and “high” in Florida and Hawaii.

No other states were experiencing high or very high levels.

The CDC, until recently, had recommended that all individuals aged 6 months or older receive a COVID-19 vaccine annually, regardless of prior vaccination or infection.

After orders from Health Secretary Robert F. Kennedy Jr., the CDC recently stopped recommending COVID-19 vaccines for healthy children and pregnant women.

The Food and Drug Administration has limited new approvals for COVID-19 vaccines to the elderly and younger people with underlying health conditions that can increase the risk of severe COVID-19.

“Where the parent presents with a desire for their child to be vaccinated, children 6 months and older may receive COVID-19 vaccination, informed by the clinical judgment of a healthcare provider and personal preference and circumstances,” the CDC said in late May.

Just last week, Prime Minister Netanyahu recalled his Israeli negotiating team from Doha – which is certainly not a first instance – as talks broke down, also after the US representative mentioned dissatisfaction with Hamas’ position.

On Sunday night, the Houthis of Yemen declared it will target merchant ships belonging to any company that does business with Israeli ports. This part is nothing new, but what is a renewed escalation is that the Houthis statement made clear this will be regardless of nationality as part of the next phase of its operations.

This Red Sea war has been going for a long time, and has featured direct ballistic missile attacks on Tel Aviv – which have been waning in the last weeks, but the resulting shipping disruptions have wreaked havoc on a vital global transit point through which an estimated $1 trillion in goods usually passes each year.

The Houthi statement said they had “decided to escalate their military support operations and begin implementing the fourth phase of the naval blockade” against Israel. This also as international reports have acknowledged rising famine and deaths from hunger in the Gaza Strip.

The fresh statement warns the Iran-backed militants would target “all ships belonging to any company that deals with the ports of the Israeli enemy, regardless of the nationality of that company, and in any location within the reach of our armed forces.” This is regardless of any final destination, it warned.

International companies and governments must pressure Israel to stop the war in Gaza and lift its blockade on the Palestinian territory “if they want to avoid this escalation” – the statement warns further.

Escalation has indeed been on the rise, despite months ago Trump ordering the US Navy to wind down and withdraw from its war with the Houthis, while pressuring the Europeans to take a more active posture in the theatre.

Already in July the Houthis have attacked and sank two Liberian-flagged, Greek-owned bulk carriers – identified as the Magic Seas and the Eternity C. The Houthis have boasted of these assaults by issuing high-production quality films detailing the operations, which even involved boarding the vessels.

These were deadly attacks and have resulted in four crew members dead and 11 more taken captive – though thankfully 22 crew members of the Magic Seas were able to be rescued.

As for the latest round of failed negotiations hosted in Qatar, reports indicated that Hamas offered to trade 10 Israeli hostages for 200 Palestinian prisoners serving life sentences.

Israel reportedly pushed for a 2-kilometer demilitarized buffer inside the Strip, while Hamas is said to have countered with one kilometer. All of this may be moot from the start, given much more land mass has already been utterly destroyed, and Israel is believed to be paving the way for eventual new settlements.

The fiery and loudly-issued new threat against Red Sea shipping:

❗️ Yemen announces new military ESCALATION Will target ALL ships tied to companies working with Israeli ports in ANY location ‘Regardless of nationality… regardless of destination’

Global firms WARNED: cut ties with Israel or face consequences — Houthi spox

via RT pic.twitter.com/4zSosbGcyN

— Tony (@Cyberspec1) July 27, 2025

The Israeli government has meanwhile opted for a military solution, and the complete eradication of Gaza. From the start Hamas has insisted on the removal of all Israeli military troops, which has been a non-starter for Netanyahu.

By and large, Washington has stuck by its closest Mideast ally, amid growing international criticisms linked to tens of thousands of civilian deaths, and a nightmarish humanitarian crisis. President Trump on Monday in comments from Scotland issued a rare admission that Gazans are indeed starving, and that we need to “feed the kids”.

By Robert Walton of Utility Dive

Investor-owned U.S. electric utilities will invest more than $1.1 trillion in the 2025-2029 period, marking a rapid increase in capital expenditures as the sector rushes to meet growing power demand, according to a Wednesday report from the Edison Electric Institute.

Capital expenditures from 2015 to 2024 totaled $1.3 trillion, the trade group noted.

The electric utility sector’s capital expenditures “are higher than any other sector in the U.S. economy, outpacing transportation, retail, and other capital-intensive industries,” EEI President and CEO Drew Maloney said in a statement.  “As demand for electricity continues to grow, we remain committed to making the investments needed to strengthen America’s energy security while ensuring that our customers receive reliable, affordable energy.” 

Much of the investment is going to meet rising demand from data centers. While predictions for AI-related load growth vary, EEI’s financial review cited a McKinsey study predicting data center demand will rise about 20% annually from 2023 to 2030, from 60 GW today to 170-220 GW. Depending on factors, demand could even reach 300 GW, the McKinsey analysis said.

But not all proposed data centers will ultimately be built, experts agree. A Schneider Electric 2030 AI power demand estimate put scenario ranges from 16.5 GW to 65.3 GW.

“Of course, prospects for higher demand growth come from more than AI and data centers,” EEI’s report noted. “Increased electrification of transportation, manufacturing reshoring, and strong economic development across many service territories are positive factors as well.”

“The longer-term bias for electric company growth is on the upside,” the report concluded.

Utilities are working to quickly bring new generation online, with the bulk of it being renewable. But in recent months there has been a shift towards proposing new gas capacity to power data centers.

The sector brought 52 GW of new generating capacity online in 2024, 11% more than the 46.8 GW in 2023 and 48% more than the 35 GW in 2022, according to the report.

“The increase from 2023 to 2024 was primarily due to additional solar and storage capacity,” EEI said. “Solar capacity installations increased 63% to 32,486 MW in 2024, the fastest annual growth since 2020.”

Energy storage additions increased 54% to 11,534 MW in 2024, EEI said. New gas capacity brought online decreased 79% to 2,428 MW in 2024, “marking natural gas’s lowest increase since 2020,” the report said. “Wind capacity additions also decreased,” from 6,343 MW in 2023 to 4,132 MW in 2024, “indicating a maturing technology after decades of rapid growth.”

China’s Robotaxi revolution is shifting into a higher gear. In May, we highlighted a Goldman Sachs note forecasting that 500,000 autonomous robotaxis would be operating across ten major cities by 2030. New data from the bank’s analysts now show acceleration: a wave of new commercial operating licenses has been granted to Robotaxi operators.

A team of Goldman analysts led by Allen Chang and Verena Jeng wrote in a note to clients on Monday that companies including Pony AI, Baidu, WeRide, JinJiang Taxi, DaZhong Transportation, and SAIC Motor were granted Robotaxi licenses to operate intelligent connected vehicles in Shanghai. The licenses were announced during the World Artificial Intelligence Conference over the weekend. 

“In Shanghai, Robotaxi operators that have received licenses can operate fully driverless Robotaxi for public passengers and charge fares in the designated areas of Shanghai,” said the analysts. 

🚨https://t.co/jCrY756ajt just got the permit to launch commercial Robotaxi ops in Shanghai’s Pudong.
We will start from Jinqiao & Huamu (steps from Lujiazui 💰).
Who’s ready to catch us on the streets? 🙋♂️ pic.twitter.com/H5Yz5Hpgsf

— Pony.ai (@PonyAI_tech) July 26, 2025

This development led the analysts to maintain a bullish call on the industry: “We are positive on the expanding areas of Robotaxi commercial services to support the Robotaxi industry growth, along with enhanced technology, lower BOM cost for larger scale deployment, and ecosystem expansion across Robotaxi operators, car OEMs, asset owners.” 

The key insight: Shanghai is emerging as a major hub for Robotaxi commercialization, while Chinese operators are aggressively expanding into global markets.

Highlights from the note:

Driverless Robotaxi services in Shanghai: Multiple Chinese Robotaxi operators have received new licenses during WAIC. Pony AI announced it received a permit for fully driverless commercial Robotaxi services in Shanghai Pudong New Area, and will start from Jinqiao and Huamu district first, then expand to other regions. Baidu received the driverless commercial Robotaxi services permit in Shanghai, and Baidu Apollo Go cooperates with DaZhong Transportation in Shanghai on Robotaxi operation. WeRide announced the company received a permit for driverless Robotaxi services through partnership with Chery and JinJiang Taxi in Shanghai Pudong. WeRide also showcased its new generation of Robotaxi model Chery CER, supported by WeRide One platform. SAIC IM Motor, SAIC Mobility and Johnson Taxi jointly announced the new demonstration and operation license, targeting to offer Robotaxi services between Shanghai International Tourism and Resorts Zone and Shanghai Pudong Intl. Airport.

Read-across to China Robotaxi market: We recently raised China Robotaxi TAM and expect China’s Robotaxi market to reach US$14bn/ US$61bn in 2030E/ 2035E with fleet size at 535k/ 2.3m units in 2030E/ 2035E, supported by enhancing software/ hardware capability to improve Robotaxi’s safety and ride experience. The accelerated commercialization of the Robotaxi market in Shanghai starting from PuDong New Area, echoes our view that Tier-1 cities wiill see faster ramp up in the initial stage, considering customer acceptance, regulatory support and better operational efficiency.

Overseas market in expansion: Chinese Robotaxi vendors are also accelerating their expansion to the overseas markets, which is supporting rising Robotaxi commercialization. In July, WeRide announced it launched its Robotaxi pilot service in Saudi Arabia Riyadh post the announcement of expansion into Saudi Arabia in May 2025 with support from the Transport General Authority. Pony AI announced Robotaxi road-testing in Luxembourg in July, post receiving the scientific testing permit from Luxembourg’s Ministry of Mobility and Public Works for L4 autonomous driving in Apr this year. The initial Robotaxi testing began in the community of Lenningen of Luxembourg, then expanded to more areas.

Of the Robotaxi firms listed by the analysts, Pony AI stands out as the most interesting.

*PONY AI GETS PERMIT TO PROVIDE DRIVERLESS ROBOTAXIS IN SHANGHAI https://t.co/Y8fvTD3hgG

— zerohedge (@zerohedge) July 28, 2025

It designs, develops, and operates Level 4 fully autonomous Robotaxis. Yet shares of the Chinese company, which trades in the U.S., have remained mostly flat this year, despite all the AI and Robotaxi hype in recent months.

Related: 

• 500,000 Robotaxis To Hit China’s Streets By 2030

Learn about North America’s robotaxi market:

• Robotaxis Enter Commercialization Phase In North America With Hyperscaling Next

. . .

Authored by Christopher Whalen via DailyReckoning.com,

With the Trump Administration headed down the road to higher inflation and the political chaos that results, it is worth asking why there are “only” $4 trillion in notional crypto tokens, this according to the Financial Times. The rise of bitcoin and other ethereal instruments evidences a strong desire on the part of many Americans to escape a sinking ship, but also confirms the love for creating new games to enable speculation. Are the crypto tokens really a way to avoid the demise of fiat dollars?

As we noted in a recent comment in The Institutional Risk Analyst, the best returns in crypto at present are found investing in the stocks of some of the enablers. The fact that these new companies may or may not be stable businesses long term does not matter in the speculative environment that currently governs Wall Street. We are particularly fascinated by the idea that a crypto firm can generate enough revenue to survive as a bank.

Robinhood Markets, for example, is up almost 500% in the past year, proving that there is a lot more leverage for investors in the facilitators of speculation in crypto and stable coins than in the tokens themselves. Crypto laden “special purpose acquisition companies” (SPACs) and various new, “Level 2” token games linked to existing crypto “markets” are the hot ticket today.

But the larger query, beyond the issues raised by bitcoin and substitutes, is the question about the nature of money. In my new book, “Inflated: Money, Debt and the American Dream,” author James Rickards notes that Americans “no longer know what money is” and have replaced “money with moneyness.” He then describes why money is one of the foundations of civilization.

“Money is not the point of civilization and it’s far from the most important feature,” Rickards argues. “Still, it’s part of the bedrock and performs crucial roles. Money is an advance on barter. Money is an alternative to violence. Money facilitates commerce and investment, and acts as a store of wealth. Money is among the institutions, along with law, religion, and the family, that enable civilizations to be civil and avoid a Hobbesian war of all against all.”

Despite the fact that President Trump wants to make America the crypto capital of the world, and even threatens to open retirement accounts to these speculative notions, the rest of the world is migrating away from dollars back to the only true form of money that is not some form of debt, namely gold.

Perhaps the most significant trend is the increasing purchases of gold by global central banks.

On July 1st, 2025, Basel III banking regulations officially reclassified physical gold as a Tier 1 asset, specifically a high-quality liquid asset (HQLA).

This means that U.S. banks can now count physical gold at 100% of its market value towards their core capital reserves.

Previously, gold was considered a Tier 3 asset, requiring banks to discount its value. But what is the proper discount rate for crypto and stable coins?

A stable coin is a ridiculously expensive prepaid gift card. A stable coin, for example, backed by fiat dollars, does not change your fundamental economic and financial risk from holding dollar assets. You basically pay for the privilege of using a stable coin. The public mania around stable coins is the latest evidence that humans are incapable of making rational decisions when they are part of a crowd. Long-term, we should view stable coins as marketing tools for large advertisers to acquire and retain customers.

A stable coin backed by yen or swiss francs, for example, is a very different proposition in terms of managing dollar risk, but such instruments also may fall afoul of state and federal securities laws. So how do individuals and countries protect themselves from the slow but inevitable decline of the dollar as the world’s primary money?

Owning gold or at least having exposure to the price of gold are perhaps the best options, The physical metal is independent of the fortunes of state put, yet as we learned in the 1930s, gold is vulnerable to confiscation.

More important to the analysis, however may be that fact that so few investors have yet to rebalance their portfolio to reflect the opportunity presented as gold resumes its role as the world’s primary reserve asset.

How much is the current allocation to gold by global investors?

“My rough guess, excluding central banks and physical gold in private hands, would be maybe 1% of portfolios globally and perhaps half of that amount for US investors,” notes Henry Smith, Director and Investment Manager, The Keep Fund Ltd. a Bahamas SMART Fund investing in the precious metals complex.

“In your grandfather’s day, a trust portfolio would be 10% minimum in gold. We’re headed back there. That means we’re headed to five digit gold and three digit silver.”

Other mainstream analysts agree with Smyth’s prognostication.

“Earlier this year, we examined the structural shift in gold’s demand and geopolitically influenced pricing drivers fueling its rebasing higher, ultimately posing the question if $4,000/oz is in the cards,” said Natasha Kaneva, head of Global Commodities Strategy at J.P. Morgan, in a June 2025 research note.

“To answer the question — yes, we think it is, particularly now with recession probabilities and ongoing trade and tariff risks. We remain deeply convinced of a continued structural bull case for gold and raise our price targets accordingly,” Kaneva added.

The reason JPMorgan is right and, indeed still too cautious on their gold outlook is that the usage of gold as a reserve asset, legal tender in contracts and collateral for financial transactions is growing, yet this is a gradual process. The narrowing of the market for US Treasury collateral as central banks reduce their purchases in favor of gold is still not top of mind – yet – for US investors, but higher interest rates for LT Treasury paper will end that lethargy.

One of the chief reasons to be bullish on gold and negative on the dollar is that there is so little deliverable gold available. A lack of deliverable gold supply can create upward pressure on prices, but other factors like demand fluctuations, market sentiment, and the role of gold as a financial asset significantly influence its short-term price. Even with limited physical supply, demand and overall market conditions can moderate price increases.

“De-dollarization — a theme among foreign reserve managers and investment institutions who are typically slow to act — is a misnomer as it’s highly unlikely anyone is seriously considering of fully divesting themselves of US assets, argues Simon White of Bloomberg. “But the evolution of events this year has led many foreign investors to consider reducing their exposure to the US which had already grown imprudently large. This will take time to show up in the data.”

*  *  *

Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.

President Donald Trump while speaking from Scotland in the context of his bilateral meeting with UK Prime Minister Keir Starmer issued rare acknowledgement of the severe hunger and malnutrition crisis which has gripped Gaza.

The president said he has been in current contact with Israeli Prime Minister Benjamin Netanyahu on getting humanitarian aid into Gaza. He said: “We have to get the kids fed.“

He also stated the escalating humanitarian situation in the enclave is “terrible” – amid reports is Israeli media that Gaza hospitals have disclosed 14 cases of death by starvation and malnutrition in the last 24 hours alone, including two children. There have been dozens of daily reported deaths from hunger this month.

Trump further touted that Washington sent $60 million dedicated to food aid just last week, but there has been immense controversy over how this gets distributed on the ground, amid ongoing accusations that the Israeli military frequently fires on Palestinians seeking aid access.

“We only hope the food goes to the people that need it,” said Trump. At one point, he even said the US needs a “thank you” for its humanitarian efforts.

“We’re gonna be getting some good, strong food. We can save a lot of people. Those kids – that’s real starvation. I see it. You can’t fake that.”

“We’re gonna be even more involved. We did some airlifts, airdrops. And the people are running for it. And, the PM is gonna help us, they’re very effective with that.”

“It’s not very hard to do.”

There was also this comment which constitutes a break with Netanyahu’s assessment:

“Based on television, I would say not particularly because those children look very hungry,” Trump said when asked if he agreed with Netanyahu. Later he said, “There is real starvation in Gaza — you can’t fake that.”

Currently, the US-backed Gaza Humanitarian Foundation (GHF) oversees aid distribution in Gaza, and assists in security for the various distribution centers. Very controversially, the organization contracts with American security personnel.

🇮🇱🇺🇸🇵🇸Trump says he is speaking to Bibi on getting humanitarian aid into Gaza:

“We have to get the kids fed” pic.twitter.com/dPWM4bu3uT

— HOT SPOT (@HotSpotHotSpot) July 28, 2025

The UN and other international groups have accused Tel Aviv and Washington of sidelining organizations with more experience. Critics say this has resulted in shooting deaths as sites become overwhelmed with starving masses of people.

Britain alongside regional partners is said to be organizing more airdrops over Gaza – another deeply controversial policy given that in the past some civilians have died as a result of the airdrops crushing their homes and tents. Also, past airdrops in the sea have resulted in drownings amid desperate attempts to access the aid.

Authored by Stephen Soukup via American Greatness,

In the waning weeks of their financial relationship with the federal government, the powers that be at PBS and NPR all appeared to agree on the same, rather bizarre strategy. Rather than argue that their programming is necessary because of its unique educational and instructional nature or that it fills niches in cultural and artistic instruction that are necessary but not profitable enough to be addressed by private broadcasters, they all decided instead to insist that they are the only thing keeping poor, rural Americans in touch with the outside world and also keeping the poors from being killed, at any moment, by various natural disasters.

NPR CEO Katherine Maher, for example, insisted that she and her network are the only source of news and emergency information for “large rural communities, large tribal communities.” This followed PBS documentary filmmaker Ken Burns’ contention that defunding the public networks would “affect mostly rural communities,” because, you know, rural communities are backward and ignorant and don’t really have any other way to learn about the big, wide world:

My biggest thing is, I travel around the system all the time… And you begin to see the way in which, particularly in those small rural markets, the PBS station is really like the public library. It’s one of those important institutions. It may be the only place where people have access to local news, that the local station is going to the city council meeting.

They’re going to the school board meeting. They’re going to the zoning board. There’s a kind of sense of local accountability. And as news becomes nationalized and even internationalized, there’s a loss there. It’s not just—they’re not just losing the prime-time schedule. They’re also losing contact with emergency alert systems and Homeland Security and continuing education and classroom on the air, along with our—with children’s programming and prime time.

Part of this, of course, is strategic. The public broadcasters know that most people view them as pretentious, highbrow snobs, coastal elites who care only about their own, very narrow fixations, yet expect all American taxpayers to fund them. They know that they have a perception problem, which is to say that they know most Americans perceive them as useless, condescending, and tax-sponging. To (belatedly and half-heartedly) counter that perception, the public broadcasters want desperately to convince the public to think of them as “everyman,” as the literal lifeline to America’s heartland, the saviors and defenders of the common folk. It’s a desperate and ridiculous strategy, to be sure, but it is a strategy, nonetheless.

The bigger part of all this, however, is that people like Katherine Maher, Ken Burns, and the rest of public broadcasting’s defenders actually believe what they say. They honestly think that Americans who live in the vast expanses of flyover country between New York and San Francisco are backward, ignorant, and totally unaware of the world around them, especially anything that might be considered “sophisticated” or “enlightened.” They truly and deeply believe that they are the only light that occasionally breaks the deep, profound, and otherwise endless darkness that is “rural” America. Of course, they need PBS and NPR. Without PBS and NPR, well…those people would get all their information from the spinster schoolmarm at the one-room schoolhouse or—Gaia forbid!—from a snake-handling revivalist preacher! And heaven only knows how many dimwitted Dorothys and Totos would be swept off the plains of Kansas every year without public broadcasters to warn them to stay away from funnel clouds, no matter how enticing they may appear!

In some ways, this bizarre PR campaign on behalf of PBS and NPR mirrors the bizarre political campaigns run by the Democratic Party of late. Knowing that they were struggling to reach men—rural men, in particular—the powers that be in the Democratic Party decided last year that they needed to connect with this demographic to close their own profound “gender gap.” The problem was that they didn’t know anything about men and rural men, in particular, meaning that they didn’t have any idea how to reach them. And so, they decided to run Tim Walz (of all people) for Vice President—because he’s one of them, right? I know this sounds like something a right-wing columnist would make up just to make Democrats look ridiculously out-of-touch with people whose votes they were desperate to win, but according to a new book about the 2024 campaign, Kamala Harris chose Walz over Pennsylvania Governor Josh Shapiro and Arizona Senator Mark Kelly in part because, at interviews, the latter two drank water, while Walz drank Diet Mt. Dew. And the backward, toothless types that wouldn’t know how to count to twelve without the Sesame Street “Pinball” video were certain to find that appealing, right? He grew up in Nebraska and drinks Mt. Dew? Sign us up! (Or at least let us put our “X” on the line where the signature is supposed to go!)

In other, even deeper and more serious ways, the PR campaign waged on behalf of the public broadcasters mirrors the long-term trend among the nation’s political, educational, and media elites to view those who are unlike them as “lesser than,” as simpletons and “deplorables” who are too stupid to know what they really want and really need and, therefore, have to be told those things by their cultural and intellectual betters. Just as PBS and NPR waged a campaign to save their public funding by appealing to the “hidden” interests of rural people who despise them and who consistently vote for elected officials who want to defund them, so the nation’s ruling class has long bemoaned that rural (as well as suburban and ex-urban) voters are staunchly Republican, even though these voters’ real interests should make them Democrats.

More than two decades ago, the journalist Thomas Frank appealed to his fellow leftists’ sense of self-importance by asking (in a book by the same title), “What’s the Matter with Kansas?” Kansans and other rural voters, you see, are too stupid to understand that they shouldn’t be voting for pro-life Republicans who might also cut farm subsidies. Obviously, they should, instead, vote for pro-welfare Democrats, who will take care of them like the Prairie Populists of yesteryear.

Likewise, the mainstream media have created an entirely new genre of stories this past month about stupid Trumpers who voted for budget cuts but now might lose their access to rural hospitals because of Medicaid cuts. “Dumb Trumpers have regrets” is almost inarguably the “story of the summer” for the mainstream media.

All of this reinforces the fact that PBS, NPR, the mainstream media, most of the Democratic Party, and parts of the Republican establishment see themselves as different from and better than their fellow countrymen. They grumble constantly about the “populist” turn in American politics, without it ever crossing their minds that they might be responsible for this turn. Their arrogance toward and alienation from the country class are primary drivers of this populism.

PBS and NPR, like so many of the public institutions in this country today, are run of, by, and for the ruling class. This is troubling enough and more than justifies their loss of taxpayer dollars. That they would try to stave off that loss by pretending to care even a little about the country class and its needs only amplifies the disquiet and reinforces the righteousness of the defunding decision.

Via JonFleetwood.com,

A new BMJ Global Health study has confirmed that the World Health Organization’s (WHO) private fundraising arm—the WHO Foundation—has received tens of millions of dollars from pharmaceutical giants, Big Tech companies, and anonymous sources, with nearly half the funding now untraceable.

The study findings come after U.S. Health Secretary Robert F. Kennedy Jr. announced the United States will reject the WHO’s sweeping emergency powers treaty, warning that the same unelected body now seeking “global medical surveillance of every human being.”

The BMJ Global Health study, published Wednesday, reads:

“From its launch until the end of 2023, the foundation disclosed total donation receipts of US$82 783 930 overall, of which US$39 757 326 (48.0%) was from anonymous donations over US$100 000. In total, US$51 554 203 (62.3%) in anonymous donations were reported.”

The top-named donor was the Bill & Melinda Gates Foundation, long considered one of WHO’s most influential funders:

“Donations varied by sector, with the largest named donations coming from the private philanthropic sector, including the Gates foundation and other family foundations, followed by social media companies, medical device companies and the banking/finance and pharmaceutical sectors.”

Secretary Kennedy recently cut off U.S. funding to Bill Gates’ vaccine syndicate Gavi, citing peer-reviewed evidence that the DTP shot it promotes “may kill more children from other causes than it saves,” and condemning the alliance for treating vaccine safety as a PR problem instead of a public health priority.

Moreover, a Gates Foundation–funded trial injected South African children with live tuberculosis-causing bacteria, infecting 260 kids and causing serious harm—all while excluding early post-vaccine infections from analysis and following a prior Gates-funded gain-of-function experiment that engineered TB to grow unchecked.

The WHO Foundation (WHOF), launched in 2020 to accept donations from entities the WHO cannot receive money from directly, now also counts Meta (Facebook), TikTok, Maybelline, Sanofi, Boehringer Ingelheim, and Novo Nordisk among its known funders:

“This included the announcement of a US$50 million commitment from the WHOF via contributions from Sanofi, Boehringer Ingelheim, Novo Nordisk, TikTok, Maybelline and a range of other partners.”

A majority of funds aren’t even going to WHO programs—they’re going to the WHO Foundation’s own operational costs:

“The largest overall category, by amount donated, was ‘WHO Foundation Operational Support’, which received just under US$40 million over the entire reporting period, representing a majority (approximately 56%) of all funding received by the Foundation to date.”

Even more concerning is the Foundation’s sharp drop in transparency, with its public reporting now rated as poor as controversial “dark money” think tanks.

“In the first year of its operation… the WHOF would be rated ‘B’ for transparency… However, in the next two reporting periods, the WHOF would be assessed a ‘D’ for transparency…”

“Nearly 80% of funds donated in January–December 2023 were from anonymous sources and in amounts of over US$100 000.”

“Results show low and declining levels of transparency over time, potentially raising concerns about the level of outside influence and role of commercial interests in setting WHO priorities.”

Though the Foundation claims to avoid tobacco and firearms money, the same is not true for fossil fuel, alcohol, sugar, or vaping interests:

“The current version of the WHOF gift policy sets out specific donor exclusions, yet only for tobacco and firearms manufacturers, while fossil fuel companies, alcohol producers, sugar sweetened beverage manufacturers and vaping companies, for example, are not mentioned in any form.”

The Foundation even publicly advertises insider access to WHO:

“Through its unparalleled access to WHO, the Foundation advances health equity by connecting and collaborating with visionary corporate partners to co-create solutions that have the highest impact.”

The authors of the BMJ Global Health study—affiliated with the U.K.’s London School of Hygiene and Tropical Medicine and University of Edinburgh—warn:

“This analysis of WHOF donor disclosures indicates levels of donor transparency akin to oft-criticised free market think tanks, with attendant risks for both undue influence and/or reputational damage for the WHOF, and by extension the WHO.”

In the end, the WHO’s private fundraising arm isn’t just taking cash from Big Pharma and Big Tech—it’s running on a flood of untraceable money, shielding its true backers behind a wall of anonymity while claiming “unparalleled access” to global health power.

How can the WHO claim neutrality when it’s bankrolled by pharmaceutical giants, Big Tech firms under scrutiny for censorship, and tens of millions in dark money from anonymous sources?

90 minutes after a solid 2Y auction stopped through in the first sale of this week’s abbreviated bond auction schedule, moments ago the Treasury sold $70BN in 5 year paper in what was a surprisingly ugly auction.

Starting at the top, the high yield was 3.983%, up from 3.879% in June, and tailing the When Issued 3.975% by 0.8bps, the biggest tail for this maturity since last October.

The bid to cover dropped to 2.31 from 2.36, the lowest since May 2024, and below the six auction average of 2.38. 

The internals were also ugly, with Indirects slumping to 58.3% from 64.7%, and the lowest since June 2022.

And with Directs awarded 29.5%, or the highest since 2012, Dealers were left holding 12.2% just above the recent average of 11.0%.

Overall, this was a surprisingly poor auction, yet despite the very ugly reception, the broader market barely noticed, with 10Y yields trading a tad lower after the break. We expect this complacency toward lack of demand for US paper to change very soon.