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DeepSeek Developing In-House AI Chip In Bid To Cut Nvidia Reliance

DeepSeek Developing In-House AI Chip In Bid To Cut Nvidia Reliance

DeepSeek is developing its own artificial intelligence chip, a move that could reduce its reliance on both US-based Nvidia and China-based Huawei.

Leading model developers are increasingly seeking to control more of their compute stacks, particularly for inference, as AI models move from training labs into the mass market.

DeepSeek is the latest company to pursue this strategy by developing a new in-house inference chip, Reuters reports.

If successful, this effort would mark a major shift for the Chinese AI chatbot company and add new pressure on Nvidia’s long-term dominance across the AI compute market. It would also add pressure on Huawei, which has benefited from US export controls that blocked Chinese firms from buying Nvidia’s most advanced AI chips.

US companies such as Meta Platforms, Microsoft, OpenAI, and Anthropic are also increasingly turning to in-house chips to reduce AI infrastructure costs.

According to the report, DeepSeek’s effort to design a new inference chip is in the “early stages,” suggesting that developing a competitive AI chip could take a few years.

A new Bloomberg Intelligence survey found that an increasing number of Chinese companies are shifting away from Nvidia’s advanced AI chips.

Chinese executives expect to allocate 46% of their AI accelerator budgets to domestic AI infrastructure over the next 12 months, up from 30% today, according to the survey.

The findings point to growing momentum behind Beijing’s push to replace Nvidia in domestic chip stacks.

“China’s drive to substitute locally made AI semiconductors for foreign ones is making progress, which is likely to benefit domestic markers such as Huawei and Hygon,” said the report, which surveyed dozens of executives at Chinese software, finance, manufacturing and retail companies.

For Nvidia, the risk is not an immediate loss of market share, but a longer-term shift in which Chinese companies and AI chatbot startups increasingly seek in-house or domestically produced chips, suggesting mounting headwinds for Nvidia.

Meanwhile, the token-maxxing fiasco appears to have accelerated a global shift toward low-cost models, a trend that may favor Chinese AI chatbots.

Bloomberg cited OpenRouter data showing that Chinese models are capturing a growing share of developer usage, suggesting that China’s AI firms are becoming more competitive in global model adoption.

Magnificent Seven stocks were mixed Tuesday morning, with Nvidia down about 2%.

Nvidia remains up roughly 5% year-to-date, but the stock is still about 17% below its May peak, as investors reassess the longer-term risk of AI model developers building more of their own compute stacks and China seeking to source domestic AI chips.

Tyler Durden
Tue, 07/07/2026 – 09:55

Ukrainian Drone Swarm Attack Hits Eight Russian ‘Shadow Fleet’ Tankers

Ukrainian Drone Swarm Attack Hits Eight Russian ‘Shadow Fleet’ Tankers

Beyond Ukraine’s increasing kamikaze drone attacks on key Russian energy infrastructure, which appear to be fueling a domestic fuel crisis, Kyiv has now widened the pressure campaign of drone swarm attacks on Russia’s shadow fleet of tankers.

Reuters cites a statement from Ukraine’s drone forces that said a swarm of loitering munitions struck eight Russian shadow fleet tankers with a deadweight of around 7,000 tons in the Sea of Azov.

The drone swarm attack came a day after Ukraine’s special forces hit two other shadow-fleet tankers in the same area.

Ukraine said it was targeting Russia’s naval supply chain to induce fuel shortages and a broader push to isolate Crimea. The peninsula was annexed by Russia in 2014 and serves as a staging ground for Moscow’s war effort.

“Striking the enemy’s naval logistics complicates the supply of fuel and ammunition necessary ‌to support the activities of Russian troops, primarily in the temporarily occupied territory of Crimea,” the drone forces said.

A new Financial Times report, citing data from Rochan Consulting, showed that recent Ukrainian drone strikes on Russian refineries hit a record monthly high of 16 in May. 

Source: Financial Times 

Since the start of this year, refineries have been hit at least 194 times, an 11-fold increase from the same period one year ago.

Source: Financial Times 

Russia is now intercepting an average of roughly 600 Ukrainian drones per day, highlighting the scale of Kyiv’s ability to mass-produce low-cost drones.

Source: Financial Times 

Ukraine has sharply increased attacks on Russia’s critical energy infrastructure over the past year, with refineries and fuel logistics emerging as core targets.

Source: Financial Times 

That pressure campaign expanded again in June, as Kyiv simultaneously ramped up strikes on Russian military production sites.

Source: Financial Times 

Moscow, meanwhile, has been escalating its own drone swarm attacks on Ukrainian cities, infrastructure and military targets.

Source: Financial Times 

The takeaway here is very clear as both sides are moving deeper into massive drone warfare, and neither appears prepared to de-escalate.

Tyler Durden
Tue, 07/07/2026 – 09:40

Alleged Jan. 6 Pipe Bomber Not Covered By Trump’s Blanket Pardon: Judge

Alleged Jan. 6 Pipe Bomber Not Covered By Trump’s Blanket Pardon: Judge

Authored by Troy Myers via The Epoch Times,

The man accused of planting pipe bombs in Washington prior to the events of Jan. 6, 2021, is not covered by President Donald Trump’s blanket pardon for individuals convicted of crimes over their participation in the Capitol breach, a federal judge ruled on Monday.

Suspect Brian Cole Jr. had requested that all his charges, including transporting explosives, malicious attempt to use explosives, attempt to use weapons of mass destruction, and terrorism, be dismissed because Trump’s day-one pardon covered his conduct. The judge denied that request.

“The pardon, by its terms, does not apply to Cole,” Judge Amir Ali, of the U.S. District Court for the District of Columbia, said in his Monday decision.

On Trump’s first day back in office, he commuted the sentences of about 1,500 “individuals convicted of offenses related to events that occurred at or near the United States Capitol on January 6, 2021,” when Congress was certifying the 2020 presidential election.

Cole argued this proclamation applied to him because he was charged with planting two pipe bombs near the Democratic National Committee and Republican National Committee headquarters on Jan. 5, 2021.

“The pardon applies to Mr. Cole because his alleged conduct is inextricably tethered to the events at or near the United States Capitol on Jan. 6, 2021,” Cole’s lawyers wrote in their March 16 motion for dismissal of his charges.

But the judge disagreed, writing that the wording of the president’s pardon prevented Cole from being granted clemency because he has not been convicted of any crimes.

“Even assuming that the conduct Cole is charged with is ‘related to events that occurred at or near the United States Capitol on January 6, 2021,’ the pardon is expressly limited to people who had been ‘convicted of offenses’ related to those events,” Ali said.

Cole and his attorneys failed to explain how Trump’s pardon for those found guilty of crimes on Jan. 6, 2021, applied to him, the judge continued.

Cole’s motion for dismissal mentioned another section of the president’s proclamation that directed the U.S. attorney general to “pursue dismissal with prejudice to the government of all pending indictments,” arguing this required his charges to be dropped as well.

“But this argument does not work either,” Ali said in his decision.

“Cole was first charged in December 2025 – months after the President’s proclamation… He therefore did not have ‘pending indictments’ at the time of the President’s directive.”

The Department of Justice (DOJ) had presented similar points in an April 10 filing in opposition to Cole’s motion for dismissal. At the time of Trump’s proclamation, the suspect belonged to neither category of those convicted of offenses related to Jan. 6, 2021, nor of those with a pending indictment.

“And even if the proclamation somehow could apply to this case, the Department of Justice’s contrary position is entitled to deference as a reasonable interpretation taken by the Executive Branch agency expressly charged with administering the proclamation,” the DOJ said in its filing.

Cole was arrested in early December, nearly five years after bombs were discovered and defused near the Democratic and Republican National Committee buildings. The bombs consisted of a pipe, endcaps, electrical wire, a battery, and other materials.

An affidavit alleged he purchased pipe and kitchen timers in 2019 and 2020 to use to build the devices.

Cellphone records placed Cole around the buildings on Jan. 5, 2021, the affidavit showed, and his Nissan Sentra was spotted in the area that evening.

Cole made his first appearance in court on Dec. 5, 2025. At the time, he only faced charges of transporting and attempting to use an explosive device.

Later in December, federal prosecutors said in a court filing that Cole had confessed during a post-arrest interview to building and planting the bombs.

He told authorities that “something just snapped” in him after “watching everything, just everything getting worse,” the filing said.

Cole’s attorneys had asked for his release, citing his lack of criminal history and diagnosis of obsessive-compulsive disorder (OCD) and autism spectrum disorder, Level 1.

One of the character reference letters submitted along with the request by a business associate of Cole’s father described the man’s “peaceful nature.”

“Over the years of my interactions with him, I have never seen him emotionally angry, upset, or even frustrated,” one of the letters read.

A judge denied Cole’s request for release on Jan. 2, saying the evidence pointed to him being too great a danger to the public.

About a week later, Cole pleaded not guilty to the charges of transporting and attempting to use explosives.

The DOJ brought the additional charges in April, which Cole has also pleaded not guilty to. If convicted, he could face decades in prison.

Cole’s attorneys could not be reached for comment at the time of publication.

Tyler Durden
Tue, 07/07/2026 – 09:20

Monaco Bombing Attack Suspect Shot Dead In Ukraine, Intelligence Officer In Custody

Monaco Bombing Attack Suspect Shot Dead In Ukraine, Intelligence Officer In Custody

The saga of the Monaco package bomb attack carried out last week against an exiled Ukrainian oligarch just got even wilder and more mysterious, as the prime suspect has been found shot dead near Kiev.

The Guardian reports that “Ukrainian prosecutors said on Tuesday the woman had been found with a gunshot wound to the head and that two men had been arrested in connection with the case, including an officer with Ukraine’s military intelligence agency (HUR) and a former law enforcement officer.”

Anastasiia Berezovska

The gunshot victim is reported to be Anastasiia Berezovska, 39-year old Ukrainian national who speaks German – and who has been on the run, and especially since the Friday issuance of a ‘red notice’ by Interpol for her immediate apprehension. There are reports that the would-be assassin had disguised herself as a man while carrying out the parcel bombing.

The victims of the June 29 bombing were Vadym Iermolaiev and his family, which all survived the bombing that took place at the entrance of his luxury Monaco apartment building (however, he and is girlfriend were very seriously injured). The suspected would-be assassin was seen fleeing to the French border, after which a massive police and security search, along with helicopters, ensued across Monaco, France, and even in Italy. Per Euronews:

After the explosion, she is believed to have walked to the nearby French town of Beausoleil, where she retrieved her rental car and drove through Italy to Germany, her last known country of residence, Morgan Raymond, Monaco’s deputy public prosecutor, told reporters.

“The relative sophistication of the explosive device and the modus operandi appear to indicate that the person who planted the device did not act alone, the prosecutor said, confirming that the individual was “a woman posing as a man.”

Given that Ukrainian businessman Iermolaiev had long ago been declared an enemy of the Ukrainian state, and has been under sanctions for years for his extensive business dealings in Crimea, Ukrainian intelligence has come under the spotlight for possible involvement in the Monaco bomb attack – a first of its kind in the small, wealthy principality.

Le Figaro reported that the investigation focuses on Zelensky’s secret police (SBU) in the Monaco bomb attack: “According to several concurring sources at Le Figaro, investigators are focusing on the possibility that the attack was orchestrated by the SBU, the Ukrainian intelligence service.”

Telegraph: Vadim Irmolaev was seriously injured and his partner is believed to have lost both her feet in the parcel bomb explosion in Monaco

It certainly looks curious that Berezovska fled strait to the Ukrainian capital. According to more details from The Guardian:

Prosecutors said in a statement that Berezovska received cryptocurrency payments from the two men who were later arrested, leading investigators to treat them as “individuals potentially involved in the attempted murder in Monaco”. They added that the serving HUR officer was “acting on his own initiative” and did not inform his superiors about his contacts with Berezovska.

Prosecutors also released footage showing a blood-stained “torture chamber”, containing hammers and other equipment, which they said was discovered during searches of the men’s properties.

So already the Zelensky government is desperately trying to distance itself from the ordeal, claiming that Ukraine’s own intelligence officer was merely “acting on his own”. More details are as follows:

Ukrainian authorities said they detained two men on suspicion of murdering Berezovska “by prior conspiracy.”

Police said that one of the men – a current employee of the Ukrainian Defense Ministry’s Main Intelligence Directorate – confessed to the murder of Berezovska and claimed that the second suspect, who is a former law enforcement officer, was an accomplice.

Prince Albert II of Monaco had condemned the bombing as “an odious act” – and this was widely reported to be the first such terror bombing incident on the small, wealthy principality’s soil in history.

While Russia has long been accused of deploying intelligence-linked assassin squads in Europe to hunt down political enemies, there’s lately been increasingly acknowledgement that Ukraine has been engaged in its own ‘dirty war’ of assassination hits, both within and outside of Russia.

There has already been an ideological and propaganda campaign to do something about the group of wealthy Ukrainian businessmen and politicians living in exile in Monaco. Government-aligned and independent Ukrainian media has long labelled this group the “Monaco battalion”.

Tyler Durden
Tue, 07/07/2026 – 09:00

French Bond Yields Rise After Le Pen Cleared To Run In 2027 Presidential Election

French Bond Yields Rise After Le Pen Cleared To Run In 2027 Presidential Election

Marine Le Pen can enter the race to become France’s next president after judges confirmed her embezzlement conviction on appeal but handed her a reprieve on an election ban.

Presiding Judge Michèle Agi confirmed Le Pen’s conviction, saying that she and several others at the National Rally party misused European Union funds earmarked to pay for aides.

But the appellate judges reduced her ban to 15 months, thus paving the way for her to lead her party into the next election.

“The court found that the enforcement of this penalty since March 31, 2025, has already remedied the breach of integrity to an extent compatible with the fundamental guarantees afforded to citizens, and that disregarding this would undermine the principle of freedom of candidacy, an essential condition for the democratic exercise of universal suffrage,” Judge Agi said in court.

Le Pen was initially convicted in March 2025 by first-instance judges, who gave her an election ban lasting five years and a two-year jail term that’s on hold while she appeals.

Her party was quick to react, with Bardella quipping on TV against what he described as the “tyranny of judges.”

Jordan Bardella, whom she has groomed as her chosen successor for years, is ready to take her spot as the lead candidate for the National Rally.

The 30-year-old would offer voters a somewhat different profile to Le Pen who has gained ground among voters in three successive presidential campaigns.

A recent poll suggested that either would lead the French election after a first round vote.

French bond yields are up modestly after the news, but were already higher before the decision…

For now, prediction markets show Le Pen’s odds of victory improving modestly from an admittedly low level, while Bardella, has consolidated his position as favorite to win

While Le Pen can still lodge a top court challenge, she has promised to announce whether she’ll run or not after this ruling.

Still, the court gave Le Pen a one-year jail sentence that it indicated she would likely serve with an electronic tag, for at least a portion of the term, and she has indicated she would likely withdraw if she was forced to wear the bracelet during the campaign.

The decision now rests with Len Pen as to her future – she is scheduled to speak in a television interview at 8 p.m. local time.

Tyler Durden
Tue, 07/07/2026 – 08:34

Qatari LNG Tanker Hit By Iranian Missile In Hormuz Chokepoint

Qatari LNG Tanker Hit By Iranian Missile In Hormuz Chokepoint

A fully loaded Qatari LNG tanker was struck by a projectile near the Omani coast while exiting the Strait of Hormuz, raising fresh concerns that disruptions across the key energy maritime chokepoint could persist longer than traders had expected. Brent crude rose more than 1% to $72.76 a barrel as traders reassessed the war-risk premium in the Gulf area.

The Al Rekayyat, owned by Qatar’s state shipping company Nakilat, was struck early Tuesday about 8 nautical miles east of Limah, Oman, according to Bloomberg, which cited people familiar with the matter and an alert from EOS Risk Group.

EOS said the maritime incident involved either an Iranian suicide drone or a missile strike that resulted in a fire on the Al Rekayyat. No casualties were reported.

Al Rekayyat was fully loaded at Qatar’s Ras Laffan export terminal, making it the first Qatari LNG carrier targeted since the US-Iran conflict began in late February. The tanker appeared to be transiting part of the Hormuz chokepoint with its transponder off, indicating it was not on an Iranian-approved shipping route.

Following the attack, another Qatari-loaded LNG carrier, Al Areesh, made an abrupt U-turn before entering the strait and began circling, Bloomberg ship tracking data showed. Other tankers continued to sail through the highly contested chokepoint, including oil tankers and LPG carriers, using both Iran-approved and US-managed routes.

Later today, President Trump heads to a NATO summit in Ankara, where the Iran conflict is expected to be the center of discussion among world leaders.

US-Iran talks remain suspended while Tehran holds funeral ceremonies for late Supreme Leader Ali Khamenei. Qatar has said negotiations will resume after the ceremonies.

UBS analyst Justinus Steinhorst commented on market reaction:

Energy {UBXEENER} is among the best sectors on Tuesday after an LNG tanker was hit at Hormuz, rekindling fears around longer term disruption. Progress to normalise flows through strait appears to be stalling slightly with crossings still well below pre-conflict levels.

UBS analyst Aditi Samajpati noted:

Oil prices may remain under pressure in the near term as additional barrels from previously stranded ships in the Strait of Hormuz reach the market. UBS Wealth Management CIO however believes the current price level overestimates how quickly traffic through the waterway will normalize as it takes time for shipping confidence to be fully restored and for tankers to return to the Persian Gulf to load oil for export. The Strait is now accommodating fewer ships than before the conflict began, and the recovery of shut-in production is likely to be slower than expected, CIO says, adding that broad commodity exposure continues to offer diversification benefits in a portfolio.

Vessel flows on the Hormuz chokepoint (transponders on) remain elevated but well below pre-war levels. This may only suggest the normalization process will take longer than expected.

Kpler analyst Muyu Xu said:

The continued use of different shipping lanes suggests that traffic through the strait remains operational, but is fragmented as shipowners adopt different routing strategies based on their individual risk assessments.

Latest Iran and Hormuz headlines (courtesy of Bloomberg):

Strait of Hormuz Attacks

• Iran reportedly fired at least two missiles at commercial ships in the Strait of Hormuz on Monday night, with both vessels suffering significant damage but no casualties

• A Qatari LNG carrier, Al Rekayyat, was struck by a projectile near the Omani coast on Tuesday morning as it exited the Strait of Hormuz

• Another loaded LNG tanker, Al Areesh, appears to have U-turned in the Persian Gulf on Tuesday following the strikes

• The attacks are testing a late-June US-Iran deal intended to halt attacks in the waterway as the two sides work toward a peace agreement

Diplomatic Developments

• Iran’s Foreign Minister Abbas Araghchi warned on Tuesday that negotiations on a final deal will not commence if threats continue, referencing a memorandum of understanding with the US

• Iranian President Masoud Pezeshkian will travel to Iraq on Tuesday to attend funeral processions for former Supreme Leader Ali Khamenei, scheduled for Wednesday in Najaf and Karbala

Market Impact

• European natural gas prices surged as much as 6% on Tuesday, the most in a month, following the attacks on ships in the Strait of Hormuz

• Oil prices climbed on Tuesday, with Brent trading near $73 a barrel, as the attacks highlighted continued risks to vessels in the critical waterway

• Gold fell for a second day on Tuesday, dropping as much as 1.2% to below $4,120 an ounce, as the Hormuz attacks rekindled inflation concerns

• France lowered its 2026 GDP growth forecast to 0.7% from 0.9%, citing the Middle East conflict as a factor holding back output

Oil Trade Developments

• India’s state-run refiners are in talks with traders marketing Iranian crude and preparing to buy barrels if the US extends waivers beyond August or eases restrictions

• Two supertankers hauling Saudi crude are heading to the US for the first time since February, following the reopening of the Strait of Hormuz

• Russia’s Urals crude price averaged $41.66 a barrel at western ports in early July, falling to pre-Iran war levels and less than half the level during the height of oil market turmoil in April

Tyler Durden
Tue, 07/07/2026 – 07:20

Manslaughter Charges Filed Following Fatal Tesla FSD Crash

Manslaughter Charges Filed Following Fatal Tesla FSD Crash

A fatal crash involving Tesla’s driver-assistance technology has resulted in manslaughter charges against a Texas man after his vehicle slammed into a home near Houston, killing a 76-year-old woman inside, according to the Wall Street Journal.

Prosecutors say 44-year-old Michael David Butler told first responders he had been using Tesla’s Full Self-Driving (Supervised) feature while making a DoorDash delivery on June 19. Butler claimed he changed the music on the touchscreen before losing consciousness. Authorities said he was the only person in the car and that toxicology tests found no evidence of alcohol or drugs.

However, data recovered from the vehicle paints a different picture. Investigators said Butler repeatedly overrode the FSD system by pressing the accelerator, with the Tesla reportedly reaching speeds as high as 73 mph in a residential neighborhood. Officials also said there was no braking in the final moments before the vehicle crashed into the home. Investigators further uncovered Google searches indicating Butler had been frustrated that the software was not driving aggressively enough.

The WSJ reported that Tesla has pushed back on Butler’s version of events, stating that vehicle data shows the accelerator was held down by the driver both before and after the collision. The crash is now also under investigation by the National Highway Traffic Safety Administration as part of its ongoing scrutiny of advanced driver-assistance systems.

The crash is likely to intensify the long-running debate surrounding Tesla’s Full Self-Driving technology. Although the software is marketed as capable of handling steering, braking, and acceleration in many driving situations, Tesla has consistently maintained that the system requires a fully attentive driver who is prepared to take control at any moment. Despite its name, Full Self-Driving is not an autonomous driving system.

Critics have argued for years that the branding has created confusion among some drivers, leading them to place more trust in the technology than Tesla’s own warnings recommend. Regulators have repeatedly examined whether drivers are using the system as intended, while safety advocates have questioned whether the software encourages a false sense of security behind the wheel.

The National Highway Traffic Safety Administration has opened numerous investigations into crashes involving Tesla’s advanced driver-assistance features over the past several years, including several fatal incidents. Those investigations have fueled ongoing scrutiny of the company’s autonomous driving ambitions as Tesla continues to make artificial intelligence and self-driving technology central to its long-term strategy.

Tyler Durden
Tue, 07/07/2026 – 06:55

Britain Vs America: 1976 Vs 2026

Britain Vs America: 1976 Vs 2026

Authored by John Perry via AmericanThinker.com,

July 4, 1976, the American bicentennial.  

Along with other American students at University College, Oxford, I attended a grand banquet celebrating the occasion.  In the high-vaulted dining hall, our familiar, plain wooden tables and benches were awash in linen, china, fresh flowers, silver, silver, and more silver: candlesticks, ewers, wine coolers, chargers, and items a young man from Spring Branch, Texas could not readily identify.  We feasted heartily, drank really good wine, heard speeches, and toasted President Gerald Ford.  It was a great night to be an American.

Looking back at that celebration fifty years on, it’s clear that the U.S. and Britain have gone in very different directions since then.  

Britain in 1976 seemed to this novice traveler like a downtrodden older cousin, tired and worn around the edges yet with a sense of history and purpose, a proud past, a charming personality, and the notion that “there will always be an England.”

Unfortunately, immigration, lawlessness, blind obedience to the global warming hoax, and a fading confidence in their own brilliant history have rendered Great Britain a shadow of its former self.

Britain today seems to have lost its way, given up, and virtually turned itself over to third-world invaders.  Great Britain resolutely held off foreign invasion through two world wars.  But over the past fifty years, in an era of relative peace and prosperity, they have turned one of history’s truly great and accomplished cultures over to gate-crashers who have diluted it almost beyond recognition and possibly beyond saving.

Fortunately, history has shown America a different way, though millions of illegals flooded in before our leaders saw the light.  With its ruinous and indefensible open borders policy, the U.S. nearly went down the same dark path as our British friends.  Only a change of command and a resurgence of common sense saved us in the nick of time.  For now.

In another unfortunate misstep, Britain has spent years destroying itself before the false god of climate change.  Their people freeze and roast while vast and easily extracted stores of coal sit unused.  Their North Sea oil and gas riches wait offshore, largely ignored and untapped today after an initial bonanza of energy production.  Windmills, solar panels, and electric car mandates will do still further damage.  Yes, the climate is changing.  It has always changed.  (Ask the Vikings who lived in Greenland until it got too cold in the 1400s.)  But fossil fuels don’t cause climate change.  And nothing the world does — or doesn’t do — will stop it.

Thank goodness America’s current leadership has the sense to throw out decades of junk science and embrace energy development that keeps Americans comfortable, healthy, and safe.  And gives us freedom to choose.  If you want an electric car, Elon Musk makes the best in the world.  If you can’t resist a scorching V-8, America has some brand-new ones that will make your eyes bug out.  

Even in 1976, the British seemed different from people back home.  Americans appeared more prosperous, ambitious, hopeful, independent, curious, and confident.  They had more sparkle and optimism.  On the train one morning in Oxford, I struck up a conversation with a passenger who was about my age.  Hearing my accent, he pumped me for information about the American West — Montana, Wyoming, the Dakotas.  He dreamed of going there to work on a ranch and have his own place one day, he said, because in Britain the land was all bought up and no one had any way to improve his prospects.  No one expected to get ahead.  To him, America was the shining New World of opportunity.

I wrote in my journal that summer about crowds in the street seeming gray and listless, shuffling through the day in a joyless, inevitable sort of way.  I didn’t know exactly how to describe what I felt, but it centered on what my fellow passenger had said about how Americans seemed to have optimism about the future, a sense they could change their lives for the better, while the British were shunted onto a path somehow and that was it.  No New World for them.

Fifty years after my bicentennial celebration abroad, despite all the slings and arrows arraigned against it, the United States is still the United States.  Still the freest, most prosperous country in world history.  Still maintaining the highest per capita income and standard of living in the world (not counting Monaco, Liechtenstein, etc., which have no Democrats).  Still defending its founding principles anywhere and everywhere. 

On the other hand, the Britain of 1976 has disappeared, a victim of irresponsible and short-sighted leadership whose immigration and energy policies have driven the country to its knees.  A nation that was once quirky and a little past its prime, yet still solid at its core and capable of renewal, has devolved into one that is morally and culturally spent, bereft of an identity, embarrassed at its past triumphs, and imprisoned by forces determined to bring it down.

Many noteworthy comparisons between ’76 and today are in the little things.  In 1976, the mail in Oxford came twice a day.  This was of course so one could get a letter in the morning and, like any civilized correspondent, answer it the same afternoon.  Twice-a-day mail delivery is history now.  In fact, unless you pay a premium, routine mail is delivered only every other day and not on weekends.

British trains in ’76 looked as though Hercule Poirot might step off onto the platform at any moment.  Each car had individual compartments connected by an interior corridor along one side.  They were quiet, plush, and easy to get in and out of.  They had plenty of storage, and they lent a degree of British elegance to even the most routine train journey.  It’s all gone today.

Table service in ’76 was a dream for anyone who enjoys the experience and spectacle of dining.  The most mundane meals were enhanced by traditional tea service (strainer, stand, sugar cubes and tongs, milk pitcher), toast racks, fish knives, and an array of spoons from coffee (doll-like, half the size of a teaspoon) to soup (massive; don’t put the whole thing in your mouth).  Even expensive restaurants hardly make the effort now.

At the opera, excellent binoculars were provided in racks on the seat backs.  Those are long gone, I suspect, because they started disappearing.

But the biggest disappearance since 1976 is that in ’76, Britain was full of British people, and in ’26, they have disappeared.  During the course of a day, a visitor can interact with dozens of cashiers, shopkeepers, drivers, clerks, waiters, guards, officials, and strangers at the bus stop without encountering a single native English speaker.  What happened to them?  And why would any business hire employees who cannot clearly speak the local language when it’s the language of the world?

The British today seem embarrassed by their Britishness.  Swamped by a tidal wave of political correctness, they’ve been cowed into submission for even thinking about defending one of the great cultures of the world.

By any reasonable measure, Britain is better than any immigrant homeland.  Their courts, schools, hospitals, law enforcement, business environment, and other institutions are better.  Otherwise, why would hordes of people from Africa, Asia, and elsewhere clamor to get to the British Isles?

Britain has been diluted beyond recognition by foreigners who come not to build a career, but to mooch off the British welfare system.  Rather than compel them to pull their own weight and contribute to the greater good of the Commonwealth, the government allows them to fester, holding on to their third-world ways and customs — sharia courts, Islamic schools — chipping away at all the institutions that shaped Britain, brought it to life, and sustain it today. 

England’s laws are the bedrock of modern jurisprudence.  Its industry has been the template for the modern world.  Its culture and civilization led the way into the industrial age.  Its language is the first international language in history.  Yet somehow the English have allowed themselves to feel inferior to a host of invading cultures and civilizations.  Let us hope that the Spirit of ’26 — or ’76 — will inspire them anew.

After following Great Britain up the ladder to prosperity and influence, America came too close to following it back down these past fifty years.  Yet by God’s grace, our history has led us along a different path, upward to an ever stronger, safer, more prosperous nation — a shining New World of opportunity for all. 

On this glorious occasion of America 250, that’s truly worth celebrating.

Tyler Durden
Tue, 07/07/2026 – 06:30

Coffee Shorts Get Roasted As Arabica Stages Biggest Jump Since Dot-Com

Coffee Shorts Get Roasted As Arabica Stages Biggest Jump Since Dot-Com

Arabica coffee futures jumped the most since the Dot Com era as worsening weather in Brazil and shrinking exchange-managed warehouses intensified concerns about near-term supply. This comes as El Niño threats rise across critical agricultural belts worldwide.

New York prices jumped as much as 18.5% on Monday to $3.57 a pound, the highest since January. This was the largest single-session gain since July 18, 2000.

Context on the squeeze: Traders had been expecting a large Brazilian crop, but rains have slowed the harvest, and growers are holding back sales in hopes of better prices.

Bloomberg noted: 

Technical factors also were at play. The Intercontinental Exchange last week raised margin requirements as prices increased, making it costlier for traders to maintain positions and potentially pushing some out of the market, said Judy Ganes, president at J. Ganes Consulting.

“This move is just one of those fear days and people covering,” Ganes said. But it’s hard to justify it fundamentally.”

Bloomberg quoted Rural Clima meteorologist Marco Antonio dos Santos as saying that rain is forecast for a large part of Brazil in mid-July, which will be “detrimental” to crops, including coffee. “This is directly linked to El Niño, which has been gaining strength week after week,” he added.

The rally adds to a broader El Niño-driven surge across soft commodities, with sugar, rice, and cocoa also rising.

Latest El Niño coverage:

Arabica inventories in exchange-monitored warehouses are at their lowest levels since March 2024.

Tyler Durden
Tue, 07/07/2026 – 05:45

Russia’s Oil Windfall Vanishes As Urals Crashes To $42 A Barrel

Russia’s Oil Windfall Vanishes As Urals Crashes To $42 A Barrel

By Charles Kennedy of OilPrice.com

Russian crude oil prices have fallen back to where they were before the Middle East war, with its flagship Urals averaging just $41.66 a barrel during the first three days of July.

The drop wipes out the revenue boost Moscow received from the conflict and pressures a federal budget that assumes oil prices of about $59 a barrel. 

Urals had averaged more than $59 a barrel every month since March and climbed to $60.92 in June after the U.S. and Iran reached an agreement to restore shipping through the Strait of Hormuz. Higher prices gave the Kremlin room to replenish its reserve fund for the first time in nearly a year and delay planned spending cuts. With Urals now back near $42 a barrel, that relief could be short-lived. Oil and gas account for roughly one-third of Russia’s federal budget revenues. 

Reuters reported Monday that a European intelligence assessment warned the country’s banking sector is becoming increasingly vulnerable after years of war-driven lending, with rising bad loans and deteriorating asset quality risking a wider financial crisis.

According to the assessment, Russian banks have absorbed much of the financial burden of the war by extending subsidized loans to defense contractors, state-backed companies and households. The report estimates that roughly 10% of corporate loans are now considered doubtful, while some major lenders have retail non-performing loan ratios as high as 15%. It also cites more than 500,000 personal bankruptcies in 2025.

Ukraine also continues with campaigns targeting Russia’s energy infrastructure. Bloomberg reported Monday that drones were intercepted near the Baltic ports of Ust-Luga and Primorsk, two of Russia’s key crude export hubs. There were no reports of damage or disruptions to oil exports. 

Tyler Durden
Tue, 07/07/2026 – 05:00