Data-Center Power Needs Pushing Oracle To Consider Next-Gen Nuclear, Larry Ellison Says
Oracle chairman Larry Ellison announced this week that AI’s growing electricity demand is pushing Oracle to consider next-gen nuclear power.
During an earnings call, Ellison said the company is designing a data center that will need over a gigawatt of electricity, which would be supplied by three small nuclear reactors, according to CNBC.
Ellison revealed that Oracle’s planned data center would be powered by small modular nuclear reactors, which already have building permits. He didn’t disclose the location but highlighted the growing energy demand that data centers would need on the earnings call.
The reactors in question, under 300 megawatts, promise faster deployment of carbon-free energy. Though promising, small modular reactors are not expected to be commercialized in the U.S. until the 2030s.
As we noted this summer, Sam Altman-backed nuclear startup Oklo is a Zero Hedge favorite and remains on pace to launch its first reactor by 2027.
The company – which we have highlighted as the potential solution to the extreme forthcoming demands in energy as a result of artificial intelligence – makes nuclear power plants, ranging from 15 MWe to 50 MWe, utilizing liquid metal reactor technology.
And while licensing and fuel supply are still bottlenecks, according to the report, the company has “been selected by the Department of Energy for four cost-share awards to potentially commercialize advanced recycling technologies” and has “secured a site use permit from the DOE and a fuel award from INL,” Reuters reports.
Oklo co-founder and CEO Jacob DeWitte commented: “We’ve tried to design and approach this whole thing in a way that we can get it built as soon as reasonably possible.”
DeWitte added: “We’re excited about the diversity of customers, because it shows that our size and business model clearly match with what customers are interested in.”
“They’re not starting overnight with a facility that’s using that much power, but they typically build into that, and they want to have that n+1 or n+2 dynamic build up with them,” he added.
“You can’t really do that if you’re building a 300 MW reactor, but you can do that with what we’re doing and that adds a lot of value.”
Oklo’s ‘Aurora powerhouse’ reactor will cost around $70 million for the 15 MW version, with an LCOE of $80-$130/MWh, similar to peaking gas-fired plants and offshore wind, per Lazard analysis.
Ellison is already a well known supporter of new energy in Tesla…could an Oklo and Oracle partnership be in the cards down the road?
During Tuesday night’s presidential debate, Vice President Kamala Harris falsely claimed that no US troops are currently deployed in combat zones as she traded barbs with former President Donald Trump about foreign policy issues. “As of today, there is not one member of the United States military who is in active duty in a combat zone in any war zone around the world, the first time this century,” Harris said.
US troops are deployed in Iraq and Syria under the anti-ISIS coalition and actively participate in combat operations. Less than two weeks ago, seven US troops were wounded in a raid against a suspected ISIS hideout in Iraq.
US troops have also been injured in recent weeks by drone and rocket attacks on US bases in Iraq and Syria, which significantly ramped up last year in response to US support for Israel’s onslaught in Gaza. Back in January, three US Army Reserve soldiers from Georgia were killed by a drone attack on Tower 22, a secretive US base in Jordan on the Syrian border.
Harris made the false claim while discussing the US withdrawal from Afghanistan. She said that she agreed with President Biden’s decision to pull out but also criticized Trump for negotiating the deal that led to the withdrawal. “He bypassed the Afghan government. He negotiated directly with a terrorist organization called the Taliban,” she said.
Trump defended the deal, calling it a “very good agreement” and criticized the way the Biden administration carried out the withdrawal. “These people did the worst withdrawal and in my opinion the most embarrassing moment in the history of our country,” he said.
When the genocidal war in Gaza was brought up, Trump claimed Harris “hates” Israel and that the country wouldn’t exist if she were elected. “She hates Israel. If she’s president, I believe that Israel will not exist within two years from now. And I’ve been pretty good at predictions. And I hope I’m wrong about that one. She hates Israel. At the same time in her own way she hates the Arab population because the whole place is going to get blown up, Arabs, Jewish people, Israel. Israel will be gone,” Trump said.
Harris responded by declaring her strong support for Israel. “That’s absolutely not true. I have my entire career and life supported Israel and the Israeli people. He knows that. He’s trying to again divide and distract from the reality, which is it is very well known that Donald Trump is weak and wrong on national security and foreign policy,” Harris said.
Harris also said in the debate that she would always “give Israel the ability to defend itself,” meaning US weapons shipments will continue to flow if she becomes president.
Discussing the war in Ukraine, Trump said that he would try to end it before he is sworn in. “I want the war to stop. I want to save lives that are being uselessly — people being killed by the millions. It’s the millions. It’s so much worse than the numbers that you’re getting, which are fake numbers,” he said.
Trump repeatedly blamed the invasion of Ukraine on Biden being “weak” on Russia and said both the invasion and the October 7 Hamas attack on Israel wouldn’t have happened if he were still president. Harris accused Trump of being fond of “dictators” and took a very pro-NATO line.
— Daniel Davis Deep Dive (@DanielLDavis1) July 25, 2024
“Understand why the European allies and our NATO allies are so thankful that you are no longer president and that we understand the importance of the greatest military alliance the world has ever known, which is NATO. And what we have done to preserve the ability of Zelenskyy and the Ukrainians to fight for their Independence,” Harris said.
Harris claimed that if Trump were still president, Russian President Vladimir Putin would be “sitting in Kyiv right now.”
Father Of Child Killed By Haitian Migrant Says He ‘Wishes His Son Had Been Killed By A White Man’
Springfield, OH has entered the media spotlight in recent weeks in large part due to the massive influx of Haitian aliens pouring into the town through Biden Administration relocation programs. Springfield’s native born population of 60,000 has been overwhelmed by over 20,000 such migrants shipped to the area in the span of a couple years. The cultural shock for the locals has been extensive.
One tragedy that has resulted from this great replacement was the death of 11-year-old Aidan Clark. The man who killed Aiden Clark is a 36-year-old Haitian named Hermanio Joseph, and he entered the US illegally.
It happened on the first day of school in 2023 on state Route 41. Joseph’s vehicle reportedly went left-of-center, forcing the school bus driver to swerve onto the shoulder. The vehicles collided and the bus went off the road and down into an embankment, overturning. Aiden was killed when he was ejected from the bus, authorities said. Another 26 students were hospitalized.
Joseph was ultimately convicted on charges of involuntary manslaughter and vehicular homicide.and sentenced to between 9 and13 years in prison. However, the parents of Aidan Clark now say they wish their son had been ‘killed by a 60-year-old white man’ instead.
Aiden’s father Nathan Clark appeared before the Springfield City Commission on Tuesday at an event organized by local politicians designed to “debunk” (lie about) the rising complaints of migrants killing and eating local pets and wildlife.
Nathan addressed what he perceives as “hate” directed toward the growing immigrant community:
“I wish that my son, Aiden Clark, was killed by a 60-year-old white man.”
The father of an 11-year-old Springfield, Ohio boy who was killed after being thrown out of a school bus when it was hit by a Haitian migrant with an invalid driver’s license called for Trump and Vance to… pic.twitter.com/rc6j2y3hQE
“I wish that my son Aiden Clark was killed by a 60-year-old white man. I bet you never thought anyone would say something so blunt. But if that guy killed my 11-year-old son, the incessant group of hate-spewing people would never leave us alone. The last thing we need is the worst day of our lives violently and constantly shoved in our faces. But even that’s not good enough for them. They take it one step further.
They make it seem like our wonderful Aiden appreciates all your hate; that we should follow your hate. And look what it’s done to us. We have to get up here and beg them to stop. Using Aiden as a political tool is, to say the least, reprehensible for any political purpose.
Speaking of morally bankrupt, politicians [Republican U.S. Senate candidate] Bernie Moreno, [Republican U.S. Rep.] Chip Roy, [Republican vice-presidential candidate] JD Vance and [former Republican president] Donald Trump — they have spoken my son’s name and used his death for political gain. This needs to stop now…”
Clark went on to deny the claims of migrant animal abuse and attacked Republicans on multiple occasions for making his son’s death “political”, even though his speech was clearly politically motivated. He also defended the image of Hermanio Joseph, saying that the event was an ‘accident.’
The commission press event was designed to mislead the American public about reports of migrant animal killings. Springfield Mayor Rob Rue said claims of geese or ducks from parks being killed and eaten are unsubstantiated.
The incidents are in fact real.
Multiple police reports have been made in the area with locals complaining about a rise in missing pets and identifying migrants killing and taking animals.
Here is the official police report showing that the 911 call took place on August 26th – Weeks before the rumors about Haitian Migrants killing park animals went viral. pic.twitter.com/uNn9Pzcfo4
A Springfield resident told City Council: “They’re in the parks grabbing ducks, cutting their heads off, and eating them”
Call me crazy but if I lived in a town where 20,000 migrants got dropped off and my neighbor said this, I wouldn’t let my cat outsidepic.twitter.com/fTga8veq1Q
The Ohio Attorney General has backed Trump’s claims, stating that the reports of at least some migrant animal killings are indeed credible.
The attempted cover-up of these incidences seems familiar. It is very similar to the attempted cover-up of Venezuelan gangs creating havoc and taking over apartment complexes in Aurora, CO. A situation which was quickly proven to be a reality.
The establishment media and Democrats are trying to hide the negative effects of open border policies. They would have Americans believe that these incidences and the death of Aiden Clark are unrelated.
They dig up the parents of Aiden Clark to attack Donald Trump and Republicans on the animal issue while they wish out loud that their son had been killed by a white man.
Except, he wasn’t killed by a white man, he was killed by an illegal immigrant from Haiti who was convicted of vehicular homicide. And if the Biden Administration wasn’t importing homicidal aliens from third world countries, the boy would still be alive today. This is a fact. The Clark press speech is not just an expression of the sad nature of progressive white guilt, it also reveals a stark desperation among Democrats.
The truth matters. The truth on the destructive nature of multiculturalism and open borders certainly matters. The third world and the western world do not mix. The progressive left realizes that this issue is an incredible weakness for their aspirations to political power and it only makes sense that they would try to hide the symptoms as much as possible until November. The fact that they feel the need to lie shows that they know what they are doing is malicious.
Putin Puts West On Notice: Long-Range Arms For Ukraine Will Mean ‘NATO At War With Russia’
Update(1230ET): Putin says not so fast… First, here’s a UK Times report within the last hour:
Britain and the United States are on the verge of allowing Ukraine to use long-range missiles against targets in Russia after accusing President Putin of “escalating” the conflict by accepting ballistic missiles from Iran.
David Lammy, the foreign secretary, and Anthony Blinken, the US secretary of state, said they would return to their respective countries to inform their leaders of the “operational details” surrounding Ukraine’s use of weapons such as Storm Shadow missiles after meeting President Zelensky in Kyiv.
President Putin is currently speaking at the St. Petersburg International United Cultures Forum, which addresses current events related to Russia. He issued the following red line while at the conference Thursday:
Putin says long-range arms for Kyiv would mean ‘NATO countries at war with Russia’
Russian President Vladimir Putin said Thursday that the West giving Kyiv a green-light to use longer-range weapons to strike Russian targets would mean NATO will be “at war” with Russia.
“This would in a significant way change the very nature of the conflict… It would mean that NATO countries are at war with Russia,” Putin told a state television reporter.
Just prior to this warning, Russian Senator Aleksey Pushkov wrote on Telegram in response to the UK prepping more, longer-range Storm Shadow missiles for Ukraine, “The decision to strike Russian territory is clearly being prepared.”
The Russian lawmaker continued, “There are too many conversations and hints about it for it to be reversed. Even if it has not been made yet, it looks like it will be a matter of days. The leak via The Guardian is not accidental. Public opinion is being prepared.”
* * *
There are many indicators showing that Russia is now belatedly pushing back Ukraine forces in Kursk at full force. Ukraine’s President Zelensky acknowledged this reality in Thursday comments, saying at a briefing that the Russian “counteroffensive actions were according to our Ukrainian plan.”
And Russia’s Defense Ministry (MoD) said the same day that its offensive to regain sovereign Russian territory is in full swing, having already captured almost a dozen towns in the southern border region.
“Units of the ‘North’ grouping of forces liberated 10 settlements within two days,” the statement indicated. “Likewise, over the past day, units of the group repelled two enemy counterattacks near the towns of Fanaseyevka and Snagost, as well as thwarted an attempted attack near the town of Olgovka,” the MoD added.
Pro-Russian war bloggers have also described that Russian forces are engaged in a “local counteroffensive” in the Korenevsky district, near Ukraine’s Sumy region.
Since the Aug.6 cross-border incursion, Kiev leadership has boasted of capturing some 500 square miles of Russian territory, encompassing some 100 towns and villages – but this significant extent has never been confirmed. But what became clear was the huge size of Russian evacuation efforts. Within a couple weeks after the invasion, there were reports that 100,000 Russians fled border regions, and now that figure is estimated at 150,000 who were evacuated.
The MoD described that in the last couple days of the counteroffensive, “The AFU [Armed Forces of Ukraine] losses amounted to more than 300 troops and 24 units of hardware, including five tanks, six armored personnel carriers, 13 armored fighting vehicles, as well as two artillery guns, nine motor vehicles, two counter-obstacle vehicles, and two electronic warfare stations.”
In total, Moscow claims that Kiev forces have lost over 12,500 in the Kursk operation. Along with this, it lost “101 tanks, 42 infantry fighting vehicles, 83 armored personnel carriers, 669 armored fighting vehicles, 401 motor vehicles, 92 artillery guns, 26 launchers, including seven American-made HIMARS and five MLRS systems, eight air defense systems, two transport-loading vehicles, 22 electronic warfare stations, seven counter-battery radars, two aerial radars, ten engineering vehicles, including four counter obstacle vehicles and one UR-77 mine clearing vehicle”—according to recently published figures in state sources.
Recent ISW war map:
NEW: Russian forces began counterattacks along the western edge of the Ukrainian salient in Kursk Oblast and reportedly seized several settlements northeast and south of Korenevo on September 10 and 11. 🧵(1/7)
Russian sources have claimed that Ukrainian troops are currently surrendering in droves. For example, RT says of one video showing a large group of men walking down a street with their hands up, “Another one [unverified clip] purports to show a group of Ukrainian POWs walking down a road. Some of them are holding their hands behind their heads while others prop up an injured comrade.” The conflict continues to be a horrific war of attrition.
But Western officials have continued cheering on the Ukraine operation, with British Defense Secretary John Healey saying in fresh remarks before the House of Commons that “the longer they hold Kursk, the weaker Putin becomes. The longer they hold Kursk, the better defended Ukraine will be.” But the tide of battle in Ukraine’s east tells a different story.
During a weather report from Louisiana, where Hurricane Francine landed and registered a category two storm, a man was seen running through the shot waving a Trump 2024 flag.
Not put off by the strong winds, whipping rain, and widespread power outages, the Trump supporter, flag in hand, sprinted by fist pumping the air and triggering the Fox News weather guy Mike Seidel into covering the camera with his hand.
HAHAHAHA. Weatherman covers the camera as Trump flag is waved in the background. pic.twitter.com/1UhxAMoYls
There’s a storm brewing, the media is pumping out fear and trying to cover up the truth, while Trump’s supporters will run through natural disasters for him.
These people do not want to you see what’s going on
I can only picture a bunch of guys at the local dive, chucking darts and drinking beer. They look outside and see a reporter in front of the camera. One of the guys says “next beer is on me for whoever streaks by the camera with the Trump flag.”
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Texas authorities say they are shutting down a crime-ridden hotel housing Tren de Aragua gang members and investigating the gang’s criminal involvement in other cities.
El Paso County Attorney Christina Sanchez filed a lawsuit on Aug. 27 to close the Gateway Hotel on Stanton St. in downtown El Paso, Texas, for multiple code violations, noting 693 police and service calls to the location over the past two years.
The lawsuit names as defendants the Gateway Hotel; Gigante Enterprises LLC, which owns the business; and hotel owner Howard Yun.
Tren de Aragua gang members have occupied the Gateway Hotel since at least June, according to court documents obtained by The Epoch Times.
Elhiu Dominguez, special projects coordinator with El Paso County, told The Epoch Times that a judge granted an order to close the hotel by Sept. 12.
The temporary injunction signed by District Judge Maria Salas-Mendoza will shut down the hotel pending a Dec. 9 hearing on a permanent injunction. Residents will have until 10 a.m. on Sept. 12 to vacate the hotel.
Tren de Aragua, a Venezuelan gang with an estimated 5,000 members, is feared in Latin America and has been connected to murder, drugs, and human trafficking.
Their members are believed to be taking advantage of the border crisis chaos, illegally slipping across the U.S. southern border.
“Watch out for this gang. It is the most powerful in Venezuela, known for murder, drug trafficking, sex crimes, extortion, & other violent acts,” Border Patrol Chief Jason Owens wrote on X, formerly known as Twitter, in April as a warning about the gang.
President Joe Biden designated Tren de Aragua as a transnational criminal organization in July at the urging of Rep. María Elvira Salazar (R-Fla.) and Sen. Marco Rubio (R-Fla.).
“Over the last year, the Venezuelan gang Tren de Aragua has managed to move their operations north by taking advantage of our porous southern border,” Salazar said.
“My constituents in Miami, many of them Venezuelans themselves, should not have to endure living amongst the same kinds of criminals that forced them to leave their home country.”
In El Paso, “deplorable” conditions exist inside the once-condemned hotel, which has been the location of at least 10 aggravated assaults, 13 instances of assaultive conduct/fights, 11 drug delivery or possession charges, 20 disorderly conduct incidents, and at least one indecency with a child call, according to court documents.
Security videos at the Gateway Hotel show an aggravated assault and “men holding knives and another man with a hatchet assaulting people and causing damage to the hotel in front of a security guard,” court documents state.
In an affidavit included in the court documents, El Paso Police Officer Samuel Medina said he suspects prostitution is taking place at the hotel and said the “continuous incidents of criminal activity” have increased “with the introduction of the Tren de Aragua organization into the hotel.”
During a “hotel check” in July, a police officer noted that there were “people behind the front desk without hotel insignia or uniform looking at paperwork,” and an officer identified Tren de Aragua members at the hotel, according to court documents.
In August, police were called to the hotel with reports of loud noise and drinking. They reported that one person living on the third floor had a tattoo associated with the Venezuelan gang.
The hotel received a conditional certificate of occupancy for the first floor in 2018, but the court documents state that a new certificate was never issued.
The Epoch Times was unable to reach Yun for comment.
El Paso isn’t the only Texas city dealing with the Venezuelan gang.
Dallas Police spokeswoman Jennifer Pryor told The Epoch Times in a Sept. 10 email that gang activity in north Dallas has been linked to Tren de Aragua.
“Our department is collaborating with other agencies to address possible crimes linked to this and other gangs in our city. We are dedicated to preventing criminal activity in our community and ensuring the safety of our residents,” she wrote.
Gang’s Presence in Colorado Drew National Attention
The Venezuelan gang captured the attention of the nation in a viral video showing gun-toting gangsters seemingly operating with impunity at an apartment complex in Aurora, Colorado.
Law firm Perkins Coie, which represents the lender for Whispering Pines, a 54-unit apartment complex at 1357 Helena Street in Aurora, investigated the situation.
Perkins Coie’s 10-page letter to city officials documented how Tren de Aragua took over the Whispering Pines apartments with threats of murder, beatings, and intimidation.
Evidence indicates that the Venezuelan gang members in Aurora also engaged in human trafficking, according to Perkins Coie attorney T. Markus Funk.
Extortion, unlawful firearms possession, and sexual abuse of minors allegedly occurred at the apartment complex, “targeting vulnerable Venezuelan and other immigrant populations,” the letter states.
In one case, according to Funk, a consultant for the apartment complex’s management company was so severely beaten that he had to go to the hospital. The incident was captured on videotape.
The city of Aurora has cited “isolated situations” in a statement. The Aurora Police Department didn’t respond to The Epoch Times’ request for a tour of the affected buildings.
In a statement on Facebook on Sept. 11, Aurora Mayor Mike Coffman and Public Safety Chair Danielle Jurinsky detailed the city’s efforts to combat the presence of the Venezuelan gang in their city.
Well before the issue came to national attention, they said, the Aurora police “had been arresting people for various criminal activities who had suspected, but not necessarily confirmed” connections to the gang.
Tren de Aragua’s presence in Aurora “is limited to specific properties, all of which the city has been addressing in various ways for months,” according to the statement.
Epoch Times Reporter Allan Stein contributed to this report.
Buffett’s Vice Chairman Dumps Over Half Of His Berkshire Shares
One of Buffett’s top lieutenant, and Berkshire’s vice chair of insurance operations, Ajit Jain, has sold $139 million worth of his Class A shares – more than half of his holdings – in Warren Buffett’s conglomerate.
Jain disposed of 200 of the Class A Berkshire shares for about $695,418 each, according to a regulatory filing Wednesday. The disposal means the long-term executive is left with control of 166 such shares, 61 of which he directly owns.
The sale was the biggest drop in Jain’s holdings since he joined Berkshire in 1986. As CNBC notes, it’s unclear what motivated Jain’s sales, but he did take advantage of Berkshire’s recent high price. The conglomerate traded above $700,000 to hit a $1 trillion market capitalization at the end of August.
“This appears to be a signal that Ajit views Berkshire as being fully valued,” said David Kass, a finance professor at the University of Maryland’s Robert H. Smith School of Business.
The sale is also consistent with a significant slowdown in Berkshire’s share buyback activity as of late, as well as its record liquidation of stock holdings, most notably Apple and Bank of America. Omaha, Nebraska-based Berkshire repurchased just $345 million worth of its own stock in the second quarter, significantly lower than the $2 billion repurchased in each of the prior two quarters.
“I think at best it is a sign that the stock is not cheap,” said Bill Stone, CIO at Glenview Trust Co. and a Berkshire shareholder. “At over 1.6 times book value, it is probably around Buffett’s conservative estimate of intrinsic value. I don’t expect many, if any, stock repurchases from Berkshire around these levels.”
The India-born Jain joined Berkshire Hathaway in 1986 to work on the conglomerate’s insurance operations, which include car insurer GEICO. He facilitated a push into the reinsurance industry and more recently led a turnaround at Geico, Berkshire’s crown jewel auto insurance business. In 2018, Jain was named vice chairman of insurance operations and appointed to Berkshire’s board of directors.
Buffett has long praised Jain, saying in 2017 that he’s probably made more money for Berkshire than Buffett has: “Ajit has created tens of billions of value for Berkshire shareholders,” Buffett wrote in his annual letter in 2017. “If there were ever to be another Ajit and you could swap me for him, don’t hesitate. Make the trade!”
In 2018, Jain and Greg Abel were named vice chairmen of the firm, with Abel, who’s a decade younger than Jain, eventually being tapped as Buffett’s successor.
Investors have questioned whether Jain, 73, would stick around to help Abel run things once Buffett, now 94, leaves the firm. The answer appears to be no.
Another Season Of Shutdown Theater Is Upon Us, And Republicans Are Already Cucking Out
Another season of shutdown malarkey is upon us – this time with a deadline of October 1st before it’s time to fling poo.
Republicans want to tie a six-month funding stopgap (Continuing Resolution or CR) to the SAVE Act – which would require proof of citizenship when registering to vote. On Wednesday, House Speaker Mike Johnson (R-LA) yanked a funding bill off the House floor hours before an expected vote after a growing number of Republicans vowed to tank the measure which includes the SAVE Act.
Democrats want a “clean” funding bill that would keep the government open until December, right after the elections, without (of course) the SAVE Act.
Donald Trump wants Johnson and the Republicans to grow a pair of balls and let the government shut down if they can’t preserve the SAVE Act.
On Tuesday, before he yanked the funding bill off the floor, Johnson told reporters “We are going to put the SAVE Act and the CR together, and we’re going to move that through the process. And I am resolved to that; we’re not looking at any other alternative. … I think almost 90% of the American people believe in that principle and that’s why we’re going to stand and fight,” adding “You know how I operate: You do the right thing and you let the chips fall where they may.” Hilarious.
After he pulled the bill, Johnson said: “We’re in the consensus-building business here in Congress with small majorities,” adding “We’re having thoughtful conversations, family conversations, within the Republican conference, and I believe we’ll get there.”
Of course, going head-to-head with Democrats (and some Republicans) over the SAVE Act means litigating claims of election fraud, which Republicans folded like a wet napkin over after the 2020 US election instead of circling the wagons around Trump.
Meanwhile, at least seven Republicans have said they would vote against a CR, period, as it only kicks the can down the road.
Johnson is dealing with a tough math problem. Because of their minuscule majority, House Republicans can only afford four GOP defections if all lawmakers vote. Rep. Joe Wilson, R-S.C., was hospitalized Tuesday night after collapsing at an event. And at least seven other Republicans have publicly stated they will vote against a stopgap measure, known as a continuing resolution or “CR.” Many others said they could join them.
Two sources told NBC News that leadership was anticipating as many as 15 GOP no votes if the vote had been held Wednesday. -NBC
Republicans opposing a CR include Reps. Cory Mills of Florida, Jim Banks of Indiana, Matt Rosendale of Montana, Andy Biggs of Arizona and Tim Burchett of Tennessee.
“I’ve continuously voted against CRs. I think it is terrible legislating,” said Burchett. “And the No. 1 threat to this country is fiscal irresponsibility. We are going off a fiscal cliff, and I think that every time we do this, we just kick that can further down the road.”
According to Mills, a military veteran and fiscal conservative who serves on the Armed Services and Foreign Affairs Committee, “This CR would weaken our defense capabilities and the readiness of our military, just as global threats are rapidly evolving. It would prevent us from responding effectively to adversarial nations like China, hinder innovation, and delay modernization,” adding “Six months is a long time in politics, but it’s an eternity in geopolitics, where quick responses are critical to countering foreign adversaries threatening to harm U.S. interests.
Mills is a ‘yes’ on the SAVE Act, saying: “I’m a firm NO on bankrupting the nation and a YES on election integrity.”
Rep. Thomas Massie (R-KY) explains the charade we’re about to see unfold over the next two weeks:
I refuse to be a thespian in the Speaker’s failure theater.
The 6 month continuing resolution with the SAVE Act attached is an insult to Americans’ intelligence.
The CR doesn’t cut spending, and the shiny object attached to it will be dropped like a hot potato before passage. pic.twitter.com/0FdHRYTm1q
The Harris-Walz campaign has been vibe-a-licious and content-free; its positions on domestic and foreign policy have (with apologies to Hollywood) essentially consisted of open defiance of any presidential campaign norms: “Policy? We ain’t got no policy. We don’t need no policy. We don’t have to show you any stinkin’ policy.”
But the campaign’s policy on policy changed, sort of, the day before the debate, when it went ahead and posted some stinkin’ policy anyway.
In a word, Harris’ policy dump should be seen for what it is: Kamaflage. She uses words that score well with Republicans and moderates, but inverts the meaning of those words, creating an unintelligible stinkin’ mess.
“Kamala Harris will create an Opportunity Economy where everyone has a chance to compete and a chance to succeed – whether they live in a rural area, small town, or big city.” Really? How is she going to do that?
The campaign also promises that Harris would “make it a top priority to bring down costs and increase economic security for all Americans.” It added, “As President, she will fight to cut taxes for more than 100 million working and middle class Americans while lowering the costs of every day needs like health care, housing and groceries.”
How would Harris cut taxes? Not by actually reducing anyone’s taxes, but by increasing spending: “restoring” (i.e. increasing) the amount paid out under two tax credits that provide cash payments to lower income families, most of whom already do not pay federal income taxes. But, as we learned from the ironically named Inflation Reduction Act, pumping more money into the system without increasing the supply of goods and services just devalues the dollar and creates inflation for everyone.
Harris’ campaign calls for both “making our tax system fairer and prioritizing investment and innovation,” while also calling for higher taxes on corporate earnings, quadrupling the tax on corporate distributions through stock buybacks, and increasing the capital gains rate by 40%. With a flourish that would make George Orwell blush, she blithely asserts that tax increases bolster the economy too: “When the government encourages investment, it leads to broad-based economic growth and creates jobs, which makes our economy stronger.” In what alternate reality does raising taxes on investments encourage investments?
A lifelong government employee who never worked in the private sector, Harris apparently envisions herself a preternaturally talented real estate developer. Her campaign’s policy paper claims she has a “comprehensive plan” to build three million more rental units and affordable homes “to end the national housing supply crisis in her first term.” What’s the big plan? She’ll “cut red tape” to build housing faster, while also penalizing companies that “hoard available homes to drive up prices,” and “outlaw new forms of price fixing by corporate landlords.”
Did you follow that? She will cut red tape and build more housing by imposing new red tape in the form of federal rent regulations so that landlords make less money. This is merely contradictory nonsense with poll-tested verbiage.
She would also give $25,000 to first-time home buyers, “with even more generous support for first-generation homeowners.” Obviously, giving people more money to buy houses means houses will cost more, not less. Note, too, that not all first-time home buyers would be treated equally. Some, such as immigrants (whether here legally or illegally), would get even more than young Americans who are descended from (gasp!) previous homeowners.
Harris also wants you to know that “neighborhood shops, high-tech startups, small manufacturers, and more – are the engines of our economy.”
“Kamala Harris will always support small businesses and invest in entrepreneurs as president,” the campaign vows in employing good Republican words! How will she do this? By expanding set-asides for minority-owned small businesses. She has set a goal of 25 million new business applications (apparently you’ll have to apply to start a small business under Kamala Harris) and would expand the start-up expense deduction, while driving venture capital to the talent that exists all across our country, including in rural areas. Does this portend new geographic investment regulations for venture capital? Note too, that she asserts she will drive this investment at the same time as increasing the tax on investments.
She also calls for the first-ever price regulations for grocery and food businesses, claiming that price gouging is rampant in an industry where the profit margins are usually around 1.5%. She also calls for extending price regulations with respect to health care and prescription drugs. Of course, it’s axiomatic that price regulations reduce supply – so what would happen in the real world is that there would be less food, drugs, and healthcare services, and what’s still produced will cost more too.
The Orwellian theme of using Republican words to Kamaflage socialist policies while asserting that down is up continues throughout the entire package of policies: Secure the borders by hiring more agents to process more immigrants! Reduce crime by making lawful gun ownership harder! Stand up for Israel’s right to defend itself, except with respect to Palestinian terrorists! Protect voting by blocking states from taking steps to secure the vote, like imposing ID requirements!
You get the gist. Her policy dump is an incoherent mess put out under the thin guise of poll-tested verbiage in the hope of Kamaflaging the reality that a Harris administration would double down on the dumbest ideas of Sen. Bernie Sanders and the socialist “squad” in the House. The only thing clear from her policy proposals is that Kamala Harris has not changed. She’s only hiding her hard-left values behind verbiage she’s expropriating from her opponents.
Richard Porter is a lawyer in Chicago and a former policy advisor to President George H.W. Bush and Vice President Dan Quayle.
The Dutch financial group cites the prospect of a Federal Reserve rate-cutting cycle, geopolitical risks, and uncertainty going into the presidential election as potential catalysts to drive gold to new record highs. The report also noted several bullish trends supporting the gold price.
ING now projects gold to average $2,700 an ounce in 2025.
According to ING, the “most anticipated” Federal Reserve rate cut in decades is by far the biggest factor driving the current gold market.
During his recent Jackson Hole speech, Federal Reserve Chairman Jerome Powell gave the clearest indication yet that rate cuts are on the horizon saying, “The time has come for policy to adjust. The direction of travel is clear.”
The ING report says the only question remaining is the pace of cuts.
ING analysts note that gold is a non-yielding asset and tends to benefit from a low interest rate environment.
Lowering interest rates and ending balance sheet reduction will increase the money supply, and the expansion of the money supply is, by definition, inflation.
The Fed has tightened things up just enough to slow rising prices, but it hasn’t come close to wringing the pandemic-era inflation out of the economy. The central bank pumped nearly $5 trillion into the economy through quantitative easing alone. That was on top of the credit expansion incentivized by artificially low interest rates. It has only shrunk the balance sheet by about $1.8 trillion.
In fact, the Fed never substantively shrank the balance sheet after the 2008 financial crisis despite Ben Bernanke saying, “Ultimately, at the right time, the Federal Reserve will normalize its balance sheet,” in February of 2011.
Today, most of the inflation created during the pandemic and the Great Recession is still sloshing around in the economy.
And now, by slowing balance sheet reduction and signaling interest rate cuts, the Fed is telling you it plans to ramp up the inflation machine.
ING doesn’t mention any of this, and yet it still projects a bullish future for gold!
Bullish Indicators
ING analysts do note some other factors supporting gold, including election uncertainty in the U.S. and geopolitics. They anticipate further safe-haven demand due to the ongoing war in Ukraine and tensions in the Middle East.
Meanwhile, there are several strong and getting stronger demand sources in the gold market.
Globally, central banks added a net 37 tons of gold to their holdings in July, according to the latest data compiled by the World Gold Council (WGC). It was a 206 percent month-on-month increase and the highest level of central bank gold purchases since January.
This came on the heels of record central bank gold purchases through the first half of the year.
The report also pointed out that gold has started flowing into gold-backed ETFs. Funds in every region reported an increase in gold holdings in August with Western-based ETFs leading the way. It was the fourth straight month of global net inflows. According to ING, “Investor holdings in gold ETFs generally rise when gold prices gain, and vice versa. However, gold ETF holdings have been in decline for much of 2024, while spot gold prices have hit new highs. ETF flows finally turned positive in May.”
COMEX total net longs have also continued to rise, charting a 17 percent month-on-month increase as of the end of August. It was the highest month-end level since February 2020.
Given all of these bullish factors, ING projects gold to average $2,580 in the fourth quarter. That would boost the 2024 average to $2,388, with that average rising by more than 13 percent next year.
ING Bank photo from Wikimedia Commons and used under a Creative Commons License.
