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Feared Free-Market Activist Warns Texas Stock Exchange Against Going Woke

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Feared Free-Market Activist Warns Texas Stock Exchange Against Going Woke

Authored by Will Hild via The Center Square,

As the Texas Stock Exchange begins its launch, Texans have every reason to celebrate. Soon, the TXSE will join Nasdaq Texas as a fully functioning venue, and the NYSE has signaled a strong commitment to Texas as well. It is clear that Texas is emerging as a serious challenger to New York as the nation’s financial capital.

Texas Gov. Greg Abbott rings the Closing Bell of the New York Stock Exchange (NYSE) in celebration of the launch of NYSE Texas in Arlington, Aug. 20, 2025. Photo: Texas Office of the Governor via Facebook / Used with Permission

Texas earned this moment by embracing lower taxes, lighter regulation, and, perhaps most importantly, better governance laws and more favorable proxy rules designed to make the state the best place in America to do business.

But Texans should remember why those reforms became necessary.

For years, some of Wall Street’s largest financial institutions embraced Environmental, Social, and Governance (ESG) activism, using their enormous influence to pressure companies on political and social issues far beyond their fiduciary responsibilities. Many Texans viewed those efforts as an attempt to use financial power to reshape industries that are foundational to the state’s economy and culture.

These companies came after oil and gas, cattle and coal. They pushed racist diversity standards and forced companies to hire based on factors they proclaimed were more important than simply focusing on who was best suited for the job.

This was met in Texas with significant contempt, and the backlash was swift. Texas Attorney General Ken Paxton opened investigations into Net Zero Banking and Asset Manager alliances led by the likes of Bank of America, JPMorgan Chase, BlackRock and State Street, among others. He also sued BlackRock, State Street, and Vanguard alleging antitrust violations. The state comptroller divested significant assets from BlackRock and the Texas Board of Education did the same.

The message from Texas was simple: financial institutions should focus on delivering returns, not political agendas. That’s why as the TXSE becomes an operational venue, Texans must pay close attention to who’s financing the exchange.

BlackRock, one of the most recognizable champions of ESG investing, is the founding institutional investor of the TXSE. Its CEO Larry Fink has argued that companies must address issues ranging from climate change to racial and gender inequality and famously said BlackRock would “force behaviors.” In his 2021 letter to CEOs, Fink proclaimed that “no issue ranks higher than climate change.” Texans saw his actions as evidence that America’s largest asset manager was using its market power to influence policy rather than simply maximize shareholder value.

J.P. Morgan is also a major investor. This is the same bank that faced serious backlash for de-banking gun companies and manufacturers, and even President Donald Trump himself. JPMorgan Chase has also made aggressive climate finance commitments, including a pledge to finance a $1 trillion Green objective, to help transition to a lower-carbon economy.

Bank of America, another institutional investor in the exchange, likewise committed hundreds of billions of dollars toward sustainable finance initiatives. The bank has also embraced Critical Race Theory, requiring race-training for workers that calls America a system of “white supremacy” and encourages employees to be “woke at work.”

The list goes on and the pattern is clear. The very companies helping to finance an alternative finance hub in response to a politicized marketplace are, in many cases, the ones that helped create the conditions that made such an alternative appealing in the first place. In other words, the demand for a more business-focused exchange did not emerge in a vacuum, but arose in large part as a reaction to the conduct of the very firms now seeking to capitalize on it.

That doesn’t mean Texans should oppose the Texas Stock Exchange. Texas positioning itself as a market center is a major victory for Texans and for free enterprise. It demonstrates that companies are choosing Texas because it has created a better environment for business than New York, New Jersey or Delaware.

But success should never replace vigilance.

Texans should welcome every company that wants to invest in Texas, provided they respect the principles that made Texas attractive in the first place. If Wall Street firms have truly returned to prioritizing shareholders over politics, Texans should applaud that change.

If not, Texans shouldn’t forget history.

Texas built an environment to free businesses from political activism. The companies investing in TXSE should understand that Texans expect them to leave their activist agendas behind.

And they’d be smart to remember, everything is bigger in Texas, including accountability.

Will Hild is the executive director of Consumers’ Research, the nation’s oldest consumer protection organization.

Tyler Durden
Thu, 07/09/2026 – 17:40

Trans-Ex Lover Says Robinson Confessed To Charlie Kirk Shooting; Widow Presses Court To Release Evidence

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Trans-Ex Lover Says Robinson Confessed To Charlie Kirk Shooting; Widow Presses Court To Release Evidence

Erika Kirk, the widow of conservative activist Charlie Kirk, asked a Utah judge Thursday to make all evidence in the preliminary hearing for her husband’s accused killer available to the public – the same day prosecutors played a recorded statement in which the suspect’s former roommate said he confessed to the shooting.

Tyler Robinson speaks with his attorney Kathryn Nester during a hearing for Robinson, accused in the fatal shooting of conservative commentator Charlie Kirk, in 4th District Court in Provo, Utah, on April 17, 2026. Trent Nelson/Pool via Reuters

In a filing submitted as the fourth day of proceedings began, Kirk requested that any exhibits admitted during the hearing for Tyler Robinson be published in real time. The request came hours before prosecutors introduced a redacted video interview with Lance Twiggs, Robinson’s former roommate and romantic partner, in which Twiggs told investigators that Robinson confessed to shooting Kirk and said he “wishes he hadn’t done it.”

Prosecutors also presented text messages between Robinson and Twiggs discussing the aftermath of the Sept. 10, 2025, shooting at Utah Valley University, including efforts to retrieve a rifle and Robinson’s stated intention to turn himself in.

Full video with timestamps here

Kirk was fatally shot in the neck while speaking at a Turning Point USA event on the Utah Valley University campus. Robinson was arrested after a short manhunt and turned himself in following conversations with family members.

The developments unfolded in 4th District Court before Judge Tony Graf, as the weeklong hearing to determine whether there is probable cause to send the case to trial nears its conclusion. Robinson, 23, faces aggravated murder and other charges in Kirk’s killing. Prosecutors have said they will seek the death penalty if he is convicted.

Robinson appeared in court Thursday in a grey suit and tie, with one arm shackled to his waist. He remained seated quietly at the defense table as the evidence was presented. Erika Kirk and Charlie Kirk’s parents were present in the courtroom.

Defense attorneys raised multiple objections during the playing of Twiggs’ recorded statement, though the judge allowed the evidence to proceed. Twiggs was granted use immunity for his cooperation with investigators.

Thursday’s session continued a pattern from earlier days of the hearing, which has included surveillance video placing Robinson on the UVU campus and the rooftop from which prosecutors allege the fatal shot was fired, as well as forensic testimony on DNA recovered from items near the scene.

The hearing is expected to wrap up as early as Friday, after which Graf will decide whether to bind Robinson over for trial. If the case proceeds, it would move toward a capital trial in Utah County.

Unanswered Questions

The official story leaves a lot of unanswered questions that will never be aired in court.

  • Lapel mic bomb / exploding lavalier microphone / shrapnel from device in mic (not a bullet): Close-up video footage of the moment Kirk is hit contains what has been described as an “explosion,” flash, or disruption at his chest/lapel area; mic allegedly shattered in the SUV afterward; wound trajectory allegedly inconsistent with a distant sniper shot and instead from a device on or in the mic. Some tie it to “exploding pagers” precedent or call it a targeted device. 

  • Trap door / shot from below the stage/tent: Some have suggested a “trap door” is visible or implied in footage/crime scene photos under or near where Kirk was speaking; claim the shot originated from below rather than the roof; some say the area was quickly covered/filled in. Owens urged government investigation into this.
  • Drones / multiple drones or UFOs involved in the hit or surveillance: Videos showing “unknown flying objects” or small aerial devices in the sky claim up to three different drones visible; suggest drone-assisted assassination, coordination, or cover. Prominently pushed by Crowdsource the Truth (Jason Goodman) in X posts and streams, including clips shared in Ben Swann threads.
  • Bullet caliber / ballistics mismatch or wrong weapon: Robinson’s attorneys noted in March that they had received an ATF summary report with an unexpected finding. “Regarding the firearm evidence, the defense has been provided with an ATF summary report which indicates that the ATF was unable to identify the bullet recovered at autopsy to the rifle allegedly tied to Mr. Robinson. Authorities recovered an old German bolt-action Mauser Model 98 .30-06 caliber rifle used in both World Wars from a forested area near the shooting site – which, according to many, would have popped Kirk’s entire head like a watermelon. 

  • Pissing off Israel / Mossad or Israeli government hit: In the weeks leading up to his death, Kirk had become increasingly critical of Israel, and prominent Zionists had been ‘clapping back’ to to speak (Gaza handling, hosting critics like Tucker Carlson, comments linking Epstein to Mossad/Israeli intelligence). According to leaked/private WhatsApp/group texts – Kirk claimed the loss of major Jewish donor(s) (~$2M annual), pressure to stay pro-Israel or condemn critics, and top donors reportedly demanded name removed from building or pulled funding days/weeks before.

Weaving much of this together is Ben Swann – who famously reported on Pizzagate, only to disappear for several years from public view. 

Also, this was weird: 

Tyler Durden
Thu, 07/09/2026 – 17:20

US, Japan, And South Korea Push SMR Exports For “Energy Security Needs”

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US, Japan, And South Korea Push SMR Exports For “Energy Security Needs”

The American nuclear buildout is not just about the climate or powering data centers. It’s a geopolitical war against the export of nuclear technology from Russia and China, mixed with a new demand for national energy security.

On the sidelines of the NATO Summit in Ankara, the United States, Japan, and South Korea signed a trilateral Memorandum of Cooperation aimed at accelerating small modular reactor (SMR) deployments in other countries, with an initial focus on the Indo-Pacific. The agreement is designed to bring together the complementary strengths of the three countries’ civil nuclear industries.

The US State Department also notes, “The MOC advances our mutual security interests and paves the way for partner countries to meet their energy security needs.”

In addition to deploying reactors in the Indo-Pacific, the initiative is also supported by the U.S. committing over $10 million in new funding to the State Department’s Foundational Infrastructure for Responsible Use of Small Modular Reactor Technology (FIRST) Program.

Lastly, the U.S. also announced an industry initiative agreed upon with GE Vernova and their partner Hitachi, with Samsung C&T and SGE to deploy the BWRX-300 SMR in Europe. 

The U.S. is continuing its trend, started after the executive orders were signed last year, of deploying American nuclear technology in foreign countries. In the executive orders, the State Department was directed to renew or start 20 civil nuclear cooperation agreements, sometimes referred to as “123 Agreements”. 

The goal is to strengthen U.S. political ties with allies and other countries in Europe and Asia by supporting those countries’ domestic energy security needs.  

The reactor export story also has a fuel-chain counterpart. More allied SMR deployments would eventually require more allied fuel supply, and that is where companies like Centrus Energy and General Matter become relevant.

Centrus already has a direct South Korea connection. In 2025, Centrus announced that it had expanded its agreement with Korea Hydro & Nuclear Power and POSCO International, including higher low-enriched uranium supply volumes tied to new enrichment capacity at the American Centrifuge Plant in Ohio. 

The supply commitment remains contingent on Centrus receiving the necessary federal funding to build that capacity, but as we clearly identified just last week, Centrus should reasonably expect to receive whatever financial support they ask for from the federal government at this point.  

General Matter adds another piece to the same puzzle. In March, the Export-Import Bank of the United States issued Letters of Interest supporting up to $4.2 billion in potential financing for nuclear fuel sales by General Matter to nuclear power operators in Japan and South Korea.

The new US-Japan-Korea framework does not name a reactor developer, but it can be reasonably expected that GE Vernova (GEV) will lead the pack given its connection to all three countries. The framework does create a backdrop for additional US-aligned advanced reactor developers trying to work with Asian industrial partners.

NANO has already started building that lane in South Korea. In January, the company signed an MOU with DS Dansuk to advance potential deployment of its KRONOS MMR system in South Korea. Under the agreement, DS Dansuk is expected to help with site identification, supply-chain localization, regulatory engagement, and institutional partnerships.

Tyler Durden
Thu, 07/09/2026 – 16:40

Why Have Central Bankers Gone Radio Silent On The Digital Currency Agenda?

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Why Have Central Bankers Gone Radio Silent On The Digital Currency Agenda?

Authored by Brandon Smith via Alt-Market.us

During the 2020 pandemic hysteria there was a mad rush by globalist institutions like the WEF, IMF, BIS and numerous national central banks to speed-run the concept of “CBDCs” (Central Bank Digital Currencies) into the mainstream consciousness. The idea of digital currencies rooted to a blockchain ledger was presented as a solution to the pandemic. A number of globalists asserted that digital exchange would be necessary because “paper money carries the covid virus.”

This was, of course, complete nonsense. There was zero evidence that shifting to digital would prevent the spread of the virus in any way. But, as I’ve said for years now, covid was their big play. It was intended to become a nexus point for a global coup; the “New World Order” takeover. The elites figured the population was so terrified that they would agree to anything without a logical reason.

They were wrong, at least in the long run. The virus was a dud (which seemed to catch them by surprise) and the death rate was minimal (0.23% median IFR). The public eventually woke up to the deception and the agenda was forced to dissolve, largely due to nearly half of all US states blocking the mandates. If Americans could live just fine without restrictions, then the rest of the world was going to follow.

I mention the pandemic once again because the attempted coup gave the general public a once in a lifetime insight into the plans and motives of the globalists. This event changed everything. Millions of people who once thought that “conspiracy theorists” were crazy just had their eyes opened to a dark reality. There really is an international cabal. They really do make evil plans in smoky rooms. They really do want a “New World Order.”

And, a big part of this new order is a global digital currency scheme.

As researchers, all of our suspicions were confirmed. Seeing the intended plans of the elites across Europe and developing nations like China and India, it’s clear that CBDCs are the ultimate economic control mechanism. Why? Because without physical money, the populace can no longer engage in trade without governments and central banks acting as the middle man.

Look at it this way: During the pandemic mandates the Biden Administration and many other governments sought to institute the first stages of what would ultimately become a vaccine passport system.

First, employers would be required by law to check workers for updated vaccination, or face endless fines. Once this became the norm, then mandatory covid tracking apps would be introduced as the only way to enter government buildings and mass transit. Eventually, everyone would be forced to use their phones (and a QR code) to get access to public places or purchase anything anywhere.

The final domino would be CBDCs and a cashless society, but Biden and friends did not have this technology in place.

Without CBDCs the control system falls apart. With physical cash, there’s no way for the government to control transactions. They can de-bank individuals who refuse to comply (as the Canadian government did), but with physical exchange there is always a path to rebellion.

Even without cash, the public could use gold and silver or barter. People could create their own black markets and survive. However, with CBDCs widely entrenched, participation in the wider economy would be impossible.

The globalists asserted that de-banking and economic banishment was not a program of “forced vaccination” (although that was the ultimate endgame). Rather, they argued cynically that people still had a “choice” – They could take the vax and live a somewhat normal life within the system, or, they could refuse the vax and be cut off from the economy, and thus cut off from most of society and likely die from abject poverty.

This is the political left’s “consequence culture” argument.

I really hope people never forget the insanity of this era and how close we came to an Orwellian hellscape. Never forget; the globalists and the political left tried to extort you into becoming a medical slave for the rest of your life. And their plan was to use economic access as the leverage to force you into submission.

So what happened? Where did all the rhetoric about CBDCs go? It was everywhere for four years and then, it was dust in the wind. Why have central banks gone radio silent?

Sadly the plan has not been canceled, it has only been moved to the background and it continues to develop behind the curtain. The Bank for International Settlement (BIS) seems to be at the helm, for now, and is pushing forward with various projects to test CBDCs in cross border trade and tracking. Currently, they are working on “Project Agora”.

Project Agora is testing the process for “tokenization” of central bank reserves – Meaning, they want to make it possible for central banks to trade assets with each other using a blockchain ledger without complications. This would be a primary step in the eventual tokenization of all central bank transactions, including transactions with corporate banks and governments.

It should be noted that the Trump Administration and the US Senate has been issuing executive orders and legislation to block the Federal Reserve from engaging in CBDCs until at least 2030. However, the Fed seems to be ignoring these demands. According to the BIS, the Fed is STILL participating in Project Agora and the Fed has not announced any withdrawal from that program.

Interestingly, the BIS avoids using the acronym “CBDC” in most of their latest project announcements. But, this is exactly what they are working on. They do mention all national legal frameworks still apply within their ledger transactions. To translate, that means that central banks and allied governments will retain tracking and control of all assets that are traded through the system (No anonymous transactions and all transactions can be frozen).

This should be worrying for everyone and the implications are staggering. The BIS and its central banking partners are quietly building the framework for national digital currency systems to interact with other national digital currency systems.

In the end, the BIS and its allies will become the middlemen for all the world’s transactions. Furthermore, once national CBDCs become the norm, the elites are only one step away from introducing a GLOBAL CBDC: A one-world digital currency.

I continue to believe that the introduction of this system will require the collapse of the US dollar. But, this event may not happen the way many of us originally imagined. I and many other economists initially believed that the alternative digital currency system to unseat the dollar would be introduced through the BRICS economic bloc, which has been working closely with the IMF.

We also argued that a crash would have to occur through internal sabotage, clearing the path for a dollar collapse.

Something seems to have changed. The influence of the BRICS has been greatly diminished in the past five years. The plan may not be to crash the dollar from within the US through domestic mishap or sabotage, at least not right away. Rather, the plan might be to introduce CBDCs in every western country that is politically cooperative with the globalists and cut out the dollar over time as the world reserve.

Recent announcements from the European Union and the European Central Bank suggest that they are preparing to bring in CBDCs regardless of what the US does.

In other words, it looks as though far-left governments in Europe, Australia and Canada plan to build a global currency network that cuts out the dollar in order to crash its reserve status. They can then say it was entirely the fault of backwards conservative Americans who “live in the past and refuse to go digital…”

Meanwhile, the Federal Reserve continues to work with the BIS and the globalists to make the dollar ready for tokenization with the expectation that Americans will eventually be forced to go along with the agenda, or risk being left in the dust.

Will this strategy work? It’s hard to say. The pandemic plan failed and only ended up radicalizing millions of people against the globalists by default. On top of that, the mass immigration agenda in Europe is not going over well and it’s driving the citizens to replace liberal governments with hard-right parties like Restore and AFD. But, when money becomes the weapon, things can turn ugly fast. CBDCs could create unprecedented social and political leverage for the globalists.

Luckily, the public is already well aware of the existence of CBDCs and many of the threats they pose. The globalists can try to hide their projects in a fog of obscurity and they can try to change the terms by using words like “tokenization”, but the populace is still going to recognize the dangers because their radar is now up.

Tyler Durden
Thu, 07/09/2026 – 16:20

Jack Smith’s Team Exposed Classified Materials, Senator Finds

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Jack Smith’s Team Exposed Classified Materials, Senator Finds

Authored by Zachary Stieber via The Epoch Times,

Prosecutors with the office of former special counsel Jack Smith left classified materials unsecured and provided materials to at least one person without confirming that person needed to see them, a senator said on July 8.

A set of messages from Smith’s team showed that in 2024, the team left a facility designated for the review of sensitive information open overnight, and potentially longer.

“Who opened the [facility] yesterday?” one member of the team asked in a message.

“No one opened it yesterday because no one closed it the day before,” another member replied.

A second set of messages from 2024 outlined how the team provided classified materials to an unidentified person despite not having confirmation that the person needed to see the materials.

The incidents took place as Smith’s team, which was part of the Department of Justice (DOJ), was prosecuting then-presidential candidate and former President Donald Trump for allegedly mishandling classified materials during his first term as president.

“Talk about the pot calling the kettle black,” Grassley said in a statement.

“According to these messages, Biden DOJ personnel may have committed the very offense for which Jack Smith was prosecuting President Trump. These records expose yet another double standard of justice.”

Grassley also wrote in a post on X that the messages “indicate hypocritical [and] careless behavior” and “merit further investigation.”

He pointed to how some former officials, such as former Secretary of State Hillary Clinton, mishandled classified information but were not charged.

Grassley asked Todd Blanche, the acting attorney general, for more records, including whether the facility that was left unlocked contained any material that was part of Smith’s prosecution of Trump, and whether the DOJ investigated Smith’s team for giving classified information without the need-to-know confirmation.

“The Department is aware of the concerns raised in Senator Grassley’s letter and takes the safeguarding of classified information very seriously. Every official entrusted with sensitive materials must follow strict security protocols without exception — a standard Jack Smith’s team apparently failed to meet as they pursued a politically weaponized prosecution of President Trump,” a DOJ spokesperson told The Epoch Times in an email.

“As with any alleged security lapse, the Department reviews such matters through established internal processes to determine whether protocols were followed, whether classified information was compromised, and whether any corrective steps are warranted. The Department will continue to apply those procedures rigorously, consistent with our longstanding commitment to protecting national security and maintaining the integrity of our operations.”

Smith, who has said his investigation was proper, was appointed in November 2022 by then-Attorney General Merrick Garland to manage investigations into Trump, who at the time was out of office.

Federal prosecutors later charged Trump with violations of federal law governing the handling of classified information, as well as other charges such as illegally interfering in the 2020 presidential election.

Prosecutors dropped the cases after Trump won the 2024 election, noting that he would soon be president.

Part of Smith’s final report was released to the public prior to the start of Trump’s second term, outlining how Smith believed the evidence against Trump would have resulted in a conviction. A federal judge later ruled that the other part shall never be made public.

Tyler Durden
Thu, 07/09/2026 – 15:40

Starbucks Using AI To Build Software Replacing Applications It Buys From Microsoft, IBM

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Starbucks Using AI To Build Software Replacing Applications It Buys From Microsoft, IBM

Corporate America has been desperate to see a burst of productivity (i.e., cost cutting) emerging from the latest flood of agentic AI euphoria, and it is slowly starting to get it. Not everyone will be pleased.

Starbucks is developing in-house tools with the help of artificial intelligence that could replace some software applications it now buys from companies such as Microsoft and IBM. 

According to Bloomberg, the coffee chain, whose stock price has gone nowhere in the past 3 years, is building alternatives to a Microsoft system that tracks inventory and an IBM tool that manages maintenance. Some of the Starbucks-developed software could roll out by the end of next year, pending the results of testing, the report notes.

Before the advent of advanced AI models, businesses were tethered for years to their technology vendors due to fear of business disruption and the complexity of building in-house tools. But AI is shifting that calculus as it makes it easier to develop applications from scratch and as companies push workers to use the technology (especially when it means those very same workers are teaching AI models how to do their work for them).

This is hardly new: at the start of 2026 the software sector cratered as Wall Street expressed doubts about the “terminal value” of business models that can easily be disrupted by AI. Since then, sentiment has stabilized but leading software companies still face concerns about whether they’ll be able to fend off competition from products built by upstarts, or their own customers, using AI. This phenomenon has weighed on software stocks this year, with Microsoft and IBM both trailing the S&P 500.

Shares of both companies fell during trading on Thursday, with Microsoft down 2.4% and IBM sinking 5.2% at 9:30 a.m. in New York, following the Bloomberg report..

Starbucks spends about $400 million a year on software alone, CTO Anand Varadarajan told workers in an internal forum earlier this year. “There’s clear opportunities to reduce the spend in software,” Varadarajan said. In-house software can be cheaper, an incentive for companies such as Starbucks, which is looking to cut $2 billion in costs as part of a broader turnaround effort. That said, in the long run, building can lead a company to pay higher maintenance and labor costs.

When it comes to technology, Starbucks company is reviewing “every contract and service,” according to the presentation seen by Bloomberg. In some cases, that includes building products to replace software that its engineers have to heavily tailor anyway. As an example, the company has been working for several years on building a point-of-sale system that would take the place of Oracle Simphony.  In a blog post earlier this year, the company said AI and other technology advancements will support its long-term growth and free up baristas to focus more on customer service.

AI-assisted coding was also key to developing the platform that could replace the IBM tool. Starbucks has been pushing tech workers to use artificial intelligence, even factoring usage into their bonuses, which is ironic since the better the model, the less need for the person who created it meaning the bonus will likely be their last.

To be sure, there’s skepticism about how much, or how quickly, AI can speed up and automate work. Starbucks recently pulled an AI-powered system to track inventory at stores, reverting to manual counting; According to Reuters, that tool was part of CEO Brian Niccol’s efforts to fix the coffee chain’s persistent product shortages that he has blamed for hurting sales. The app – designed to improve Starbucks’ visibility into shortages at stores – frequently miscounted and mislabeled items, such as confusing similar milk types or ​missing them altogether. It also continues to use software from third-party vendors, including from companies such as Microsoft. 

The Starbucks enterprise technology team is on track to reduce its budget by about $30 million in the fiscal year ending in late September, according to the internal presentation. That includes cutting about $10 million in software spending. Another $13 million will be saved mostly by cutting back on contractors from professional services firms and backfilling some roles with its own staff. Starbucks is setting up offices in Nashville and India that will house some tech workers, while others will remain at its Seattle headquarters. The company has cut about 2,300 jobs since February of last year, including many in tech.

Tyler Durden
Thu, 07/09/2026 – 15:20

Judge Hannah Dugan Gets The ‘Good Person’ Discount In Federal Court

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Judge Hannah Dugan Gets The ‘Good Person’ Discount In Federal Court

Authored by David Manney via PJMedia.com,

Former Milwaukee County Circuit Court Judge Hannah Dugan just discovered a remarkable sentencing principle: Commit a felony, lose at trial, watch the conviction survive post-trial motions, face a guideline range of 15 to 21 months, and still walk out without prison, probation, and a $5,000 fine.

Regular defendants may want to write down the magic words before the courts patch up the loophole: Otherwise good person. I hope you were sitting down for that.

U.S. District Judge Lynn Adelman sentenced Dugan on Wednesday after a federal jury convicted her in December of obstructing an ICE arrest at the Milwaukee County courthouse.

Dugan was acquitted of a separate count accusing her of concealing Eduardo Flores-Ruiz from arrest, but the felony obstruction conviction stood. The official court page lists the case, the trial’s conclusion, and the July 8 sentencing.

So the question isn’t whether the system had enough process; it had plenty. It just reached a result that smells like one menu for the powerful and another one for everybody else.

Flores-Ruiz, a Mexican national, was in court on misdemeanor domestic assault charges when federal immigration agents arrived to arrest him. Prosecutors said Dugan helped him leave through a non-public courtroom door, which turned a planned courthouse arrest into a foot chase outside.

Their sentencing memo argued Dugan used the power and prestige of her office to obstruct federal agents and placed the interests of a criminal defendant above the rights of his alleged victims.

Here’s where the cornbread legal system starts rising in the pan. Prosecutors said Dugan understood the justice system better than the average defendant, citing statements suggesting she knew she was crossing the line. From Reuters:

U.S. District Judge Lynn Adelman noted Dugan’s long history of public service in deciding to spare Dugan from prison.

“The punishment should fit the offender, and not merely the crime,” Adelman ⁠said during a hearing in Milwaukee federal court, adding that Dugan “made a bad decision in the moment.”

Dugan was convicted of obstructing a federal proceeding and cleared of a lesser charge of concealing a person from arrest following a federal trial in December. Prosecutors said she helped a Mexican migrant sought by federal agents leave through a non-public courtroom door.

The migrant, who was scheduled to appear in her courtroom on misdemeanor assault charges, left by a “jury door” to avoid federal agents who were positioned in a hallway outside her courtroom.

The migrant, Eduardo Flores-Ruiz, walked through a public hallway with his attorney and was arrested outside the courthouse following a brief foot chase.

In addressing the court prior to the sentencing, Dugan said her prosecution was politicized.

“I was a public ‌servant ⁠who was just trying to do my job,” she said.

Federal prosecutors did not make a specific sentencing recommendation but had argued that federal guidelines called for between 15 and 21 months in prison.

“Rather than uphold the rule of law, the defendant used the power and prestige of judicial office to obstruct federal agents carrying out their lawful duties in order to help an individual evade arrest,” prosecutors wrote in a sentencing ⁠memorandum.

The sentence should reflect the “serious nature of her conduct and its broader impact on the justice system,” prosecutors wrote.

They also told the court that similarly situated defendants in 935 administration-of-justice cases since 2015 received an average sentence of 16 months and a median sentence of 10 months.

Dugan got neither. Not a month, week, or night.

Her defense made the case for mercy. Dugan is 67, has no prior record, lost the judgeship she loved, and served the community for decades. Her lawyers argued the offense was isolated, unique, and not capable of being repeated because she had resigned from the bench. They also argued the guideline range overstated the seriousness of the conduct and that a lower range would apply if the case were viewed differently.

I’m not a fan, but fine; judges can consider age, history, service, remorse, risk, deterrence, and collateral consequences. A sentencing courtroom isn’t a vending machine: push felony, receive prison.

But sentencing also tells the public what the law means when the defendant once wore the robe. If a judge can obstruct federal agents and then avoid prison because she’s otherwise decent and upset by immigration policy, every courthouse lecture about accountability gets a little harder to swallow.

Adelman described Dugan as an otherwise good person who made a bad decision while upset by immigration policies.

Wonderful.

Somewhere out there, a defense lawyer just heard angels sing.

“Your honor, my client is also a good person. He was just upset by tax policy, bank policy, drug policy, border policy, the thought of dogs loving mail carriers while living with cats, or whichever law ruined his Wednesday. Please update the jury instructions accordingly.”

The worst part isn’t mercy; mercy can be noble when paired with the truth. The worst part is selective tenderness dressed up as wisdom. Ordinary people are routinely told that intent, stress, frustration, and good deeds don’t erase criminal conduct. They hear that a sentence must promote respect for the law, that deterrence counts, and that the process has consequences.

Then a judge commits a felony tied to her official power, and suddenly the system finds poetry in restraint.

Nobody should want cruel sentencing. Conservatives, of all people, should know government can overcharge, overpunish, and ruin lives. But equal justice can’t mean leniency for the credentialed and iron for the rest.

A judge who breaks the law from the bench hasn’t merely made a private mistake; she’s damaged the very promise she once had a sworn duty to protect.

Dugan may think she acted from compassion or courtroom concern. The jury didn’t buy enough of it to clear her. The conviction remains, and the fine is now due.

But any opportunity of a prison sentence disappeared. If “nobody is above the law” still means something, the public deserves to see it when the defendant already knows every hallway in the courthouse.

Tyler Durden
Thu, 07/09/2026 – 15:00

Gold Selloff Seen As “Stop-Loss Liquidation Positioning Reset”, Not Fundamentally Driven

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Gold Selloff Seen As “Stop-Loss Liquidation Positioning Reset”, Not Fundamentally Driven

Gold’s break below key technical support of 4050 to the 4023 low in New York trading on Wednesday appears driven primarily by stop-loss liquidation and positioning rather than a material deterioration in macro fundamentals, according to UBS. 

As the bank’s trader Marcus Millis writes, “the move flushed out long exposure and left positioning looking more balanced, reducing the immediate risk of further forced selling.”

However, he cautions, the broader trading backdrop remains challenging. That’s because with front-end USD rates expected to stay under pressure, upside in gold looks limited, and rallies are still viewed as opportunities to reduce exposure rather than chase higher prices.

Near-term support should emerge around recent lows at 4040-50 with resistance at 4110/20, but conviction for a sustained rebound remains low.

That said, the long term fundamentals remain especially solid, and patient holders who would rather collect income from gold as a “productive” metal until its next breakout, rather than a passive, not-yielding asset, can check out the offerings from our partner Monetary Metals. 

Case in point: as we reported a few weeks ago when analyzing the World Gold Council’s 2026 Central Bank Gold Reserves Survey, the punchline was that a record 45% of respondents expect their own gold reserves will increase over the next 12 months

Central banks have accumulated an average of 1,000t of gold over the past four years, up significantly from the 500t average over the preceding decade. This marked acceleration in the pace of accumulation has occurred against a backdrop of geopolitical and economic uncertainty, which has clouded the outlook for reserve managers.

The WGC’s 2026 Central Bank Gold Reserves (CBGR) survey was conducted between 5 February and 19 May. With the majority of responses coming in after the start of the Middle East conflict, this year’s survey contains insights on how central bankers view gold in the light of ongoing geopolitical turmoil. The sample is highly representative of the overall central bank community, both geographically and in terms of gold owned. This robust participation is a powerful signal of engagement with gold amongst the central banking community. 

Here are some more of the notable highlights:

  • Similar to findings from previous surveys, central banks continue to hold favorable expectations on gold. Respondents overwhelmingly (89%) believe that global central bank gold reserves will increase over the next 12 months.

  • This year, a record 45% of respondents expect their own gold reserves will also increase over the same period. The majority of the remaining respondents indicated they expect no change while 1% expect their institution’s gold reserves to decrease (hello, Turkey).

  • Gold’s performance during times of crisis, portfolio diversification and inflation hedging are some of the key factors for central banks to hold gold. In addition, gold as a geopolitical risk hedge and gold as part of a reserve diversification policy also feature as key reasons for increasing allocations to gold.

  • The majority of respondents (74%) see moderate or significantly lower US dollar holdings within global reserves over the next five years. Respondents also believe that the share of other currencies, such as the euro and renminbi will remain unchanged over the same period, while gold holdings will increase.

  • This year’s survey asked respondents how they would fund their new gold purchases. Half of respondents indicated through a domestic purchase program in local currency, while 38% indicated through selling existing reserve assets.

  • The Bank of England remains the most popular vaulting location among respondents at 57%, though central banks continue to diversify their storage across multiple locations. Domestic storage came in second at 49%, followed by the Bank for International Settlements at 16% (a slight uptick from last year). The Swiss National Bank saw a notable decline in preference, dropping to 6% from 12% in 2025.

  • A notable increase in changes to vaulting locations was observed in this year’s survey, with 9% saying they have increased domestic storage and 10% saying they have diversified overseas storage locations in the past 12 months, compared with 5% and 2% respectively in last year’s survey. The trend is also observed in future plans for vaulting, with 7% saying they plan to increase domestic storage and 9% saying they plan to diversify overseas storage locations in the coming 12 months. 

To summarize, this year’s survey reinforces the trend: central banks remain very positive on gold, highlighting its significance amid a volatile geopolitical and economic environment.

  • When asked about expectations for how global central bank gold reserves will change over the next 12 months, respondents were almost unanimous, with 89% of respondents believing that official gold reserves will continue to increase (Chart 3). This sentiment was consistent across both advanced economy and EMDE respondents. It should be noted that 11% of central banks believe that gold’s proportion of total reserves would remain unchanged, up from 5% last year.  In addition, 45% of respondents thought that their own institution’s gold reserves would rise over the next year, broadly in line with last year’s finding (43%).
  • Most respondents did not expect their gold reserves to change in the next 12 months. This marks a new record high in the proportion of central banks expecting to add gold to their own reserves with EMDE banks continuing to lead their advanced economy counterparts. Among EMDE respondents around half thought that their own gold reserves would increase in the next 12 months, while the other half anticipated they would remain unchanged.
  • The findings highlight that gold sentiment within the central banking community remains upbeat. Expectations point to continued gold buying over the next 12 months, reflecting sustained confidence in gold’s strategic role amid evolving geopolitical and macroeconomic dynamics.

In other words, the demand fundamentals – especially among the “price-indiscriminate buyers” have never been better, and while technicals and positioning remain challenging, especially when factoring for the continued selling in gold ETFs…

… gold tends to reward patient holders in the long run (as all those who purchased it for much of the 2010s and early 2020s experienced, when the yellow metal barely moved, then rapidly 3x-ed in just one year). And while waiting, there is now an option to collect as much as 4% yield on physical, paid out as additional ounces of physical gold.

Tyler Durden
Thu, 07/09/2026 – 13:20

“Deepening Dark Trend” Emerges On Hormuz As Ship Traffic Slows

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“Deepening Dark Trend” Emerges On Hormuz As Ship Traffic Slows

The US military has struck Iranian targets for a second straight day, while Tehran has responded with ballistic missile and drone attacks targeting Kuwait, Qatar, Bahrain and even faraway Jordan. While our overnight wrap focused on the latest war developments, the focus here is what energy traders are watching most closely: vessel traffic through the Strait of Hormuz.

Bloomberg cites new shipping data showing that the Hormuz chokepoint slowed to a near standstill on Thursday.

More color from the report:

Among larger vessels, only a US-sanctioned supertanker heading out of the Persian Gulf was seen in the strait, alongside an Iranian-flagged container ship. It’s possible that some vessels may be crossing with their transponders turned off, however.

The slowdown marks a sharp reversal from the partial recovery that followed the mid-June interim US-Iran peace deal to reopen the Strait of Hormuz.

Commodity-vessel transits averaged 34 a day over the past three weeks and peaked at 59 on June 24, according to Kpler data. That compares with just 14 crossings Wednesday, the lowest since the deal and near wartime levels.

Maritime research firm Windward also commented on the Hormuz slowdown:

Earlier, Islamic Revolutionary Guard Corps Navy Command stated that it has taken control of managing security and vessel routing through the Hormuz chokepoint.

Here’s the translated statement:

Islamic Revolutionary Guard Corps Navy Command

In the name of God, the Most Compassionate, the Most Merciful.

Peace be upon the insightful and honorable nation, whose astonishing presence and tens-of-millions-strong funeral processions for their martyred leader in Iran and Iraq showed that this is the era of the end of the bullying of powers, and the century of the triumph of nations’ will.

And peace be upon the brave warriors of Islam, who, with their crushing response to the aggressions of the child-killing American army, proved that the outcome of battle is determined not by the abundance of weapons, but by the power of faith.

These warriors, by stabilizing management of the Strait of Hormuz, establishing its security over the past two weeks, and gradually reopening it, have increased passage capacity to about 50% of prewar traffic. They are also increasing the transit capacity of vessels that, while observing the security regulations with discipline, obtain permission from the IRGC Navy to pass through the routes designated by the Islamic Republic.

Once again, we declare that foreigners have no stake in this land or in the Strait of Hormuz. The adventurism of the terrorist American army and its interference in determining traffic routes will not only bring our crushing response, but will also seriously disrupt the process of gradual reopening and seriously endanger the interests of countries that benefit from the Strait of Hormuz.

On Tuesday, following three separate Iranian attacks on commercial vessels, the Joint Maritime Information Center raised the threat level of the Hormuz chokepoint to “severe.”

The unwinding of diplomatic efforts will complicate the normalization process of reopening the Hormuz.

Goldman analyst Chris Hussey commented on this:

Hormuz recovery stalls. Oil has rebounded as renewed fighting around the Strait of Hormuz has interrupted the post-reopening recovery in Persian Gulf flows, while refined products markets remain even tighter than crude, writes Yulia Grigsby in “Oil Tracker: Negative Supply News From Gulf and Russia.” Persian Gulf oil flows initially recovered to above 80% of pre-war levels after reopening, but recent tanker attacks pushed them back to the low-70% range, with exports through Hormuz falling from about 10 mb/d to 8.3 mb/d on a 7-day average basis. This supports our view that the key constraint is now Iran’s willingness to allow flows, not tanker capacity.

Polymarket:

Strait of Hormuz traffic returns to normal by August 31?
Yes 18% · No 83%
View full market & trade on Polymarket

Brent crude futures were trading around $79 a barrel early Thursday, while WTI hovered near $74, signaling that traders were pricing in renewed geopolitical war risk premium as Hormuz vessel traffic slowed and the US-Iran conflict flared up.

Tyler Durden
Thu, 07/09/2026 – 12:40

The Low VIX Hides Fierce Undercurrents

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The Low VIX Hides Fierce Undercurrents

Via RealInvestmentAdvice.com,

Goldman Sachs’ volatility desk made the following comment:

“With the VIX back to its lowest levels in more than a month, our Vol desk is focused on hedging opportunities as 1-month S&P implied correlation is near its lowest level in 20 years.” 

Simply, a low VIX can convey a sense of market calm on the surface, yet implied correlation tells a different story.

The VIX, based on option trading data, measures the implied volatility of the S&P 500 index.

A low VIX means traders expect the market to be relatively calm with not much volatility.

Conversely, a higher VIX reflects expectations for high levels of volatility.

Today, the VIX is relatively low with a 16 handle today, as S&P 500 index option trades appear complacent.

Implied correlation measures how much S&P 500 stocks are expected to move together.

When implied correlation is high, as it was during COVID, the 2022 interest rate shock, and more recently at the beginning of the Iran conflict, macro forces dominate trading activity, and stocks tend to go up or down together.

When correlation is low, stocks decouple. Individual company fundamentals, technical setups, and momentum chasing drive returns.

As we see in the chart below, the implied correlation is at a 20-year low.

The low VIX implies smooth sailing ahead, while a record-low implied correlation suggests the market could be at risk.

Goldman is hedging the risk of a correction, i.e., an implied correlation spike.

Often, when implied correlation rises sharply from extreme lows, as it did in August 2024 during the yen carry trade unwind, the divergences that kept the index calm disappear.

Stocks start moving together again, and most of the time they move down.

This condition is not a warning to expect a market downdraft, but it does suggest that risk awareness is critical.  

Tyler Durden
Thu, 07/09/2026 – 12:20

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