Update (1220ET): President-Elect Donald Trump is attempting to halt proceedings in his business records case, with his attorneys stating that they intend to file an appeal to reverse a decision setting sentencing for Jan. 10.

His request came on Jan. 6, just days after Merchan’s decision on Jan. 3.

Trump’s lawyers argued that their appeal should trigger what’s known as an automatic stay, or pause, in the proceedings. If that doesn’t happen, they argued, Merchan should then grant a pause and prevent sentencing from happening on Friday as scheduled.

“Today, President Trump’s legal team moved to stop the unlawful sentencing in the Manhattan D.A.’s Witch Hunt,” Trump’s spokesperson, Steven Cheung, said.

“The Supreme Court’s historic decision on Immunity, the state constitution of New York, and other established legal precedent mandate that this meritless hoax be immediately dismissed.”

As a reminder, in December, Merchan rejected Trump’s various immunity-related objections to the evidence used during trial.

*  *  *

As MishTalk.com’s Mike Shedlock detailed earlier, MAGA supporters rail against Trump’s sentencing ahead of his inauguration. Instead, they should be pleased.

Let’s discuss why…

Sentencing on January 10

Politico reports Trump Will Be Sentenced but Won’t Get Jail Time.

A New York judge plans to sentence Donald Trump on Jan. 10 for his criminal hush money conviction, rejecting efforts by the president-elect to sweep aside a jury’s verdict that found him guilty of 34 felony counts.

But Justice Juan Merchan indicated he will not sentence Trump to prison time, acknowledging that incarceration is not a “practicable” option. And the judge said Trump may attend the sentencing virtually rather than reporting to court in person.

The long-delayed sentencing — unless a higher court blocks it — will force Trump to revisit the sordid hush money case just 10 days before his inauguration. And by maintaining the jury’s verdict, Merchan all but ensured that Trump will take office with his sole criminal conviction still on his record.

In an 18-page decision Friday, Merchan ruled that the Supreme Court’s July decision on presidential immunity does not shield Trump from facing sentencing for the conviction. And the judge rejected Trump’s arguments that the entire case should be thrown out in light of his victory in the 2024 election, calling the suggestion an affront to the justice system.

Merchan also sharply criticized Trump for his “disdain” for the legal process. In addition to continually criticizing the case itself, Trump repeatedly argued for Merchan to recuse himself, claiming the judge was biased. During the trial, he disobeyed the judge’s gag order and often appeared to fall asleep in court.

Democrats Cheer, for Now

Sentencing ahead of the inauguration will let Democrats claim Trump will take office with his sole criminal conviction on his record.

I view this as mostly good news.

Q: Why?

A: Sentencing now will speed up the appeals process.

This is a sham trial that never should have happened. And the mistakes made by Merchan ensure the case will be tossed out.

Had Merchan delayed sentencing, Democrats might have held sentencing over Trump for four more years.

Hunter Biden Convicted

On June 11, I commented Hunter Biden Convicted, Unlike Trump, Hunter’s Conviction Won’t Be Overturned

Hey Joe, how does it feel to have a son convicted of a felony? For now you can call Trump a felon, but that won’t last due to numerous and flagrant judicial errors.

Trump Found Guilty – a Travesty of Justice for America

I commented on Trump in my post Trump Found Guilty – a Travesty of Justice for America

I Am Outraged

I am outraged but not surprised. But the hypocrites will cheer hoping for a knockout.

They will say “No one is above the law”. Indeed. But no one should be beneath the law either.

Every effort has been made to put Joe Biden, Hunter Biden, and Hillary Clinton above the law. And every effort has been made to put Trump beneath the law, including judicial instructions.

Everyone should be outraged. The trial was unfair because there should not have been a trial at all. The judge’s actions were outrageous.

Pardon vs Overturned Conviction

President Biden lied about Hunter. Then is a disgraceful move, the president pardoned his son.

However, accepting a pardon implies guilt. Hunter won’t go to prison where he belongs. But no one can say he wasn’t guilty.

If New York Governor Kathy Hochul offers Trump a pardon, he should refuse it on grounds of innocence.

And as soon as the Trump conviction is overturned, and it will be, no one will be able to call Trump a felon.

Sentencing now will speed up an appeal, and the conviction will be tossed, hopefully with prejudice.

So let the hypocrites have another month or whatever of bragging. Then reality will set in with an easy overturn on multiple grounds.

After news broke that UK’s ‘safeguarding minister’ Jess Phillips blocked a public inquiry into the country’s prolific rape gangs, Prime Minister Keir Starmer – who allegedly covered for Jimmy Savile, went into victim mode – dismissing the outrage as simply part of the “playbook” of the “far right” – the same thing he said after a Muslim radical stabbed 8 children, killing 3, in the Southport Massacre.

ADMIN POST.

National disgrace @Keir_Starmer has finally spoken about the mass call for a national inquiry into child rape gangs.

Completely ignores the call, calls us all “far right” again, then proceeds to lie about Tommy Robinson yet again about “nearly collapsing a grooming… pic.twitter.com/B5BgrbYDRa

— Tommy Robinson 🇬🇧 (@TRobinsonNewEra) January 6, 2025

NEW: Starmer comes out strongly in defence of @jessphillips and against @elonmusk .

He says those who are spreading “misinformation” and “lies” about Phillips and child sexual abuse “are not interested in victims, they are interested in themselves.”

He suggests that Musk is…

— Lewis Goodall (@lewis_goodall) January 6, 2025

Gangs of predominantly Pakistani men have been raping and torturing vulnerable underage girls over the past three decades, with several independent inquiries having indicated systemic failures to investigate the crimes (because it would be ‘racist’). Three separate reports, published in 2013, 2014 and 2015 revealed that local politicians and police covered up the rapes.

The British state handed down just a three year prison sentence against the ringleader of a 24 hour long gang rape attack against a 12 year old.

The British state has handed out longer prison sentences for Facebook posts

This is sick. This is failed state shit pic.twitter.com/DNhGplH722

— Drew Pavlou 🇦🇺🇺🇸🇺🇦🇹🇼 (@DrewPavlou) January 6, 2025

Of note, foreigners are three times as likely to be arrested for sex offenses vs. British citizens.

In response Elon Musk launched an attack on Starmer, accusing him of failing to properly investigate and prosecute the gangs, which he called a “state-sponsored evil,” and alleging that Starmer was “complicit in the RAPE OF BRITAIN.”

And as The Telegraph notes, the state “had to bury the story.”

Denial about the extent of the problem is rooted deep in Britain’s political system. At times, it appears that the government’s approach to multiculturalism is not to uphold the law, but instead to minimise the risk of unrest between communities. Confronted with gangs of predominantly Pakistani men targeting predominantly white children, the state knew exactly what to do. For the good of community relations, it had to bury the story.

In Rotherham, a senior police officer told a distressed father that the town “would erupt” if the routine abuse of white children by Pakistani heritage men became public knowledge. One parent concerned about a missing daughter was told by the police that an “older Asian boyfriend” was a “fashion accessory” for girls in the town. The father of a 15-year-old rape victim was told the assault might mean she would “learn her lesson”.

Terrible https://t.co/o6QJzQCYIe

— Elon Musk (@elonmusk) January 6, 2025

And of course, instead of accepting responsibility, Starmer responded to Musk’s comments – claiming that “threats” have been made over the blocked inquiry, and insists that the government will “get on with the job of protecting victims.”

Keir Starmer just claimed people who want a full inquiry into Britain’s rape gangs are “jumping on a bandwagon of the Far Right”

Wanting justice for 1000s of British girls raped by Pakistani gangs is “Far Right?”

Is this Starmer’s biggest mistake yet?

pic.twitter.com/nkqUp6zcqn

— Martin Daubney 🇬🇧 (@MartinDaubney) January 6, 2025

Meanwhile, Musk continues to rage:

You don’t hate the legacy media enough https://t.co/mlnHn2suDk

— Elon Musk (@elonmusk) January 6, 2025

What!!?? Explain yourself, Gordon Brown. https://t.co/zeBkYFKWlQ

— Elon Musk (@elonmusk) January 6, 2025

You don’t hate the legacy media enough https://t.co/mlnHn2suDk

— Elon Musk (@elonmusk) January 6, 2025

Authored by Aldgra Fredly via The Epoch Times,

The United States is facing a “heightened threat environment” following the deadly New Orleans attack on New Year’s Day, Homeland Security Secretary Alejandro Mayorkas said on Jan. 5.

The attack left 14 people dead and dozens injured after a man drove a truck into crowds on Bourbon Street in the historic French Quarter of the city. The suspect, identified as Shamsud-Din Jabbar of Texas, was later killed in a shoot-out with police.

In an interview on ABC’s “This Week,” Mayorkas said that his office has worked with law enforcement in New Orleans and implemented sweeping precautionary measures for the Sugar Bowl college football game and other upcoming events in the wake of the incident.

Mayorkas stated that over the past 10 years, his office has observed “a significant increase in what we term homegrown violent extremism” in the United States.

“It is a very difficult threat landscape, and it is why that we as a community, not just the federal government, but state and local officials and residents, need to be alert to it and take the precautions necessary to avoid violence from occurring,” he told the news outlet.

Mayorkas said that the New Orleans attack was unrelated to border issues, citing the suspect’s U.S. citizenship.

Jabbar was a 42-year-old former U.S. Army soldier from Texas.

“The assailant who perpetrated the terrorist attack in New Orleans was born in the United States, raised in the United States, and served in our Armed Forces. It is not an issue of the border,” Mayorkas said.

“With respect to the border, our highest responsibility and one that we work to fulfill each and every day throughout the Department of Homeland Security, throughout the federal government, is the safety and security of the American people.”

Authorities said they found an ISIS flag on the hitch of the truck used by the suspect. The FBI also said that Jabbar posted videos on Facebook in the hours before the attack in which he proclaimed his support for the terrorist group.

President-elect Donald Trump had previously condemned the New Orleans attack as an “act of pure evil” and suggested that it was connected to the country’s border issues.

“When I said that the criminals coming in are far worse than the criminals we have in our country, that statement was constantly refuted by Democrats and the Fake News Media, but it turned out to be true. The crime rate in our country is at a level that nobody has ever seen before,” Trump stated on Truth Social.

President Joe Biden and First Lady Jill Biden will travel to New Orleans on Monday to “grieve with the families and community members impacted by the tragic attack,” according to a White House statement.

As we look forward to the first full week of 2025, DB’s Jim Reid writes that a key question for the Fed’s outlook will be how strong the US jobs report for December is, which is out this Friday. In terms of what to expect, DB’s economists are looking for nonfarm payrolls to grow by +150k in December. That would be beneath the +227k print in November, but that gain was boosted by a bounce back from previous weather disruption and the end of strikes. Indeed, a +150k print would basically be in line with the 6-month average, which is currently running at +143k. Economists also see the unemployment rate ticking up a tenth to 4.3%.

Turning to Europe, the main focus this week will be the Euro Area flash CPI print for December, which is out tomorrow. This is an important one, as it comes amidst growing concern about European inflation, particularly with the recent rise in natural gas prices, along with the recent depreciation of the euro. On top of that, the December flash print from Spain last week was stronger than expected, so the backdrop hasn’t been too favorable, and both headline and core inflation for the Euro Area are widely expected to remain above the ECB’s 2% target. We’ve seen that have an impact in markets too, and last week saw the 10yr bund yield move higher for a 5th consecutive week.

Elsewhere in Europe, another thing to look out for will be the ongoing political situation in France and efforts to put together a new budget. That comes as last week saw the Franco-German 10yr spread widen by +4.8bps to 86.3bps, which is the widest it’s been since early December, back when the National Rally confirmed they would vote against Michel Barnier’s government. That underperformance was evident among other French assets last week, with the CAC 40 down -0.99%, in contrast to the +0.20% gain for the Europe-wide STOXX 600.

Staying on politics, Canada Prime Minister Justin Trudeau is expected to resign as Liberal Party leader this week. Canada has to hold a federal election by October at the latest, and Trudeau’s Liberals are polling well behind the opposition Conservatives, with CBC’s poll tracker currently putting the Conservatives on 44%, and the Liberals on 21%. Trudeau has already faced calls from some Liberal MPs to resign, and his position came under further pressure last month after finance minister and Deputy PM Chrystia Freeland resigned from the cabinet.

Also as a reminder, US stock markets will be closed on Thursday for the funeral of former President Jimmy Carter, whilst bond markets will close early that day.

Courtesy of DB, here is a day-by-day calendar of events

Monday January 6

• Data: US November factory orders, China December Caixin services PMI, UK December official reserves changes, new car registrations, Japan December monetary base, Germany December CPI, Italy December services PMI, Canada December services PMI
• Central banks: Fed’s Cook speaks
• Auctions: US 3-yr Notes ($58bn)

Tuesday January 7

• Data: US November JOLTS report, trade balance, December ISM services, China December foreign reserves, UK December construction PMI, France December CPI, Italy December CPI, November unemployment rate, Eurozone December CPI, November unemployment rate, Canada November international merchandise trade, Switzerland December CPI
• Central banks: Fed’s Barkin speaks, ECB’s consumer expectations survey
• Auctions: US 10-yr Notes (reopening, $39bn)

Wednesday January 8

• Data: US December ADP report, November consumer credit, Japan December consumer confidence index, November labor cash earnings, Germany November retail sales, factory orders, France December consumer confidence, November trade balance, current account balance, Eurozone December services, industrial and economic confidence, November PPI, Australia November CPI, Sweden December CPI
• Central banks: FOMC minutes, Fed’s Waller speaks, ECB’s Villeroy speaks
• Earnings: Samsung, Albertsons
• Auctions: US 30-yr Bond (reopening, $22bn)

Thursday January 9

• Data: US November wholesale trade sales, initial jobless claims, China December CPI, PPI, Japan November household spending, Germany November industrial production, trade balance, Eurozone November retail sales
• Central banks: Fed’s Harker, Barkin, Schmid and Bowman speak, BoE’s Breeden speaks, ECB’s economic bulletin, BoE’s DMP survey
• Earnings: Seven & i

Friday January 10

• Data: US December jobs report, January University of Michigan survey, Japan November leading index, coincident index, Germany November current account balance, France November consumer spending, industrial production, Italy November retail sales, Canada December jobs report, November building permits, Denmark and Norway December CPI, Sweden November GDP indicator
• Earnings: Constellation Brands, Walgreens Boots Alliance

Finally, looking at just the US, Goldman writes that the key economic data releases this week are the ISM services index on Tuesday and the employment report on Friday. The minutes from the December FOMC meeting will be released on Wednesday. There are several speaking engagements from Fed officials this week.

Source: BofA, Goldman

Authored by Wolf Richter via WolfStreet.com,

The US dollar lost further ground as global reserve currency among many reserve currencies held by central banks. Its share has been zigzagging lower for many years as central banks have been diversifying their holdings to assets denominated in currencies other than the dollar. And they’ve also been diversifying into gold. But the dollar remains by far the dominant global reserve currency.

The share of USD-denominated foreign exchange reserves fell to 57.4% of total exchange reserves the lowest since 1994, according to the IMF’s COFER data for Q3 2024. USD-denominated foreign exchange reserves include US Treasury securities, US agency securities, US MBS, US corporate bonds, US stocks, and other USD-denominated assets held by central banks other than the Fed.

In Q1 2015, the USD’s share was still 66%. Over these 10 years, the dollar’s share of global reserve currencies has dropped by 8.6 percentage points. If this pace of decline continues, the dollar’s share will fall below 50% in less than 10 years, by the end of 2034.

The dollar’s share had already been below 50% in 1990 and 1991, at the final leg of its long plunge from a share of 85% in 1977 to 46% in 1991, after inflation had exploded in the US in the 1970s, and eventually the world lost confidence in the Fed’s ability or willingness to get this inflation under control.

But by the 1990s, central banks loaded up on dollar-assets again, until the euro came along. This chart shows the dollar’s share at the end of each year (2024 = Q3).

But they’re not dumping US Treasury securities.

Holdings of US Treasury securities by foreign central banks and other foreign holders have surged from record to record. Over the past 12 months, foreign holders added $880 billion, bringing their stash to a record $8.67 trillion, according to the Treasury Department’s TIC data earlier (we discussed the details here).

Total foreign exchange reserves.

Central banks holdings of foreign exchange reserves denominated in all currencies, including in USD, rose to $12.7 trillion.

Excluded from the total are any central bank’s holdings of assets denominated in its own currency, such as the Fed’s holdings of Treasury securities and MBS, the ECB’s holdings of euro-denominated bonds, and the Bank of Japan’s holdings of yen-denominated assets.

Top holdings, expressed in USD:

• USD-denominated assets: $6.77 trillion

• EUR-denominated assets: $2.37 trillion

• YEN-denominated assets: $0.69 trillion

• GBP-denominated assets: $0.59 trillion

The other major reserve currencies.

The euro’s share, #2, ticked up to 20.0%, the highest since 2022. But the movements have been small. The euro’s share has been around 20% for years (blue in the chart below).

The other currencies are the colorful tangle at the bottom of the chart. More on those in a moment.

The rise of the “nontraditional reserve currencies.”

We will now hold a magnifying glass over the colorful tangle at the bottom of the chart above.

These other currencies, except for the Chinese renminbi, have all been gaining share, at the expense of the dollar, while the euro’s share has remained roughly stable.

This includes the basket of “nontraditional reserve currencies,” as the IMF calls them, that are combined into “All others” (yellow in the chart below), whose combined share has been surging since 2020.

China is the second largest economy in the world, but its currency plays only a small role as a reserve currency. And it has lost ground against the USD and other currencies since 2022.

In 2016, the IMF had added the RMB to its basket of currencies backing the Special Drawing Rights (SDR). That was a big step, and lots of folks thought that the RMB would quickly become a threat to the dominance of the USD as global reserve currency.

But central banks have not been enamored with RMB-denominated assets for a variety of reasons, including capital controls, convertibility issues, and other issues. Last year, the RMB was surpassed by the Australian dollar (AUD).

Far behind the USD and the EUR, the largest currencies by share:

1. Japanese yen, 5.8% (YEN, purple).

2. British pound, 5.0% (GBP, blue).

3. “All other currencies” combined, 4.5% (yellow).

4. Canadian dollar, 2.7% (green).

5. Australian dollar, 2.3% (brown).

6. Chinese renminbi, 2.2% (red).

7. Swiss franc, 0.2% (blue).

Central banks diversify from the USD to other currencies.

The IMF found that there were 46 “active diversifiers” among central banks, including central banks in most of the G20 economies, according to a paper it published in 2022. It defined them as central banks that had at least 5% of their foreign exchange reserves in “nontraditional reserve currencies.”

Two factors contributed to the rise of the “nontraditional reserve currencies,” the IMF found:

• The growing liquidity of assets denominated in “nontraditional reserve currencies,” which makes them easier for central banks to trade in the quantities they deal with.
• Chasing higher-yielding assets elsewhere during the 0%-era in the US and Europe.

USD exchange rates impact foreign exchange reserves.

The USD has risen sharply against a basket of other currencies in recent months, as tracked by the Dollar Index [DXY], but remains below the 2022 high, well below the 2001 high, and hugely below the 1985 high. So we see these huge peaks and valleys, but now the dollar is about where it had been in 1977.

The DXY is dominated by the euro and the yen, the two largest trade currencies behind the USD. When euro arrived on the scene, the DXY’s local currencies that became part of the euro were replaced by the euro. At the DXY was started in 1973. Today it’s at 108.9 about where it had been during the high moments in 1973-1975 (data via YCharts):

Why this matters: The IMF reports foreign exchange reserves in USD. USD holdings are obviously reported in USD. But the holdings in EUR, YEN, GBP, CAD, RMB, etc. are translated into USD at the exchange rate at the time. So the exchange rates between the USD and other reserve currencies impact the magnitude of the non-USD assets – but not of the USD-assets.

For example, the Bank of Japan’s holdings of USD-denominated assets, expressed in USD, don’t change with the YEN-USD exchange rate. But its holdings of EUR-denominated assets are translated into USD at the EUR-USD exchange rate at the time. So the magnitude of Japan’s holdings of EUR-assets, expressed in USD, fluctuates with the EUR-USD exchange rate.

The other diversification: gold.

Gold bullion is not a “foreign exchange reserve” asset of central banks, and is not included in the data above. Instead, it’s a “reserve asset,” not involving foreign currency.

Central banks had spent decades unloading their gold holdings. But about 10 years ago, they started rebuilding their stash.

According to the IMF, central banks’ gold holdings have surged over this decade to 1.16 billion troy ounces – roughly $3.08 trillion, compared to $12.3 trillion in foreign exchange reserves (chart via the IMF):

*  *  *

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Update (0930ET):

On Truth Social, President-elect Donald Trump blasted the Washington Post for “quoting so-called anonymous sources, which don’t exist, incorrectly states that my tariff policy will be pared back.”

“That is wrong. The Washington Post knows it’s wrong. It’s just another example of Fake News,” the former president said.

Right away, we called out this malarkey.

2 hours

From Trump: “The story in the Washington Post, quoting so-called anonymous sources, which don’t exist, incorrectly states that my tariff policy will be pared back. That is wrong. The Washington Post knows it’s wrong. It’s just another example of Fake News.” https://t.co/QWdusUhnkD

— zerohedge (@zerohedge) January 6, 2025

WaPo’s fake news reporting sent the Bloomberg Spot Dollar Index tumbling by over 1%, one of the biggest intra-day drops since 2023.

Thanks WaPo for the 300 pips,
you fake news garbage https://t.co/4yp0fG7lY0

— zerohedge (@zerohedge) January 6, 2025

There is nothing like fake news from legacy corporate media to start the week.

Investigate WaPo for market manipulation on behalf of hedge fund “anonymous sources” https://t.co/UnzYzfb7O9

— zerohedge (@zerohedge) January 6, 2025

*   *   * 

The US dollar slid on Monday after reports emerged that President-elect Donald Trump’s aides are considering a revised, less strict tariff plan. While Trump’s 2024 campaign promised a universal tariff on most imports, the new proposal would focus instead on imposing tariffs specifically on critical imports, according to the Washington Post, citing three people familiar with the plan. 

Trump repeatedly claimed during the campaign that he would implement a “universal” 10% to 20% import tariff on all foreign-made goods into the United States. He also spoke about a 60% import tariff on Chinese goods and a 100% tariff on all imported cars.

According to WaPo:

Two weeks before Trump takes office, his aides are still discussing plans to impose import duties on goods from every country, the people said.

But rather than apply tariffs to all imports, the current discussions center on imposing them only on certain sectors deemed critical to national or economic security — a shift that would jettison a key aspect of Trump’s campaign pledge, at least for now, said the people, who cautioned that no decisions have been finalized and that planning remains in flux.

While the Biden administration has not rescinded most of the existing tariffs enacted under Trump 1.0, a universal blanket of tariffs on all imports would have been part of the ‘America First’ trade policies. However, it seems unlikely that Trump would abandon such a key policy initiative right out of the gate.

The sources familiar with the potential tariff change were unclear about which imports would be affected. 

More from WaPo… 

Preliminary discussions have largely focused on several key sectors that the Trump team wants to bring back to the United States, the people said. Those include the defense industrial supply chain (through tariffs on steel, iron, aluminum and copper); critical medical supplies (syringes, needles, vials and pharmaceutical materials); and energy production (batteries, rare earth minerals and even solar panels), two of the people said.

WaPo’s report sent the Bloomberg Dollar Index tumbling early Monday, breaking below $108. This marked a sharp reversal following the multi-month 9% rally that started at the beginning of October.

Here’s Bloomberg’s Markets Live desk’s take:

The dollar’s reaction to the Washington Post’s report that the incoming US administration might consider targeting import taxes at certain industries, rather than across the board, shows how much of the currency’s strength is based on anticipation of broad, and early, tariffs. It also suggests that the dollar’s recent strength is more dependent on fiscal rather than monetary policy. Bloomberg’s gauge of the dollar is falling the most since November.

Lots of currencies are benefiting from the dollar slump, which makes sense given the Washington Post report was vague as to which industries might be exempt. The euro, pound and Mexican peso are all at their strongest levels of the year.

That so much of the dollar’s strength should be reliant on tariff policy has implications for inflation and rates as well. All things being equal, adding taxes to imports pushes up consumer prices. But how much of that increase feeds through into living costs depends on lots of factors, notably how much pain companies are prepared to absorb (lots, if you cut their taxes elsewhere, presumably) and how much the currency rises. Today’s moves will shed light on how much of the tariff pain would be softened by a stronger dollar.

There is no confirmation from the incoming Trump administration regarding the validity of WaPo’s report.

How long until Trump denies all of this?

*TRUMP MULLS ‘UNIVERSAL’ TARIFF PLANS FOR CRITICAL IMPORTS: WAPO

— zerohedge (@zerohedge) January 6, 2025

For all we know, this could be a case of a dollar trader leveraging the media outlet.

President-elect Donald Trump hosted Italian Prime Minister Giorgia Meloni at Mar-a-Lago on Saturday.

Following the meeting, Bloomberg reported that a deal between the Italian government and Elon Musk’s SpaceX for Starlink satellite internet service could soon be finalized to provide secure telecommunications. 

Starlink and the Italian government have been in discussions since mid-2023. According to the report, talks are ongoing and centered around a five-year contract valued at $1.6 billion. This contract would provide a broad range of top-level encryption for the government’s telephone and internet services. Sources indicated that Italy’s Intelligence Services and Defense Ministry have already signed a deal with SpaceX. 

Italy confirmed on Monday that discussions continue, stating that no deal has been reached. Officials added, “The talks with SpaceX are part of normal government business.”

On Saturday, Trump praised PM Meloni as a “fantastic woman” at the former president’s Mar-a-Lago residence in Palm Beach, Florida. 

“This is very exciting,” Trump said, adding, “I’m here with a fantastic woman, the prime minister of Italy. She’s really taken Europe by storm.”

Trump and Meloni were joined by two of his nominees: Senator Marco Rubio (R-Florida) for Secretary of State and Representative Mike Waltz (R-Florida) for National Security Advisor.

President Donald J Trump tonight at Mar-a-Lago with the future Secretary of State, Marco Rubio & the Italian Prime Minister! #MAGA #donaldtrump #trump2024 #whitehouse #maralago @realdonaldtrump @teamtrump @trumpwarroom @whitehouse45 @themaralagoclub @senatormarcorubio 📸:… pic.twitter.com/9tOA94x8SV

— Michael Solakiewicz (@michaelsolakie) January 5, 2025

Meloni’s visit to Mar-a-Lago follows her dinner with Trump and Musk in December during the reopening of the Notre Dame Cathedral in Paris. 

📸La Première ministre italienne, Meloni, semble avoir un faible pour Elon Musk, elle n’a d’yeux que pour lui. pic.twitter.com/E5mZjWa4JI

— Trump Fact news 🇺🇸 (@Trump_Fact_News) December 8, 2024

Something about Meloni and Musk…

Giorgia Meloni is someone that I admire that has done an incredible job as the Prime Minister of Italy. She’s authentic, honest and truthful.

一 Elon Musk 🇺🇸🇮🇹

pic.twitter.com/e6RiyC82Ef

— DogeDesigner (@cb_doge) January 5, 2025

Last month, Reuters reported that Italy plans to begin tests as early as January to see if Starlink internet will boost the rollout of high-speed internet in the country. 

Musk’s SpaceX is the leader in rocket launches and satellite deployment, allowing the US to be many years ahead of China and Russia in the global space race. Starlink has more than 7,000 satellites in low-Earth orbit, along with next-gen satellites being launched regularly for direct-to-cell satellite services. 

Authored by Joseph Lord via The Epoch Times,

Congress will formally certify President-elect Donald Trump’s victory in the 2024 election on Jan. 6, marking the final ceremonial step to confirm Trump as the next commander-in-chief.

Vice President Kamala Harris, as president of the Senate, will officiate the certification during a joint session of Congress and declare her erstwhile rival the winner in the presidential contest.

It’s expected to be largely a quiet, formal process this year. Harris has said she intends to treat her role as ceremonial. Democrats in Congress have already made clear that they accept Trump’s win.

For members of both parties, the day can’t help but recall the events that unfolded four years prior.

During the certification of the 2020 election results on Jan. 6, 2021, pro-Trump protesters entered the Capitol, placing the certification process on hold and putting an end to a Republican effort to object to certain electoral slates.

Following the Capitol breach, Republican leaders like Sen. Mitch McConnell (R-Ky.) and Rep. Kevin McCarthy (R-Calif.) distanced themselves from Trump, joining Democrats in saying he was ultimately responsible for the incident.

The House quickly pushed through a second impeachment resolution against Trump, though it failed in the Senate. Pundits believed Trump’s political future was at an end.

For both sides of the aisle, the certification of Trump’s re-election four years later is likely a reminder of the magnitude of the political comeback the president-elect has achieved.

The Process

Lawmakers from both chambers will gather in the House chamber, which is traditionally used for joint sessions, at 1 p.m. ET to begin the process of certification.

Under the process mandated by law, the official electoral slates will be transported into the House chamber in large mahogany boxes. Harris will then open the sealed electoral slates and hand them to the congressional tellers to be read aloud in alphabetical order.

As these votes are read off, lawmakers have the opportunity to raise any objections they see fit, so long as both a representative and a senator sign off on the objection. At that point, both chambers would meet for two hours to debate the objection before returning to a joint session.

These objections have been a relatively common fixture of American political life in the 21st century, with objections to certain electoral votes brought in 2001, 2005, 2017, and 2021.

This year, however, Democrats have indicated that they expect no objections will be brought against certifying Trump’s win.

Jan. 6, 2021

Though Jan. 6 was once seen as a relatively uneventful day in American political life, for the past four years, the date has been a cultural flashpoint.

During a speech at the Ellipse four years ago, Trump, alleging that the 2020 election results were tainted by fraud, told his supporters to go to the Capitol to “peacefully and patriotically“ protest the certification of the results.

In the speech, Trump urged then-Vice President Mike Pence to reject certain electoral slates from key battleground states.

When the crowd arrived at the Capitol, chaos ensued as some protesters entered the Capitol. Most entered through the main entrances, though a minority entered through smashed windows.

Ultimately, the Capitol was cleared of protesters after Trump urged his supporters to leave. Though some damages had been done to the building and some offices, certification proceeded without further objections.

Critics of Trump alleged that the Capitol breach was the culmination of an attempted insurrection against the U.S. government.

Supporters of Trump say the narratives surrounding the events of the day have been misrepresented and note Trump’s role in ending the breach and how he left office unchallenged on Jan. 20, 2021.

A little more than a month after critical undersea telecommunications cables were severed in the Baltic Sea region, reportedly by a Chinese vessel, a similar incident has unfolded just days into the new year—this time off Taiwan’s northern coast.

Taiwan English News reported that four core subsea telecom cables were damaged off the coast in Yehliu, New Taipei City, on Friday. 

Chunghwa Telecom operates the $500 million Trans-Pacific Express cable network via a joint venture between six telecom companies, including China Telecom, China Netcom, China Unicom, Chunghwa Telecom, Korea Telecom, and Verizon Communications. 

The cable connects East Asia to the US West Coast. 

According to Taiwan’s National Coast Guard Administration, the Chinese vessel suspected of cutting the subsea cable just north of Taiwan is “Shunxin 39.” It’s a Cameroon-registered cargo ship. 

EurAsian Times noted that Shunxin 39 is registered in Cameroon and belongs to Jie Yang Trading Limited, a Hong Kong-based company headed by Guo Wenjie, a Chinese national. 

Taiwan is investigating a suspected Chinese link to the cutting of an undersea Telecom Cable. Authorities intercepted the Shunxin-39, a Cameroon-flagged Cargo Ship, but bad weather prevented boarding, and it continued to South Korea. The Ship is linked to a Hong Kong-based… pic.twitter.com/UO7LZxPmGg

— OSINTdefender (@sentdefender) January 5, 2025

Chunghwa Telecom has since reported that data disruptions were restored by rerouting traffic to other international subsea cables. 

As for the vessel, a Taiwan Coast Guard official told the Financial Times, “Since it was not possible for us to question the captain, we have asked the South Korean authorities to help with the investigation at the ship’s next port of destination.” 

The latest undersea cable-cutting incident further heightens concerns of potential sabotage by agents of China and or Russia, raising alarms about hybrid warfare tactics targeting Western telecommunication infrastructure worldwide. 

“This is another case of a very worrying global trend of sabotage against subsea cables,” said a senior Taiwanese national security official, adding, “The ships that are involved in these incidents are typically rundown vessels that have little above-the-board business. This one, too, is in very bad shape. It is similar to the ships that are part of Russia’s ‘shadow fleet.'”

Authored by Steve Watson via Modernity.news,

Joe Biden viciously snapped at reporters Sunday as they asked him if he still believes President Trump is a threat to Democracy.

Biden was asked about Trump’s plans to end birthright citizenship, and suddenly had a bizarre outburst about his own age.

“Do you still believe he’s a threat to democracy?” a reporter asked.

“I think what he did was a genuine threat to democracy,” Biden answered.

He rambled about immigration, stating “I mean, this has been, it’s who we are, and we are so connected to the rest of the world. Everywhere I go the rest of the world gets it.”

Biden claimed that “When I became president, the numbers came way down,” referring to illegals crossing the border. This is clearly a blatant lie as the number skyrocketed to all time highs.

He also claimed “I pushed very hard for bipartisan agreement to put more people on the border, more, more secret service agent[s], and guess what? [Trump]’s on the phone saying, ‘Don’t do it. Don’t do it, [it will] make me look bad. That bill, that bill is ridiculous. It’s ridiculous.’”

Biden then weirdly raged at reporters “My being the oldest president, I know more world leaders than any one of you have ever met in your whole goddamn life.”

“And I know them. You know how they think? Not a joke,” he further snapped.

NEW: President Biden snaps on reporters, many who covered up his mental decline for four years, says he met more world leaders than they have in their “godd*mn life.”

Weird flex.

“I know more world leaders than any one of you ever met in your home godd*mn life.”

The question… pic.twitter.com/XzC1qjAEjl

— Collin Rugg (@CollinRugg) January 5, 2025

Weird flex, but ok.

He just can’t remember who they are or were

— Trump #45 #47🇺🇸 (@DrMarkStano) January 6, 2025

Maybe he’s referring to the dead world leaders from the 1980s again?

This is the real Biden they’ve tried to hide from you for years. Short tempered, vindictive, petty. He’s not really this sweet grandpa. Though that’s the image the White House pushes outwardly. https://t.co/s2SAXLB2U8

— Link Lauren (@itslinklauren) January 6, 2025

Our President reminds us why he has the lowest favorables of any President going back to 1952. https://t.co/7qYRcHJmjp

— Rep. Don Bacon 🇺🇸✈️🏍️⭐️🎖️ (@RepDonBacon) January 6, 2025

Sharp as a tack, folks https://t.co/XXDEacMKPP

— Kaelan Dorr (@KaelanDorr) January 5, 2025

And how many of them are in business with Hunter? https://t.co/cLaUlgfCHj

— Kate Hyde (@KateHydeNY) January 6, 2025

Does he remember any of their names? https://t.co/3qtiSu3NIm

— Steve Friend (@RealStevefriend) January 6, 2025

Sundowning” refers to a phenomenon where elderly people with dementia experience increased confusion, agitation, anxiety, or other behavioral changes as the day begins to fade, usually in the late afternoon or early evening, often associated with the setting sun; it essentially…

— SMHonk (@SMHonk1983) January 6, 2025

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