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Mark Zuckerberg Warns A ‘Reckoning’ Is Coming For One Of The Biggest Scams In America

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Mark Zuckerberg Warns A ‘Reckoning’ Is Coming For One Of The Biggest Scams In America

Via VigilantFox.com,

The student loan bubble is about to burst, and Zuckerberg knows it. He says there’s one huge problem with college today that no one can ignore anymore.

It started with a strange but telling moment. One that pulled back the curtain on the secretive world of Mark Zuckerberg.

On This Past Weekend podcast, comedian Theo Von joked about wanting to dig a tunnel underground. What he didn’t expect was for Zuckerberg to casually admit he had already done it.

“I do have an underground tunnel,” Zuckerberg said without hesitation.

Theo, caught completely off guard, asked, “Do you really? In the USA?”

Zuckerberg confirmed it was real and even bigger than Theo expected.

“I have this ranch in Kauai,” he said. “There’s this whole meme about how people are saying, I built this, like, bunker underground. It’s like more of underground storage.”

Theo, laughing, teased him: “Zucky got that bunky. What’s under the ground? Just more water, right?”

Zuckerberg brushed it off, but he didn’t deny the core of the rumor.

“It’s basically what you just said. It’s sort of a tunnel that just goes to another building.”

Not exactly a bunker, according to Zuckerberg, just an underground passage connecting parts of his remote island fortress. Well… Nothing to see here, right?

As the interview went on, Zuckerberg shifted gears and dropped a much bigger bomb.

He admitted what millions of Americans are starting to feel: college isn’t preparing young people for the real world anymore, and the student debt crisis is heading straight for a reckoning.

It’s a personal subject for Zuckerberg, who famously dropped out of Harvard to build Facebook, and now sees the system he left behind collapsing under its own weight.

“I’m not sure that college is preparing people for, like, the jobs that they need to have today,” he said. 

“I mean, I think that that’s like there’s a big issue on that. And like, all the student debt issues are like really big issues.”

He pointed to the crushing cost of a degree and the broken promises that come with it.

“I mean, the fact that college is just so expensive for so many people and then, like, you graduate when you’re in debt,” he said.

“If it’s not preparing you for the jobs that you need and you’re kind of starting off in this big hole, then I think that’s not good.”

In Zuckerberg’s view, the system isn’t just broken — it’s on borrowed time.

“There’s going to have to be a reckoning,” he warned.

“People are going to have to kind of figure out whether that makes sense.”

And the taboo around questioning college?

He says that’s starting to crumble too.

“It’s sort of been this taboo thing to say, like, maybe not everyone needs to go to college,” he said. 

“Because there’s like a lot of jobs that don’t require that.”

“But I think people are probably coming around to that opinion a little more now than maybe like ten years ago.”

And he wasn’t done yet.

The conversation soon turned to another taboo—one that most tech CEOs wouldn’t dare touch: the role of media elites in misjudging, mislabeling, and underestimating ordinary people.

Strange coming from the man involved in censoring millions of Americans and the president himself, but nonetheless, Zuckerberg unleashed on the media.

He slammed the entire idea that the public is too dumb to make their own decisions, a belief quietly pushed by many in the media.

“Like, I’ve always been a person who really kind of believes that people are smarter than people think,” he said, “and, and I think in general, are able to make good decisions for their lives.”

The real problem, Zuckerberg argued, isn’t the people — it’s the media’s failure to understand them.

“And when they do things that like the media or whatever thinks don’t make sense, it’s generally because the media doesn’t understand their life, not because the people are stupid.”

In one of the sharpest moments of the interview, he flipped the whole “misinformation” narrative on its head.

“Like if people are saying something that seems wrong, it’s not usually misinformation. It’s usually that you don’t understand what’s going on in that person’s life.”

And he didn’t stop there.

Zuckerberg called out the deep-rooted arrogance that still runs through legacy media outlets.

“I just think that there’s like a certain kind of paternalism in, in some of the, like, mainstream narratives and some of the media narratives,” he said.

But now, he hinted, the tide might finally be turning — because the so-called “experts” are losing their grip.

“I think it’s a little more receptive as maybe some of those cultural or media elite people are having a harder time predicting what’s going to happen in the world. Maybe there’s a little more humility of like, okay, maybe we don’t understand all of this.”

Finally, Zuckerberg ended with a brutal warning for the tech world—one rooted in hard experience.

The biggest mistake tech companies make? 

Thinking they’re smarter than the people they claim to serve.

Zuckerberg explained why arrogance toward everyday users almost always leads to disaster.

“To me, the best predicting thing has always been like, all right, if you build something, do people actually think it’s good?” he said. 

“Because like at some level, you know, it’s like, I just believe that people are actually very smart and understand their lives very well.”

He reiterated that the real test isn’t winning awards or impressing other executives. It’s whether real people actually find what you build useful.

“If you’re building something that is useful for them, then they will use it,” he said. “And if you’re building something that is not useful for them, then they have other options. They will do something else.”

Zuckerberg said trusting people’s judgment — not lecturing them — has been his greatest advantage.

“I don’t know, it’s always served me well to generally have faith in people and believe that people are smart and can make good decisions for themselves.”

But he also offered a serious warning.

Whenever companies start thinking they know better than their customers, it’s the beginning of the end.

“Whenever we try to, like, adopt some sort of like attitude of, oh, we must know better than them, it’s like—we’re like—we’re the people building technology. That’s when you lose, right?”

And when you lose touch for long enough, the fall is brutal.

“If you have that attitude for long enough, then you just become a shitty company and you lose and you lose and you lose and then you’re irrelevant.”

In the end, Zuckerberg said, it’s not the elites who shape the future, it’s the people.

“I tend to just think that at the end of the day, yeah, I mean, I think people are smarter than a lot of people think, and I think ultimately drive the direction that society goes in.”

 Underestimate everyday people and you lose everything.

Watch the full conversation between @TheoVon and Mark Zuckerberg here:

Tyler Durden
Tue, 04/29/2025 – 17:00

We Need To Reclaim Our Country’s Soul From The Radical Left

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We Need To Reclaim Our Country’s Soul From The Radical Left

Authored by Matt Margolis via PJMedia.com,

In a stunning display of misplaced priorities, Democratic lawmakers recently traveled to El Salvador—not to address the border crisis devastating American communities, but to advocate for MS-13 gang member Kilmar Abrego Garcia. 

This disturbing development perfectly encapsulates how far the Democratic Party has strayed from protecting American interests.

The same Democrats who rushed to El Salvador to defend a gang member remained conspicuously silent when Laken Riley, a 22-year-old nursing student, was brutally murdered by an illegal alien on her college campus. 

They offered no words of comfort when 18-year-old Jocelyn Nungaray was found dead in a San Diego canyon, raped and murdered by two illegal immigrants. And where were their impassioned speeches about “due process” when Rachel Morin, a mother of five, was murdered on a hiking trail by an illegal alien with a violent criminal history?

Border Czar Tom Homan and former Trump advisor Stephen Miller have both exposed the dangerous hypocrisy of these actions. 

While Sen. Chris Van Hollen (D-Md.) claims he’s merely defending “due process,” the facts tell a different story. 

Garcia’s own wife has accused him of domestic abuse, and he’s been accused of MS-13 gang affiliation. 

And then there are his connections to human trafficking.

“The Democrat Party has become the party of terrorists and illegal aliens,” Miller declared during a recent Fox News appearance.

“Who does it fight for? Who does it move heaven and earth to protect? Illegal alien gang members and foreign terrorists.”

The statistics are damning: Under the Biden administration, America witnessed a 600% increase in sex trafficking, while over 10.5 million people entered illegally. A quarter-million Americans have died from fentanyl flooding across our open borders. The brutal Tren de Aragua gang now plots assassinations on U.S. soil.

“Where were you when thousands of American parents buried their children?” Homan demanded of the Democrats during a recent appearance on Sean Hannity’s show. 

“They got separated from their children forever ’cause they were killed by illegal aliens. That’s preventable crime.” 

The graves of Laken Riley, Jocelyn Nungaray, and Rachel Morin stand as stark testimonies to this preventable tragedy.

Even more shocking, Van Hollen spent taxpayer money to meet with Garcia while ignoring murders committed by illegal aliens in his own state—released despite ICE detainers. 

During Biden’s presidency, Van Hollen never once visited the border to witness the catastrophe firsthand or spoke with the family of Rachel Morin, one of his actual constituents.

The American people face a critical choice. 

We can either stand with those working to secure our borders and protect our communities or watch as radical Democrats continue dismantling our national security to protect criminals and terrorists.

We will continue to expose the radical left for their indifference to the safety and security of this country and its citizens.

Tyler Durden
Tue, 04/29/2025 – 16:20

Power Restored In Spain, Portugal But The Situation Reveals A Very Serious Underlying Problem…

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Power Restored In Spain, Portugal But The Situation Reveals A Very Serious Underlying Problem…

Spanish power distributor Red Eléctrica announced on X early Tuesday that 99% of the country’s power capacity had been restored following a daylong, unprecedented blackout that plunged much of Europe’s Iberian Peninsula into chaos and darkness.

As of 0700 local time, Red Eléctrica stated:

  • 99.95% of the demand recovered (25,794MW).

  • We continue working from the Electrical Control Center for the complete normalization of the system.

The outage paralyzed digital payment systems, disrupted communications, and brought various modes of transportation networks to an apocalyptic standstill. While a Spanish judge has launched an investigation into whether a cyberattack was responsible, early indications suggest the culprit is likely net zero.

Here’s an excerpt from Michael Shellenberger at PUBLIC, who provided an uncomfortable truth about the unhinged liberals in Europe who have been hellbent on retiring fossil fuel power and nuclear generation plants, swapping for unreliable solar and wind:

Despite all these warnings, political and regulatory energy in Europe remained focused on accelerating renewable deployment, not upgrading the grid’s basic stability. In Spain, solar generation continued to climb rapidly through 2023 and early 2024. 

Coal plants closed. Nuclear units retired. 

On many spring days by 2025, Spain’s midday solar generation exceeded its total afternoon demand, leading to frequent negative electricity prices.

The system was being pushed to the limit.

And today, at 12:35 pm, it broke.

…

Spain’s blackout wasn’t just a technical failure. It was a political and strategic failure.

…

Unless Spain rapidly invests in synthetic inertia, maintains and expands its nuclear fleet, or adds some other new form of heavy rotating generation, the risk of future blackouts will only grow worse.

Red Eléctrica has refused to speculate on the cause of the worst blackout in Spain’s history. However, REN, the Portuguese grid operator, said Monday that a rare atmospheric phenomenon in Spain caused by extreme temperature variations was the most likely cause.

Via Daily Mail…

Spain’s Prime Minister Pedro Sánchez told reporters that the power blackout was caused by an issue in the European grid. He described it as a “strong oscillation” but did not provide further details. 

Sánchez noted that power was pulled from Morocco and France to restore power in southern and northern parts of Spain. Local grids were adding the production of hydroelectric and combined cycle thermal power plants to stabilize the grid.

*  *   *

After selling out quickly, 10 of these just showed up! Free Shipping. (click pic)

Spain’s green energy revolution actually achieved net zero yesterday: blackout. 

So what the fuck actually happened? 

Mark Nelson (@EnergyBants) posted the most detailed breakdown (and conclusion) on X:

SPAIN BLACKOUTS: AN ANONYMOUS EXPERT VIEW

From a deep groupchat, last night, translated from Spanish, written by an expert in transmission and distribution of power. Not my words.

“What has happened on April 28 has a well-located origin: the Aragón-Catalonia corridor, which is one of the most important electric highways in Spain. There is not only the electricity produced by our solar and wind farms in the northeast, but also the electricity that we import from France. This international interconnection, although weak (it can only contribute 3% of our demand, well below the minimum of 10% that marks the EU), in times of stress is essential to balance the network.

At 12:32 p.m., in that Aragón-Catalonia corridor there was an electric shock. What exactly does “shake” mean? It means that suddenly and abnormally, the power that flowed through those lines began to vary violently, rising and falling in a very short time. 

Such abrupt variability can be due to three main causes:

  1. That a relay or transformer on that electric highway detects an abnormal flow of current or voltage (higher or lower than expected) and automatically disconnected to avoid burning or destroyed. This is called that “opens” a relay or switch: it jumps and cuts the passage of electricity to protect itself.

  2. That the enormous concentration of renewable energy in that area (mainly solar and wind) has created an electrical resonance: electronic inverters, which synchronize current, can sometimes be amplified between them if a small voltage alteration (for example, due to clouds, strong wind or a slight failure) extends like an echo to all devices, causing widespread oscillations.

  3. That a wrong control order has been sent (by mistake or attack) from the SCADA systems, disconnecting or reducing the generation of multiple hit plants. There is no confirmation of this possibility yet, but it is being investigated.

What is known is that as a consequence of that shake, the interconnection with France jumped: we were isolated just at the worst time, when the peninsula needed external support to stabilize.

Without that French help, the frequency of the peninsular network (which should always be 50 Hz exact) began to drop quickly. The frequency is like the heartbeat of the network: if it falls too much, the systems understand that the patient (the network) is collapsing and automatically disconnected so as not to self-destruct. Thus, in just five seconds, the solar and wind farms were turned off —very sensitive to frequency variations—, 15 GW of power was lost suddenly (60% of all the electricity generated at that time), and the network could not take it anymore: it was It collapsed completely, showing the Redeia Platform (REE) a “0 MW” nationwide. That does not mean that all the turbines were physically turned off, but there was no generator synchronized at the common frequency of 50 Hz. It was, for practical purposes, a country off.

To ignite a completely dead network again, one essential thing is needed: plants that can start in black, that is, without receiving energy from anywhere else. Spain has identified five large hydroelectric jumps capable of doing this. However, and here is one of the great negligences that are coming to light, three of those five groups were stopped in scheduled maintenance, by business decision supervised by the administration. Only two were operational. That made the recovery much slower and weaker than it should be in a normal contingency plan.

The result is that, after almost 10 hours, only 35% to 40% of the national supply has been recovered, and there are still large areas in the dark or under scheduled cuts.

The situation reveals a very serious underlying problem:

  • Spain is still an energy island: it only has 3% foreign exchange capacity compared to its total demand.

  • The network depends a lot on variable renewables, which are disconnected quickly in the face of any instability.

  • The lack of physical inertia reserves (i.e. large rotating masses such as thermal power plants or classic hydraulics) prevents the disturbances from damping.

  • And poor maintenance planning left without enough hydraulic muscle to respond to a crisis.

The most likely causes, with current data, are:

  • A combination of technical failure in protection or in synchronization, added to a serious lack of operational forecast and maintenance (probability ≈ 40%).

  • The possibility of an intentional cyber-physical attack remains in analysis (≈ 25% estimated probability).

  • Other factors such as human error, punctual atmospheric phenomenon or mixed causes complete the rest.

In short: an initial shake at the most sensitive point of the Spanish network —the Aragón-Catalonia corridor, door to Europe— left the peninsula isolated and vulnerable. The network could not sustain its own demand because it did not have sufficient assistance, nor stable physical reserve, nor enough bootable plants in black. Three of five hydroelectric jumps were out of service when they were most needed.

For this reason, Spain went out in five seconds, and that is why it still continues to light little by little, fragile, slow and exposed.

Great job, Western liberals, on the deranged march to net-zero, culminating in the implosion of part of Europe’s power grid. Meanwhile, China is adding record amounts of coal and nuclear power capacity. It’s almost as if the entire green movement is about de-growth — and, in some cases, seems like sabotage fueled by sheer stupidity.

Tyler Durden
Tue, 04/29/2025 – 15:55

Axios Clown Claims Media “Missed” Biden’s Mental Decline

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Axios Clown Claims Media “Missed” Biden’s Mental Decline

Authored by Steve Watson via Modernity.news,

The funniest joke at the White House Correspondent’s dinner Sunday came courtesy of Axios ‘journalist’ Alex Thompson, who suggested that the media didn’t report on Joe Biden’s obvious cognitive decline because his handlers ‘covered it up’.

Thompson claimed that “Biden’s decline and its cover up by the people around him is a reminder that every White House regardless of Party is capable of deception.”

“But being truth tellers also means telling the truth about ourselves,” he continued, adding “We, myself included, missed a lot of this story and some people trust us less because of that.”

You didn’t “miss” it, you ignored it.

You also actively denied it was a thing.

“We bear some responsibility for faith in the media being at such lows,” Thompson further stated, adding “I say this because acknowledging errors builds trust and being defensive about it further erodes it. We should have done better.”

No shit.

While every conservative was for years screaming about Biden’s brain turning to mush, the media was amplifying Democrats calling him “sharp as a tack.”

*  *  *

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden
Tue, 04/29/2025 – 15:25

“We Are Refilling The Reserve Now”: Energy Secretary Wright Confirms SPR Refill After Biden’s Reckless Drain

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“We Are Refilling The Reserve Now”: Energy Secretary Wright Confirms SPR Refill After Biden’s Reckless Drain

The effort to refill America’s Strategic Petroleum Reserve, depleted under President Biden in 2022, is progressing slowly under the Trump administration, Energy Secretary Chris Wright said in a CNBC interview this week.

“We are refilling the reserve now, and we will continue to refill the reserve the whole time I’m in office,” Wright stated, warning it could take years. He criticized Biden’s decision to release oil from the SPR as “such an irresponsible action to drain that reserve so quickly for electoral reasons.”

The Biden administration authorized a historic sale of 180 million barrels over six months to fight surging gasoline prices and inflation, and in response to Russia’s invasion of Ukraine, according to Newsmax.

Wright added that the rapid drawdown damaged infrastructure: “It was drained so fast, it did some damage to the facilities. And so, right now, we only can fill two of the four major salt caverns we have, so we are doing repair work on the other two.” He said he’s pushing for more funding to speed up the repairs and refill effort.

Recall back in March we noted that Wright told Bloomberg in an interview that the Energy Department was preparing to purchase $20 billion worth of crude oil as the first step in refilling the nation’s depleted SPR to a sufficient level.

At the time, he said the initiative, which may take years, would restore holdings “just close to the top.” 

The initiative, which may take years, would restore holdings “just close to the top” to maintain efficient operating status, Wright said in an interview on Thursday in Louisiana after touring a natural-gas export plant. Trump said he planned replenish the Strategic Petroleum Reserve during his inaugural address in January, part of a broad embrace of conventional energy that’s also included pledges to boost domestic oil production and roll back regulation. The storage facility — the largest of its kind — is meant to provide a cushion to guard against crude supply disruptions. “Ultimately, that’s what it was built for — to have the maximum security for the American people,” Wright said. -BBG 

Currently trading at approximately $61 per barrel, WTI has decreased by about 13.76% since the beginning of the year and the re-escalation of trade disputes, particularly between the U.S. and China, has dampened global economic outlooks, leading to reduced demand projections for oil

Recall, under Biden’s first term, the reckless administration dangerously drained the SPR from around 650 million barrels to about 395 million. 

Bloomberg noted back in March: “Congress will need to approve funding to refill the system, which isn’t guaranteed. Energy Department funds for purchases ran out after the Biden administration bought about 60 million barrels.”

Tyler Durden
Tue, 04/29/2025 – 15:00

Trump Order Strips Funding From Sanctuary Cities Engaged In ‘Insurrection’

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Trump Order Strips Funding From Sanctuary Cities Engaged In ‘Insurrection’

Authored by Bethany Blankley via The Center Square,

President Donald Trump issued an executive order on Monday to enhance national security and enforce federal immigration and criminal law in so-called sanctuary jurisdictions and take a range of actions against those obstructing enforcement, including eliminating their federal funding.

Trump’s “Protecting American Communities from Criminal Aliens” executive order directs the departments of Justice and Homeland Security to publish a list of state and local jurisdictions that obstruct federal immigration enforcement and take action against them.

“Federal supremacy with respect to immigration, national security, and foreign policy is axiomatic,” the order states, citing Article II and Article IV, Section 4, of the U.S. Constitution, vesting the federal government with the power to protect national security and “protect each of [the States] against Invasion.”

The invasion argument was first made by 55 Texas counties that declared an invasion citing Article IV, Section 4 of the U.S. Constitution, The Center Square exclusively reported.

“The prior administration allowed unchecked millions of aliens to illegally enter the United States,” the order states, creating a public safety and national security crisis, exacerbated by transnational criminal organizations, terrorists and others intent on harming Americans.

Trump’s latest executive order, as many of his previous ones, is likely to be challenged in court.

Citing an invasion at the southern border, which Trump officially declared on his first day in office, his administration is now responding to some state and local officials who “violate, obstruct, and defy” federal immigration enforcement, the order states.

Local jurisdictions who obstruct federal deportation efforts are engaging in “a lawless insurrection against the supremacy of Federal law and the Federal Government’s obligation to defend the territorial sovereignty of the United States,” it states.

In addition to creating “intolerable national security risks,” the order states sanctuary jurisdictions’ “nullification efforts often violate Federal criminal laws, including those prohibiting obstruction of justice, … unlawfully harboring or hiring illegal aliens …, conspiracy against the United States …, and conspiracy to impede Federal law enforcement.”

The order also notes that “assisting aliens in violating Federal immigration law could also violate the Racketeer Influenced and Corrupt Organizations Act,” an argument made by America First Legal, The Center Square reported. In January, AFL launched a resource to help Americans fight sanctuary policies and sent letters to more than 250 elected officials demanding that they comply with federal law or expect to be sued.

“Concealing, harboring, or shielding aliens could also trigger liability under the federal Racketeer Influenced and Corrupt Organizations Act (RICO) statute,” AFL said.

“Civil RICO remedies are available to ‘[a]ny person injured in his business or property by reason of a violation’ and shall recover threefold the damages he sustains and the cost of the suit, including a reasonable attorney’s fee.’”

Trump’s order also states that those who assist illegal foreign nationals might be violating federal laws that prohibit discrimination against Americans and might be violating Americans’ civil rights.

In order for the federal government “to restore the enforcement of United States law,” Trump directed the attorney general and Secretary of Homeland Security to publish a list of states and local jurisdictions that obstruct the federal immigration enforcement. Each jurisdiction is to be notified of its alleged violation of federal immigration and criminal law.

Those that remain in defiance will lose all federal funding, the order says. The AG and DHS secretary are directed to work with the Director of the Office of Management and Budget to identify, suspend and terminate all federal funds allocated to sanctuary jurisdictions, including grants and contracts. They are also directed to “pursue all necessary legal remedies and enforcement measures to end these violations and bring such jurisdictions into compliance” with U.S. laws.

The order also prevents all federal benefits from being spent on illegal foreign nationals living in sanctuary jurisdictions, including through private entities. It requires federal agencies to create a mechanism “to ensure appropriate eligibility verification is conducted for individuals receiving federal public benefits” under Title 8 of federal immigration law.

It also creates provisions for the AG, DHS secretary and agency heads to “identify and take appropriate action to stop the enforcement of state and local laws, regulations, policies, and practices favoring aliens over any groups of American citizens that are unlawful, preempted by federal law, or otherwise unenforceable.”

This includes state laws that provide in-state higher education tuition “to aliens but not to out-of-State American citizens that may violate” federal law or “that favor aliens in criminal charges or sentencing.”

The order was issued after the Trump administration already warned sanctuary jurisdictions like Massachusetts, whose officials remained steadfast in their policies to protect illegal foreign nationals. They continued to do so after federal authorities arrested alleged terrorists tied to the murder of U.S. troops and hundreds of criminal illegal foreign nationals were charged or convicted of committing violent crimes against Massachusetts residents, The Center Square reported.

Tyler Durden
Tue, 04/29/2025 – 14:40

Arizona Legislature Passes Bitcoin Reserve Bills, Moving Closer To Stockpiling Crypto

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Arizona Legislature Passes Bitcoin Reserve Bills, Moving Closer To Stockpiling Crypto

Authored by Turner Wright via CoinTelegraph.com,

Lawmakers in the Arizona House of Representatives passed two bills that could allow the state to adopt a reserve using Bitcoin or other cryptocurrencies.

In a third reading on April 28 of Senate Bill 1025 (SB1025), a proposal to amend Arizona’s statutes to allow for a strategic BTC reserve, 31 members of the Arizona House voted in favor of the bill, with 25 opposed. A similar bill, SB1373, to establish a state-level digital assets reserve, passed with 37 lawmakers in favor and 19 voting nay.

“This bill basically takes the approach that probably 15 other states are considering the same legislation nationwide that allows the treasurer to invest up to 10% into, probably mainly Bitcoin but other things as well,” said State Representative Jeff Weninger on SB1025.

“I think this probably would start as a ‘may’ for the foreseeable future, but as things continue to pivot towards Bitcoin and these things, would have that already in place in the future.”

Voting for SB1025 in the Arizona House of Representatives on April 28. Source: Arizona State Legislature

The approvals bring the bills closer than any other state-level initiative in the US to getting a cryptocurrency or Bitcoin strategic reserve signed into law. Similar legislation proposed in New Hampshire passed the state’s House in April and is expected to head to the Senate for a full floor vote soon.

Arizona Governor Katie Hobbs announced on April 17 that she intended to veto any bill until lawmakers had a “serious, bipartisan funding solution that protects healthcare for Arizonans with disabilities.” However, with the passage of such legislation on April 24, the governor could be more open to signing SB1025 or SB1373 into law.

Federal plans to establish a national crypto reserve

The state-level efforts to create Bitcoin reserves come amid a push from US President Donald Trump and Republican lawmakers to do the same in the federal government. 

Trump signed an executive order in March with a proposal for a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile.”

Wyoming Senator Cynthia Lummis, a crypto advocate, proposed that Congress pass legislation that could allow the US government to hold more than 1 million BTC, in part through crypto seized through civil or criminal forfeiture. Some lawmakers have suggested Lummis’s bill was an attempt by Congress to codify Trump’s executive order into law.

Tyler Durden
Tue, 04/29/2025 – 12:40

Pakistan Shoots Down Indian Spy Drone Over Kashmir As Forces On High Alert

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Pakistan Shoots Down Indian Spy Drone Over Kashmir As Forces On High Alert

Pakistan’s military says it shot down an Indian spy drone in the Kashmir region, soon after the country’s defense chief warned that intelligence shows an Indian army incursion is ‘imminent’.

The unmanned drone reportedly breached the Line of Control (LOC) in Kashmir, Pakistani state-run media said, and it was subsequently shot down amid the air space incursion. Pakistani defense officials described to The Associated Press that the drone flew hundreds of feet into Pakistani-administered Kashmir.

Illustrative: the type of Indian drone believed downed in Kashmir.

Defense Minister Khawaja Asif the day prior confirmed the nation’s military is currently on high alert and he had “reinforced our forces” – after multiple days of sporadic exchanges of gunfire along unspecified border posts.

“In that situation, some strategic decisions have to be taken, so those decisions have been taken,” Asif told Reuters, also ominously describing that Islamabad would only consider using its nuclear arsenal in response to “a direct threat to our existence.” 

There’s as yet been no noticeable incursion, and it remains unclear what evidence for this forecast Pakistan’s military and intelligence services might have.

Last Tuesday’s deadly militant attack on tourists in Kashmir, which saw 26 Indian tourists get executed after the gunmen sought to identify Hindus among the group, resulted in the Indian government promptly accusing Pakistan of harboring the Islamist terrorists which committed the atrocity, which Islamabad angrily rejected.

The nuclear-armed neighbors have already fought two historic wars over the Kashmir region, and fears are rising that another one may soon be on the horizon – also after both sides have sent military reinforcements to the respective regions they administer. Amid a massive manhunt, India identified two detained suspected militants as Pakistani.

The New York Times described Saturday that “Pakistani solders fired at an Indian position first and India responded in kind, according to local news reports, which said that “the exchange was brief and that there were no casualties.” Precise locations of these live fire incidents have not been disclosed.

Missile and nuclear saber-rattling has meanwhile ensued:

India’s navy test-fired missiles on Sunday, showcasing its ability to carry out “long-range, precision offensive” strikes, as tensions with Pakistan rise after last week’s terrorist attack in Indian-administered Kashmir that killed 26 civilians.

“Indian Navy ships undertook successful multiple anti-ship firings to re-validate and demonstrate readiness of platforms, systems, and crew for long-range precision offensive strike,” the navy posted on X, as the prime minister, Narendra Modi, promised a “harsh response” to the attack at a tourist site, the deadliest against civilians in Kashmir in 25 years.

As for the other side, a Pakistani minister, Hanif Abbasi (though he’s not in defense or security) days ago warned that Pakistan’s nuclear arsenal of more than 130 missiles was “not kept as models” and was aimed “only for India … these ballistic missiles, all of them are targeted at you” – The Guardian noted.

The United Nations has urged restraint, and Pakistan has called for an independent investigation into the Kashmir terror attack, which it says it had nothing to do with. It has also called on Russia and China to mediate and assist with a potential investigation.

If gunfire continues to be exchanged between the two militaries, also amid reports that Pakistani visa holders are being promptly booted from the country amid the diplomatic crisis – clashes could accelerate toward open war. 

India’s Chief Minister of Jammu and Kashmir Omar Abdullah has meanwhile said there must be a “decisive fight against terrorism and its origin.” Indian officials have continued to heap accusations that ultimately Islamabad either supports these groups or at least turns a blind eye.

More observations via Rabobank…

* * *

Pakistan just warned of imminent India military action against it in response to a recent terror attack in Kashmir, to which China stated: “As Pakistan’s ironclad friend and all-weather strategic cooperative partner, China fully understands Pakistan’s legitimate security concerns and supports Pakistan in safeguarding its sovereignty and security interests,” with rumours it and Turkey are sending Pakistan weapons. 

India will surely be looking for mirroring statements and actions from those who want more trade with it. The UK and the EU aren’t going to provide them; BRICS is a joke given what C just said about I, via P; and that only leaves the US.

Tyler Durden
Tue, 04/29/2025 – 12:20

Lutnick Rolls Out Auto Tariff Relief As US Pushes To Reshore Supply Chains

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Lutnick Rolls Out Auto Tariff Relief As US Pushes To Reshore Supply Chains

Update (1215ET):

On Tuesday morning, U.S. Commerce Secretary Howard Lutnick provided clarity on the highly anticipated auto tariff relief, confirming it will apply to all U.S.-built vehicles.

Lutnick said tariffs will apply to those produced by foreign automakers with plants in the US. He added that the relief would be phased in over three years, giving manufacturers time to shift their supply chains back to the U.S. 

Headlines:

  • LUTNICK: TARIFF RELIEF AVAILABLE TO ALL U.S.-BUILT VEHICLES

  • LUTNICK: TARIFF WILL APPLY TO FOREIGN CAR MAKERS BUILDING CARS IN THE U.S

  • LUTNICK:  TARIFF RELIEF TO BE PHASED IN OVER THREE YEARS TO ALLOW AUTOMAKERS TO PRODUCE SUPPLY CHAINS IN THE U.S.

  • LUTNICK: ALL CARS THAT ARE FINISHED IN U.S. THAT HAVE 85% DOMESTIC CONTENT WILL HAVE NO TARIFFS

  • LUTNICK: MANUFACTURERS OF U.S.-BUILT AUTOS WILL GET 15% OFFSET FOR VALUE OF THOSE VEHICLES AGAINST PARTS IMPORTS

  • LUTNICK: AUTO MANUFACTURERS WILL PICK THE HIGHEST TARIFF THAT COMES WITH THEIR GOODS AND THEY WILL ONLY PAY ONE

  • LUTNICK: AUTO MAKERS WILL PAY EITHER STEEL OR AUTO TARIFF, WHICHEVER IS HIGHER

  • LUTNICK: TWO YEARS WAS AGREED TIME TO GIVE MANUFACTURERS SUFFICIENT TIME TO BUILD UP SUPPLY CHAIN

  • LUTNICK: THERE IS NO THIRD YEAR OF RELIEF

 

*   *   * 

Global stocks were steady overnight, with U.S. equity futures marginally higher, as sentiment improved following reports that President Trump plans to ease tariffs on foreign auto parts used in U.S.-made vehicles. The news comes as Trump marks his first 100 days in office, ahead of a rally in Michigan scheduled for this evening. 

The Wall Street Journal, citing multiple sources familiar with the plans, reported that the proposed tariff rollback would offer major relief to automakers producing vehicles within the U.S. borders. These companies have been battered by the trade war due to their deeply entrenched supply chains spanning Asia and Europe. 

Sources added more color to what the tariff reprieve looks like: 

The decision will mean that automakers paying Trump’s automotive tariffs won’t also be charged for other duties, such as those on steel and aluminum, according to people familiar with the policy.

The move would be retroactive, the people said, meaning that automakers could be reimbursed for such tariffs already paid. The 25% tariff on finished foreign-made cars went into effect early this month.

The administration will also modify its tariffs on foreign auto parts—slated to be 25% and effective May 3—allowing automakers to be reimbursed for those tariffs up to an amount equal to 3.75% of the value of a U.S.-made car for one year. The reimbursement would fall to 2.5% of the car’s value in a second year, and then be phased out altogether.

Commerce Secretary Howard Lutnick told WSJ in a statement about Trump’s move to ease the pain for automakers: 

President Trump is building an important partnership with both the domestic automakers and our great American workers.

This deal will be a major victory for the president’s trade policy by rewarding companies who are already manufacturing domestically, while providing a runway to manufacturers who have expressed their commitment in investing in America and expanding domestic manufacturing.

In a separate statement to Bloomberg, Lutnick said:

This deal is a major victory for the president’s trade policy by rewarding companies who manufacture domestically while providing runway to manufacturers who have expressed their commitment to invest in America and expand their domestic manufacturing.

Trump’s trade war is an urgent move to shift critical supply chains out of China, either by relocating them to a friendlier shore or reshoring them. 

Ford CEO Jim Farley commented on the WSJ report:

Ford welcomes and appreciates these decisions by President Trump, which will help mitigate the impact of tariffs on automakers, suppliers and consumers.

We will continue to work closely with the administration in support of the president’s vision for a healthy and growing auto industry in America. Ford sees policies that encourage exports and ensure affordable supply chains to promote more domestic growth as essential. 

This news comes ahead of Trump’s trip to Michigan to celebrate the first 100 days of his second term in office. The president will speak at Macomb Community College in Warren, about 20 miles north of Detroit, around 6:00 p.m. local time.

Ahead of Trump’s first 100 days, crazed Michigan Democratic Rep. Shri Thanedar filed articles of impeachment against the president, stating:

I have introduced articles of impeachment against President Trump. When Trump ignores the Constitution, Congress, and the courts, he is not ‘fighting for America.’ He is tearing it down and endangering our democracy.

Trump’s pivot on auto tariffs represents the latest development in his ever-changing trade strategy to friend-shore or re-shore critical supply chains.

Tyler Durden
Tue, 04/29/2025 – 12:15

US Homeownership Rate Falls To Lowest Level In 5 Years

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US Homeownership Rate Falls To Lowest Level In 5 Years

Authored by Naveen Athrappully via The Epoch Times,

The homeownership rate in the United States declined to 65.1 percent in the first quarter of this year, 0.6 percentage points lower than in the previous quarter, the U.S. Census Bureau said in a statement on April 28.

“This quarter’s homeownership rate is the lowest since Q4 of 2019,” real estate listings website Realtor said in an April 28 report. 

“The homeownership rate spiked in early 2020 before settling in the mid 65% – 66% range through the pandemic and the years following.”

Realtor attributed the decline in homeownership rate in the first quarter to a lack of affordable housing.

“Though inventory levels continue to rise on an annual basis, the number of homes for sale is still below pre-pandemic levels, which has kept upward pressure on home prices and limited affordable options for many households,” it said.

The homeowner vacancy rate, which is the proportion of properties owned that are vacant and for sale, was 1.1 percent higher than in the first quarter of 2024 but remained the same in the fourth quarter of 2024. This was higher in major cities compared to the suburbs. The vacancy rate was the lowest in the Northwest and highest in the West.

According to Realtor, vacancy rates had remained below the 1 percent level from the first quarter of 2022 to the third quarter of 2024, which emphasized “the lack of for-sale inventory,” it said.

“Though recent inventory gains have kept vacancy at a recent high, there are still far fewer vacant homes than was typical in the years pre-pandemic, suggesting that inventory still has some ground to cover,” it said.

Overall, roughly 89.5 percent of all housing units in the United States were occupied in the first quarter of this year, with the properties occupied by either homeowners or renters, the bureau said.

In a Feb. 10 report, JP Morgan said the lower vacancy rates suggest potential supply constraints in the market.

“Vacancies indicate that there are enough homes available, but these may not be the right type, in the ideal location, or at an affordable price point,” it said, adding that the housing market demand was “seriously suppressed” by elevated interest rates.

The weekly average rate on a 30-year fixed-rate mortgage has remained above 6.5 percent for the entire first quarter of this year, according to data from Freddie Mac.

The elevated rates make mortgage payments more expensive, thus deterring prospective buyers seeking affordable homes.

John Sim, head of securitized products research at JP Morgan, said the housing market situation “is not going to change until we get mortgage rates back down toward 5 percent, or even lower.”

“And we aren’t forecasting mortgage rates to breach 6 percent in 2025—they should ease only slightly to 6.7 percent by the year-end,” Sim said in a statement.

Easing Housing Conditions

There are signs that housing costs are cooling down as home prices fall. In the four weeks ending April 20, the median sales price of homes fell year over year in 11 out of the 50 populous metros in the United States, real estate brokerage Redfin said in an April 24 statement.

“Home prices are falling in many major metros—and price growth is decelerating nationally—because many house hunters are backing off, but the number of homes for sale is holding up,” the brokerage said.

“Home tours are slowing, mortgage-purchase applications are falling, and Redfin agents in many parts of the country report that would-be buyers are ultra-cautious amid high housing costs and widespread economic uncertainty.”

Chen Zhao, Redfin’s economic research lead, advised sellers to price their homes “fairly.” Sellers may have to lower their asking prices in order to “sell quickly and avoid giving concessions,” he added.

As for mortgage rates, Sam Khater, chief economist at Freddie Mac, highlighted in an April 24 statement that the 30-year fixed-rate mortgage rate has fluctuated by less than 20 basis points over the past couple of months.

This stability bodes “well for buyers and sellers alike,” he said.

Meanwhile, a bipartisan group of lawmakers reintroduced the Rural Housing Service Reform Act this month, aimed at strengthening the supply of affordable housing in rural communities and small towns, according to an April 3 statement from the office of Sen. Tina Smith (D-Minn.).

The Act proposes several key measures, including requiring the Department of Agriculture to expedite the loan approval process and updating rules for home repair loan programs to make it less burdensome to obtain smaller loans.

“Improving homeownership opportunities, particularly in rural areas, is critical for the well-being of South Dakota families,” Sen. Mike Rounds (R-S.D.), one of the lawmakers who introduced the bill, said in a statement.

The Act “would streamline federal programs and remove barriers to homeownership, making this dream a reality for more South Dakotans. It would also preserve existing affordable housing and rental assistance in rural areas,” he said.

Tyler Durden
Tue, 04/29/2025 – 12:00

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