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Hawkish Warsh Hammers Barbarous Relic: Gold Crashes Back Below $4000 As Rate-Hike Odds Rise

Hawkish Warsh Hammers Barbarous Relic: Gold Crashes Back Below $4000 As Rate-Hike Odds Rise

Gold plunged back below $4,000 an ounce for the first time since November 2025 this morning, as a resurgent dollar and the prospect of higher interest rates bring bullion’s three-year bull market to a halt (now down 30% from its January highs).

The precious metal has posted double-digit gains for each of the last three years, more than doubling in price as central banks, money managers and retail investors all piled into the trade.

That rally ran out of steam in late January, shortly after the precious metal hit an all-time-high near $5,600 an ounce.

Chief among the factors that weighed on bullion’s performance was the outbreak of the US-Iran war.

Higher energy prices have fueled inflation and increased the likelihood of rate hikes, making bullion less attractive relative to yield-bearing assets like Treasuries.

Additionally, during the early period of the war, Gold reserves were used as a ‘piggy bank’ by Emerging Market nations to fund the huge increase in costs to procure energy (and manage currency runs).

Although oil prices are now falling as the US and Iran are negotiate a permanent peace deal, new Fed Chair Kevin Warsh surprised markets with a hawkish tone at his first rate-setting meeting last week, putting more downward pressure on the metal.

“The primary driver behind gold’s recent decline has been a significant repricing of interest-rate expectations,” Ewa Manthey, commodities strategist at ING Groep NV wrote in a note Wednesday.

Additionally, the debasement trade, a strategy favoring assets such as gold and Bitcoin over currencies vulnerable to inflationary, fiscal and monetary excess, has been losing momentum since President Trump nominated Kevin Warsh to lead the Fed.

Warsh’s statement that price stability is his overriding priority and his reputation as an inflation hawk have introduced doubts about the direction he would take, causing some investors to hedge their bets and leading to a decline in the debasement trade.

“Anyone who thinks that he is some kind of a stooge that’s been put in there to cut interest rates regardless of inflation is going to really, really be disappointed with Kevin Warsh,” said Gavyn Davies, co-founder and chairman of Fulcrum Asset Management and a former chief economist at Goldman Sachs.

“He’s not that kind of chair.”

The debasement trade – broadly defined as a strategy favoring assets such as gold and Bitcoin over currencies vulnerable to inflationary, fiscal and monetary excess like the dollar – had been one of the defining market narratives of the past two years.

“If the Fed has got the hiking bias, it’s really hard to play the debasement card,” Meera Chandan, JPMorgan’s co-head of global foreign-exchange strategy, said in an interview.

In the US, surging government borrowing and inflation running above target for more than half a decade fueled concerns that the greenback’s purchasing power would erode.

“What people were worried about was the inflation target, the Fed’s credibility and its independence,” said Jonathan Owen, a portfolio manager at TwentyFour Asset Management.

“I think those concerns were largely put to rest.”

All of which has helped push the dollar up to its highest since May 2025 (around the Nov 2025 highs)

As Bloomberg’s Jack Ryan and Yihui Xie report, several major banks have cut their gold forecasts in the last week.

Though revised targets imply prices will gain from current levels, Wall Street analysts are markedly less bullish than before.

Goldman Sachs axed $500 from a forecast that now sees bullion ending the year at $4,900 an ounce, while Deutsche Bank AG cut its fourth-quarter estimate by 17%.

It seems that Specs have thrown in the towel on the barbarous relic…

As the gold price has caught down to ETF holdings.

As Deutsche Bank wrote in a note, continued sales from gold-backed ETFs showed that the usual support for the metal is “notably absent,”

Meanwhile in China, the metal’s onshore discount to Comex prices in New York suggests imports will not be a support for the market, the bank’s analysts said.

But Goldman noted that gold ETF holdings that have undershot their federal funds rate-implied level

Still, one bright spot for bullion is the continued strength of central-bank demand.

“The one pillar which remains strong is central bank demand, and we expect this to be the case for some time to come,” Deutsche Bank wrote.

The monetary institutions added to their holdings at the fastest pace in more than a year in the first quarter, and survey data indicates they intend to buy more.
 

Tyler Durden
Wed, 06/24/2026 – 09:40

‘Customers Are Being Gouged’: Trump Tells DOJ To Look Into Gasoline Prices

‘Customers Are Being Gouged’: Trump Tells DOJ To Look Into Gasoline Prices

President Trump said on Wednesday that he had instructed the Department of Justice (DOJ) to open an investigation into oil companies over high gasoline prices.

In a Truth Social post, Trump said that oil companies have not lowered their prices at the pump despite a recent decline in crude prices following the U.S.–Iran preliminary agreement.

“Those prices are dropping like a rock! In other words, customers are being ‘gouged,’” he said.

“Gasoline prices better start going down a lot faster than what I’m seeing!”

Brent crude futures fell below $75 per barrel on Wednesday (back near pre-war levels), while U.S. West Texas Intermediate futures dropped to $72.29, amid the resumption of shipping traffic in the Strait of Hormuz.

Bloomberg’s energy guru, Javier Blas, remarked after President Trump’s post: 

“US President Trump, all political theatre, has just discovered the refining (and marketing) margin.”

The national average price for regular gasoline stood at $3.93 per gallon on June 23, according to the American Automobile Association (AAA), down from $4.04 the previous week.

The gas price was $4.53 per gallon a month ago.

Of course, given the supply/refinery chain, it takes time (two weeks) for crude prices to ripple through to pump prices…

AAA said it observed that gas prices remain above the levels before the conflict with Iran erupted in February.

The national average price for regular gas was $2.98 on Feb. 28, the day when the United States and Israel launched military operations against Iran, triggering the war.

“Getting prices back down to prewar levels will take longer because of the time it takes to resume shipping and production,” Marie Dodds, public affairs director for AAA Oregon/Idaho, said in a statement.

As Aldgra Fredly reports for The Epoch Times, US and Iran signed a memorandum of understanding last week to end the war. Under the agreement, the Strait of Hormuz would be fully reopened, and Tehran would not procure or develop a nuclear weapon. The United States also agreed to waive sanctions on Iranian oil for 60 days.

U.S. Secretary of Energy Chris Wright told ABC News on June 21 that commercial shipping traffic through the Strait of Hormuz had returned to normal levels, and that Americans should expect further declines in oil, gasoline, and other energy prices as traffic resumed.

“Flows of oil and natural gas through the straits have already returned to normal, and they will continue that way whatever happens with the negotiations with the Iranians,” he said.

Arsenio Dominguez, secretary-general of the International Maritime Organization, said on June 23 that more than 11,000 seafarers stranded in the region due to war would be evacuated under a coordinated effort with Iran, Oman, other coastal states in the region, the United States, and the maritime industry following the U.S.–Iran preliminary deal.

“We have secured the necessary safety guarantees and have thoroughly verified the conditions for safe navigation to support these operations,” Dominguez said in a statement.

Iran had previously blocked traffic in the Strait of Hormuz—a critical waterway through which a significant share of global oil and gas shipments passes—in response to the U.S. and Israeli attacks on its nuclear and military sites.

Tyler Durden
Wed, 06/24/2026 – 09:25

AI Reshaping US Jobs But Not Yet Triggering Mass Unemployment, Says European Central Bank

AI Reshaping US Jobs But Not Yet Triggering Mass Unemployment, Says European Central Bank

Authored by Owen Evans via The Epoch Times,

Artificial intelligence (AI) has begun shifting American workers away from occupations most vulnerable to automation, but its overall effect on U.S. employment and wages still remains “muted,” according to a European Central Bank study released on Monday.

U.S. companies have been investing heavily in AI in recent years amid predictions that humans will be ​replaced at increasing rates.

According to the European Central Bank (ECB) Economic Bulletin article, certain workers, especially junior staff in highly exposed sectors, are starting to become more vulnerable to being replaced by AI.

“All ‌else being equal, between 2019 and 2025 jobs with a high substitution risk grew by around 15 percentage points ​less than jobs with a low substitution risk,” the report reads.

The ECB said that the U.S. economy has started to adjust to AI, and such effects are likely to have become visible earlier than in other major economies, given that it is home to some of the most advanced early-adopting companies and has a relatively flexible labor market.

Employment in jobs with ​a high risk of AI substitution, such as economists and graphic designers, declined on average by more than 4 percent between 2019 and 2025.

Employment in jobs with a low risk of AI substitution, like electricians or high school teachers, increased by 13 percent over the same period.

“The share of low-risk jobs in total US employment has increased from 23 percent to 25 percent, while the share of high-risk jobs has dropped from 35 percent to 33 percent,” the report reads.

“While AI’s potential to disrupt job markets could be significant, its effects on aggregate employment appear to be muted so far.”

The study also found that the relative impact of AI on job growth has “not yet translated into significant differences in wage growth.”

“Over time, ⁠as the labour market continues to adjust and AI tools become more generative, income ​effects may be more pronounced,” it reads.

According to a Jan. 19 survey report from professional services company PwC, most CEOs worldwide have not yet seen financial returns from their organizations’ investments in artificial intelligence.

“More than half (56 percent) say their company has seen neither higher revenues nor lower costs from AI, while only one in eight (12 percent) report both of these positive impacts,” PwC said.

Less than one-third of CEOs said their companies achieved tangible results in the form of additional revenues from adopting AI over the past 12 months. Just about one-quarter said costs have decreased following AI implementation.

In an interview clip released in August, Geoffrey Hinton, the pioneering computer scientist known as the “godfather of AI,” warned that he was “fairly confident” AI would drive massive unemployment.

The bigger danger from artificial intelligence extends beyond the workplace, according to Hinton.

“The risk I’ve been warning about the most … is the risk that we’ll develop an AI that’s much smarter than us, and it will just take over,” he said.

“It won’t need us anymore.”

However, SpaceX’s trillionaire Elon Musk is bullish on AI.

In an interview with Forbes on May 19, Musk said that by 2031, he thinks that “digital intelligence will exceed the sum of all human intelligence.”

He also predicted that in five years, there may be “at least a 100 million humanoid robots, but maybe a billion.”

In terms of both of the above’s impacts, he said the economy is probably “twice its current size in five, maybe six years.”

“Because you’re going to hit a doubling period … where the economic output is increasing so so fast […] plus minus a few years … we’ll see giant changes,” he said.

Tyler Durden
Wed, 06/24/2026 – 06:30

Starmer’s Resignation ‘Unites Us All’: Russia’s Top Negotiator Celebrates

Starmer’s Resignation ‘Unites Us All’: Russia’s Top Negotiator Celebrates

The British establishment has remained deeply adversarial to Russia even as across the pond President Trump has tried to improve bilateral relations with Moscow.

The UK was among the first nations to hand Kiev long-range missiles, especially the Storm Shadow (a Franco-British low-observable, long-range air-launched cruise missile) – and so Moscow doesn’t have high hopes for improving relations with London anytime soon.

This week’s huge news out of Britain – in the form of Prime Minister Keir Starmer’s resignation, has been largely met with a shrug out of the Kremlin, which has said things regarding the UK stance on Ukraine remain unchanged.

But it was Russian Special Presidential Envoy Kirill Dmitriev’s comment on X which raised most eyebrows in Europe, as he openly celebrated the news. He wrote

“We did it. Starmer’s resignation unites us all,” echoing comments made earlier by US President Donald Trump.

“We did this jointly by exposing Starmer’s warmongering and consistently wrong policies on immigration, crime, energy and economy. He failed to protect Britain and was destroying Western civilization,” the top Russian negotiator and close Putin confidant wrote on X.

As for the much more ‘official’ Russian line, this was issued by Peskov…

“There are many questions about whether things could improve after him, but it is unlikely that anyone on Britain’s political scene will have a position on our bilateral relations that differs significantly from Keir Starmer’s,” Peskov said.

Indeed UK-Russia relations have deteriorated over a period spanning many UK leaders in rapid succession. After all, with Starmer’s resignation announce, the country will soon see its seventh PM within only a decade.

Peskov somewhat downplayed the issue of the resignation, while other Russian officials sounded closer to Dmitriev in their perspectives. Russian media reviews:

The criticism extended to Russia’s parliament, where Senator Vladimir Dzhabarov predicted Starmer would be gone by autumn, branding him “a destroyer of everything possible” who “only sets countries against each other” and “hinders any negotiation process.”

Speaking to RT on Monday, Nikolay Topornin, director of the Center for European Information and an international observer, said Starmer’s departure is unlikely to bring any major shift in British foreign policy.

“The British course to support Kiev, to punish Russia, and to provide military and financial support to Ukraine will remain unchanged,” he said.

Starmer’s stepping aside was directly catalyzed by last week’s by-election victory of Andy Burnham in Makerfield. Burnham, the fiercely popular former Greater Manchester Mayor, has long loomed as the “King in the North” and the ultimate threat to Starmer’s sterile brand – according to many – of leadership. By securing a seat in the House of Commons, Burnham effectively checked Starmer into a corner.

Burnham is heavily favored as the UK’s next leader. From Russia’s perspective, this is likely to be a “same as the old” situation, as the UK’s entire defense/political/intelligence institutions are lock-step in anti-Russia policies and actions.

Tyler Durden
Wed, 06/24/2026 – 05:45

Here’s What Andy Burnham Means For Crypto In The UK

Here’s What Andy Burnham Means For Crypto In The UK

Authored by Aaron Wood via CoinTelegraph.com,

Amid waning poll numbers and pressure from inside the Labour Party, Prime Minister Keir Starmer has stepped down. 

During Starmer’s tenure, the government introduced a moratorium on cryptocurrency donations to political campaigns, citing concerns that crypto could become a vector for foreign influence in UK elections. Beyond the ban, the UK has charted a cautious path on crypto regulation under the Labour government. 

Starmer’s departure from Number 10 has started discussions about his successor.

A frontrunner has emerged in Andy Burnham, a member of parliament for Makerfield and former Mayor of Greater Manchester. 

Burnham has expressed optimism about the blockchain industry’s ability to support economic development. But it remains to be seen whether that enthusiasm can translate into real policy moves.

Burnham wanted Manchester to be a “Web 3 powerhouse”

A graduate of Cambridge, Burnham served as a Cabinet minister under both Tony Blair and Gordon Brown, both as Health Secretary and Culture Secretary. From 2010 to 2015, he served as Shadow Education Secretary and Shadow Health Secretary under Ed Miliband before unsuccessfully contesting the Labor leadership bid in 2015.

From 2015-2016, he was Shadow Home Secretary under Jeremy Corbyn before leaving Westminster to become Mayor of Manchester in 2017. 

As mayor, Burnham has consistently framed digital technology as an economic development tool and a way of driving growth and jobs in the city. This framing was evident at a Stand With Crypto and Manchester Blockchain Alliance event, where he said, “I’m bought in.”

He further noted his commitment to “make [Manchester] the Web3 powerhouse that we want it to be.”

Whether this will translate into a coherent national policy is another matter. As mayor, Burnham championed a model dubbed “Manchesterism,” which prioritized devolution, regional economic control and public-private partnerships.

It’s a bottom-up approach that, some observers in the crypto industry say, needs to be amplified if it’s to bring national-level change to the industry.

Nick Jones, founder and CEO of UK digital assets services platform Zumo, told Cointelegraph, “Burnham’s rhetoric on crypto has to date been heavily influenced by his role as Mayor of Greater Manchester. For example, he has previously drawn parallels between digital innovation and historical developments, pointing out that Manchester was the home of the Industrial Revolution and has the potential to become the home of the Web3 revolution.”

“But such soundbites were to be expected in the context of his role. If he becomes Prime Minister, he will be well aware of the need to amplify that ambition and ensure the UK as a whole sits at the heart of the world’s future financial system,” he said.

Benoit Marzouk, the CEO of GBP stablecoin tGBP, told Cointelegraph that Burnham’s Manchester experience “is not a handicap.” Rather, his experience outside Westminster, “could help implement and accelerate the right policies for the digital asset industry across the UK.”

Burnham has not yet published a detailed digital assets policy. His public comments about crypto reflect broader enthusiasm rather than specific regulatory commitments. He has not yet addressed the Financial Conduct Authority’s crypto framework, stablecoin law, or the crypto political donation ban on public record. 

The donation ban, politics, and what Burnham could actually do

In March, Stamer’s government banned crypto donations to political campaigns over concerns of foreign influence in British elections. 

The ban followed an independent review by Philip Rycroft, a former civil servant turned consultant, who found that the pseudonymous nature of crypto assets created unacceptable risks to political financing transparency.

Reversing a policy introduced on the recommendation of an independent review carries political risk. Labor’s left could scrutinize any move that appears to open the party to crypto money, which Reform UK has used to fund its leading performance in recent local elections.

According to Reuters, crypto donations from billionaires based overseas put Reform well ahead of Labour in the fundraising race. Reform’s leader Nigel Farage is under investigation for an undisclosed 5 million pound ($6.6 million) gift from British Thai-based businessman Christopher Harborne. 

Despite obvious ethics concerns, Farage said he should be able to spend the gift however he wishes, be it for campaigning, or on Ferraris and betting on horses.

Amid political concerns over the temporary moratorium, a 180-degree ban reversal from Burnham seems unlikely. 

Marzouk expects Burnham to exhibit “pragmatism rather than political announcements.” For tGBP, success in the first year of a Burnham premiership would include a finalized stablecoin framework, pilot programs involving government and GBP stablecoins and continuing work on tokenization.

Tom Rhodes, chief legal officer for UK stablecoin issuer Agant, told Cointelegraph, “We don’t expect the next PM to interfere with any specific policies. The regulators remain independent and cryptoasset regulation is nearly settled.”

Jones said that Burnham is “on record strongly backing the underlying economic potential of our nascent sector.”

“If he does become the next Prime Minister, it’s unlikely his position will change. I believe he would continue to pursue the current growth-focused policy approach.”

The transition period could be bumpy, stalling momentum, according to Jones. “Any potential cabinet reshuffle could displace ministers who are familiar with the evolving regulatory regime at the critical inflection point when regulators and industry alike are preparing for authorization, and that would be a problem.”

Labour is yet to announce an official timetable for replacing Starmer, although the former PM has said that he’d like to see nominations open on July 9, after a NATO summit. According to Sky News, it could be a week later, on July 16, when parliament goes on summer recess. 

The winner must receive more than half the votes cast. If no one receives the necessary votes, then ballots are recast based on preference. 

Tyler Durden
Wed, 06/24/2026 – 05:00

German Swimming Pool Bans Visitors Who Can’t Speak German, Citing Safety Concerns

German Swimming Pool Bans Visitors Who Can’t Speak German, Citing Safety Concerns

Via Remix News,

A public swimming pool in Germany has introduced strict new admission rules barring entry to anyone who cannot speak German, with management insisting the policy is essential to guarantee the safety of guests.

The Heidebad natural swimming pool in Halle, Saxony-Anhalt, now requires visitors to demonstrate German language skills before being allowed in. Managing Director Mathias Nobel defended the rule publicly, explaining that he is responsible for the safety of thousands of swimmers and will not compromise when it comes to protecting children and families.

The facility says that emergency alerts, water-depth warnings, and direct verbal instructions from lifeguards have repeatedly been ignored or misunderstood because of language barriers.

In one recent emergency, Nobel, while acting as a lifeguard, had to pull a young child out of deep water due to a language barrier. To reduce these risks, staff will now deny entry to any guest if they determine that essential safety communication cannot be reliably established, according to German media outlet MDR.

Pool management acknowledges that the rule has triggered considerable backlash, but says the public dissatisfaction is being “deliberately accepted in the interest of general safety.”

From the operators’ perspective, dealing with angry patrons is preferable “than an avoidable swimming accident.” The policy is already being actively enforced, and several would-be guests have been turned away at the gate.

The Heidebad is part of a wider trend of European public pools tightening entry requirements in response to regional migration shifts. Last year, an outdoor pool in Porrentruy, located in the Swiss municipality of Pruntrut, initially banned foreigners entirely due to violence, sexual harassment and constant disturbances. Swiss visitors to the pool and employees were generally happy about the move.

The ban came about after ‘French youths with a migration background’ continuously caused problems at the pool and in pool bathrooms, including the sexual harassment of young girls. The situation even sparked international headlines.

However, the Swiss paper 20 Minuten reported a surge in season ticket sales after the ban was put in place.

“It went very well. Citizens have rediscovered the bathing establishment with the peace and quiet that comes with it,” said Lionel Maître, the municipal councilor for tourism and leisure in Porrentruy.

“We have seen an increase in season ticket sales as citizens have finally regained the long-awaited sense of security. There have been no problems and no new bathing bans since then.”

The swimming pool has since changed its policy and now charges non-locals double ticket prices. The municipality has also added extra administrative steps for certain visitors. Anyone who is not a local resident and lacks a valid Swiss residence, work, or settlement permit must buy admission online in advance. Visitors without a recognized regional tourist card must also present valid identification at the entrance, and those who fail to do so are refused entry.

Mayor Philippe Eggertswyler publicly backed the new pricing and entry framework, stating that “It’s not about pitting Swiss and foreigners against each other, but about guaranteeing calm.”

The swimming pool may have backed down from its total ban on foreigners due to pressure from the federal government. The Federal Commission against Racism called the blanket exclusion “problematic and irritating.”

Read more here…

Tyler Durden
Wed, 06/24/2026 – 03:30

Ursula von der Leyen To Visit Armenia Next Week As Pro-EU Aspirations Ramp Up

Ursula von der Leyen To Visit Armenia Next Week As Pro-EU Aspirations Ramp Up

Brussels is eyeing Armenia as the small Caucasus nation has lately made it’s pro-EU aspirations known, given just earlier this month Armenian Prime Minister Nikol Pashinyan’s party won parliamentary elections, in a vote widely seen as signififying its major pro-Western shift.

Pashinyan had claimed a “historic victory that will ensure Armenia’s eternity and development” while also vowing to “continue the course of rapprochement with the West” – but while balancing the pursuit of positive relations with Russia.

And now, just days after the result was confirmed, European Commission President Ursula von der Leyen is preparing to travel to Armenia next weekPolitico reports.

Image: Prime Minister of Armenia’s Press Service

The EU delegation is expected to be high-level, given it will include Enlargement Commissioner Marta Kos in a high-profile show of support fo Pashinyan after his pro-European party secured the decisive victory.

We have seen the country under intense and consistent pressure from Russia; a visit would send a strong signal of support, following on from the concrete support already delivered,” said one EU official working on the prospective trip, as quoted in Politico and Armenian media.

Anonymous EU officials indicated to Politico that the visit would send the message that “Europe is here for you.

Notably this will be von der Leyen’s second to Armenia in less than two months. The Commission president was in Yerevan just in May for the European Political Community summit, which took place in Yerevan, before participating in the inaugural EU-Armenia summit.

The Kremlin itself has also pounced on this theme of Armenia as the next potential ground zero for a tug of war with EU/NATO interests – a familiar theme which has also been on display in places from Georgia to Ukraine to Moldova.

Russian Foreign Ministry Spokeswoman Maria Zakharova went so far as to officially allege unfair and illegal tactics unleashed by local authorities on Russia-friendly interests inside Armenia.

“On June 7, parliamentary elections were held in Armenia in an atmosphere of unprecedented pressure on the opposition and interference from the West, primarily the EU,” Zakharova commented earlier this month.

Russia has been widely seen as ‘disappointing’ the Armenian population in the context of the Azerbaijan crisis.

Region of the Collective Security Treaty Organization (CSTO). Former members of the CSTO military alliance were Azerbaijan, Georgia and Uzbekistan.

Recent years of war between Christian Armenia and its better-armed Muslim neighbor Azerbaijan (which is a secular Republic) has seen tensions ratchet between one-time close allies Armenia and Russia. 

Armenia has long been a key member of the regional Russian-led bloc, the Collective Security Treaty Organization (CSTO). However, Armenia froze its participation since 2024, outraged over Russia’s failure to protect ethnic Armenians during Azerbaijan’s 2023 takeover of Nagorno-Karabakh.

Tyler Durden
Wed, 06/24/2026 – 02:45

Can Anyone Govern Britain… Or America?

Can Anyone Govern Britain… Or America?

Authored by Daniel McCarthy via PJMedia.com,

As Britain gets ready for its seventh prime minister in just 10 years, it’s time to ask whether the parliamentary system itself is broken.

That might explain not only why landslide election victories don’t translate into stable leadership in Britain but also why America’s Congress is so feckless. 

Is representative government an idea whose time has passed?

In Europe as well as America, leftists prefer that judges and bureaucrats wield permanent power, as supposedly impartial experts who know best how to stop the weather from changing and how many genders there are. 

Britain’s Labour party started out as a vehicle for the working class, in theory.

It was closely connected to the country’s major industrial unions — but Britain in the 21st century has lost most of its hard industry, and Labour is now led by the same kind of socially left-wing, technocratic wonks that make up the “inner party” of the Democrats in this country. 

Brexit, passed by the British people in a referendum 10 years ago this week, proved Labour had lost the working class — the party elite favored remaining in the European Union, but working-class voters themselves cast their ballots for “leave.”

Unfortunately, the Conservative party’s elite also favored “remain” — Prime Minister David Cameron himself did, and losing the Brexit referendum compelled him to resign. 

Yet Cameron was followed by another Conservative PM, Theresa May, who had also been a remainer. 

It took a third Tory PM, Boris Johnson, to follow through on the voters’ mandate, but Johnson proved to be Britain’s Joe Biden where immigration was concerned, unleashing the “Boriswave” of mass migration, which flooded Britain with some 4 million newcomers from places like India, China, Pakistan and Nigeria. 

Personal scandals forced Johnson from office before the scale of the damage his policies did came to light — but bond markets didn’t tolerate Johnson’s successor, Liz Truss, for long. 

That left Rishi Sunak to lead the Conservatives in 2024 to their first general election defeat in 14 years. In that time, Conservatives had given Britain same-sex marriage, bigger government, deeper debt, more green-energy regulation and record-high immigration.

Labour more than doubled its number of seats in Parliament with Keir Starmer leading the party into the election, yet the landslide didn’t translate into any mandate for him. 

His popularity soon slid and polls indicated the Reform party would win the next election, making Nigel Farage prime minister. 

Labour is now gambling its problems are personal, not political, and once Starmer has made way for a new PM — virtually certain to be Andy Burnham — its majority will be salvageable. 

Burnham is even more left-wing than Starmer: at least as far left on social issues and even more enthusiastic about nationalizing industry. 

Farage is wagering Starmer wasn’t the millstone around Labour’s neck — the party’s politics are. 

But even as traditional parties of the left and right elsewhere in Europe have decayed in ways much like those of Britain’s Tories and Labour, new populist parties have struggled to win and maintain power. 

Farage has to contend not only with Labour and what’s left of the Conservatives, but also with a small but vociferous insurgency to his right, the Restore party. 

All this suggests Burnham or Farage can’t count on enjoying a tenure longer than Starmer’s or Sunak’s. 

Parliamentary elections haven’t produced a stable British government by anyone in the last 16 years. 

What are the odds the next election, which has to be held by August 2029, will do so?

Congressional elections here also keep producing majorities that can’t govern, either because control of House and Senate is divided or the majority party in one or both chambers is itself divided and unable to legislate. 

The two parties have been rapidly alternating control as well. It’s been nearly 20 years since either was able to hold onto the House or Senate for more than a decade. 

Democrats have the upper hand when Congress is weak because federal bureaucrats, and judges capable of issuing nationwide injunctions, continue advancing Democratic designs on their own. 

Fed up with this, many conservatives have come around to the idea only a brash and strong president, like Trump, wielding unitary executive power, can rein in the administrative state and activist judges — Congress can’t.

Two-hundred and fifty years ago, Americans rejected the legitimacy of a British parliament that taxed us without giving us an effective say in government. 

It’s another revolutionary situation if voters in Britain or America today feel unrepresented — or misrepresented — by the legislators they put in office. 

On both sides of the Atlantic, members of parliament and of Congress are going to have to work harder and listen a lot more attentively to what voters are demanding if representative government is going to survive much longer: What we’re seeing now is how parliaments die.

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

Tyler Durden
Wed, 06/24/2026 – 02:00

10 Points To Understand Alexandr Dugin

10 Points To Understand Alexandr Dugin

Authored by J.Michael Waller via American Greatness,

Russian theorist Alexandr Dugin offers a vision to address widespread cultural despair and the desire for a revival of national sovereignty and Christian tradition.

He offers a way out of wokeness and globalism.

His price? The end of the United States and Western civilization.

Dugin has tapped into a legitimate vein of frustration and fear about where sacred traditions have gone and what the future holds. But he is a false prophet. His traditionalism is a form of paganism and Russian imperialism.

Here are 10 reasons why any red-blooded American traditionalist would stay away from Dugin and his acolytes.

First, Dugin believes that the United States must be destroyed. He has developed a geopolitical theory premised on the U.S. as the main enemy. “Main enemy” was the Soviet term for the United States. The U.S., with Britain, leads what Dugin calls an “Atlanticist empire,” which he says must be taken down. And not just the post-Christian cultural rot of critical theory and globalism. In his early writings, Dugin argued that the U.S. should be neutralized as a sea power to “destroy the notorious ‘American myth.’” Now he calls for our whole country to be taken down, not by military force, but through subversion.

Since 1997, in Foundations of Geopolitics, Dugin has written about exploiting divisions within the United States to pit Americans against one another and tear apart the country through race riots and terrorism. Moscow and its friends should stoke “all forms of instability and separatism within the borders of the United States,” he argues. One of the softer ways to wreck a political community, he wrote in Conspirology, a rambling operations manual of sorts compiled between 1991 and 2005, is to promote conspiracy theories, which can never be proved nor disproved but which polarize and destroy.

Second, Dugin thinks that American founding principles are literally rotten—his word—built of straw spun 250 years ago from the modernist Enlightenment and Reformation. All Christian Protestantism of the American Founders, he argues, must be swept away. Not for theological reasons, but for political ones.

Third, Dugin says he’s okay with certain parts of Marxism. “The Marxism which we can accept is mythic, sociological Marxism,” he wrote in The Fourth Political Theory, or 4PT. Dugin values Marxism for its propaganda utility as demolition equipment against Western civilization while rejecting Marxist materialism as an alternative political theory, which is heavily socialist.

The Western democratic tradition and individualism, developed mainly in England and the United States, is Dugin’s “first political theory.” The second is communism. The third is fascism and national socialism. His fourth political theory, Dugin says, accepts the useful parts of the first three and rejects the errors.

He says that people must rid themselves of the “prejudice” of anti-communism. He co-founded a political party called the National Bolsheviks and built his 4PT ideology around National Bolshevism. “So we arrive at the national-bolshevism that represents socialism without materialism.” His involvement as an intellectual leader of the “red-brown” axis of communists and fascists shortly after the Soviet collapse brought him to National Bolshevism.

Which brings us to the fourth issue: As with Marxism, Dugin has a soft spot for Italian fascism and German National Socialism. His theoretical development shows how he borrowed heavily and transparently from Italian fascist Julius Evola, the Belgian convicted Nazi collaborator Jean Thiriart, and the German Nazi party member Martin Heidegger, among others. Mussolini and Hitler made positive contributions, Dugin argues, because they were traditionalists at heart. Mussolini tried to revive the traditions of pre-Christian Rome. Hitler attempted a revival of Norse traditions, runes, and Aryanism.

Fifth, Dugin is a new kind of Russian imperialist, not an advocate of national sovereignty. He envisions “Eurasia,” a Russia-centered empire of empires stretching from Ireland to Japan and from the Arctic to Iran. His “multipolar” world includes only the sub-empires within his Eurasian empire: a Europe-Moscow axis based in Germany, an Iran-Moscow axis based in Tehran, and a Japan-Moscow axis based in Tokyo. Africa and the Middle East would be placed back under European administration, subservient to Russia.

Sixth, Dugin wants to erase individual freedom. He rejects the very concept of individual freedoms as “modernist” creations of the Reformation and Enlightenment, even though this concept is firmly grounded in the heavy overlap between the Orthodox and Catholic churches, which respectively teach free will as fundamental to the dignity and moral agency of each person. Dugin places political limits on freedom, subsuming them to collective identities within his multipolar Eurasian empire of empires and ultimately to a state of “Being.” To Dugin, “the nation is everything; the individual is nothing.”

Seventh, for all his talk and pretended Orthodox mysticism, Dugin is no Christian. His 1980s embrace of the occult was not just a youthful mistake but a foundation upon which he has built his philosophy. He mines the veins of Christian theology and intellectual thought but reduces Christianity to one of many equal religions and treats them all as empty shells to be filled with 4PT ideology.

Dugin takes the open, exoteric nature of Christianity, in which truth is revealed to all the faithful, and flips it as an esoteric or secretive system of hidden meanings and symbols understood only by a chosen elite few. This page is taken straight out of the Soviet Communist Party nomenklatura.

Dugin borrows from radical particularists, those who believe that no general moral rules can reliably determine right from wrong. This extreme view rejects the foundations of Judeo-Christian tradition and morality, the Ten Commandments. Rejection of basic Judeo-Christian beliefs makes it an easy—and for him, a necessary—step to treat all “traditional” religions as equal. Dugin’s theology is not confessional but political.

This takes us to the eighth point: Political indoctrination and control. Dugin’s esoteric approach finds religions like Eastern Orthodoxy and Catholicism, Buddhism, Hinduism, and Islam as useful empty vessels on which to build and administer his empire. Each is authoritative to its faithful. Each would be obedient to the earthly Eurasian empire.

This is why a “multipolar world” is so important to Dugin: Co-opt those religious institutions and gradually use their authority and structures to indoctrinate the faithful with 4PT ideology. Those institutions, with their own ecclesiastical or social hierarchies, would become political machines to build a multipolar global order. In return, they would preserve their traditional distinctiveness from the rest of the world, and would ensure his Eurasian empire would reign supreme.

Dugin boils the Christian church down to one universal polyreligious “being,” or Dasien, borrowing from his favorite German philosopher, Heidegger, who spent 1933–45 as a dues-paying member of the National Socialist Party.

Speaking of Nazis, we get to the ninth point, the Jewish Question. Dugin is not the crude antisemite he was in the late 1980s. His approach is esoteric. He sees Hitler’s extermination of Jews based on creed or ethnicity as excessive. He views all Jews of an Atlanticist tradition—those in Western Europe and North America, assimilated and largely Zionist—as part of the decadent system that his Eurasian empire must subdue and defeat. Zionists, he says, “are a kind of Satanic Jews” who “serve not Yahweh but Ba’al, like in so many cases in the Old Testament.” This train of thought feeds into the logic that anything Satanic must be destroyed.

Eastern European and Eurasian Jews, on the other hand, especially the Hasidim, are less noxious to Dugin because they tend to be pre-Enlightenment traditionalists who remain unassimilated from the rest of society. Jews tend to be subversive of other cultures, he argues, and historically they have been subversive of Russia. Even so, he accepts pre-modern Judaism as one of his traditional religions.

As a practical matter to destabilize targeted societies like the United States, Dugin devotes considerable attention in Conspirology to the value of promoting Jewish conspiracy theories as powerful psychological warfare devices to polarize and destroy. They can be neither proved nor disproved, and so they persist.

Tenth, Dugin seeks a pagan future of the world. Whether the gods of ancient Rome or those of the Norse who called themselves Rus’ and built what became Russia, paganism is the tradition he seeks to revive. Dugin’s trinity, which he describes in his most ambitious work to date, the multi-volume Noomakhia project (Greek for “War of the Mind”), is a strategy of subversive resistance against Western civilization, built on a triad of ancient Greek philosophy and metaphysics.

This is where traditional religions’ structure, hierarchy, and ritual again fit in, providing the architecture and transmissions of authority through which to mobilize Dugin’s ideology.

The call for his traditional religions to unite is at odds with the teachings of all of them. But for him, the goal is geopolitical, not spiritual: “We need to unite the Right, the Left and the world’s traditional religions in a common struggle against the common enemy.”

Dugin is reinstating the pagan metaphysics against which Christianity defended itself. His geopolitics are a cosmic struggle to the death. They are esoterically divine. The universal dialectic is the oppressed versus the oppressor—the “sociological Marxism” that he says he accepts.

Dugin’s ideology would subvert and neuter Christianity while pretending to restore it. He claims to fight the Antichrist without being a Christian. The United States, he believes, is the “kingdom of the Antichrist.” His context again is not supernatural but geopolitical. In March, he used another Old Testament allegory: “The Angels of Wrath will destroy America like Sodom and Gomorrah were destroyed.” He spoke not of the hedonism rampant in American culture. He was referring to U.S. military action against the Islamic Republic of Iran, which he considers part of his Eurasian empire.

He sees Russia as the biblical katechon, the divine restrainer of the Antichrist. That apocalyptic evil, in Dugin’s world, is led by the United States of America.

Tyler Durden
Tue, 06/23/2026 – 23:25

Lutnick Eyes Crackdown On Chinese Humanoid Robots

Lutnick Eyes Crackdown On Chinese Humanoid Robots

One day after the House Select Committee on China sounded the alarm over China-based Unitree selling humanoid robots on Amazon to U.S. consumers, a new Politico report states Commerce Secretary Howard Lutnick held a closed-door meeting with top U.S. executives and signaled that the Trump administration is considering strong action against subsidized robotics imports from China.

Lutnick and other Trump administration officials held a roundtable with executives from SpaceX, Boston Dynamics, JPMorgan Chase, Goldman Sachs, Siemens, Rockwell Automation, and other firms, with discussions focused on reversing decades of manufacturing offshoring and rebuilding the industrial base needed to produce semiconductors, robotics, and other key components inside the U.S.

One focus centered around China’s state-backed robotics industry as a national security threat, with fears that Beijing could use subsidies to dominate global robotics markets before U.S. manufacturers gain market share.

Chinese robot dogs and humanoids already face high U.S. tariffs, but the administration may soon deliver a stern blow to counter those inflows.

“We don’t want state-subsidized robotics attacking us in America. This is the arms [race] that is coming, robotic arms are coming,” Lutnick said, according to notes from the meeting provided to Politico. “We need to make sure they’re produced in America, so we’re going to study those right now.”

One person who was in attendance stated, “The whole idea that what we’re going to end up with is an American brain with a Chinese body is a very, very bad strategic plan.”

The problem with the U.S. humanoid supply chain is that it relies on rare earths, actuators, and specialty parts to produce these robots – areas where the U.S. lags severely behind China.

One way for the U.S. to scale robot production – something China is already doing – is to have automakers produce these humanoids, as there is a major overlap between vehicle and humanoid components, including AI software, motors, cameras, sensors, and manufacturing processes. This is why Tesla pivoted to humanoids.

To sum up, the message is clear: the days of buying a Unitree humanoid robot or robotic dog on Amazon may be numbered.

As we have noted, the AI race is evolving from chip stacks in data centers to the physical world, and humanoid robots are the next major frontier. 

Tyler Durden
Tue, 06/23/2026 – 23:00