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Power Diverted From Data Centers To Households Across PJM Network Amid Historic Freeze

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Power Diverted From Data Centers To Households Across PJM Network Amid Historic Freeze

The massive winter storm that disrupted US energy production, sparked the most flight cancellations since Covid, and paralyzed much of the eastern half of the country for days is finally over. BofA chief economist Aditya Bhave has warned that the winter blast could deliver a meaningful hit to first-quarter GDP. However, the eastern half of the US is not in the clear yet. At least another week of brutally cold weather is forecast, which could keep pushing power grids to the brink.

As heating demand surged to record levels, fossil fuel power generation proved critical in preventing widespread rolling blackouts. James Bevan of Criterion Research made that clear in an exclusive note for ZeroHedge:

To further stabilize the power grid this week, Energy Secretary Chris Wright instructed PJM Interconnection on Monday to divert power intended for data centers and other energy-intensive facilities to residential customers and hospitals. Those data centers and facilities were able to switch on their on-site diesel and natural gas generators, reducing power demand during peak hours.

Bloomberg notes:

PJM, which serves more than 67 million people from Chicago to Virginia, sought federal approval to stave off the potential need to impose rolling blackouts. Wright also gave the same authorization to two units of Duke Energy Corp.

The move by Wright to divert power intended for data centers to residential customers and hospitals comes as average temperatures in Washington, DC, at the heart of the PJM grid in the energy crisis-stricken Mid-Atlantic, are in the low teens this week. The two-week forecast is not expected to rise above the 30-year average.

This period also coincides with peak winter in the Northern Hemisphere. Historically, the 30-year seasonal average temperature for the Lower 48 does not begin to trend higher until next month.

As of this morning, wholesale electricity prices in the PJM grid soared 241% to more than $2,300 per megawatt-hour.

Meanwhile, residents across Central Maryland are being financially crushed by a worsening power bill crisis, the result of green energy policies that have backfired in the one-party ruled state ruled by Democratic Party kings and queens. The grid mismanagement stems from a failed climate alarmism framework that collided head-on with the rapid buildout of energy-hungry data centers.

Read:

Insurmountable household power bill debt is sparking public anxiety aimed squarely at Annapolis lawmakers. It’s not just Maryland, the power bill crisis has erupted across the Northeast states. 

Tyler Durden
Tue, 01/27/2026 – 07:45

De-Dollarization? Gold Over Debt – The End Of The Keynesian Paper Promise Mirage

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De-Dollarization? Gold Over Debt – The End Of The Keynesian Paper Promise Mirage

Authored by Daniel Lacalle,

Despite the consensus narrative, what we are currently experiencing globally is not “de‑dollarization,” but a broad loss of confidence in developed economies’ fiat currencies and sovereign debt as a reserve asset for central banks and institutions. This fundamental loss of confidence in the solvency of developed economies’ sovereign issuers is boosting demand for gold.

However, the latest data shows no crossover or fiat alternative substitution. The US dollar’s central role in the fiat system remains intact.

Gold over debt: the key shift

MMT supporters state that monetary sovereign nations can issue all the debt they want without inflationary and confidence risk. However, monetary sovereignty is not a given; it is not perennial and governments face three limitations when it comes to issuing debt. Domestic and global confidence in sovereign issuers begins to decline once they surpass those limits.

The three limits for governments are:

  1. the economic limit, when more government debt leads to stagnation and productivity growth decline;

  2. the fiscal limit, when interest expenses and debt burdens soar despite central bank easing and rising tax receipts;

  3. and the inflationary limit, when the loss of the purchasing power of currencies becomes large and persistent, eroding citizens’ standards of living.

Over the last few years, the most important trend in global reserves has been the rotation from government bonds of advanced economies toward gold, not “out of dollars,” as some media highlights, and even less so into other fiat currencies.

Many analysts blame the recent sanctions against Russia as a factor that has triggered the move to other forms of reserve. However, this does not seem like a plausible cause when most of the gold reserves that have been added globally are stored in countries that enforce those sanctions. The evidence is more complex and different: Central banks globally stopped trusting in developed nations’ debt as their core asset in 2021 when inflationism and lack of fiscal responsibility started generating losses at major central banks. Sovereign debt stopped being the quality, stable, and income-generating asset that provided real economic returns to institutions all over the world.

Despite the media and social media comments, the slump of euro and yen assets as reserves has been more aggressive than that of the US dollar. Bloomberg and the World Gold Council data show central banks and sovereign funds have doubled the pace of gold purchases in roughly three years, accumulating around 80 metric tons a month and driving record demand and record prices. This buying comes on top of strong private-sector investment demand, turning gold into the main beneficiary of rising concerns about debt sustainability and currency debasement in the US, Europe, Japan, and the UK. At the same time, analysts at JP Morgan highlight that much of this official gold buying is opaque, with significant “unreported” flows via hubs such as Switzerland, which reinforces the idea of a stealth shift into a real asset outside the fiat system.

The real underlying driver is the deterioration in the fiscal and monetary credibility of developed economies. Government debt is close to peacetime record levels, while long‑term spending commitments, unfinanced liabilities, weak growth, and aging populations make future fiscal consolidation politically challenging. Since the pandemic, major central banks have combined ultra‑loose policy, large balance sheets, and implicit financial repression to maintain the illusion of solvency of sovereign issuers, which has strengthened the view that fiat currencies will be used to manage debt through inflation and negative real rates for a long time. The freezing of Russian reserves in 2022 and the weaponization of sanctions only served as a confirmation of the debasement risk and convinced many emerging‑market central banks that holding large stocks of G7 sovereign debt and deposits entails growing political and legal risk. Faced with a mix of fiscal excess, financial repression, and geopolitical risk, reserve managers have finally returned to the strategy of adding reserves in an asset with no counterparty risk. The famous “gold is money, everything else is debt” sentence becomes more relevant than ever.

Dedollarization requires a fiat alternative crossover.

The same sources that show soaring gold demand also show that there is no true “dedollarization” in the sense of a fiat‑to‑fiat substitution. This also makes sense. The US dollar is the world’s strongest weak currency because it has a higher level of liquidity, more independent institutions, and better legal and investor security than any alternative. The US dollar is losing its place as a global reserve to gold but not losing its position relative to the euro, yen, pound, or yuan.

IMF COFER figures show that the US dollar’s share of allocated FX reserves remains at 59.6%, and when adjusted for exchange‑rate moves, the IMF itself concludes that the dollar’s share has been broadly stable, with recent declines explained mostly by valuation effects, not active selling. The euro, at 20.3%, is not even close to being a contender. The euro, yen, sterling, and even the Chinese renminbi have not captured the supposed “lost” dollar share. Their combined importance in reserves is flat or declining, while the rising share belongs to gold and “other assets,” including silver, oil, or domestic equities in the case of Japan.

BIS FX turnover and SWIFT payment data allow us to reach the same conclusion. The dollar is on almost 90% of all FX transactions and roughly half of global SWIFT payments, with the euro a distant second and the renminbi still only a low‑single‑digit share. There is no crossover where another fiat currency replaces the dollar’s role in trade, finance, or reserves. The real story is that all major fiat currencies are losing relative trust to an asset outside the system, like gold.

Institutions all over the world have suffered losses with sovereign debt since 2021 and see no end to the inflationary currency debasement policy, while solvency is under question as governments reject any form of spending control.

Calling this “de‑dollarization” is misleading, because it suggests a transition from a dollar‑centric order to a euro‑, yuan‑ or BRICS‑centric fiat order, something the data clearly do not show. What is actually happening is better described as “de‑fiatization at the margin,” a shift away from all heavily indebted, policy‑managed fiat currencies towards real assets that do not depend on governments. The dollar remains the least‑imperfect fiat currency, with unmatched liquidity, legal and investor security, and support in trade and finance, so there is no scalable alternative that reserve managers can move into without assuming even greater risk. That is why central banks diversify some of the marginal flow into gold but keep the bulk of their liquid reserves, payment systems, and FX operations in US dollars.

The world is penalizing the fiscal and monetary excesses of developed economies by demanding less of their debt and more gold, not by building a new fiat‑currency alternative. The record highs of gold and the constant purchases by central banks indicate a lack of confidence in the long-term purchasing power and credit quality of sovereign issuers, not in a competing fiat currency. Meanwhile, the dollar’s share in reserves, trade invoicing, FX turnover, and payments remains dominant and broadly stable, with no evidence of a large‑scale substitution into euros, renminbi, or any other fiat unit.

The global system is therefore not moving from “dollar hegemony” to “yuan hegemony” or a multipolar fiat regime; it is moving from unchallenged trust in developed‑market paper to a world where gold re‑emerges as the ultimate reserve asset, and the dollar stays at the declining fiat center because nothing else can replace its security, infrastructure, and depth.

While investors legitimately worry about America’s credit credibility and the US dollar’s purchasing power, no one is naive enough to consider the euro area, Japan, China, or a basket of serial devaluators like the BRICS as viable alternatives to the US dollar.

The solution is to go back to sound money policies. However, no fiat currency issuer seems to want that shift. No government desires a strong currency because it undermines their illusion of paper promises.

Tyler Durden
Tue, 01/27/2026 – 07:20

SK Hynix Soars On Microsoft Supply Deal Report; KOSPI Breaks Out, Shrugs Off Tariff Threat

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SK Hynix Soars On Microsoft Supply Deal Report; KOSPI Breaks Out, Shrugs Off Tariff Threat

SK Hynix shares hit an all-time high in overnight trading in South Korea after a local media outlet reported that the semiconductor company, which specializes in memory chips, has become the sole supplier of advanced memory for Microsoft’s new artificial intelligence chip. Also overnight, despite President Trump’s tariff threat against South Korea for “not living up” to a trade deal cemented last year, the Korea Composite Stock Price Index surged above 5,000 for the first time.

Business Korea reports that Hynix will exclusively supply high-bandwidth memory (HBM) for Microsoft’s next-generation AI chip, the Maia 200.

Here’s additional color from the local outlet:

According to industry sources on Jan. 27, SK Hynix is reported to supply its latest product, HBM3E (5th generation), to the Maia 200 AI accelerator that Microsoft unveiled on Jan. 26 (local time). Additionally, SK Hynix appears to be participating as the exclusive supplier for the product.

The Maia 200, manufactured based on Taiwan’s TSMC’s 3-nanometer (nm; 1nm = 1 billionth of a meter) process, is characterized by enhanced efficiency in AI inference tasks. It uses 216 gigabyte (GB) HBM3E, with six units of SK Hynix’s 12-layer HBM3E installed.

Microsoft has already installed the chip in its Iowa data center in the United States and is expanding its applications by adding it to its Arizona data center as well.

The report catapulted SK Hynix shares on the KOSPI nearly 9% higher on the session. The stock is now up 23% year to date and trading at record highs.

A larger timeframe shows the trend is absolutely parabolic.

Jung In Yun, chief executive officer at Fibonacci Asset Management Global, said the move higher in Hynix shares supports “dip buying and rising HBM earnings expectations.” He added, “We will probably see SK Hynix earnings meeting expectations again.”

Another positive tailwind emerged after Citigroup analysts raised their price target on SK Hynix by 56% to a street-high 1,400,000 won, reaffirmed its buy rating, and placed the stock on a 30-day upside catalyst watch.

“The memory market is shifting toward semi-customization, with memory customers required to sign a contract a year prior to actual product delivery,” analyst Peter Lee wrote. “In 2026, we foresee global DRAM/NAND pricing growth to be significantly better than expected.”

According to Bloomberg data, Wall Street analysts rate SK Hynix with 41 buys, 2 holds, and just 1 sell.

More broadly, KOSPI made a “clear breakout above 5,000 and closed @ 5,085 today, marking YTD growth of +21%,” Goldman analyst Heather Oh told clients earlier.

Heather provided clients with the drivers in the KOSPI today:

Concerns over potential tariff hikes, with Trump vowing to raise tariffs on Korean goods, including autos and pharma, from 15% to 25%, led to a weaker market open. However, the KOSPI quickly recovered to close at an ATH. Most sectors rallied, with the exception of tariff-impacted areas such as Autos (-0.8%) and Steel (-0.8%). Semiconductors were a notable outperformer, surging by 6.3% ahead of the earnings and ongoing optimism on HBM developments.

What were the main drivers today?

  • Optimism is building ahead of the heavy earnings season, with January 29th being a key date for Samsung Electronics (005930, +5%) and SK Hynix (000660, +9%) earnings reports. GIR recently raised its KOSPI target to 5,700 (from 5,000), driven by earnings upgrades rather than P/E multiple expansion.
  • Positive sentiment prevails as pension funds are anticipated to inject approximately W7tn more into Korean equities. The largest pension fund has increased its 2026 domestic equities allocation target to 14.9% (up from 14.4%) and will temporarily postpone rebalancing, thereby alleviating selling pressure when allocations diverge from the strategic asset allocation (SAA) range.

Today’s Investor positioning

  • Turnover breakdown: Foreign 31%, local institutions 19%, Retails 50%.
  • Net Inflows: Institutional flow-led rally today signals a healthy setup for further upside. Foreign: +$588m. Mainly passive program buying led the rally (+$760m). Buying was concentrated in Tech (+$743m) and Financials (+$86m). Local institutions: +$164m. Buying was concentrated in Tech (+$278m). Retail: -$706m. Profit taking was heavily concentrated in Tech (-$1b), followed by Banks (-$93m).

Five Charts That Matter:

KOSPI Price Performance

Earnings

5-Day Investor Positining Trend (KOSPI (left) vs. KOSDAQ (right))

MF Positioning

H/F Positioning

Related research:

The whole discussion on memory is shaping up to be a big theme in 2026 amid data center buildouts.

Tyler Durden
Tue, 01/27/2026 – 06:55

“Communism Is A Sh*tty Deal”: Cuba’s Power Grid Descends Further Into Blackout Nightmare  

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“Communism Is A Sh*tty Deal”: Cuba’s Power Grid Descends Further Into Blackout Nightmare  

Cuba is facing a severe and worsening energy crisis driven by a tightening U.S. blockade, part of President Trump’s gunboat diplomacy across the Caribbean region, as reported Sunday, with conditions now deteriorating further as the island’s power grid appears to be imploding under strain, resulting in blackouts lasting up to 20 hours per day.

Cuba’s electrical system has completely collapsed in Havana after more than 20 hours of blackouts,” Venezuelan-born political commentator Eduardo Menoni wrote on X.

Menoni said this widespread blackout for most of the day could last for weeks, as there is no known timeframe for when the grid will be fixed.

He added, “Cuba’s electrical system has completely collapsed in Havana after. Communism is A SHITTY DEAL.”

Following the U.S. intervention in Venezuela and the capture of President Nicolás Maduro, crude oil shipments from Cuba’s main supplier have been halted, leaving the island with a massive energy deficit.

Mexico has emerged as a major supplier of about 17,200 barrels per day to Cuba in late 2025, with President Claudia Sheinbaum defending these shipments as “solidarity” despite U.S. pressure. However, Sheinbaum’s administration is now reviewing those shipments amid the risk of reprisals from Trump.

“Cuba is facing more powerful US threats than it has in the 67 years since the revolution,” Carlos de Céspedes, Cuba’s ambassador to Colombia, told Al Jazeera on Saturday.

Earlier this month, Trump unveiled the pressure campaign: “Cuba is ready to fall. Cuba now has no income. They got all of their income from Venezuela, from the Venezuelan oil. They’re not getting any of it. Cuba literally is ready to fall.”

Tyler Durden
Tue, 01/27/2026 – 05:45

How German Media Cast Trump As Evil, And Davos Elites As Moral Saviors

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How German Media Cast Trump As Evil, And Davos Elites As Moral Saviors

Submitted by Thomas Kolbe

Donald Trump’s appearance at the World Economic Forum was portrayed by the German media as the very embodiment of evil against the pristine white backdrop of Davos’ snow. To cast politicians like von der Leyen, Merz, and Macron as the “good” counterparts only exposes this media spectacle for what it is: farce.

A love-hate relationship has developed between U.S. President Donald Trump and the German press. Almost every time he appears in public—which, in fact, happens daily—the bureaucrats in newsrooms react with a Pavlovian reflex. Even his Davos speech on Wednesday at the World Economic Forum, delivered without rancor despite Europe’s noticeably skeptical stance toward the U.S., provoked a maximal defensive reaction. 

Establishing the Contrast

Der Stern portrays Trump as the West’s isolator, a power politician who “ate humble pie” in Davos, and labels his speech simultaneously as a declaration of NATO’s bankruptcy. As if to keep the German fight against Trump alive at all costs, the Frankfurter Rundschau warned not to be lulled by the U.S. President’s moderate tone. The headline reads martial—Trump reliably sells well.

It also irritates the German media that Trump regularly exposes European leaders like Emmanuel Macron to public ridicule. Naturally, even Tagesschau dispatches its fact-checkers against him. His speech was reportedly riddled with inaccuracies and falsehoods.

If only they were as precise and attentive when Macron, Merz, and von der Leyen stack lie upon lie—whether regarding their domestic policies, the state of the economy, the Ukraine conflict, or the failed energy transition now driving Europe into a spiral of poverty.

Even the fact that an Orwellian surveillance state is rising before our eyes, heavily supported by Germany, does not trouble German journalists. In short: we are the good, the evil sits in the White House. And we, the good, are merely protecting Europe’s docile lambs from the toxic poison of patriotic spirit that Americans are eager to inject with their virile obsession with “can-do” governance.

They despise healthy patriotism, a lean state, the ostentatious fight for free speech, and the dismantling of the NGO behemoth—all these achievements of a mature civilization that Brussels-style centralism seeks to dissolve in the European hyper- and control-state for the “common good.”

Together with politics, the German media has established a Manichaean worldview. Every over-the-top appearance by the U.S. President, perhaps difficult for European tastes to digest, only eases the camouflage. The Americans’ power-political interests—shaped by domestic pressure, externally funded protest waves, the fentanyl crisis, and the costly Pax Americana quietly accepted by Europe—play no role in the German media’s strategic considerations. 

They side with the presumed good—those exploiting climate apocalypse, Euro-protectionism, and the systematic dismantling of civil liberties. Simply emphasize it long enough, project the public’s anger at the country’s growing crises onto a figure of hate, and the media can distract from its own failures. That figure is Donald Trump.

Growing Distance

Must one not, in view of Europe’s migration crisis and disastrous energy transition, concede Trump is right on the issues? The German commentary’s arrogant condescension only reflects the detachment of its political caste. From the perspective of a German-driven Euro-socialism, the American spirit, the supposed cowboy mentality, and spontaneity are ridiculed. Listening to each other is no longer desired; the American stance is deemed antagonistic, and within the woke zeitgeist, morally reprehensible.

A reflex so foolish it is almost physically painful to follow such journalism. Shouldn’t the media’s task be to explain Europe’s true geopolitical situation and the challenges arising from energy scarcity and resource constraints?

European nations would do well to align with the Americans, make peace with Russia, and return to political reason. For the Westdeutsche Zeitung, however, Trump’s Davos speech was merely self-praise. He reportedly spread lies and slanders about the old continent.

Hovering above all is the hope that in three years a pro-European, globalist president will succeed Trump—a figure in the style of Barack Obama, picking up the red thread of climate socialism and protecting Europeans from their peculiar isolationism and its consequences.

If the EU’s climate-socialist project collapses in the foreseeable future, a strong, autonomous U.S. would be the destination for a panicked flight of capital—a potential end to the Brussels central apparatus. Returning to the climate-socialist fold would only succeed via digital currency controls and capital movement restrictions, which explains Europe’s attacks on Trump’s presidency. The fact that former Bank of England Governor Mark Carney, now a Canadian Prime Minister, has devoted himself to European politics adds particular gravity to the U.S. attempt to politically control its hemisphere.

Trump’s patriotic project’s failure is precisely in the Euro-socialists’ interest. German media have, for a decade, cultivated the image of an erratic, irrational, intellectually limited chauvinist with great success. The constant repetition of identical interpretations of his actions, their moral appraisal, and the dramatic escalation under the mantra of a rules-based world order have created a narrative leaving no room for ambiguity—purely Manichaean.

On one side: Trump, the personification of evil, pushing European humanists into a corner with his tariffs, now even flirting with an aggressive land grab in Greenland. He is Lucifer in the White House. On the other: light, good—the EU, the great peace project, originally just a bulwark against the Soviet Union, now reimagined over decades as the climate savior and moral last instance of the West.

False Game

It is precisely this power that has for four years kept the disastrous war of attrition in Donbass alive. And it is not Trump, but European politicians who instill the specter of an imminent Russian invasion into the minds and souls of citizens via increasingly shrill tones across all media. Day by day, week by week, a scenario of maximum threat is conjured, morally discrediting any deviation and painting negotiation readiness as weakness—or even betrayal.

The mass deaths in Ukraine reveal Europe’s ethical decay without mercy. Beyond that, escalation against a nuclear power is militarily hopeless, economically a suicide mission, and ethically reprehensible. Macron, Merz, and von der Leyen have long known this war is unwinnable—regardless of funds sent to Ukraine. 

It is now only about delaying Ukraine’s bankruptcy in hopes of a military miracle—one only the Americans could force. And that requires, as mentioned, a new pro-European U.S. president.

States and European banks are heavily invested in Ukraine. An uncontrolled collapse could shake Europe’s financial system so violently that even the great debt crisis 15 years ago would appear as mere prelude.

Trump still seeks a negotiated solution in this conflict, which would end Europe’s dream of regime change in Moscow and a controlled exploitation of Russian resources, crucial to recapitalizing European states and banks.

The manichean media effect against American policy becomes even more dangerous amid Europe’s growing censorship apparatus. Many fail to realize that Trump’s failure would politically eliminate the last influential advocate for free speech, free markets, and rational deregulation.

It was Americans—Vice President J. D. Vance and Secretary of State Marco Rubio—who repeatedly intervened in Brussels in recent months when digital freedom on platforms like X, Telegram, and Meta was acutely threatened.

The list of European defenders of freedom has, by contrast, become alarmingly short.

Tyler Durden
Tue, 01/27/2026 – 05:00

NATO Secretary General Admits EU Incapable Of Defense Without US Help

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NATO Secretary General Admits EU Incapable Of Defense Without US Help

The globalist frenzy of the Davos Summit is subsiding and the geopolitical world is left to ponder (and question) some of the more “optimistic” comments made by world leaders.  One such claim was made by Finnish President Alexander Stubb, who argued that Europe ‘unequivocally’ has the ability to defend itself without US support.   

The claim coincided with the Finnish leader’s assertion that a ” new world order” is rising with the UN at the helm. 

The suggestion has, of course, drawn scrutiny as being overly optimistic.  Stubb tried to qualify his argument with the assertion that Finland has the best cold weather troops in the world and the future of warfare is focused on the Arctic Circle. 

An army accustomed to cold weather warfare is certainly useful, but that does not mean they are accustomed to attrition warfare – A strategic method which is serving the Russians well in Ukraine and a method western armies have not trained for since the conflict in Korea in 1950.  

Finland claims to be able to field an army of 1 million through mandated conscription, but unwilling conscripts and trained soldiers are two very different things.  Currently, the country’s army consists of only 24,000 active duty personnel.  Russia has 1.32 million, many of them battle tested after years in Ukraine.  Furthermore, the Russians have now adapted to the demands of drone warfare.  This is something European armies are still integrating, and with no real world experience. 

Stubb’s assertions are absurd, but it is this kind of fantasy mentality that is driving Europe to rattle their sabers against Russia at a time when they can’t even fill basic recruitment quotas and the average citizen with the ability to fight has no interest in dying for the existing progressive governments.  

NATO Secretary General Mark Rutte dumped some cold water on the Davos delusion this week during a Brussels press conference covering heightened tensions over Greenland.  He stated clearly that Europe has no chance of defending itself without US support.

Rutte also suggested that the US needs NATO, which is debatable.  Russia does not have the naval capacity to engage with the US or the western hemisphere in a non-nuclear confrontation, even if the Kremlin wanted to.  It’s also unlikely that Europe would ever enter into a direct conflict with China when EU nations continually pander to the CCP as a “replacement” for US trade.  In other words, Europe is useless and NATO is useless without US involvement.

However, Rutte’s comments do emphasize the reality that Europeans have lived comfortably for generations in their socialist havens because they don’t have to shell out the cash needed to maintain their own security.  As the Secretary General warns, they still don’t understand what this entails, but they’re about to learn.    

   

Tyler Durden
Tue, 01/27/2026 – 04:15

Shakespeare Was A Black Jewish Woman – Claims Feminist Historian

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Shakespeare Was A Black Jewish Woman – Claims Feminist Historian

Authored by ‘Sallust’ via DailySceptic.org,

Let it alone, thou fool; it is but trash.

The Tempest IV.1

One of the positive sides to radical feminist historical scholarship is the opportunity to learn about revelations that might otherwise have gone unnoticed. The latest is that William Shakespeare was a “black Jewish woman” according to a new book covered in the Telegraph.

Who knew? The book, The Real Shakespeare, is by Irene Coslet. She expounds her theory on a blog page of the London School of Economics:

A new piece of research evidence that I outline in my upcoming book shows that Shakespeare was not a man, but a woman: a black woman, Anglo-Venetian, of Moroccan descent, and covertly Jewish, named Emilia Bassano (London, 1569-1645). She was the daughter of a Venetian Court musician. Following the passing of her father when she was seven, Bassano was fostered into a noble household in England, where she received a high level of education. She spent her youth at the English Court as a favourite of Queen Elizabeth I before she was banished and forced into an unwanted marriage in 1592. She published a feminist theology poem, Salve Deus Rex Judaeorum, in 1611. She has been associated with Shakespeare since the 1970s, when the historian Alfred Leslie Rowse of Oxford found evidence that Bassano was the mistress of the patron of Shakespeare’s acting company.

The reason for why Emilia Bassano’s contribution has been overlooked, says Coslet, is that “substantial scientific or literary contributions made by women are constantly overlooked. … The pattern is so common that it could be regarded more as the rule than an exception.”

Of course!

Back to the Telegraph which summarises some of the book’s key content:

Bassano, it is claimed, used the pen-name “Shakespeare” and wrote the Shakespearean canon of plays, only for her work to be stolen by an uneducated interloper from Stratford-upon-Avon.

This interloper, whom we now know as William Shakespeare, was then revered by posterity because the idea of a “white” genius was preferred to a black female playwright, the book argues.

Of course, Occam’s Razor would argue that the simplest explanation is always likely to be the correct one, in this case that William Shakespeare was the William Shakespeare who wrote the plays.

One slight problem is that a portrait of Emilia Bassano, on the book’s cover, shows a white woman. But that is easily explained – her skin was deliberately lightened by painters.

Coslet told the Telegraph:

“If Shakespeare was a female of colour, this would draw attention to issues of peace and justice in society.”

She added: “What if women had a pivotal role and a civilising impact in history, but they have been silenced, belittled and erased from the dominant narrative?

“What would a paradigm shift reveal about ourselves? Such a reflection challenges us to reconsider our understanding of society.”

Coslet’s publisher Pen & Sword, well-known for publishing literally anything submitted to it, has no doubts about the credibility of the hypothesis, says the Telegraph:

It claims that scholars have been “unable to explain why” Shakespeare was able to incorporate influences of various cultures in his work, as a humble man from Warwickshire.

On the other hand, the book argues, the Jewish and multi-racial Bassano embodied a “diverse identity” that would give her the necessary expertise.

The book claims that she was a Jew and a Moor – a person of north African origin – with family ties to the cosmopolitan Venice of the 16th century.

This argument concludes that “English-speaking world has a mother with a multi-cultural identity”, and that Bassano was the “mother of a civilisation”.

The Telegraph reminds us of the conventional thinking about the Bard.

Shakespeare, in the consensus view of scholars, was born in Stratford in 1564 to a glove-maker. He attended the local grammar school, and at the age of 18 married the 26 year-old Anne Hathaway.

By 1592 he was being mentioned as part of the London theatre scene. Shakespeare died in 1616, well before Bassano, who died in 1645.

Interesting then that Bassano managed to write no more plays in the 29 years after the thief who stole her pen name died.

The Telegraph has another piece, by Philip Womack, refuting Coslet’s theory, called ‘No, Shakespeare wasn’t a black woman‘, linking to a longstanding tradition of coming up with different candidates for Shakespeare:

We know, with certainty, that William Shakespeare wasn’t even slightly a woman, or black. He was a white bloke from [Warwickshire], of yeoman stock. You might as well try to argue that the sun was, in fact, cold. Why does this madness continue?

In short:

What rubbish and what offal, when it serves for the base matter to illuminate.

Julius Caesar I.3

The Telegraph’s coverage of Coslet’s book is worth reading in full.

Tyler Durden
Tue, 01/27/2026 – 03:30

IDF Recovers Final Slain Hostage From Gaza, All 251 Returned To Israel

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IDF Recovers Final Slain Hostage From Gaza, All 251 Returned To Israel

Israel is calling it “painful moment of closure” – as the Israeli military (IDF) has confirmed the return of the final captive’s remains from Gaza.

“There are officially no more hostages in captivity in Gaza,” the IDF announced on X Monday. Finally, all of the 251 people taken during the Hamas-led October 7, 2023 attack on Israel have been returned, whether living or dead.

Source: Times of Israel

The Israeli army launched an operation beginning Sunday to search a cemetery in the Gaza Strip for the remains of the last captive, Ran Gvili. It involved the cooperation of Hamas and local Palestinians.

Gvili’s body has now been brought back to Israel 843 days after being kidnapped in the October 7 Hamas/Islamic Jihad attacks, which overwhelmed southern IDF posts as well as several Jewish settlements during the large assault.

The office of Defense Minister Israel Katz said of the recovery of the remains of police Master Sgt. Gvili: “It is a moment that underscores the State of Israel’s commitment to its soldiers and citizens: to bring every single one home, as we promised the families and the Israeli public.”

According to details of how his remains were positively identified:

The IDF began exhuming hundreds of bodies at a Muslim cemetery in eastern Gaza City over the weekend, and until today, had tested around 250 of them for a potential match to Gvili.

A few hours ago, dentists deployed to the cemetery were able to confirm that the dental structure of one body matched Gvili’s. In addition, fingerprints and other tests were carried out to confirm his identity, according to the military.

The Gaza war that ensued after Oct.7 lasted over two years, and killed over 71,000 Palestinians, according to Gaza sources, which doesn’t categorize combatants vs. civilian deaths.

Israel has long maintained that tens of thousands of these included armed Hamas and Islamic Jihad fighters, disputing the death figures put out by the Gaza health office. But even the Trump administration has acknowledged Israeli forces and aerial bombardments have slain an appalling amount of Palestinian civilians.

According to Israeli media, “Gvili served as a combat fighter in the Negev Border Police in the Southern District. On October 7, despite being injured with a broken shoulder from a motorcycle accident and scheduled for surgery, he went into combat.”

The report notes that “He succeeded in saving the lives of dozens of revelers at the Re’im music festival before being killed and abducted.”

Source: TOI/handout

Hamas says that in allowing the IDF recovery mission, this demonstrates the group’s commitment to observing the ceasefire. “We will continue to adhere to all aspects of the agreement, including facilitating the work of the National Committee for the Administration of Gaza and ensuring its success,” the Hamas statement indicated.

“We call on the mediators and the United States to compel the [Israeli] occupation to cease its violations of the agreement and implement its required obligations,” the group added. Israel has agreed to reopen the vital Rafah crossing upon conclusion of this hostage recovery mission, another milestone in the truce process.

Tyler Durden
Tue, 01/27/2026 – 02:45

EU’s Digital Networks Act: Infrastructure Push Or Another Regulatory Straitjacket?

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EU’s Digital Networks Act: Infrastructure Push Or Another Regulatory Straitjacket?

Submitted By Thomas Kolbe

The European Commission has presented the final draft of the Digital Networks Act. The legislation is intended to establish an EU-wide framework for investments in broadband expansion and telecommunications infrastructure. Whether this approach will succeed in mobilizing private capital on a larger scale, however, remains questionable.

With the Digital Networks Act (DNA), an important European Union infrastructure framework is entering its final legislative phase. Following preparatory consultations last year, the European Commission has now published its official proposal, aimed at harmonizing national telecommunications networks across member states under uniform rules. The objective is to close the substantial technological gap with leading digital economies such as the United States and China, and to provide businesses with a reliable legal framework to accelerate the rollout of 5G technology and fiber-optic networks. Responsibility for the project lies with EU Technology Commissioner Henna Virkkunen.

DNA to Refocus Subsidy Policy

The DNA will replace the existing European Electronic Communications Code (EECC) and establish the structural framework for competition, cybersecurity, and the development of digital networks. If the European Commission succeeds in reaching an agreement with the European Parliament and the Council—widely considered likely—the regulation could enter into force as early as January 2027. The final text would then still need to be transposed into national law by the member states.

At the EU level, the Digital Europe Programme provides the financial framework for digital infrastructure expansion between 2021 and 2027, with a total budget of approximately €7.6 billion. The program supports projects in cybersecurity, cloud solutions, and digital infrastructure. In addition, the Connecting Europe Facility (CEF Digital), launched a year ago with a volume of €865 million, specifically promotes gigabit broadband and 5G projects across the EU.

At the level of individual member states, funding is still predominantly driven by public investment. In 2025, for example, Germany invested approximately €4 billion of public funds into digitalization, of which around €2.9 billion was allocated specifically to broadband expansion. The private sector complemented this with more than €10 billion invested in fiber and mobile network deployment.

Across the EU, member states have outlined measures in their digital roadmaps amounting to a cumulative volume of €288.6 billion. Approximately €205.1 billion of this total comes from public budgets, with the remainder attributed to private investments and co-financing by companies and regional actors. EU-level programs such as Digital Europe, CEF Digital, Horizon Europe, InvestEU, and the IPCEIs further supplement these national funds, targeting network and technology projects.

In comparison with the United States, a markedly different investment profile emerges. There, private capital dominates, with transaction volumes exceeding $200 billion in digital infrastructure. Public spending, particularly in research and development, amounted to around $145 billion, including significant allocations in defense and technology.

In the U.S., private enterprise is the primary driver of investment, whereas Europe traditionally relies on centralized planning and state involvement. What the Digital Networks Act can realistically achieve in terms of mobilizing additional private capital—given the extensive national efforts already underway—remains uncertain. From an economic perspective, little may change: Europe continues to be a difficult and heavily regulated environment in which investments are more complex and less flexible than in the United States.

EU-Wide Applicability and Affected Companies

The DNA will apply across the EU and directly affect telecommunications and infrastructure companies. In Germany, this primarily includes Deutsche Telekom, Vodafone Germany, and Telefónica Germany (O2), which operate extensive mobile and fixed-line networks and hold key spectrum licenses. Fiber-optic providers, regional network operators, and municipal utilities investing in high-speed network expansion will also fall under the new regulatory framework.

One positive aspect is that the DNA grants companies longer and more stable spectrum rights, improving planning security for investment decisions. However, it remains to be seen how transparency requirements, EU-mandated non-discrimination rules, and security provisions will be shaped in the subsequent regulatory process—and how the new EU compliance structure will function in practice.

From a consumer perspective, the expansion of 5G and fiber technology would ideally result in stable and reliable networks, particularly in Germany, where coverage gaps persist. Legal certainty for major network operators and investment incentives for infrastructure development benefit consumers, while smaller providers may also gain from more uniform market rules.

Opportunities and Risks for Competition and Innovation

The legislation fundamentally reshapes the framework for the EU’s digital infrastructure without immediately generating new costs—welcome news given strained public budgets. A unified European regulatory framework could reduce national uncertainties and eliminate cross-border discrepancies, potentially lowering transaction costs for companies.

However, the European Commission’s initiative under the DNA must be viewed with caution. Negotiations to date indicate that Brussels intends to retain the option of intervening in pricing structures, access obligations, and security requirements. This could lead to the emergence of a new bureaucracy that deeply interferes with investment processes, favoring large incumbents while effectively excluding new competitors from market entry.

Moreover, centralized coordination of spectrum at the EU level could restrict competition if existing market players benefit disproportionately from political proximity. It remains to be seen whether the regulatory framework will become a barrier to market access—or whether it will succeed in genuinely stimulating innovation within the EU economy.

About the author: Thomas Kolbe, a German graduate economist, has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden
Tue, 01/27/2026 – 02:00

The “BRICS Naval Drill” That Wasn’t

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The “BRICS Naval Drill” That Wasn’t

Authored by Andrew Korybko,

South Africa allowed this false perception to spread as a symbolic act of defiance against Trump given his hatred of BRICS, whose members and partners were invited to this drill, and to signal to the domestic audience that their country has friends across the world amidst its tensions with the US.

Most folks have probably heard about the “BRICS naval drill” that recently took place in South African waters, which prompted a complaint from the US due to Iran’s participation. The South African Defense Minister had earlier defended the drill, to which all BRICS Plus countries were invited, as planned before the US’ seizure of a Russian-flagged tanker and aimed at ensuring safety on the high seas. All the while, the world was left with the impression that this was indeed a “BRICS naval drill”, which wasn’t true.

India chose not to participate and released a statement reading that “We clarify that the exercise in question was entirely a South African initiative in which some BRICS members took part. It was not a regular or institutionalised BRICS activity, nor did all BRICS members take part in it. India has not participated in previous such activities. The regular exercise that India is a part of in this context is the IBSAMAR maritime exercise that brings together the navies of India, Brazil and South Africa.”

Amidst the fake news about BRICS that’s been spread by Alt-Media, all of which centers on the false notion that it’s an allied bloc that assembled against the West, it’s understandable why many believed that this was a “BRICS naval drill”. India’s clarification that it wasn’t dispelled the perception that it’s distancing itself from the group, which is another falsehood peddled by Alt-Media, and reaffirmed that BRICS isn’t a security organization unlike what some of its enthusiasts hope that it one day becomes.

As for why India didn’t join the drill in which many of its BRICS Plus partners participated, it likely felt uncomfortable taking part in a non-obligatory exercise with China (unlike yearly SCO ones) amidst their unresolved border disputes and probably also didn’t want to risk angering the US given Trump’s hatred of BRICS. He’s been misled into thinking that its members are plotting to dethrone the dollar and consequently threatened tariffs against its members a year ago solely on that pretext.

He’s since imposed a 25% tariff on India for its purchase of Russian oil on top of the 25% “reciprocal” one that he earlier decreed for a total of 50% tariffs, however, and then threatened secondary ones for noncompliance with last fall’s energy-related sanctions against Russia. Any further tariffs upon India, regardless of the pretext, might have a noticeable effect on its economy and therefore the popularity of Prime Minister Narendra Modi’s government. It’s therefore understandable why he’d want to avoid that.

South Africa is under US pressure just like India is, but officially over the Boer issue, though it was explained here how the US seeks to advance other interests on this pretext. The US also dislikes South Africa’s championing of the Palestinian cause and that it took Israel to the International Court of Justice over accusations of committing genocide during the recent war. Instead of playing it safe like India has and avoiding anything that could further provoke the US, South Africa organized the latest naval drill.

Only inviting its BRICS Plus partners might therefore have been meant as a symbolic act of defiance against Trump and to signal to the domestic audience that their country has friends across the world amidst its tensions with the US. That would explain why South Africa didn’t clarify that this wasn’t a “BRICS naval drill” and instead let that false perception spread to India’s chagrin. The reality is that no such “BRICS naval drill” was held and none might ever be organized due to the group’s economic focus.

Tyler Durden
Mon, 01/26/2026 – 23:25