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Soros-Linked Political Groups Pour Millions Into Democratic Efforts Ahead Of Midterms

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Soros-Linked Political Groups Pour Millions Into Democratic Efforts Ahead Of Midterms

Via American Greatness,

Political committees tied to the Soros family have directed tens of millions of dollars to Democratic-aligned organizations during the 2026 election cycle, including a group spending heavily in Michigan’s closely watched U.S. Senate race.

Democracy PAC and Democracy PAC II had distributed more than $40 million to Democratic-aligned organizations as of the end of June, according to campaign finance records.

Recipients include Senate Majority PAC, House Majority PAC and J Street Action Fund.

Federal Election Commission records show Democracy PAC II alone reported more than $6 million in total disbursements through June 30.

The spending has drawn attention in Michigan, where Democratic Senate nominee Abdul El-Sayed is running against Republican Mike Rogers.

Senate Majority PAC, which received $9 million from Democracy PAC this cycle, has committed $30 million to supporting El-Sayed in Michigan, according to recent reports.

The outside support comes as El-Sayed has made reducing the influence of wealthy donors a prominent campaign theme.

“The fundamental corruption of our politics has been the system that allows corporations and would-be oligarchs and billionaires to buy politicians,” El-Sayed said in a 2025 interview.

Republicans are highlighting the contrast between that rhetoric and outside spending supporting his candidacy. Alyssa Brouillet, a spokeswoman for Rogers, accused El-Sayed of being inconsistent on political money and criticized his connections to wealthy donors.

The Soros network has also supported organizations involved in congressional races, environmental issues, voting efforts and campaigns for progressive prosecutors.

George Soros transferred control of his philanthropic and political organization to his son, Alex Soros, in recent years. Additional disclosures could provide a more complete picture of the family’s political spending during the 2026 election cycle.

Tyler Durden
Tue, 09/22/2026 – 16:20

AI & The Same Old Politicized Hysteria

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AI & The Same Old Politicized Hysteria

Authored by Victor Davis Hanson via American Greatness,

The midterm elections are six weeks away.

Suddenly, a debate has erupted over the existential dangers of artificial intelligence. Jacob Coxon, a little-known Silicon Valley researcher who worked at OpenAI and Anthropic, resigned and went public with a dire warning: AI now threatens the future of the world.

Shortly beforehand, news broke of the Hugging Face episode, in which OpenAI’s advanced AI “agents” autonomously hacked another company’s computers.

Bedlam followed.

Weaponizing AI

Almost on cue, Democrats seized on the alarm as a new cause célèbre, accusing Donald Trump and the MAGA movement of recklessly courting Armageddon.

The Left demanded international treaties, ignoring the dismal record of such globalist projects: the League of Nations, the Kellogg-Briand Pact, the Washington Naval Treaty, the Versailles Treaty, the Munich Agreement, the Paris Climate Accord, and the UN Human Rights Council.

Panicky AI executives soon joined the chorus, speaking as though they could neither control their companies nor monitor their own research.

Their conduct casts doubt on this safety rhetoric. Just yesterday came news that Anthropic had built a fully automated, AI-controlled biolab, even though AI-generated plagues are a staple of the doomsday case. OpenAI, meanwhile, is resisting legal liability for harm caused by its products.

The familiar political script followed.

Democrats in Congress demanded hearings. They are unlikely to use them to ask tech executives or administration officials serious questions. More likely, they will spend their allotted time shouting, wagging their fingers, displaying their ignorance, and spinning wild conspiracy theories.

Sen. John Kennedy, who has proposed reasonable AI regulation for years alongside Republicans like Sen. Josh Hawley, recently observed that “the Democrats clearly are trying to politicize this.”

The reaction to a June administration decision offered still stronger evidence. Both purportedly worried AI companies and Trump-hating AI-risk advocates objected when the administration barred Anthropic from giving foreign nationals access to its Mythos and Fable 5 models – models whose cybersecurity risks the company itself had publicized.

With the trans delirium and the demonization of ICE losing force, however, the Left apparently needs a new existential crisis to blame on Trump before the midterms.

This tactic – never letting a crisis go to waste – is hardly new.

A Litany of Political Panics

Baby boomers grew up hearing dire warnings about the “population bomb,” the title of Stanford professor Paul Ehrlich’s 1968 bestseller predicting that unchecked population growth would lead to global catastrophe.

Ehrlich and others argued that rising affluence would swell populations, producing famine, pestilence, war, and ultimately global catastrophe.

The thesis collapsed, but not before it produced a pervasive “Spaceship Earth” mentality. Guilt-ridden Americans were told to remain childless or, at most, to have one child.

Other countries followed. The existential danger now facing Western societies is the reverse: the citizens of these countries are now having far too few children. Their populations are shrinking and aging, while a dwindling cohort of young taxpayers must support ever-growing entitlements.

Green apocalypticism followed this. The science of ecology gave way to radical environmentalism, and legitimate concern about industrial pollution and acid rain became propaganda that the Earth was doomed unless the West renounced capitalism. Even heat was redefined as pollution. When “global warming” proved insufficiently terrifying, it became “climate change.”

The new phrase was a brilliant catch-all. Rain and drought, snow and heat, calm seas and hurricanes could all be cited as proof that modern, fossil-fueled Western consumerism had doomed the planet.

European Union countries nearly wrecked their economies by subsidizing inefficient wind and solar power while abandoning nuclear energy and fossil fuels.

The 1980s brought another panic: nuclear war would soon incinerate the cities, and the resulting dust would blot out the sun.

Politics drove much of the frenzy. The Left despised Ronald Reagan and saw no other way to prevent his reelection in 1984.

For years, the United States had responded weakly as the Soviet Union deployed mobile, intermediate-range nuclear missiles aimed at European cities. Reagan finally answered by stationing Pershing II launchers and ground-launched cruise missiles in Western Europe. The Soviets eventually withdrew their nuclear-tipped missiles.

No matter. A manufactured epidemic of fear swept the West regardless.

The popular scientist Carl Sagan toured the country promoting his terrifying theory of a “nuclear winter” after what he treated as an inevitable Soviet-American nuclear exchange.

Hollywood joined the campaign in 1983 with The Day After, a grim portrayal of a nuclear strike on the United States and its gruesome aftermath. Some 100 million Americans watched this movie, which depicted mushroom clouds rising over Kansas.

The psychodrama did not stop Reagan’s reelection. Soon afterward, he negotiated a missile treaty with the Soviet Union, proving that he was hardly the deranged warmonger that his opponents delusionally imagined he was.

By the turn of the millennium, America was lurching from one amplified panic to another. Al Gore became a centimillionaire and a Nobel laureate by warning that internal-combustion engines would boil the planet, bringing both lethal drought and catastrophic coastal flooding.

Polar bears would die, coral reefs would disintegrate, icebergs would menace shipping, and coastal homes would disappear beneath the sea.

Only a Marshall Plan-scale replacement of gasoline and diesel engines with wind turbines, solar farms, and batteries, we were told, could save humanity.

The planet survived. Al Gore grew wealthier, and Goreism then quietly receded into the shadows.

#MeToo began with legitimate accusations against Hollywood predators such as Harvey Weinstein, who had long coerced young actresses into sex in exchange for roles – the old casting couch revived.

Before long, however, the movement had become a new Salem witch trial, treating almost any allegation of rude conduct between the sexes as the equivalent of rape.

Insinuation and rumor damaged the reputations of men ranging from Garrison Keillor and Sen. Al Franken to Supreme Court Justice Brett Kavanaugh, often with little or no evidence. A legitimate campaign against sexual harassment had deteriorated into character assassination.

Millions of men began searching their memories for an off-color joke, an overlong hug, or a kiss that might resurface years later to ruin their careers while advancing those of their accusers.

The McCarthyite frenzy subsided only when liberals realized that their Frankenstein monster had turned on its creators and threatened too many of their own political icons.

They had no wish to derail the likely presidential candidacy of the handsy Joe Biden, whom several women accused of inappropriate touching and hugging and one even accused of violent sexual assault.

Nor did they wish to revive the sordid record of former president Bill Clinton’s many brief and exploitative sexual encounters.

As #MeToo faded, COVID hysteria took its place. The initially virulent virus warranted serious concern; more than a million Americans would die from it. Yet concern became madness once defeating Trump took precedence over fighting the disease.

Officials closed schools even though the virus posed little danger to young people or children. The first nationwide lockdown in American history devastated the economy.

Officials presented the new mRNA vaccines as ironclad protection against infection and transmission. Those who resisted were treated as near-outlaws, fired, or ostracized, although the shots had not been proved to guarantee lasting immunity or perfect safety and often carried with them serious side effects, many or most of which were denied or swept under the rug.

The government expelled 8,500 service members who refused vaccination even as, with liberal approval, 10,000 unvaccinated and unvetted illegal immigrants crossed the border each day.

Teachers’ unions kept public schools closed, inflicting lasting harm on a generation of students. Quarantines and shelter-in-place orders contributed to domestic violence, drug abuse, and alcoholism. Millions missed heart and cancer screenings. The shuttered economy destroyed hundreds of thousands of small businesses and upended millions of lives.

Still, shyster “experts” predicted years of mass death comparable to the plagues that ravaged ancient Athens and Constantinople.

They grossly misrepresented or caricatured the classical medical understanding of acquired natural immunity. Dr. Fauci and his circle of “authorities” also failed to disclose their role in funding gain-of-function research at the Communist Chinese laboratory in Wuhan that had created the mysterious virus.

What ended the panic?

As a few sober – and therefore demonized – health experts had predicted, the virus evolved into less virulent strains while prior infections increased natural immunity.

COVID eventually receded to the level of a severe flu. By then, this hysterical, manufactured response to it had wrecked the economy, destroyed the final year of the Trump administration, and inflicted incalculable physical and psychological harm on the American people.

The lockdowns helped ignite an even greater panic after George Floyd died in Minneapolis police custody. A video showed an officer restraining the resisting Floyd with a knee on his neck, using what was then considered a more or less standard protocol; within moments of its release, the country erupted.

False claims spread that police disproportionately killed unarmed black men. Murals portrayed Floyd as a haloed martyr with angel wings, although he was a career felon detained for passing counterfeit currency who resisted arrest, was high on drugs, and suffered from cardiovascular disease and the effects of a recent COVID infection.

No matter – riots soon swept the country. More than 35 Americans were killed, roughly 2,000 police officers were injured, and about 14,000 people were arrested. Property losses reached some $2 billion. Rioters torched a police precinct and a federal courthouse and tried to storm the White House grounds.

Universities dropped SAT requirements. “Black” was given a sacral form of capitalization; “white” was conspicuously left lowercase.

New racial quotas sharply reduced white male admission rates at elite schools. Institutions hired tens of thousands of DEI commissars. Campaigns to defund the police, release habitual felons, and decriminalize theft spread nationwide.

Then the George Floyd frenzy abruptly subsided.

Black Lives Matter’s founders were exposed as grifters who had misappropriated funds while acquiring plush homes and expense accounts.

Data showed that, relative to annual police encounters, unarmed black men were not fatally shot at a higher rate than white men.

After abandoning admissions standards, universities found themselves inflating grades, adding remedial courses, and lowering academic expectations for students who had not met requirements the institutions had deemed indispensable only a year earlier.

The post-Floyd frenzy finally ebbed as the public recognized that tribalism and attacks on meritocracy were themselves racist and nihilistic.

What, then, does today’s Democratic embrace of AI alarm share with these earlier mass frenzies?

First, each began with a legitimate concern that politics and a profit motive soon warped the problem beyond all recognition. The Left appropriated the underlying issue to gain political advantage and power.

Worry about overpopulation goes back to Malthus, but The Population Bomb appeared in the election year of 1968. Its political subtext blamed Western consumerism, capitalism, religion, and traditional pronatalism for civilization’s supposed approaching end.

The danger of nuclear war had been real since the start of the atomic arms race. Nuclear-winter paranoia, however, was promoted to damage Ronald Reagan during his reelection campaign.

Al Gore’s book Earth in the Balance converted tentative scientific speculation about climate change into partisan dogma. It blamed capitalist consumer culture for destroying the planet and, in the 1992 election year, reinforced the Clinton-Gore campaign’s attack on the Bush status quo.

#MeToo reached its political peak during the Kavanaugh hearings. Democrats repurposed a movement against Hollywood abuse to derail Trump’s Supreme Court nominee with unfounded claims that Kavanaugh had assaulted a teenage girl decades earlier. Democratic operatives coached the now-troubled adult before she appeared on national television.

COVID began with legitimate fear of an escaped, artificially enhanced virus that killed millions – a fear the Left initially dismissed as anti-Chinese racism. It, too, was soon politicized. We now know that Anthony Fauci, his associates at the National Institutes of Health, and other presidential advisers despised Trump and understood that shutting down his booming economy could end his presidency.

The Biden campaign then blamed Trump for the economic damage caused by the lockdown.

George Floyd’s death was genuinely shocking on video, especially without the surrounding context. But the 2020 campaign transformed it into the catalyst for months of rioting and a weapon against the supposedly racist Trump and MAGA movement. As cities burned, the Left argued that Trump was powerless to stop the violence – and a Nazi if he tried.

Second, every panic was exaggerated. The planet was neither overpopulated nor running out of food and fuel. Nuclear war was not imminent, and Earth did not face destruction within a decade. Women were not experiencing an epidemic of sexual assault. The lockdowns likely caused more harm than the virus, and police were not conducting a mass slaughter of black men.

The underlying dangers were not equally imaginary. Nuclear war, for example, came terrifyingly close in 1962 and again in 1983.

Among genuine threats, AI most resembles nuclear weaponry. That assessment may change, but AI has so far proved to be an extraordinarily powerful and therefore potentially dangerous tool. Its moral character depends on the people who build and control it.

That is why the United States can neither entrust AI regulation to international bodies with dismal track records nor permit Communist China to monopolize the technology.

Trump, who is a much more skillful diplomat than his globalist critics admit, has instead pursued bilateral negotiations with China over the real dangers both countries face. Those dangers were illustrated just yesterday, when an AI hallucination reportedly almost prompted a U.S. attack on a Chinese cargo ship.

In the end, Americans must rely on their own people, constitutional government, and open culture to harness AI for the public good – and to deter hostile powers from using it for evil.

Tyler Durden
Tue, 09/22/2026 – 15:45

Have You Seen The Surge In US Rough Rice Futures

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Have You Seen The Surge In US Rough Rice Futures

America’s rice harvest is forecast to fall to its lowest level in 33 years. CBOT rough rice futures, the benchmark for US long-grain rice before milling, are surging higher at the end of summer after rising 69% so far this year.

USDA forecasts total production at 158.2 million hundredweight, roughly 23% below last year’s 206.7 million. Harvested acreage is projected at just 2.057 million acres, the lowest since the 1972/73 season. 

“While beginning stocks are raised 4.6 million cwt to a 40-year high of 58.4 million cwt, production is reduced 0.2 million cwt to 158.2 million, a 33-year low, as a reduced forecast for harvested area more than offsets a higher yield,” USDA wrote in a report.

The good news is that a meaningful supply buffer remains, with the year beginning with 58.4 million hundredweight in inventories, a 40-year high. This will provide a cushion against any lost production.

Even with that buffer, USDA expects ending inventories to shrink to 40.4 million hundredweight, down 31% from a year earlier. Its forecast for the all-rice season-average farm price is $14.90 per hundredweight, about 20% above the previous year.

USDA said there was a “notable shift to a relatively tight U.S. supply situation” from last year’s harvest to this year’s.

That is being reflected in CBOT rough rice futures, which have jumped 69% so far this year to $16 per hundredweight and could be on track to test the $19.65 high reached in the summer of 2023.

CBOT tracks US long-grain rough rice. International prices, especially in Thailand, have also risen.

Goldman analysts estimate this El Niño could push global food commodity prices up more than 15%.

It is not a great sign when the grain that feeds the world is soaring in price in multiple regions, suggesting further food inflation pressure on household budgets.

Tyler Durden
Tue, 09/22/2026 – 15:25

Mullin: DHS Investigating 1,620 Non-Citizen Voter Fraud Cases

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Mullin: DHS Investigating 1,620 Non-Citizen Voter Fraud Cases

Authored by AG News Staff via American Greatness,

The Department of Homeland Security is investigating 1,620 cases of alleged voter fraud involving noncitizens and reviewing hundreds of thousands of additional cases, DHS Secretary Markwayne Mullin said.

Mullin told Fox News that DHS has made 151 arrests and is examining another 300,000 cases based on information compiled from state voter rolls.

“We’re scrubbing them. We’re comparing them to those that are in the country illegally, those that are legal permanent residents and those that are citizens” to determine whether they voted legally, Mullin told Fox News contributor Kayleigh McEnany.

The investigation puts renewed attention on election integrity and the participation of noncitizens in U.S. elections, an issue President Donald Trump has repeatedly raised.

According to Mullin, the cases uncovered by DHS support Trump’s longstanding contention that election fraud has occurred.

“We continue to see that. Every single vote, Kayleigh, that we talk about, that was at the hands of an illegal canceled out a citizen that was legally registered and able to vote,” Mullin said.

DHS is examining the additional cases to determine whether individuals identified on state voter rolls were citizens, legal permanent residents or in the country illegally, according to Mullin.

Tyler Durden
Tue, 09/22/2026 – 15:05

Copper Nears Record High As Shanghai Inventories Tumble, Fueling Scarcity Fears

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Copper Nears Record High As Shanghai Inventories Tumble, Fueling Scarcity Fears

Copper has almost retraced the selloff sparked earlier this month, following Reuters’ report that the White House’s “copper tariff plan stalls amid affordability concerns.” Prices are back near record highs in London as Bloomberg reports tightening supplies in China’s physical market, reinforcing scarcity concerns.

Three-month futures on the London Metal Exchange rose .7% to $14,763 a ton, putting the industrial metal within striking distance of its September 10 record of $14,875.

The driver, according to the outlet, is new Shanghai Metals Market data showing shrinking Chinese inventories. Those inventories fell to 43,900 tons, the lowest since 2023.

This year’s rally follows a volatile stretch of upside price action, as uncertainty over potential US import tariffs on copper sent record inflows into US warehouses and tightened availability elsewhere.

We have highlighted how deteriorating conditions across global mining operations are adding to supply woes in the physical market for the industrial metal.

Copper, critical for AI and power grid buildouts, has climbed 18% this year and 70% since its April 2025 lows, according to Bloomberg data.

Veteran commodities strategist Jeff Currie has warned repeatedly that “physical economy is repricing scarcity in the real world.”

With copper approaching record highs, The Market Ear’s latest technical analysis report examines the price levels to watch for confirmation of a breakout (read here).

Tyler Durden
Tue, 09/22/2026 – 14:45

Trump Calls For Diesel Export Ban After 3-Hour ‘Very Productive’ Iran Talks

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Trump Calls For Diesel Export Ban After 3-Hour ‘Very Productive’ Iran Talks

Summary

  • US-Iran talks: Unnamed US admin representatives held 3-hour talks with Iranian officials on sidelines of UN General Assembly.

  • Trump’s UN address ultimatum: Touts possible deal ‘after’ US midterm elections, but also says: “Do I drive them into hell with no chance of survival?”

  • Diesel export ban: Trump said he had discussed a potential ban on U.S. diesel exports with his team, as lawmakers push for measures to address elevated domestic fuel prices.

  • Signs historic Greenland security deal: Trump signs the security agreement with Denmark and Greenland.

  • Trump addresses AI challenges in speech: He promoted a more permissive approach to AI, referring to it as “super intelligence.” He said “The United States leads the world in super intelligence, and we’ll continue to do so safely and responsibly.”

US-Iran Final Nuclear Deal by December 31, 2026?
Yes 16% · No 85%
View full market & trade on Polymarket

*  *  *

3-Hour Iran Meeting; Proposed Diesel Export Ban

Trump administration officials have held a long meeting with the Iranian delegation on the sidelines of the UN General Assembly in New York on Tuesday, with the president hailing it as a “very good” meeting. He further called it “very productive” and that “they have another one scheduled in the very near future.“

As for who represented the White House, no specific names were given, but President Trump while addressing reporters appeared to reference his special envoys Steve Witkoff and Jared Kushner as they sat near him. “It was a meeting that lasted for three hours,” Trump indicated.

Confirmed: Iran’s foreign minister, Abbas Araghchi, met with the Steve Witkoff, US special envoy, and Jared Kushner on the sidelines of the General Assembly at U.N headquarters in New York, according to NYT, citing two Iranian officials

Not confirmed: A high-ranking source told Al Arabiya: The New York meeting between the American and Iranian delegations broke the deadlock in the negotiations; A breakthrough between America and Iran is possible, but it requires multiple steps.

In his big UN address earlier in the morning, Trump warned that he could “annihilate” Iran and “send them to hell” – but also held out hope that Tehran would be willing to make a deal, which would likely come after the US midterm elections.

The same afternoon Trump spoke in a meeting with Ukrainian President Volodymyr Zelensky, saying that he has called for a ban on diesel exports. Oil prices pressed lower immediately on the headlines, but soon after began rising again. However, some sources have warned that the controversial proposal could backfire.

Trump said he has discussed a potential diesel export ban with his team, while Treasury Secretary Scott Bessent confirmed that the administration is examining the possibility of such a ban.

Trump on Iran, Oil & Midterm Elections

Standing before the United Nations General Assembly, President Trump told the world: “While others have talked, I have acted. While others have spoken of peace, I have made peace.“The focus quickly turned to the Islamic Republic of Iran, which Trump charged as responsible for spreading “death and carnage and chaos.” He claimed: “They were the bully of the Middle East, but they are the bully no more.”

In listing out what have become the admin’s typical talking points, Trump issued an even bigger than before number of Iranian citizens he claims were recently killed by their own government, stating without evidence that over 72,000 Iranian citizens had been slaughtered. This number just keeps on and keeps on growing.

Addressing the war itself, Trump hailed that Iran’s navy ships now lie “at the bottom of the sea,” and their economy is completely gone, and with many capabilities like radar utterly non-existent. Yet, the nuclear threat is still front and center. Reaffirming his red line to “never allow a nuclear weapon,” Trump turned to boasting of how his Operation Epic Fury “obliterated their nuclear program beneath mountains of rubble.” But again he still holds Iran out as an atomic threat.

One of the more interesting lines came when Trump said Tehran had built a missile capable of hitting Europe, and that the Iranians openly boasted of this. He called on Europeans (who have so far rejected the urging to join a Hormuz military mission) to take note of this. “I have a big decision to make… will a deal be made with Iran, or do I annihilate the Islamic Republic and ‘do it quickly’? Do I drive them into hell with no chance of survival?“

He talked about potentially annihilating them, and this key line:

“I believe we’ll make a deal right after the election because it doesn’t make sense for them not to,” Trump said. “They’re waiting to see how I do in the midterm election.”

Trump in this Iran section of the speech made some provocative remarks on the US midterm elections. He indirectly invoked the dilemma of high oil prices and how the GOP might do. “I give no credence to the election; I am not running… it doesn’t even enter my mind.” Instead, a global ultimatum was issued: a call on all nations to join the United States in enforcing the total isolation of Iran, driven by the absolute promise that “It’s gonna be done, it’s gonna be done fast” – in reference to this decision of achieving either peace or Iran’s final destruction.

The address then got broader, outlining Trump’s foreign policy ‘successes’ driven by leverage, special relationships, and the persistent threat of tariffs. Pointing to Venezuela, his narrative emphasized how combining Venezuelan and US resources – accounting for “60% of the world’s oil” – would help drive down energy prices worldwide.

He openly boasted after the US military invasion of Venezuela and overthrow of Maduro, “To the victor belong the spoils.”

Trump on Ending Ukraine War, Greenland Security Deal, & AI

On Ukraine War:

Trump claimed ending the war between Russia and Ukraine will happen “faster than people understand.” He said Washington is working closely with both leaders, asserting both countries are exhausted by the conflict.

On Greenland:

“No US. adversary will ever be permitted to establish a military presence in Greenland anymore or make sensitive investments there without our express written approval. We will immediately begin the process of developing a large military presence in the appropriate locations. We’ll be building two very major military bases.”

On AI:

Calling it “super intelligence”, Trump said the US rejects a “globalist scheme” to control AI.

“The use of the word artificial makes intelligence sound fake, and it is not fake,” Trump explained. “It’s actually amazing.” And then: “All of US documents will be changed to use the much more accurate term ‘super’, instead of ‘artificial’,” he said. “Welcome to the new world of super intelligence slash SI.”

Trump said the US would encourage rather than rein in the technology. “The United States leads the world in super intelligence, and we’ll continue to do so safely and responsibly,” he said. “Americans have never been a nation that retreats from a frontier or shrinks from a challenge, no matter how great or how daunting that challenge may be,” he added.

And within less than an hour after Trump walked off the UN stage: Trump signs the security agreement with Denmark and Greenland.

*  *  *

President Donald Trump is set to deliver a highly anticipated speech to the United Nations General Assembly today, set for 9:55 Eastern Time, or around 10am – though things are already running late. He’s expected to address the Iran war and the “importance of ensuring that Iran never has a nuclear weapon” – according to UN Ambassador Mike Waltz, along with a other foreign policy issues like his 20-point peace plan in Gaza, as well as recent US actions closer to home in the Western Hemisphere.

Watch Trump’s Full UNGA Address

High on everyone’s mind is whether the US will engage in direct diplomacy with the Iranians on the UNGA sidelines.

Secretary of State Marco Rubio says the White House remains open to this.

“We’re open to that. I don’t think anything is scheduled at this point, but we’re certainly open to something like that, especially if it has the prospects of leading to something positive and ultimately achieving the goal of what this is all about,” Rubio told NBC’s :Today” show Tuesday morning.

“And that is the fact that Iran can never have a nuclear weapon. They just simply can’t.”

A senior White House official has further previewed of Trump’s speech: “He’ll include many of the issues, frankly neglected by past administrations, that he’s not going to kick the can on.” From there and intense, meeting-packed day will ensue, starting with:

Following his speech, Trump will join a signing ceremony with the leaders of Greenland and Denmark on an agreement that the president touted as giving the U.S. “total control” over the Arctic island’s security. Greenland and Denmark, which owns the self-governed island, framed the agreement as strengthening security and said they will need to have their parliaments ratify the terms before it goes into effect.

According to White House and UN previews of Trump’s busy schedule, a series of bilateral meetings will ensue:

  • First bilateral meeting: Face-to-face meeting with U.K. Prime Minister Andy Burnham.

  • Second bilateral meeting: A “fulsome” meeting with Japan’s Prime Minister Sanae Takaichi.

  • Third meeting: A discussion with Ukrainian President Volodymyr Zelensky.

  • Special event: Participation in the “Shield of the Americas” event with Latin American leaders.

More on anticipated Trump talking points:

Another key meeting to be held on the sidelines will be crucial direct engagement with officials from Washington’s Gulf allies, at a moment of deep wartime uncertainty lingering over the whole region. Trump has warned he could starting hitting Iran again, or else strike a deal “at any time”.

Investors will be keeping an eye on US President Donald Trump’s address to the United Nations General Assembly in New York on Tuesday, as well as his meeting with Chinese counterpart Xi Jinping later in the week. Beijing is expected to offer additional rare earth export licenses as a bargaining chip at the summit, Bloomberg News reported.

Gulf leaders are also anxious over the expanding war with the Houthis in Yemen. The Saudi coalition has over the last two weeks been beaten back rapidly, impacting overland oil transit – particularly after the East-West pipeline was hit in a drone attack – and Riyadh is looking for urgent military help from its partners. So far Trump has resisted directly joining the expanded conflict.

Tyler Durden
Tue, 09/22/2026 – 14:28

MAHA Leaders Warn Trump, RFK Jr. Over Inaction On mRNA Vaccines

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MAHA Leaders Warn Trump, RFK Jr. Over Inaction On mRNA Vaccines

Authored by Zachary Stieber via The Epoch Times,

Some leaders in the Make America Healthy Again (MAHA) movement on Sept. 21 warned President Donald Trump and Health Secretary Robert F. Kennedy Jr. over their inaction regarding messenger ribonucleic acid (mRNA) vaccines, including vaccines against COVID-19.

“While the centerpiece of the MAHA and health freedom agenda has been removal of mRNA shots, you have failed to take decisive action on this front despite overwhelming credible evidence to the harm of this technology,” the activists said in an open letter to Trump and Kennedy.

“Instead, your policies related to mRNA technology are neutered and self-defeating, putting pregnant women and children at risk, misleading parents and eroding their rights, and failing to help those harmed by vaccines.”

They added, “If you continue to ignore our central issue of removing the mRNA platform, the MAHA and health freedom movements will withdraw their support of you, and you will face the political consequences.”

The letter came after Kennedy told supporters that it takes time to make change inside the government, and that officials under him are carrying out vaccine safety studies that will inform future developments.

Dr. Mary Talley Bowden, a Texas doctor, organized the letter. She has criticized several actions by Kennedy and the officials he oversees since he became health secretary in 2025 and heads Americans for Health Freedom.

Rep. Thomas Massie (R-Ky.), former Rep. Marjorie Taylor Greene (R-Ga.), and commentator Tucker Carlson, all one-time Trump allies who have fallen out of favor with the president, signed the letter.

Other signatories include Dr. Joe Varon, president and chief medical officer at the Independent Medical Alliance; Dr. Robert Malone, who was chosen by Kennedy to advise the Centers for Disease Control and Prevention on vaccines; Leslie Manookian, founder and president of the Health Freedom Defense Fund, which has fought vaccine and mask mandates in court; and Dr. Joel Wallskog, who was injured by a COVID-19 vaccine and serves as co-chair of the vaccine injury advocacy group React19.

The coalition took exception with how mRNA COVID-19 vaccines, which Kennedy once described as the deadliest vaccines on the market, remain available for Americans. They also raised concerns about how the administration recently cleared an mRNA vaccine against influenza even though it was not tested against a placebo, which ran counter to a promise made by Kennedy that no new vaccines would be approved absent placebo-controlled trials. And they said there has been an “absence of meaningful help for those injured from the mRNA shots.”

“The man who spent years warning America about mRNA vaccines now presides over a department that has approved another one,” Malone and his wife, Jill Glasspool Malone, wrote in a blog post on Monday.

That is not a minor detail. It is the sort of contradiction that the medical freedom movement once would have torn apart.”

Proponents of mRNA vaccines, including CDC Director Dr. Erica Schwartz, say data show they are safe and effective.

The White House did not respond to a request for comment by the time of publication.

A spokesperson for the Department of Health and Human Services told news outlets in a statement that Kennedy “has been clear that he believes mRNA products warrant heightened scientific scrutiny.”

The spokesperson added: “HHS continues to support mRNA research where the science shows promise, including for hard-to-treat cancers. At the same time, HHS wound down investments in mRNA vaccines for upper respiratory viruses because the technology does not effectively protect against infection from rapidly mutating viruses such as COVID and flu.”

Tyler Durden
Tue, 09/22/2026 – 14:25

Ed Dowd: The Fed Hiked Interest Rates Into A Supply Shock

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Ed Dowd: The Fed Hiked Interest Rates Into A Supply Shock

Authored by Ed Dowd: Beyond the Narrative via Substack,

September FOMC Meeting: First Rate Hike Since July 2023

The FOMC did what the front end of the Treasury market (3-month T-bill) had been telegraphing for two weeks prior. On September 16 they voted unanimously to raise the fed funds rate 25 basis points to 3.75-4.00 percent. Kevin Warsh’s press conference was short, blunt, and deliberately light on forward guidance. He said economic activity is expanding at a solid pace, job gains are keeping up with the workforce, unemployment is little changed around 4.1 percent, and inflation remains elevated. He argued the hike “will support a timelier return” to the 2 percent goal and “This Committee will deliver price stability.” He did not submit his own dot. The rest of the Committee’s median projection for fed funds now sits at 4.1 percent at year end and stays there through 2027. They mentioned inflation risks are to the upside and that labor risks are roughly balanced. Geopolitical shocks and commodity prices got a mention, but they hiked anyway.

Why Did They Hike?

The day before the meeting I posted on X that starting September 2 the 3-month T-bill yield had moved above our simple Fed-funds-rate/T-bill model. Historically the Fed follows the market more than the market follows the Fed. The signal pointed to a minimum 25 basis-point move, with 50 not being out of the question. Politics could have intervened, after all this is right before the midterms, but the Committee chose to follow the tape. They chose 25 but the T-bill market yield of 4.09 said 50 would have been the cleaner signal. The market two weeks before the decision, in my opinion, was starting to discount the energy and commodity shock as something more durable than a temporary disruption. The war is not wrapping up on a convenient political calendar. The Iranians have little incentive to resolve it before November. A war sold as a two-week excursion will be 8 months old by the beginning of November. When a supply shock starts looking structural, the front end prices a higher terminal rate even if the underlying demand picture is deteriorating. That is exactly what happened. Essentially the market priced in a very high probability that there is almost no chance of a deal until after November with energy prices remaining higher and going up.

Was Hiking The Right Move?

Hiking into a supply shock is rarely the right medicine. Rate policy cannot produce more oil or more shipping capacity. It can only crush demand. The Committee knows this…Warsh even said they cannot control individual relative prices. They hiked anyway because they decided they were not yet confident that underlying inflation was moving toward 2 percent “clearly and at sufficient speed.” Fair enough as a credibility statement. The problem is the data they are using to measure the other side of the mandate.

Payroll numbers have been inaccurate for years. We have been documenting this. BLS initial prints systematically overstated job growth; the QCEW and subsequent revisions have been carving hundreds of thousands of phantom jobs out of the record. The composition of the remaining “gains” is even more telling. Healthcare has been doing the heavy lifting while manufacturing, information, finance, professional services, and retail have been losing ground. That is not a robust, broad-based labor market. That is an economy being papered over by one sector and by earlier distortions that are now fading.

Housing is already rolling over. Starts and permits plunged again in August. Homebuilder confidence is near COVID lows. Months of supply are sitting near the 2006 peak. Real house prices are declining, led by multi-family. The border tightening removed a floor that illegal inflows had put under rents and home prices. Housing is a huge chunk of CPI and of household balance sheets. It does not look like a strong demand story. Layer on the AI complex: AI and AI-adjacent names are now 40-45 percent of S&P market cap, with massive public and private debt issuance behind the buildout. Institutional investors cannot diversify away from it. Private credit is growing its defaults in the dark and seeing outflows. Enterprise buyers are starting to ask about ROI. The MSM is starting to notice all the risks. Finally China is another risk sitting in plain sight with construction output collapsing, decades of housing supply, fixed-asset investment falling, and no clean export valve left. That does not stay contained.

The Table Is Set

So we now have a Committee that just removed a dose of accommodation into a supply-driven inflation impulse while the demand side of the economy is already softer than the headline payrolls suggest. Housing is weak. The AI trade is crowded and levered. China is an acute problem. That combination has a name: policy error. Not because they raised 25 instead of 50 but because they are treating a supply shock as if it were a classic overheating demand problem and they are doing it with lagging, revised, and compositionally misleading labor data. The market has provided false signals in a rate cutting cycle before and in my opinion the Fed should have looked through the supply shock and past the blatant unwillingness of the Iranians to come to the table before the midterms. They will likely hike again another 25 bp but holding rates steady and waiting would have been more prudent.

The cycle has not changed. Easy-money periods juice activity…sometimes with genuine investment and sometimes with fraud. Tightening and then the eventual easing cycle is when the previous juice gets exposed. We have seen the movie. The current episode has its own flavor: government deficit spending, labor-force distortions, an unprecedented illegal alien sugar high, speculative AI capex boom, an opaque private credit shadow banking complex and now a geopolitical supply shock layered on top. The Fed is late, as usual. Once they reverse course and start cutting again it will be into an accelerating slowdown. It will be too late as anything they do from here will take 12-18 months to hit the real economy. The next year is going to be tumultuous.

Ultimately rates are coming down, not because Warsh suddenly turns dovish, but rather because the real economy is already weaker than the official series admit and the lagged effects of tighter policy will show up in employment, housing, and credit. When that happens the Committee will discover, yet again, that they were fighting the last war with the wrong map.

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Tyler Durden
Tue, 09/22/2026 – 12:20

All 10 ActBlue Witnesses Take The Fifth As GOP Says Probe Is “Far From Over”

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All 10 ActBlue Witnesses Take The Fifth As GOP Says Probe Is “Far From Over”

All ten ActBlue employees and board members deposed by House investigators have invoked the Fifth Amendment rather than answer questions about the Democratic Party’s dominant fundraising platform. Five of the ten are board members, all deposed in the past five weeks, and the three committees running the probe say they are not done. Their third report, released last week, alleged ActBlue accepted a substantial volume of foreign and fraudulent donations with minimal scrutiny.

ActBlue CEO Regina Wallace-Jones prepares to testify before the House Administration Committee in June. (Tom Williams/CQ-Roll Call/Getty Images)

The investigation’s third report, released last week, alleged ActBlue accepted a substantial volume of foreign and fraudulent donations with minimal scrutiny.

It builds on the first report, released in April 2025, which found that ActBlue skipped standard verification steps such as CVV checks, identified at least 22 significant fraud campaigns, and documented 237 prepaid-card donations from foreign IP addresses in a single month before the 2024 election.

Investigators found that skipping those checks opened the door to smurfing, the practice of dressing up one illegal mega-donation as a parade of small contributions filed under real people’s names. ActBlue’s much-touted “passport verification” process appears to have checked nothing against any government database. Fraud analysts inside the company faced pressure to wave through foreign-flagged donations, in one case clearing a donor on the strength of a LinkedIn profile.

House Oversight, House Administration, and House Judiciary are still working the case now, and none of them show signs of backing off. “Whether it’s allowing fraudsters to steal taxpayer dollars or accepting illegal foreign donations through ActBlue, Democrats have proven themselves to be the party of fraud,” Oversight Chairman Rep. James Comer told Fox News Digital. “Our investigation into ActBlue is far from over. We expect more documents and testimony in the weeks ahead.”

Republicans have complained about ActBlue’s verification standards for years, and the company insists it has tightened those safeguards since the investigation began. That claim falls apart against the committees’ own findings. The report says ActBlue took “a more lenient approach” to fraud prevention in 2024, after Steil first questioned its practices in October 2023, and the internal records released last week show employees approving donations despite unresolved red flags about the money’s origins.

ActBlue still denies wrongdoing and has given no indication it plans to return any flagged contribution.

“ActBlue’s own admissions raise serious questions about its fraud prevention practices, including a so-called passport verification process that did not actually verify or check entries against any government database,” Committee on House Administration Chairman Rep. Bryan Steil told Fox News Digital on Friday. “All options are on the table to ensure we get to the bottom of what is going on at ActBlue.”

A spokesperson for Judiciary Chairman Rep. Jim Jordan confirmed to Fox News Digital that the panel “will continue aggressive oversight of ActBlue, including additional depositions.”

Co-founder Matt DeBergalis was among the ten who took the Fifth, and CEO Regina Wallace-Jones did the same during a public hearing. In a letter to Steil cited by the report, she claimed donors with non-U.S. addresses must submit a passport number to get verified. The GOP report picked that claim apart, noting the system only confirms the number contains the right count of characters, not that it belongs to an actual passport.

In one internal ActBlue memo, a donation with a Hong Kong IP address was described as a “great accept,” reasoning that none of the donor’s other signals raised eyebrows. Another argued a previously denied contribution should have gone through because the name, email, and billing address all lined up, even though it was a foreign contribution. A supervisor waved through a donation that had set off a lot of alarms because the donor deserved the benefit of the doubt. In one case involving a Missouri billing address with every sign pointing to Canada, an analyst approved the donation because “Twitter seems to confirm that they are a real person.”

Now the National Republican Congressional Committee wants House Democrats to cut ties with ActBlue. “House Democrats cannot claim ignorance while continuing to rely on a fundraising platform facing serious allegations,” NRCC spokesman Mike Marinella said. “The National Republican Congressional Committee officially calls on every House Democrat to cut ties with ActBlue and return any illegal contributions funneled to their campaigns through the platform.” Asked whether it would return any donations, ActBlue pointed back to its own statement instead of answering the question.

“There’s nothing to see here,” ActBlue said, arguing a third-party forensic analysis had undercut a central GOP claim and accusing Republicans of “orchestrating another political stunt before rushing out of town weeks early to go campaign.” That review of ActBlue’s 2023 data found 99.99% of contribution dollars came from donors who gave a U.S. address or a passport number, according to the company’s release, though it did not test whether either was genuine. The company framed the entire affair as an effort “to silence organizations they believe threaten their agenda.”

Tyler Durden
Tue, 09/22/2026 – 12:00

Gamma Squeeze The World

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Gamma Squeeze The World

 Submitted by QTR’s Fringe Finance

A little over a week ago, I wrote about Leopold Aschenbrenner returning to markets, and the ensuing nausea the entire spectacle caused me.

For those who missed it, Aschenbrenner’s Situational Awareness fund had grown to roughly $45 billion before getting absolutely smoked in July, falling toward $10 billion and forcing the liquidation of most of its public equity portfolio to Darth Griffin over at Citadel. Then, barely six weeks later, CNBC reported that Situational Awareness was back, this time buying options tied to AMD, Bloom Energy, CoreWeave, SK Hynix, SanDisk and the Roundhill Memory ETF.

The media slobbered over these options buys like it wasn’t the exact same thing a million 19 year olds do on their Robinhood app and post to r/WallStreetBets every day.

In my piece, I noted that maybe Aschenbrenner really is brilliant about AI, but understanding scaling laws and compute doesn’t automatically make somebody a great portfolio manager. His previous strategy looked to me like nothing more than an enormously concentrated, leveraged bet on the hottest momentum trade on Earth, one that generated spectacular returns right up until it imploded into itself like a dying star.

Today let’s add another piece to the puzzle. For years I’ve argued that the modern stock market increasingly resembles a gigantic mechanical contraption driven primarily by passive flows, options positioning, dealer hedging and gamma. The marginal price of a stock isn’t necessarily being set by some guy with a green visor carefully discounting the next 20 years of cash flows.

Increasingly, instead, it can be set by flows interacting with flows interacting with algorithms, while CNBC brings on an analyst afterward to explain why it was actually because Jensen Huang signed some nubile Taiwanese woman’s tit at a tech conference in Asia that week.

And ever since GameStop, I’ve wondered, and I want to emphasize that this is my speculation, not something I can prove, how often enormous options purchases are being used to manufacture or accelerate momentum underneath the surface of the market. I’ve asked this question specifically related to the NASDAQ and Tesla multiple times, dating back to the early 2020s.

Archegos’ Bill Hwang, for example, used highly leveraged derivatives to create massive synthetic exposure, whose buying pressure pushed stocks higher, increased his collateral and borrowing capacity, and funded even more derivative exposure, creating a self-reinforcing feedback loop. Until it all went to shit.

Buy enough calls and somebody has to sell them to you. Depending on how dealers are positioned, those dealers may hedge by buying the underlying stock. If the stock rises, the delta of the calls can rise with it, requiring additional hedging. Momentum strategies notice the move. Humans see a chart going vertical and pile in. Suddenly you have a feedback loop.

Which brings us to yesterday. Literally hours after the Federal Reserve raised rates 25 basis points to 3.75% to 4.00% on the largest debt bubble in history, its first hike in three years, the Nasdaq Composite exploded almost 3% higher.

Sure. Why not? There were legitimate explanations offered for the rally. Treasury yields declined, oil fell and enthusiasm around AI came roaring back. Fine.

But the timing caught my attention because shortly before this move, Situational Awareness had reportedly returned to the options market buying exposure to precisely the kind of AI, semiconductor and memory names capable of lighting up the Nasdaq.

So it was easy to ask: is Leopold responsible for Monday’s rally? Was it nothing more than a gamma squeeze? I have absolutely no idea. And neither does anybody else without seeing the complete positioning and dealer books. But facts have started to leak out. For example, Zero Hedge noted it was META’s highest call volume on record yesterday:

But the circumstantial setup is interesting enough that I’m paying attention. It also fits the same suspicion I’ve had about this market for years: what looks like fundamental price discovery may sometimes be something considerably more mechanical.

And one of the stranger things about Monday was volatility. Normally a violent equity rally is associated with falling implied volatility. When stocks and implied volatility rise together, however, it can indicate unusually strong demand for optionality, including upside calls, rather than the familiar slow risk on grind.

That doesn’t prove a gamma squeeze and it doesn’t prove manipulation. But it makes me less inclined to look at a giant green Nasdaq candle and conclude that millions of investors independently woke up Monday morning, opened their discounted cash flow models and simultaneously discovered that stocks were worth 2.3% more.

I’ve said for years that I think the market is, in a colloquial sense, rigged. I don’t mean somebody is sitting in a smoke filled room deciding where the Nasdaq closes. I mean the structure of modern markets can create enormous self reinforcing moves that have very little to do with the fundamental value of the underlying businesses. (Read: What If The Automatic Stock Buying Stops?)

And reflexivity works both ways. The same machinery capable of turning call buying, dealer hedging and momentum into a face ripping rally can amplify the move when everybody heads for the other side of the boat.


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None of this changes my broader thesis. I still think the AI bubble is likely to crack within the next six to ten months. Monday doesn’t change that view one bit.

You can gamma squeeze stocks. You can buy calls. You can trigger systematic flows. You can squeeze shorts and chase indexes higher. What you cannot do indefinitely is repeal mathematics.

The risk free rate is around 4%. The Fed just raised rates. Capital has a real cost again. Inflation remains elevated. Those realities eventually matter to companies whose valuations depend on enormous amounts of capital spending and profits stretching years into the future.

I continue to think we’re eventually headed toward a powerful deflationary impulse as this cycle breaks. If I’m right, all of this options driven gamesmanship will eventually look like a sideshow.

Oh and one last thing. Watching Aschenbrenner’s enormous concentrated bets, spectacular rise, violent drawdown and rapid return to leveraged instruments gives me Bill Hwang vibes. To be crystal clear, I am not accusing Aschenbrenner of fraud, illegal manipulation or any of the conduct associated with Hwang. I’m talking strictly about the market dynamic: enormous concentration, leverage, extraordinary mark to market gains, sudden losses and the possibility that positioning itself becomes meaningful to the prices of the securities involved.

The analogy ends there.

My warning to subscribers remains the same: do not confuse the price blinking on your screen with some immutable statement about economic reality.

This isn’t the stock market of the 1980s or 1990s. We now have zero day options, enormous passive vehicles, algorithmic strategies, volatility products, dealer gamma hedging and trillions of dollars responding mechanically to price.

After more than a decade of zero rates, QE and monetary intervention, I increasingly think we’re staring at a financial mirage, a fiat driven, QE induced hallucination where price temporarily becomes its own justification.

Nothing feels particularly real anymore.

But that’s the funny thing about a mirage, it all looks perfectly real right up until you try to drink the water.

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Tyler Durden
Tue, 09/22/2026 – 11:40