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The Graveyard Of Destructive Ideas

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The Graveyard Of Destructive Ideas

Authored by Victor Davis Hanson,

How do destructive ideas and bouts of collective madness so quickly become policy, law, and the status quo?

After all, most have little public support—and are not Western nations supposedly rationally governed?

There is usually a multi-step process on the road to these self-destructive fits of society-wide insanity.

The suicidal impulse so often begins with left-leaning researchers in elite universities (i.e., the tenured in search of a novel, grant-getting theory). They begin insisting that a new existential threat requires immediate government intervention, novel legislation, ample funding, and public awareness of the impending danger.

So out of nowhere, the public is warned that the scorching planet will be inundated by rising seas in a mere decade. Or that millions of transgender youth are our next civil rights frontier, given that they suffer in silence without political advocacy, new laws, programs, and the chance for “life-saving,” powerful hormonal treatments and radical sex-reassignment surgeries. Indeed, the travel time from an outlandish idea by the faculty lounge to liberal status quo is a mere few years.

Next, the media, hand-in-glove with academia, springs into action to persuade the skeptical public to “follow the science” and “trust the experts.” It castigates any doubters as cranks or “conspiracy theorists” who spread “disinformation” and “misinformation”; or as racists, nativists, sexists, homophobes, and transphobes who must be silenced.

Hollywood and sports celebrities often piggyback on the frenzy, hijacking awards ceremonies and pre-game national anthems to out-virtue-signal each other, warning the public that they must adapt and change—or else!

Almost overnight—to take just one example—going to an isolated beach without a mask during the COVID pandemic, showing skepticism about the efficacy or safety of experimental mRNA COVID vaccines, or daring to believe that the Wuhan gain-of-function virology lab (in part aided and abetted by grants and support from Dr. Fauci’s National Institute of Allergies and Infectious Diseases and the National Institutes of Health) was the source of a manufactured COVID pathogen became heresies. And the perpetrators, as always, had to be punished either legally or through social ostracism and cancel culture.

Third, liberal foundations begin funding more “research” to “prove” that partisan “experts” should not be ignored. They also fund activist groups that hit the street to gin up popular support, which often results in the required tumult and occasional violence. They embrace the theory that any disruption will so bother the public that it will support almost anything if it just makes the bedlam go away.

New victims and their oppressors are created ex nihilo.

Yesterday’s radical new policy becomes today’s wishy-washy cop-out, as tomorrow’s once-unthinkable radical idea becomes commonplace and institutionalized. So it was that a few years ago, the public was told of a new and huge victimized group in the shadows, suffering from “gender dysphoria”—an age-old malady known to the ancients and, according to modern researchers before the millennium, affecting about one in 10,000–30,000 people.

No matter—almost overnight, transgenderism joined the gay and lesbian community to become the new LGB—T oppressed. Drag shows, once confined to enclaves in San Francisco or New York, were suddenly mainstreamed into military bases, children’s libraries, and cruise ships. Thirty percent of students on some campuses polled said that they might consider “transitioning.”

Abruptly, professors and students began reading emails appearing from their finger-in-the-wind administrators with strange new runes under their titles and names, identifying their “preferred pronouns”—sometimes the standard “she/her/hers” or “he/him/his,” and sometimes the unfathomable, such as “Ze/hir/hirs” or the plural “they/them.”

Groupthink and mob mentality prevail. Soon, not listing pronouns on correspondence indicts someone as a counterrevolutionary, a transphobe, or, worst of all, a Trump sympathizer.

Fourth, fence-sitting liberal and socialist officials and candidates equate the well-funded activism, the performance-art street demonstrations, and the media fixations on victims and victimizers with growing grassroots support for yet another cause.

This is well illustrated by how initially liberal officials—stunned that 70 percent of the public wanted secure borders, no more illegal immigration, and deportation of the 10 million Biden-era illegal aliens—kept quiet about Trump’s crackdown on illegal immigration.

However, after massive and violent demonstrations in major blue cities—with the deaths of two protestors who confronted ICE officers and tried to impede their efforts to detain illegal aliens—biased media blared out that officers were manhandling “mere bystanders.” ICE is now routinely likened by Democratic politicians to the Nazi Gestapo, well beyond the usual boilerplate smears as “pigs” and “fascists.”

The public buys into the fable that ICE agents were not arresting some 4,000 criminal illegal aliens in Minnesota while elected officials were siccing protestors on them, but were instead “murdering” innocent unarmed bystanders, who were harmlessly protesting ICE’s “goon” tactics.

Fifth, once the delusion—whether it is of a doomed sizzling planet, a utopian open border, the systemic oppression of a huge transgendered victimized class, or the habitual and flagrant shooting of innocent unarmed black males by predatory racist police—is institutionalized, then the government and institutions, public and private, ignore public opinion. And they begin passing laws and protocols once deemed unthinkable.

The once-meritocratic SAT, originally aimed at nullifying the old-boy admissions network at the Ivy League, becomes “racist” and is dropped. “Defund the Police” becomes the elite white activist mantra.

Soon, the politicians’ talking points become gospel, as formerly crackpot “critical legal theory” and “critical race theory” are used to “prove” that police hunt down minorities rather than the criminals among them.

Productive, safe nuclear clean-energy plants are shut down. Billions of dollars are invested—and lost—by government mandates aimed at phasing out internal combustion engines and subsidizing unpopular electric vehicles. Government-built high-speed rail boondoggles waste billions before laying a foot of track.

Schools and public offices must suddenly install “gender neutral” bathrooms. What follows is the surreal sight of biological men competing in women’s sports and undressing with teen girls in locker rooms—acts that just a few years prior would have landed someone in jail.

However, there sometimes occurs a sixth stage, which we might call the “Emperor Has No Clothes” wake-up call, that occasionally stops the lemmings in their mad dash over the cliff.

Gradually, the public wonders why it pays twice as much for electricity as it did a mere few years earlier. Supposedly doomed polar bears appear to be thriving in the Arctic. John Kerry is routinely spotted on a carbon-spewing private jet to get to climate change conferences abroad. California’s “permanent” drought strangely ignores near-record wet years and snowfall. Too little rain proves global warming; too much is proof of “climate chaos.”

Barack Obama, the Cassandra of rising seas, nonetheless prefers to buy and live in multimillion-dollar mansions on the Hawaii beach and Martha’s Vineyard seaside.

A few brave reporters cite China building two coal plants a month, even as it brags about the Paris Climate Accords and urges the West to embrace “clean energy.”

The public begins to wonder why, after mass shootings, authorities mysteriously conceal the transgender status of the shooter or suppress the perpetrator’s incriminating target list and diary.

Quietly, university studies start citing the cardiac, pulmonary, and hematological side effects of the mRNA vaccines.

Some universities, without much fanfare, begin to reintroduce the SAT after remedial math courses have had to expand to accommodate nearly half the entering class.

Economists at last come out of the shadows to cite data that shows the massive COVID lockdowns were a catastrophic blunder that permanently stunted the education of millions of youths and birthed an epidemic of psycho-social maladies that disrupted entire communities.

Accusations grow that the architects of Black Lives Matter embezzled millions of dollars in donations and spent freely on upscale homes for themselves. Data drips out that police shoot no more unarmed black suspects than white, when compared to the relative rates of arrests by race. The Somali community—the supposed DEI face of the new Minnesota Democratic majority—is found to be at the heart of a $9 billion fraud epidemic. And so it is revealed as most ungracious, treating its hosts’ magnanimity as naivete to be exploited rather than as generosity to be appreciated.

On the border, the old mantra that the crime rate of illegal aliens is well below that of citizens is revealed as politically tainted. Estimates emerge that 500,000 criminals or more swarmed the border, as the body count of U.S. citizens murdered and assaulted by illegal aliens grows daily.

In sum, just five years ago, when Joe Biden and his masters took control of the government, the orthodoxy was that we were to restructure the entire economy along failed European lines in order to save the planet.

There were no longer to be the two age-old sexes, but a dozen or more in 2021 America.

“Men” could become pregnant (but only if they were born as biological women).

Tampons were politically correct in male bathrooms.

Preferred pronouns dotted memos.

A swarm of 10,000 illegal aliens a day proved America was compassionate and caring while creating a “new Democratic majority,” given that “demography is destiny.”

Blue-city prosecutors released thousands of criminals either without formally charging them or after merely fining them for lesser crimes.

Racial obsessions destroyed merit-based hiring of everyone from air traffic controllers to pilots to professors to museum docents.

And then abruptly in 2025, these destructive manias began shriveling up and were destined for the graveyard of forgotten collective lunacies.

Tyler Durden
Thu, 02/26/2026 – 17:40

“You’re Not Alone”: Reporters Comfort Those Triggered And Traumatized By Scenes Of Patriotism

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“You’re Not Alone”: Reporters Comfort Those Triggered And Traumatized By Scenes Of Patriotism

Authored by Jonathan Turley,

This week, most Americans found a moment of rare unity in our pride over the performance of our athletes in the Winter Olympics.

After years of rage politics, there was a brief respite as we joined in cheering our team in representing the United States in Milan and Cortina.

Well, most of us. Some in the media found the entire demonstration of patriotism to be intolerable and triggering.

What is striking is how this aversion to our flag and country was so openly expressed in major media.

This week, the nightmare continued for some on the left who were traumatized by seeing the American flag and open displays of patriotism.

Jack Hughes, one of the heroes of the gold medal hockey game, returned to New Jersey to play and was met with cheers of “USA, USA” and a sea of American flags. Hughes immediately called his Olympic teammate Tage Thompson of the visiting Buffalo Sabres to the ice to join him. The two skated arm in arm as the crowd celebrated them and our country.

It was another unifying moment for the country. The fans joined arm in arm to relish this moment for the nation.

These scenes are clearly having a different impact on some on the left.

The HuffPost even published an article with therapeutic advice for liberals triggered by seeing so many American flags. The liberal publication ran an article titled “There’s a Name for the Discomfort You’re Feeling Watching the Olympics Right Now.” It then published it a second time before the gold-medal hockey game with Canada — presumably to prepare its readers for the nightmare of the United States actually winning.

The subheading read, “If waving the American flag or chanting ‘USA!’ turns you off right now, you’re not alone.”

Senior writer Monica Torres began the article with this line: “While President Donald Trump’s deportation agenda separates families, and federal agents detain 5-year-olds and kill unarmed civilians, American athletes are winning medals on behalf of the nation at the Olympics right now.”

Torres goes on to interview three therapists for this “story” about how the celebration of the United States team has forced many liberals into therapy over their trauma and “the cognitive dissonance of rooting for U.S. sports.”

Los Angeles-based licensed clinical social worker Aimee Monterrosa explained that the “atrocities” of the United States can trigger feelings of guilt, despair, shame, anger” in seeing the country celebrate these sports victories.

Expert Lauren Appio echoed how “waving the American flag or chanting, ‘USA!’ [can make] us feel grossed out or ashamed.”

Over at Vox, Senior correspondent (and former Atlantic writer) Alex Abad-Santos wrote an article on the winners and losers of the Olympics. The column perfectly summed up the pathological opposition of some to this country’s symbols and celebrations.

Abad-Santos declared the men’s hockey team one of the biggest “losers” of the games. He blamed that team for alienating citizens by their patriotic statements: “The conversation surrounding the win quickly shifted into how the team celebrated and who it celebrated with.” He expressed outrage over the team accepting the celebratory call from the President of the United States.

In the meantime, the “winner,” according to Abad-Santos, was . . . wait for it . . .  Eileen Gu, the American who reportedly took millions from the repressive Chinese regime to ski for China.

Gu used the games to criticize the United States while saying nothing of how China arrests anyone who speaks out against that country.

Abad-Santos gushes:

“Gu symbolizes the reality that athletes don’t need the US’s backing or support to be commercially successful. That makes some Americans like Vance uneasy. She also embodies the very American idea of relentlessly pursuing success and maximizing it, no matter what it takes. Gu represents the American dream and the startling concept that America isn’t necessary for it.”

The last line is particularly telling. Abad-Santos is celebrating the idea that you can live the American dream without America.

Others joined in lionizing Gu. Charlotte Harpur, writing for The New York Times’ (NYT) The Athletic, virtually declared her a new deity: “You would be forgiven if you thought Gu was a quasi-human robot expertly created by artificial intelligence, so eloquent are her responses to the media.”

The next day, the Times then slammed Men’s Hockey Team in an article titled “The U.S. men’s Olympic hockey team won gold — and then lost the room.” The Athletic‘s Jerry Brewer acknowledged that speaking with the U.S. president after such a win is “an obligatory celebration.” However, he declared that these are not “normal times”:  “This isn’t a neutral climate. This isn’t a neutral president. And in a nation this polarized, the proximity carries weight whether the players are being intentional or merely naive.”

These columns on sites like HuffPost and Vox stripped away the pretense of past pieces and laid bare the antagonism for the United States by some on the left. The open celebration of the country was too much for many rage addicts today.

Fortunately, these writers are largely writing for each other. The public long ago left these sites. They now write for a minority of Americans who are triggered by the appearance of American flags or traumatized by expressions of patriotism.

What these writers find repulsive is rousing for the rest of us. Watching Hughes and Thompson skate together last night was everything that is great about this country, as those Jersey fans went wild. Hughes said that he was struggling not to get emotional at that moment. He was not alone.

Jonathan Turley is a law professor and the author of the New York Times bestselling “Rage and the Republic: The Unfinished Story of the American Revolution.”

Tyler Durden
Thu, 02/26/2026 – 14:25

“Squatty Potty” Millionaire Charged With Possession Of Child Porn Hoard

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“Squatty Potty” Millionaire Charged With Possession Of Child Porn Hoard

Robert Edwards, the inventor of the “Squatty Potty” and a contestant on the show “Shark Tank”, has been charged with the possession of a digital hoard of child pornography materials including videos and images. 

Edwards, 50, was arrested for allegedly buying and receiving countless images of child sexual abuse between March 2021 and November 2025, the U.S. Attorney’s Office in the District of Utah announced Monday.  The entrepreneur was indicted by a federal grand jury Feb. 10 and arrested Feb. 12 in Washington County, Utah.

In March 2021, an undercover FBI agent joined a group chat used to trade child abuse materials. In the group chat, there was a meeting room where members viewed a collection of the horrific content being streamed, federal authorities detailed.  Participants, including a user later identified as Edwards, were visible in the meeting, according to the DOJ. 

In May 2025, FBI agents also learned that Edwards may have purchased additional illicit materials through his PayPal account, which was flagged for four suspicious transactions.  In November, law enforcement executed a search warrant on Edwards and his home and confiscated multiple devices that “contained videos and images of child sexual abuse material,” some of which was downloaded only two weeks prior, officials alleged.

Edwards reportedly lives with his male partner and “co-parents” four children.  There is no information on their status, and he refers to them as his “step children”.  

Robert Edwards is best known for his appearance on Shark Tank with his mother, in which he pitched his idea for a foot rest designed to help people with bowel movements.  

Interestingly, one member of the Shark Tank board was noted as saying there was “something” about Edwards that she did not trust because of his odd and shifty behavior.  Her observation might have been more prescient than she realized. 

Squatty Potty is also known for cutting ties with Kathy Griffin as a spokesperson after she released her infamous promotional pictures in which she is seen holding a fake severed head that looks like Donald Trump.  The decision was a company move and not a unilateral firing by Edwards, though he noted that Griffin “crossed the line”.

Edwards ultimately sold Squatty Potty in 2021 and walked away a multi-millionaire.

Edwards is also know for his advocacy work with an NGO called “Equality Utah”, the largest LGBT youth advocacy group in the state.  He received an “Excellence In Advocacy” award from them in 2017 and would go on to serve on their board.  It should be noted that high profile pedophiles are often found working within NGOs that deal with children’s issues; LGBT children’s groups are particularly targeted. 

After the news of Edwards’ arrest and the nature of the charges, Squatty Potty’s viral “unicorn poop” commercial takes on even more suspicious undertones.

  

In 2019, he was a keynote speaker at the Utah LGBTQ+ Chamber of Commerce’s annual “Gay-La” event (a membership drive and networking gala supporting the state’s LGBT business community) and participated in their LGBTQ+ Economic Summit, sharing his business story in an LGBT-focused context.

In a 2020 interview with St. George News following the Supreme Court’s Bostock v. Clayton County decision (protecting gay and transgender workers from discrimination), Edwards publicly supported equal protection under the law for LGBTQ individuals.  

His recent arrest is likely to bring into question his previous advocacy work and his true motives.    

Tyler Durden
Thu, 02/26/2026 – 14:05

Hillary Clinton Says She Knew Nothing About Jeffrey Epstein’s Crimes

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Hillary Clinton Says She Knew Nothing About Jeffrey Epstein’s Crimes

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Hillary Clinton told members of Congress on Feb. 26 that she does not have knowledge about crimes carried out by the late sex offender Jeffrey Epstein and Ghislaine Maxwell.

Former Secretary of State Hillary Clinton in Munich, Germany, on Feb. 14, 2026. Johannes Simon/Getty Images

I had no idea about their criminal activities. I do not recall ever encountering Mr. Epstein. I never flew on his plane or visited his island, homes, or offices,” the former first lady and secretary of state said in her opening statement to the House Oversight Committee.

Clinton said she was horrified to learn about the crimes and was disappointed that Epstein only received 13 months in prison in 2008 after pleading guilty to soliciting a minor for prostitution.

Clinton’s husband, former President Bill Clinton, was also slated to testify to the panel in its investigation into Epstein. The Clintons agreed to testify after the House of Representatives was prepared to hold them in contempt for originally declining to answer questions on the matter.

[ZH: of course, some might say she’s a COMPLETE LIAR (that no reasonable prosecutor who likes breathing would prosecute)…]

Epstein died by suicide in federal prison in 2019 while awaiting trial on sex trafficking charges. Maxwell was sentenced to 20 years in prison in 2022 for conspiring with Epstein to sexually abuse young girls.

Bill Clinton flew on Epstein’s plane in 2002 and 2003, according to flight logs and photographs. Court documents stated he went to Epstein’s island, where authorities say Epstein repeatedly abused minors.

Maxwell told Deputy Attorney General Todd Blanche in 2025 that she was friends with Bill Clinton and that the former president never went to the island.

He never, absolutely never went. And I can be sure of that because there’s no way he would have gone. I don’t believe there’s any way that he would’ve gone to the island had I not been there,” she said. “Because I don’t believe he had an independent friendship, if you will, with Epstein.”

Epstein also went to the White House multiple times while Clinton was president. Maxwell also attended the wedding of the Clintons’ only daughter in 2010.

Former President Bill Clinton and former Secretary of State Hillary Clinton arrive for former President Donald Trump’s inauguration as the next president of the United States in the Rotunda of the United States Capitol in Washington on Jan. 20, 2025. Shawn Thew/Reuters

Bill Clinton’s spokesperson told New York Magazine in 2002, “Jeffrey is both a highly successful financier and a committed philanthropist with a keen sense of global markets and an in-depth knowledge of twenty-first-century science.”

A spokesperson for Bill Clinton said after Epstein was arrested by federal authorities that the former president “knows nothing about the terrible crimes Jeffrey Epstein pleaded guilty to in Florida some years ago, or those with which he has been recently charged in New York.”

The spokesperson said that the trips on Epstein’s plane included stops for Clinton Foundation work and that Bill Clinton briefly visited Epstein’s home in New York and met with Epstein in a Clinton office in the city.

He’s not spoken to Epstein in well over a decade and has never been to Little St. James Island, Epstein’s ranch in New Mexico, or his residence in Florida,” the spokesperson added.

A letter from lawmakers to the Clintons said they wanted to question them, given their family’s past relationships with Epstein and Maxwell. Lawmakers also told Hillary Clinton, “Given your past service as Secretary of State, the Committee believes that you may have knowledge of efforts by the federal government to combat international sex trafficking operations of the type run by Mr. Epstein.”

“The American people have a lot of questions,” Rep. James Comer (R-Ky.), chairman of the House Oversight Committee, told reporters in Washington as lawmakers prepared to question the Clintons. “To my knowledge, the Clintons haven’t answered very many, if any, questions about their knowledge or involvement with Epstein and Maxwell.”

Comer said that no one is accusing the Clintons at this time of wrongdoing but that the committee is trying to find answers regarding Epstein, including how he accumulated so much wealth and whether he worked for the government.

Tyler Durden
Thu, 02/26/2026 – 13:45

Average 7Y Auction Stops On The Screws Amid Stock Rout

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Average 7Y Auction Stops On The Screws Amid Stock Rout

After yesterday’s mediocre 5Y auction, we had just one coupon sale left: 7Y paper at 1pm today. And with today’s wholesale post-Nvidia, risk-off move it was expected to be an easy sale, which is more or less what it was.

The Treasury sold $44 billion in 1 Year notes at a high yield of 3.790%, down sharply from 4.018% last month, and the lowest since November. The auction also priced on the screws with the When Issued, which was also at 3.790%. It followed 5 auctions in the past 6 months which tailed so relatively speaking, an improvement. 

The bid to cover was 2.498, up from 2.454 and also over the recent average of 2.461.

The internals were a bit weaker, with Indirects awarded 63.6%, down from 66.9% in January but above the recent average of 62.6%. And with Directs taking down 26.91%, which was right in line with the six-auction average, Dealers were left with 10.4%, a small drop from last month’s 10.9%. 

Overall, this was a solid, if hardly, stellar auction, with average foreign demand and mediocre metrics, which in itself is rather surprising since the money from the equity selling has to be going somewhere and bonds should be seeing more demand, if only in theory. 

Tyler Durden
Thu, 02/26/2026 – 13:28

Travel Stocks In Focus After Cartel Chaos Erupts In Mexico

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Travel Stocks In Focus After Cartel Chaos Erupts In Mexico

The U.S. State Department has lifted its “shelter in place” alerts for Americans after Mexican special forces, aided by U.S. intelligence, killed a top drug cartel boss, sparking cartel-related chaos across at least one key tourism town in the third-world country just south of the U.S. southern border.

On Sunday, Mexican Army Special Forces carried out a decapitation strike against the Jalisco New Generation Cartel (CJNG), killing Nemesio “El Mencho” Oseguera Cervantes. The operation triggered dangerous cartel-related uprisings shortly after that, which extended into Monday and Tuesday, with 250 blockades recorded, many of them in Jalisco state.

Footage from Puerto Vallarta, the popular tourist town in Jalisco, was on the front cover of many major U.S. newspapers and sent a chill through the American travel industry that funnels tourists into the region. What Americans saw was cartel gunmen torching vehicles and buildings in an immediate response to the death of El Mencho, reinforcing what everyone has known all along: Mexico is a third-world hellhole.

Assessing the impact on the US travel industry is Goldman analyst Lizzie Dove, who found the biggest effect has been on airlines, not cruises or hotels.

For airlines, most U.S. carriers have limited exposure to Mexico. For most, less than 3% of their flights in early 2026 are tied to the country. But if travelers stay cautious, some may shift their plans to safer destinations, including Florida, the Caribbean, and other parts of Latin America.

Focusing on the airline impact, here’s an excerpt from Dove’s note:

Bottom line: There were significant cancellations in select airports following the events in Mexico over the weekend; however, these cancellations were in-line with or lower than cancellations at airports impacted by Winter Storm Hernando. Separate from the cancellations over the last couple days, the larger question in our view is if there will be a lasting impact on demand. We take no view on the length of the unrest in Mexico. While not directly comparable, we note that other recent geopolitical events have had a short-lived impact, if any, on demand for travel. As such, while there could be an impact from recent events, we could see the dissipation of demand headwinds fairly quickly if the situation is resolved (Volaris, one of the largest airlines in Mexico, resumed normal operations Monday 2/23). In the short-term, Sun Country has the highest exposure to Mexico, with ~10% of 1Q 2026 capacity scheduled to fly to various airports in Mexico. We note that February and March in particular represent seasonally high demand months for North to South travel to warm weather destinations as various regions of the US have spring breaks over this period. It is possible that some trips planned for Mexico could instead be re-booked to a domestic warm weather destination or elsewhere in Latin America/the Caribbean if there are lingering concerns around Mexico over the next couple months.

Cancellations were elevated on Sunday 2/22 and Monday 2/23, but largely driven by Winter Storm Hernando. On Sunday 2/22 and Monday 2/23, the industry saw an elevated level of cancellations, some of which were related to the ongoing unrest in Mexico, but with the majority driven by Winter Storm Hernando (see Exhibit 1 and Exhibit 2). For example, JetBlue had significantly higher cancellations than its peers on 2/22, with 44% of flights canceled vs. its competitors canceling less than 10% of flights, but JetBlue has

Recent geopolitical events showed short-lived impact to demand. While not directly comparable, if we look to two recent events we see potential for limited lasting impact to air travel demand. For example, while likely complicated by the broader post-pandemic recovery, following the events in Russia/Ukraine in February 2022, global air travel continued to recover (see Exhibit 5) and Delta had not seen any impact for travel to broader Europe as of April 2022. Following the events on October 7, 2023 in the Middle East, there was similarly a limited lasting impact to air travel (Exhibit 6; year-over-year global industry air traffic growth continued to improve following October 2023, and while there was a step-down in Middle Eastern air traffic growth in November and December 2023, January 2024 saw a marked step-up in traffic growth. We acknowledge each event may be different, and look for evidence of whether any potential demand headwind will similarly dissipate fairly quickly.

Mexico exposure is

Dove’s view on the impact of hotels appears limited for now, but if travel warnings last, demand could weaken over time. Only a small share of the rooms at major hotel companies are in the affected Mexican states. Hyatt has the highest exposure, while Choice has very little. Hyatt could also soften the blow by moving travelers to its other all-inclusive resorts outside of Mexico.

As for cruises, she said the impact is also minor so far. Only a few Puerto Vallarta port stops have been canceled. Cruise lines do have some Mexico exposure, but many itineraries include multiple destinations, which helps reduce the risk if one Mexican port becomes problematic.

Related: 

The full travel-impact note is available to Professional Subscribers on our new Marketdesk.ai portal.

Tyler Durden
Thu, 02/26/2026 – 13:20

Biden-Appointed Judge Rules Illegal Immigrants Can Dispute Third Country Deportations

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Biden-Appointed Judge Rules Illegal Immigrants Can Dispute Third Country Deportations

Authored by Stacy Robinson via The Epoch Times,

A federal judge ruled on Feb. 25 that the government cannot deport illegal immigrants to so-called third countries without giving them “meaningful notice” and an opportunity to dispute their removal.

In Wednesday’s ruling, Massachusetts District Judge Brian Murphy (nominated by President Biden on March 21, 2024) declared unlawful two policy memos, one by Immigration and Customs Enforcement (ICE) and another by the Department of Homeland Security (DHS). Those memos said that if the U.S. had received credible diplomatic assurances from a third country that deportees would not face persecution or torture, they could be sent there without any extra procedures.

“[DHS] has adopted a policy whereby it may take people and drop them off in parts unknown … and, ‘as long as the Department doesn’t already know that there’s someone standing there waiting to shoot … that’s fine,’” he wrote.

“It is not fine, nor is it legal.”

Murphy ruled that federal regulations required that illegal immigrants be deported to either their home country, or another country as designated by an immigration judge.

They also have the right to “raise a country-specific claim” against being deported to a third country, he wrote.

The case started last March, when four plaintiffs filed a class-action suit after the government tried to deport them to countries other than their home nation, without notice or opportunity to object to their destination.

In April, the judge expanded the class of plaintiffs to include anyone with a final removal order to a third country after Feb. 18, 2025.

Murphy blocked those removals on April 18, but on May 21 he found the government had violated his order by removing six individuals to South Sudan in Africa. He ordered the government to provide them with lawyers and hearings on whether they were afraid to live in that country.

In the meantime, the federal government appealed to the Supreme Court, which stayed Murphy’s order in June.

In its stay application, the government said the lower court proceedings were “usurping the Executive’s authority over immigration policy,” and “ wreaking havoc on the third country removal process.” It characterized some of the deportees as “criminal aliens who had been in the country for years or decades after receiving final orders of removal, despite having committed horrific crimes,” including sexual assault and murder.

The same day the Supreme Court stayed his April ruling, Murphy issued an order saying his May directive was still in effect, since the government had not included it in their petition. The justices had to issue a follow-up clarification saying it had intended to invalidate both of the judge’s rulings.

In a brief, unsigned order, the majority said Murphy was attempting to use his May directive—granting the deportees lawyers and hearings—to enforce the ruling from April, which he could not do.

Justice Elena Kagan, in a short opinion, noted that she didn’t want to halt Murphy’s decision from last April.

“But a majority of this Court saw things differently, and I do not see how a district court can compel compliance with an order that this Court has stayed.”

Murphy has suspended his own Feb. 25 ruling for 15 days, giving the government time to ask an appeals court to halt it for a longer period. He wrote that he didn’t think the government’s legal argument was strong, but noted that the Supreme Court had stayed his previous, temporary block on the DHS policy.

“Ultimately, this Court could be missing something in the final analysis,” he wrote.

Tyler Durden
Thu, 02/26/2026 – 11:40

PayPal Slides After Report Says Stripe Not In Takeover Talks

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PayPal Slides After Report Says Stripe Not In Takeover Talks

Bloomberg’s multi-day storytelling began late Monday morning with a report that a “large rival suitor” and other firms were circling PayPal in a potential takeover bid. By late Tuesday in the cash session, the outlet reported that payment processor Stripe had expressed interest in the platform.

Now, just moments ago, Semafor reports “PayPal isn’t currently in talks to sell itself — to Stripe or anyone else — and has been working for months with bankers to prepare for a potential activist campaign or unwanted takeover bid.”

Semafor’s report, like Bloomberg’s, was based on people familiar with the matter, which makes the gap between the two reports very notable.

Here’s more from Semafor:

The process followed a steep decline in PayPal shares that executives worried could leave the company vulnerable, the people said. Bankers began working with PayPal under former CEO Alex Chriss, who was ousted earlier this year. Bloomberg reported that Stripe is considering an acquisition of all or parts of PayPal this week. PayPal declined to comment. Incoming CEO Enrique Lores officially starts next week.

Bloomberg’s reporting sent PayPal shares in New York up nearly 19% in the first half of the week. However, those gains are beginning to be eroded by the Semafor report, with the stock down about 4% as of 11:25 ET.

Who to believe: Bloomberg or Semafor?

Tyler Durden
Thu, 02/26/2026 – 11:31

“Gold For Me Is A Savings Product”: Rick Rule On Debt, Oil Cycles, & Uranium’s Political Reversal

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“Gold For Me Is A Savings Product”: Rick Rule On Debt, Oil Cycles, & Uranium’s Political Reversal

Last night’s discussion featuring Rick Rule, Bill Fleckenstein, and Erik Townsend covered the macro landscape from hard assets to energy markets and nuclear policy.

Below are highlights from Rule’s remarks. (We recommend readers listen to Fleckenstein and Townsend’s full comments in the complete debate, linked at the bottom.)

Gold: “I Have No Interest In Selling”

Rule made clear he views gold not as a trade, but as monetary insurance.

Nominal yields on Treasuries offer little protection if purchasing power continues to erode.

“Owning the U.S. 10-year Treasury getting paid 4.1%, 4.2% in a currency where I think the real deterioration of the purchasing power is limping along to some number more like eight doesn’t make me feel comfortable.”

Rule pointed to structural fiscal imbalances, debt, deficits, and what he estimates at roughly $120 trillion in unfunded entitlement liabilities as the core risk. Policymakers can either default in real terms or inflate away the burden.

“I think they take door two.”

Until he sees a credible political resolution to debt and entitlement obligations and what he considers genuinely positive real yields on fiat savings products, Rule said he has “no interest in selling” his gold.

“Gold for me is a savings product.”

Oil: Short-Term Oversupply, Long-Term Capital Shortage

On oil, Rule was nuanced.

“I believe in the very, very near term that oil is ahead of itself,” he said, citing geopolitical headlines and “news traders in the market.” For the next year to 18 months, he sees a “plurality of supply over demand,” reflecting a softer global economy.

But beneath that near-term slack, he sees a longer-term issue: underinvestment.

Rule estimates global underfunding of sustaining capital in the oil industry exceeds “a billion dollars a day.” In U.S. shale, where “75, 80% of the net present value of the well is 18 months,” reduced reinvestment eventually constrains output.

Ccapital responses are delayed but cyclical. The post-COVID rebound saw oil shoot from $20 oil to $90 after investment froze. Rule suggested that if today’s capital discipline persists, the industry could face a production problem by 2028–2029.

While “nowhere near as bullish” as he was previously, he added: “I still feel quite good about the sector for the five-year time frame.”

Uranium: From “Wanted Poster” To Subsidies

“Five years ago in the uranium industry, I expected to see a picture of myself in a post office wall with a caption wanted. Now the same morons want to subsidize me.

Tthe key development is not futuristic reactor technology but politics. Even conventional reactor builds, if pursued at scale, can lower costs through repetition, as demonstrated by China’s serial construction model.

While Rule cautioned that demand growth 10–15 years out does little for present net asset value calculations, he emphasized that the policy turn itself is meaningful. It is the primary catalyst and one that will likely lead to a faster pace of reactor construction… which should reward uranium mining investors or anyone that uses electricity.

“Reliable, abundant, baseload power that doesn’t generate carbon… talk about the well-being of humankind.”

For the full exchange, including commentary from Bill Fleckenstein and Erik Townsend, listen to the complete debate below.

Tyler Durden
Thu, 02/26/2026 – 11:20

US Demands Iran Dismantle Its 3 Main Nuclear Sites In Hours-Long Talks

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US Demands Iran Dismantle Its 3 Main Nuclear Sites In Hours-Long Talks

US envoys Steve Witkoff and Jared Kushner held more than three hours of negotiations with Iranian Foreign Minister Abbas Araghchi in Geneva on Thursday in a push to secure a breakthrough on a nuclear deal, with the Omani foreign minister saying the talks will resume later after a pause.

It’s being reported that the message Kushner and Witkoff deliver to Trump after the meeting will shape the president’s decision on whether the launch a military attack on Tehran or refrain for implementation of a permanent deal. While Trump declared in Tuesday’s State of the Union that he prefers diplomacy, he also presented a direct case for war – something which remains deeply unpopular among the American people.

via X

In these and other indirect talks, Omani Foreign Minister Badr al-Busaidi relayed messages between the sides, and then another format has involved direct discussions between US and Iranian negotiators.

Iran presented its long-awaited draft proposal for a nuclear agreement, though not much in the way of details have been revealed. International Atomic Energy Agency Director General Raphael Grossi was among those who participated in the negotiations.

Omani Foreign Minister Badr al-Busaidi, the main mediator, said of the Thursday talks that “we’ve been exchanging creative and positive ideas” and “hope to make more progress.”

Meanwhile, a former head of the IAEA has warned that all wars, “including ‘wars of choice’ have horrific costs” as fears of major conflict between the US and Iran escalate.

Reports that Thursday talks stalled after US side demanded zero enrichment

“The US is intensifying the drumbeat of war against Iran, with zero explanation of the non-existent legal authority to use force and zero evidence of an ‘imminent threat’ other than hypothetical scenarios based on possible future intentions,” Mohamed ElBaradei wrote on X.

“That is the reason for the restraints and limitations established by international norms… This is Iraq redux … it seems we never learn,” he emphasized.

Fresh reporting in The Wall Street Journal has laid out the main US sticking points:

In the talks, now under way in Geneva, the U.S. negotiators were expected to make clear Iran must dismantle its three main nuclear sitesat Fordow, Natanz and Isfahan—and deliver all of its remaining enriched uranium to the U.S., officials said.

They were also expected to insist that any nuclear deal must last forever and not sunset—the way restrictions rolled off over time under a nuclear pact negotiated under the Obama administration that Republicans have long said was too weak. Trump pulled out of that deal, the Joint Comprehensive Plan of Action, in his first term, reimposing tough sanctions on Iran.

These are the very nuclear sites that the US said time and again it “obliterated” during the June war. This comes off Vice President J.D. Vance just the day prior stating that the White House “has seen evidence” that Iran is attempting to build a nuclear weapon.

So Washington is going from proclaiming Iran’s nuclear sites were obliterated to now saying there’s evidence of the Iranians trying to clandestinely build a nuclear warhead. Of course, no evidence or so much as a reference to some kind of intelligence report has been presented to the world.

There are indeed mounting concerns that history is about to repeat itself, but this time there’s possibly many more American troops in harm’s way, given the significant reach and capabilities of Iran’s ballistic missiles and long-range drones.

* * * 

And, well, which is it?

Tyler Durden
Thu, 02/26/2026 – 10:40