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10 Days That Shook The World

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10 Days That Shook The World

Authored by Jeffrey A. Tucker via The Epoch Times (emphasis ours),

In 1917, American journalist Jack Reed, a naive but talented communist ideologue with a blue-blood education, was in Russia to watch and cheer on a revolution. He was there in October when the provisional government of Alexander Kerensky held power—Czar Nicholas II had been overthrown—but refused to pull the nation out of the murderous Great War or otherwise reform.

Donald Trump is sworn in as the 47th President of the United States by Chief Justice John Roberts as Melania Trump holds the Bible in the U.S. Capitol Rotunda in Washington, D.C., on Jan. 20, 2025. Julia Demaree Nikhinson/AFP via Getty Images

The government was thus overthrown again, this time by the Bolsheviks who ruled for 70 years thereafter. Reed chronicled the moment in his famous book “Ten Days that Shook the World.” It set forth the narrative of these days for a century. It was a major reason why that generation of literate Americans, lacking access to other information sources, considered Vladimir Lenin to be a hero. Reed, by the way, later died and was buried in the Kremlin.

That book and the events it valorized has now been superseded by another 10 days that have shaken the world. Donald Trump took the oath of office to become U.S. President on Jan. 20, 2025, following a sweeping and decisive victory that the entire establishment fought ferociously.

I’m typing this 10 days later. It is clear to me and many others that nothing will ever be the same, not in the United States and not anywhere in the world that is watching the exciting events unfold. It’s nothing like we’ve ever seen, and far beyond anything we had expected or even been promised.

Whereas Reed’s Ten Days were about the building of the Leviathan state, our own 10 days is about tearing it down and restoring freedom. Already what has been uncovered and stopped is for the ages, to the point that as I write the United States has plugged scandalous spending leakage at a rate of $4 billion per day, thanks to the work of Trump’s Department of Government Efficiency.

That appears just to be the beginning. Agencies and funding sources are being shut down by the day and hour. The whole spending machine was shut down for a few days before a federal judge intervened. Even that did not stop the push to shut down the spigots: it took a second judge to intervene and finally restart it all. Even then, it was just the beginning.

What is popularly known as the “deep state” has never faced such disruption.

Hardly a minute goes by when we do not get news of various outrages operating at all agencies of government, spending that gives new meaning to the word decadence. It’s all been happening for many years, even decades, even as the American middle class has been hollowed out, real incomes have declined, and economic opportunities for average people have thinned out to create culture-wide despair and ill-health.

The excitement began minutes after inauguration when the team of Elon Musk, tasked by Trump to figure out what is going on with this empire of lies, unfurled a plan that had long been in the works but never announced. They installed sofa beds on the 5th floor of the Office of Personnel Management and tossed out the chief of staff. The plan was to work 24/7 to get the job done, never leaving the offices. Yes, in Godfather parlance, they literally “went to the mattresses.”

They gained access to the computer system and sent a memo to 2.3 million federal government employees. It invited all of them to resign immediately and get 8 months of severance. They only needed to hit reply and type “resign.” The expectation going into this was that 10 percent would flee but it could be more. We are still waiting for the numbers.

All the while, the Trump administration was issuing executive orders, more than 300 in these magical 10 days. They froze regulations. They froze spending. They issued a universal fatwa against all DEI policies and abolished “affirmative action”—all while heralding the single principle of non-discrimination. They proclaimed that no government agency may ever again tell private media and social media accounts how to operate, either directly or indirectly through third-party cutouts. They banned the absurdities of the transgender movement and made adolescent mutilation illegal.

The orders were so sensible that they generated almost no resistance other than predictable sputtering. There were of course muttering that Trump was behaving like an authoritarian. If so, it is an odd form of authoritarianism that uses power to take power away from government and give it back to the people. The driving motivation of all these efforts was to reboot the promise of 2016 to drain the swamp. This time they were serious.

Following the takeover of the Office of Personnel Management, the truly great challenge was to get to the source of the largess, the spigot spilling so much money that it was creating $1 trillion in debt every 100 days. This has gotten worse decade after decade. It is the determination of DOGE to get to the bottom of it.

The team—which converted itself quickly into an official government office to evade that obvious criticism—headed to the U.S. Treasury and announced an audit of the entire government. In order to conduct that, they would need the logins to the system. The auditors had already figured out that the whole government was operating on autopay, with billions flowing to enemy regimes and rackets of all sorts. Shutting that down had to be priority number one.

What they found was an acting head of the U.S. Treasury named David A. Lebryk, who turns out to be the highest-ranking person in the civil service. Lebryk had been promoted to that position on January 20, but his former boss was the deputy head of Treasury, a Nigerian émigré named Wally Adeyemo, who had at one time been head of the Obama Foundation. His resignation put Lebryk in the driver’s seat of the world’s biggest outgoing payroll system.

That’s right, you cannot make this stuff up!

Lebryk absolutely refused to turn over the passwords. After what was said to be a shouting match, he resigned on the spot. Then Elon’s crew took control of the passwords to the system that was sending out $6 trillion on autopay.

This action generated panicked headlines in the New York Times and Wall Street Journal that the Trump administration has gotten hold of the control center of government spending, strongly suggesting that nothing like this has ever happened. For reasons that are unclear, regime media seemed shocked and alarmed that the Trump administration had broken into the sanctum sanctorum.

When regular people think about this, they start asking serious questions. Why is it not a normal thing for the new administration to be in control of the spending systems? Why is this such a shocking thing to have happened? Isn’t auditing the books just what any new president would do?

Most likely, it is shocking simply because it has never happened. For all the world, this looks to be a situation in which we are witnessing the very first actual transition of power in our lifetimes.

There will be more court challenges, claims, and counterclaims, but mainly we can look forward to an information flood of finding out precisely how our tax dollars have been used these many years if not for decades. This is in many ways the ultimate nightmare of any entrenched bureaucracy that has been unburdened by accountability for a very long time.

Change is now here, and it appears that the Trump administration is not letting up. All the while, Trump’s cabinet picks were facing a brutal grilling from Senators. This time, however, we have the means to discover the hand in the glove. We have tools like Open the Books, Open Secrets, and others, to reveal precisely what industrial interests are behind these politicians. It appears as of this writing that public pressure is going to push all of Trump’s picks through.

No one can say for sure how this story ends but we are getting an intuition. The Trump administration, barring some unforeseen disaster, is well positioned to go down in history as the regime that saved the country from secret and systematic pillaging that has been going on without check for probably all living memory.

Is that an exaggeration? Sadly, it does not appear to be so based on what we are learning by the hour. These are the new Ten Days that Shook the World. The first time around, history was set on a path toward the disaster of communism and totalitarianism. This time, the revolution is being reversed—the people are really taking charge from an elite class that has enjoyed unchecked rule in the Western world for all of living memory.

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

Tyler Durden
Thu, 02/06/2025 – 16:20

Shares Of Tungsten Miner Erupt After China Chokes Supply; CEO Says Customers In “State Of Disbelief”

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Shares Of Tungsten Miner Erupt After China Chokes Supply; CEO Says Customers In “State Of Disbelief”

The Trump administration’s additional 10% tariffs on all Chinese imports took effect Tuesday, prompting Beijing to fire back with retaliatory measures, including tariffs on US goods, antitrust probes on US big tech firms, entity list additions, and export controls on critical minerals. 

Focusing on export controls on critical metals, Beijing imposed restrictions on key minerals such as tungsten, tellurium, bismuth, molybdenum, and indium, along with certain metallic compounds derived from them.

Days later, Bloomberg’s Annie Lee spoke with Lewis Black, chief executive officer of North America’s Almonty Industries, who stated his customer base is in a “state of disbelief” after Beijing’s export controls on the metal used in electronics, defense systems, and machinery. 

“It’s the warning shot, because we cannot exist without it,” Black told Lee. He noted: “Our economy, manufacturing, defense, everything, is so dependent on it. And yet, Russia, China and North Korea have about 90% of the output.“

Shares of Almonty in the US have surged 40% in recent days. The company describes itself as “the largest tungsten mining company in the world outside of China.”

“The question is, how much will China tighten the screw to be heard?” Black said, adding, “I think the news was bad, but I think it’s going to get worse.”

Beijing’s willingness to restrict exports of critical minerals to the US became evident in late 2024 when it banned the export of gallium, germanium, and antimony.

Beijing’s ongoing export restrictions on critical minerals should serve as a warning to America’s military-industrial complex and chipmakers. Perhaps it’s time for the Trump administration to ramp up efforts to expand domestic supply chains for mining and refining rare earth minerals, reducing dependence on China. 

Tyler Durden
Thu, 02/06/2025 – 15:00

Investor Demand For X Debt “Upsized” As Musk Sees Revenue “Improving Rapidly” After Defeating Censorship Cartel

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Investor Demand For X Debt “Upsized” As Musk Sees Revenue “Improving Rapidly” After Defeating Censorship Cartel

Investors want a slice of X as Elon Musk’s social media platform becomes the epicenter of news distribution, while corporate leftist media outlets and their government-funded censorship cartel face a fiery demise (see: Politico). This follows a multi-year advertiser boycott led by mega-corporations and relentless lawfare by an army of leftist nonprofits in their attempt to destroy the platform. However, those efforts have failed, and Musk has gone on the offensive, positioning X for a year of success.

In the latest report from The Wall Street Journal, top banks finished up a sale of debt backed by X. Sources familiar with the debt deal stated that the banks initially planned to sell around $3 billion in debt at 95 cents on the dollar. However, due to surging demand from large high-yield fund managers, the deal was upsized to $5.5 billion. 

Buyers of the debt included Pimco and Citadel, who agreed to pay 97 cents on the dollar. The floating-rate debt carries an interest rate of 11%, with borrowing costs several percentage points higher than some of the riskiest loans on Wall Street. 

The upsized sale of X debt marks the end of the multi-year doom loop for Musk’s social media company. Since purchasing the platform in 2022, Musk has faced relentless advertiser boycotts and endless lawfare from shadowy leftist billionaire-funded nonprofit groups. However, X’s ability to circumvent the Biden-Harris regime’s censorship cartel and play a key role in the Trump-Vance presidential victory has placed Musk in Washington as a special government employee leading DOGE efforts. This, in return, has strengthened Wall Street’s confidence in X.  

Additionally, Trump’s executive order on “restoring free speech and ending federal censorship” is expected to provide additional tailwinds for X and other alternative media platforms. This is yet another key driver of soaring optimism around X. 

Last Friday, X CEO Linda Yaccarino and Morgan Stanley bankers presented prospective investors with metrics showing the social media platform’s financial health was set to rebound in 2025. 

“Revenue should improve rapidly this year, as the advertising boycott winds down,” Musk told one X user. 

WSJ noted:

Financial documents reviewed by investors showed that the artificial-intelligence company transferred hundreds of millions of dollars to the social-media company, the people said. That money has helped X pay its bills and stay current on its obligations, the people said. Growing advertising revenue at X should mean fewer transfers in the coming months and years, the people said.

The financial documents said X now holds a 10% stake in xAI, valued at around $5 billion, people familiar with the matter said. The AI company last year was valued at $50 billion. Musk had previously posted that X investors would own 25% of xAI.

X also reported to the investors 2024 adjusted earnings before interest, taxes, depreciation and amortization of about $1.25 billion and annual revenue of $2.7 billion. Investors said that was a better picture than they had expected and that X’s finances hit an inflection point a few months before the November election.

In 2021, Twitter reported adjusted Ebitda of about $682 million and about $5 billion in revenue. That was the last full year before Musk took the company private.-WSJ

X’s debt sale is a big relief for banks…

Yaccarino and X CFO Mahmoud Reza Banki told investors that advertisers are returning and that the company’s valuable stake in xAI should give them enough confidence to invest in the social media platform.

. . .  

Tyler Durden
Thu, 02/06/2025 – 12:25

Trump Media Files For ‘Truth․Fi Bitcoin Plus ETF’

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Trump Media Files For ‘Truth․Fi Bitcoin Plus ETF’

Authored by Sam Bourgi via CoinTelegraph.com,

Trump Media and Technology Group (TMTG) intends to launch exchange-traded funds (ETFs) and separately managed accounts (SMAs) tied to its Truth Social platform, which includes investment strategies related to Bitcoin.

According to a Feb. 6 announcement, TMTG has filed trademark registrations for various ETFs and SMAs tied to the Truth Social platform and Truth+ video streaming service. 

The trademarks include Truth.Fi Made in America ETF, Truth.Fi Made in America SMA, Truth.Fi US Energy Indepedence ETF, Truth.Fi US Energy Independence SMA, Truth.Fi Bitcoin Plus ETF and Truth.Fi Bitcoin Plus SMA.

TMTG Chairman and CEO Devin Nunes said the funds give investors the ability to invest in “American energy, manufacturing and other firms that provide a competitive alternative to the woke funds and debanking problems” allegedly found in other parts of the market. 

This strategy includes “exploring a range of ways to differentiate our products, including strategies related to Bitcoin,” said Nunes.

The proposed Truth.Fi funds include an initial investment of up to $250 million to be custodied by Charles Schwab, the announcement said. The New Jersey-based Yorkville Advisors will serve as the Registered Investment Advisor for the new products.

TMTG was founded in 2021 and is majority-owned by US President Donald Trump. The company went public in March 2024 and its stock currently trades on the Nasdaq.

Trump’s crypto MAGA promise

President Trump has promised that cryptocurrencies will flourish under his administration. This was further reiterated on Feb. 4 when Republican congressional leaders said they would form a working group to focus on crypto and stablecoin legislation. 

“We don’t want to be behind in financial technology and digital assets in the United States,” said Arkansas Representative French Hill.

Senator Tim Scott, Rep. French Hill and Senator John Boozman reiterate Republicans’ push for pro-crypto legislation. Source: US Senate Banking Committee

On the same day that Republicans announced their renewed regulatory push for pro-crypto legislation, Securities and Exchange Commission Commissioner Hester Peirce vowed to fix the “mess” that ex-SEC Chair Gary Gensler left behind regarding crypto. 

According to Peirce, the White House’s newly formed Crypto Task Force is recommending that the SEC “provide temporary prospective and retroactive relief for coin or token offerings” that were unfairly targeted by the previous regime. 

Tyler Durden
Thu, 02/06/2025 – 12:05

Treasury Targets Iran’s Oil Network In New Sanctions As Trump Stuns By Talking Deal

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Treasury Targets Iran’s Oil Network In New Sanctions As Trump Stuns By Talking Deal

President Donald Trump has been notoriously hawkish on Iran, as have some of his top national security officials, which is why it was surprising and refreshing for his rhetoric to take a different track in Wednesday statements. Responding to reports that the US and Israel are preparing scenarios to attack Iran and its nuclear sites, Trump stated Wednesday that these reports are “greatly exaggerated” and said that making a deal would be preferable instead.

“I want Iran to be a great and successful Country, but one that cannot have a Nuclear Weapon,” the president wrote on Truth Social. “I would much prefer a Verified Nuclear Peace Agreement, which will let Iran peacefully grow and prosper. We should start working on it immediately, and have a big Middle East Celebration when it is signed and completed. God Bless the Middle East!” Trump added.

AFP/Getty Images

During his first administration, Trump unilaterally pulled the United States out of the JCPOA nuclear deal with Iran in 2018, which had been implemented during the Obama administration, and involved the other P5+1 countries of China, France, Germany, Russia, the United Kingdom, as well as the European Union.

He also dropped a surprise bombshell upon signing the new executive order to reimpose “maximum pressure” on the Islamic Republic, though it’s been woefully underreported in the media: 

“There are many people at the top ranks of Iran that do not want to have a nuclear weapon,” Trump said in the Oval Office.

Still, Trump claimed when he signed it that he was “unhappy” to do it – perhaps revealing it as leverage and part of his big stick approach which can induce a better deal down the road.

Iran and Mideast regional analyst Trita Parsi commented on how unexpected and significant these words are for a sitting American president:

I cannot recall any U.S. president ever deviating from the quasi-official American line that Tehran is dead set on getting nukes. U.S. officials rarely allow any nuance, or any shades of gray: Iranians always want a nuclear weapon and the only way to stop them from getting one is by preventing them from having access to the necessary material, know-how, or technology. If they have access, they will invariably build a bomb. It’s an unchallengeable certainty.

The 2007 National Intelligence Estimate on Iran caused a major controversy for simply assessing that Iran did not have an active nuclear weapons program, even though it also concluded “with moderate-to-high confidence that Tehran at a minimum is keeping open the option to develop nuclear weapons.”

That is: Iran still wanted a bomb but appeared to have temporarily paused its pursuit of one.

In the meantime, as of Thursday, maximum pressure has formally gone into effect as the US Treasury implements sanctions on the international Iranian oil transport network.

“This action is consistent with the President’s February 4 National Security Presidential Memorandum directing the Treasury Department and other U.S. government agencies to enact maximum economic pressure on Iran in order to deny all paths to a nuclear weapon and counter Iran’s malign influence,” the fresh Treasuring notification said. It announced that this will deprive the country of hundreds of millions of dollars for its military machine.

Trump stuns…

Tehran is seeking to rally OPEC to its side after Trump threatened to take Iran’s crudel exports to zero:

Iran’s President Masoud Pezeshkian urged OPEC members to unite against possible U.S. sanctions on the major oil producer, after U.S. President Donald Trump said he would seek to drive Tehran’s oil exports to zero.

Iranian crude oil exports currently stand at around 1.5 million barrels per day, with the majority going to China. The loss of such a volume, equal to about 1.4% of total world supply, would be significant for markets.

US Treasury Secretary Bessent further announced the US is aggressively targeting Iranian efforts to use oil revenues to bolster its nuclear program, develop ballistic missiles, and support its terror proxies. Will this serve to bring Tehran and the Trump administration to the negotiating table? It looks calculated to do so, at least.

Tyler Durden
Thu, 02/06/2025 – 11:45

Too Many Politico Subscriptions? There’s An App For That

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Too Many Politico Subscriptions? There’s An App For That

By Open The Books

The federal government has spent $44.2 million on subscriptions to political news site POLITICO since 2017. That includes dozens of Executive Branch agencies as well as offices in the House of Representatives.

There’s an app for people who’ve lost track of how many subscriptions. For government, though, that app is DOGE!

BY THE NUMBERS

The dollar figure includes $32.3 million in spending from inside the White House and $11.9 million from staffers in the House of Representatives.

Despite the online buzz, our auditors did not find any evidence of federal grants given to the news outlet. The only direct assistance the government has sent to Politico was a $1,000 Covid-19 relief grant from 2020.

Virtually all of the payments are, in fact, subscription fees!

Donald Trump’s White House spent just over $1 million on Politico in 2017, his first year as president. By 2020 subscription payments had increased to $2.8 million.

Then, payments increased dramatically once Joe Biden took office. The White House spent $4.4 million on Politico subscriptions in 2021. Payments reached a high of $7.8 million in 2023 and totaled $7.4 million in 2024.

It seems no one in the federal bureaucracy thought to share their password with their colleagues in other agencies. Thirty-eight different federal agencies and subagencies have sent payments to Politico since 2017.

The Department of Health and Human Services spent more than twice as much as any other federal agency with $6.9 million since 2017. The Department of Energy and Department of the Interior also spent more than $3 million in the same time frame. The Agency for International Development spent $44,000.

One might expect that federal bureaucrats are leading experts on government policy and public affairs, more so than journalists at Politico. That may not be the case.

INSIDER INFO

The White House is paying to get behind an even fancier paywall – access to Politico Pro. It’s a service meant to teach the public about what is happening inside the White House, but staffers there have spent $16 million on it since 2017. Thirty-one different agencies and subagencies have also subscribed.

The subscription rate for the Pro version has reached nearly $3,000 per person: a $140,203 payment from HHS in 2024 yielded only 49 subscriptions.

“Whether you’re a lobbyist, executive, consultant, researcher, strategist, or analyst, POLITICO Pro has what you need to power successful policy—anywhere,” the service’s website explains. “POLITICO Pro gives you the inside scoop on the public policy and players that matter most to you. Stay informed and ahead with to-the-point news and automatic tracking of government affairs and policy. Keep pace with the help of experts who act as an extension of your team. With this kind of elite access, you can be a leader in your policy arena.”

BOTTOM LINE

The public is broadly skeptical of national media outlets, distrustful of their reporting and presumes an ideological bent to their coverage. Like most major outlets, POLITICO has its fans and partisans.

But why should the public be on the hook to pay the subscription fee for operatives, staffers and bureacrats somewhere in Washington? We deal with enough paywalls in our own lives. Why are we propping up mainstream media outlets – private, for-profit businesses — with our own tax dollars?

It looks like DOGE is already on the case, but it comes after the better part of a decade of subscription spending.

Tyler Durden
Thu, 02/06/2025 – 11:20

White House Softens Aspects Of Gaza ‘Takeover’ – Emphasizes No Boots On The Ground

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White House Softens Aspects Of Gaza ‘Takeover’ – Emphasizes No Boots On The Ground

Israel announced Thursday it has begun preparations for the departure of large numbers of Palestinians from the Gaza Strip following President Trump earlier this week publicly backing a controversial mass resettlement plan in neighboring Arab countries.

Prime Minister Benjamin Netanyahu praised Trump’s plan for Gaza as “remarkable” in an interview with Fox’s Sean Hannity published Thursday. “The actual idea of allowing Gazans who want to leave to leave. I mean, what’s wrong with that? They can leave, they can then come back, they can relocate and come back. But you have to rebuild Gaza,” Netanyahu said.

In the face of fierce condemnation and pushback from an assortment of countries like Saudi Arabia, China, Russia, Ireland, as well as the United Nations – Trump has still doubled down in a Thursday Truth Social post.

He explained that “the Gaza Strip would be turned over to the United States by Israel” after the end of hostilities. He reiterated that Palestinians could be relocated to “far safer and more beautiful communities, with new and modern homes, in the region” and would “actually have a chance to be happy, safe, and free.”

AFP/Getty Images

The president said the that the US would oversee development teams from across the world, which will “slowly and carefully” begin the construction of what would become “one of the greatest and most spectacular developments of its kind on Earth.”

That’s when he emphasized the following: “No soldiers by the US would be needed! Stability for the region would reign,” Trump wrote. Given that it’s an active war zone, and Hamas and Islamic Jihad are still openly displaying their weapons in battalion-sized displays and deployments, it seems doubtful any of this could happen without serious military intervention.

Trump said all of this after on Tuesday he declared he wants to the US to “take over” and “own” the Gaza Strip. Some aspects have been softened or walked back by the White House, however.

When pressed for clarification on Wednesday, White House Press Secretary Karoline Leavitt said, “They need to be temporarily relocated out of Gaza for the rebuilding.” Thus the plan has changed to a non-permanent resettlement, apparently, though it’s hard to see the logistics and politics of all of this actually playing out.

Leavitt continued, “It’s been made very clear to the president that the United States needs to be involved in this rebuilding effort to ensure stability in the region for all people.”

“That does not mean boots on the ground in Gaza. That does not mean American taxpayers will be funding this effort,” she added.

Secretary of State Marco Rubio has also sought to distance the administration from criticisms that this looks like a potential major foreign military intervention. He said the idea was of “temporary” relocation, and said the proposal “was not meant as hostile. It was meant as, I think, a very generous move — the offer to rebuild and to be in charge of the rebuilding.”

And Trump’s envoy for the Middle East, Steve Witkoff, echoed something similar. He said the US doesn’t want to put any US troops on the ground, and that no US dollars should be spent. He acknowledged that Trump had been “gestating” on the idea for a while.

Tyler Durden
Thu, 02/06/2025 – 11:00

BlackRock To Launch Bitcoin ETP In Europe

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BlackRock To Launch Bitcoin ETP In Europe

Authored by Alex O’Donnell via CoinTelegraph.com,

BlackRock, the world’s largest asset manager, is preparing to launch a Bitcoin exchange-traded product (ETP) in Europe, according to a Feb. 5 report by Bloomberg. 

The move comes after BlackRock’s US spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), drew upward of $57 billion in net assets after launching in January 2024. BlackRock’s IBIT fund is America’s most popular spot Bitcoin ETF and chived in just a year what it took GLD (the most popular gold ETF) seven years to achieve…

BlackRock’s European Bitcoin ETP will reportedly be domiciled in Switzerland. The asset manager plans to start marketing the fund as soon as this month, Bloomberg said, citing people familiar with the matter. 

BlackRock is a top ETF issuer, with $4.4 trillion in assets under management (AUM) across its suite of ETPs. This would be BlackRock’s first Bitcoin ETP outside of North America, Bloomberg said. 

BlackRock’s IBIT is the US’s most popular BTC ETF. Source: iShares

Expanding crypto product suite

BlackRock has been doubling down on IBIT’s success with international expansions. In January, BlackRock launched a new Bitcoin ETF on the Cboe Canada. The ETF allowed Canadian investors to access BlackRock’s flagship US spot Bitcoin fund. 

Overall, US Bitcoin ETFs saw more than $35 billion in aggregate net inflows in 2024, or roughly $144 million in net inflows each trading day, according to data from Farside Investors. 

In November, US BTC ETFs broke $100 billion in net assets for the first time, according to data from Bloomberg Intelligence. Crypto analysts at Steno Research expect Bitcoin ETFs to attract another roughly $48 billion worth of net inflows in 2025. 

Bitcoin has “become [a] more important component […] of investors’ portfolios structurally” as they increasingly seek to hedge against geopolitical risk and inflation, investment bank JPMorgan said in a December report, citing the “record capital inflow into crypto markets.”

Surging institutional inflows could cause positive demand shocks for Bitcoin, potentially sending BTC’s price soaring in 2025, asset manager Sygnum Bank said in December.

Tyler Durden
Thu, 02/06/2025 – 07:45

At Least 40,000 Fed Workers Accept ‘DOGE Buyout’ As Deadline Looms Tonight

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At Least 40,000 Fed Workers Accept ‘DOGE Buyout’ As Deadline Looms Tonight

Thursday marked the final day for federal employees to accept the Trump administration’s offer of eight months of pay and benefits in exchange for voluntarily stepping down. According to the latest figures from Bloomberg, at least 40,000 government workers—about 2% of the federal civilian workforce—have opted into the resignation program. 

An official from the Office of Personnel Management told Bloomberg that deferred retirement applications have been steadily increasing and are expected to surge by the end of Thursday, the deadline to apply. Employees can submit their resignations by sending the word “resign” to their government email accounts. 

“While a few agencies and even branches of the military are likely to see increases in the size of their workforce, the majority of federal agencies are likely to be downsized through restructurings, realignments, and reductions in force,” OPM recently told federal workers in an email. 

OPM added: “These actions are likely to include the use of furloughs and the reclassification to at-will status for a substantial number of federal employees.” 

The agency also told workers that “consolidation and divestitures” could lead to changes in “physical office” locations.  

Reuters noted that federal worker unions have told members not to take the deal. The unions sued to block the offer, with a court hearing scheduled for 1300 ET. Also, Redditors on the “fednews” forum on the Reddit social media platform told other fed workers to “hold the line.” 

President Donald Trump and Elon Musk, a special government employee leading the Department of Government Efficiency, have been on a crusade to provide the American people with transparency regarding out-of-control spending by federal agencies. One major win for Trump has been unleashing DOGE to neuter the Deep State’s unlimited piggybank, also known as USAID. The agency has since been rolled into the State Department. 

Latest USAID headlines:

DOGE headlines:

The Trump administration estimated that between 5% and 10% of the federal workforce could accept the offer, which would save taxpayers close to $100 billion. This is what swamp draining looks like—a mandate the American people gave Trump. 

Tyler Durden
Thu, 02/06/2025 – 07:20

Americans Are The Most-Scammed People In The World

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Americans Are The Most-Scammed People In The World

Several criminal groups, predominantly originating from China, have set up cyber centers focused on online gambling and fraud operations in Southeast Asia, according to the Council on Foreign Relations.

These centers are prolific for carrying out a form of fraud called “pig butchering”, which is a hybrid of a romantic and crypto scam, where the perpetrator plays on emotional vulnerabilities of the victim and uses a personalised form of attack through platforms such as dating apps or WhatsApp, over a prolonged period of time, gradually building up the victim’s trust as if a friend. The victim is encouraged to transfer money, in this way “fattening the pig”, until all of their money has been drained and the victim is metaphorically “slaughtered”.

In this role, the perpetrator usually pretends to be someone both wealthy and competent in crypto, telling the victim to transfer their money into the share market, cryptocurrency or foreign currency exchanges through a fake site.

Perpetrators of pig butchering are often victims too, with investigations having brought to light how thousands of people have been trafficked and forced to work on the scams by organized gangs, including in the border regions of Myanmar. According to one study, $75 billion was lost to pig butchering in the last four years alone. Preying on lonely or vulnerable people and using different forms of technology, pig butchering has become the preferred scam over Ponzi schemes, according to findings by Chain Analysis.

Statista’s Anna Fleck reports that The Global Anti-Scam Alliance (GASA) has found that scams are becoming increasingly common. A survey carried out by the organization of 58,329 people in 2024 found that almost half of the world experienced a scam once a week.

Infographic: Where Scam Victims Face the Biggest Losses | Statista

You will find more infographics at Statista

In China, respondents were particularly likely to say that they would recognise a scam, at 84 percent agreeing with the statement. Phone calls and text/SMS messages remained the primary methods through which scammers operated in 2024, with a notable rise in WhatsApp scams across several regions.

The financial cost of scams is enormous, at an estimated $1.03 trillion worldwide in 2024 alone.

While the average estimated loss per victim was highest in richer countries such as the United States ($3,520 per victim) and Denmark ($3,067), economically developing nations face a heavier impact.

According to GASA, Pakistan lost 4.2 percent of its GDP to scams while Kenya and South Africa lost 3.6 percent and 3.4 percent, respectively.

By comparison, in France and Germany, losses per country hovered around 0.2 percent of GDP.

Tyler Durden
Thu, 02/06/2025 – 06:55