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“Let’s Downsize”: Antifa Uses Instagram To Put ‘Luigi-Style’ Hit On Flock Camera CEO

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“Let’s Downsize”: Antifa Uses Instagram To Put ‘Luigi-Style’ Hit On Flock Camera CEO

Karlyn Borysenko, who describes herself as an anti-communist analyst and observer of the far-left, posted a screenshot of an Instagram post from an account called “3chordpolitics.” The post could be interpreted as a targeted, implicitly violent communication directed at Garrett Langley, founder and CEO of Flock Safety.

With high confidence, the 3chordpolitics post deliberately invokes violence against CEOs. As Borysenko wrote on X, “Antifa on Instagram is issuing death threats to CEOs, referencing bullets and Luigi Mangione, and essentially using the platform to call for more CEO assassinations.”

Here are the threat indicators present in the post:

  • CEO Garrett Langley is individually named and pictured.
  • A black bar obscures his eyes, creating a targeting effect.
  • Three bullets appear alongside a Luigi character, likely a coded reference to Luigi Mangione and the killing of UnitedHealthcare CEO Brian Thompson.
  • The slogan “No CEO Left Behind” appears to imply hostility toward Langley and CEOs as a class.
  • The caption “Let’s downsize” functions as a double entendre, suggesting the physical elimination of a CEO.

The account’s prior posts suggest it is aligned with the far-left, given its apparent sympathy for Luigi Mangione, calls to dox ICE agents, advocacy for work stoppages, and encouragement of rioting. These positions broadly reflect elements of both reformist socialism and far-left revolution.

Borysenko recently published a five-tiered “rainbow cake” depicting her view of the American left, ranging from establishment Democrats who favor incremental reform within capitalism to revolutionary socialists who seek to abolish the existing system and destroy the nation from within.

As a reminder, the DSA cult sits on the far-left.  

As of Thursday morning, Instagram had yet to remove the post. 

Tyler Durden
Thu, 08/20/2026 – 23:00

Broadcom CDS Explodes As It Seeks Up To $100 Billion In Massive Off-Balance Sheet Debt Deal

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Broadcom CDS Explodes As It Seeks Up To $100 Billion In Massive Off-Balance Sheet Debt Deal

Amid the growing angst about hyperscaler CapEx (and more specifically, the historic flood of new debt issuance to fund it), attention among the always-bullish equity talking-heads has shifted – and rightfully so – to the bond markets as alarm signals flare up with an increasing frequency. Of course, for ZeroHedge readers, this is not a new topic, it is something we have been warning of for the past year, ever since we explained that debt was the true AI bubble last October:

Then, last week we explained why – as Nomura’s Charlie McElligott also joined the credit chorus – the unprecedented flood of AI corporate debt had started to crowd out demand for US government paper, an ominous development as it meant continued massive capex would lead to even higher treasury yields… as well as even more inflation, a toxic mix to the Treasury.

What’s worse, the market had finally started to pay attention, as one look at the surge in treasury swaption vol of vol made abundantly clear, which is why last week we warned – correctly – that Bessent was about to get very busy as bearish bets hit levels last seen during previous trasury market crises. 

One week later Bessent did in fact, get busy, and shocked the market with a “cringingly executed” (to quote McElligott) buyback directive announcement, one which lasted all of 23 hours before the entire move was reversed and yields are now trading 4 bps higher than where they were before the Treasury announcement. 

But while Bessent can address the market again any time he wants and threaten Treasury shorts (“By At LeAsT dOuBlE”), the bigger problem facing the Treasury is that the deluge of AI debt is really just starting – recall there is another $6-8 trillion in capex that has to be spent by 2030, most of it in the form of corporate debt, which will lead to relentless pressure higher on US interest rate for the foreseeable future. 

Some AI companies realize that it is only a matter of time before Bessent chills this AI debt diarrhea indefinitely; which explains why Bloomberg reported today that Broadcom is preparing another gargantuan SPV deal, and is in talks with a group of lenders to raise more than $60 billion in debt for an AI chip financing deal that will benefit Anthropic PBC and other companies. 

The financing, which is still being ironed out, may also include a roughly $30 billion junior debt tranche, said some of the people, who asked not to be identified because the information is private.

Under the proposed plan, Broadcom would guarantee a portion of the senior-secured tranche, which could range from about $60 billion to $70 billion. The numbers under discussion would potentially bring the total to as much as $100 billion, which would make it the largest SPV deal ever funded.

The agreement would add to a rush of deals aimed at financing artificial intelligence infrastructure. AI companies like Anthropic are taking a bigger role in the build-out, aiming to ensure they have enough computing capacity. Broadcom, meanwhile, is looking to sell more chips and other data center equipment, challenging Nvidia in this lucrative market.

Since AI infrastructure SPV require private credit backers, Blackstone and Apollo – the same firms that backstopped Nvidia’s recent $500 billion compute collateralized deal – are in talks with Broadcom to participate in the chip financing, following a partnership the three companies struck in June to help finance computing infrastructure. The debt – as one would expect ever since Meta set the standard with its Beignet off-balance sheet deal – would be issued by a special-purpose vehicle, or SPV, most of which won’t appear on any balance sheet.

The potential deal would help firms including Anthropic access chips and other key AI infrastructure, according to Bloomberg which broke the news. It could be similar to the $35 billion debt agreement that kicked off the group’s AI XPV partnership, they said. 

In the first deal for the AI XPV platform two months ago, we explained that Broadcom backstopped most of the debt and investors including Apollo and Blackstone financed the purchase of custom AI chips to lease to Anthropic. And in a sleight of brilliant financial engineering where everyone pretends there is no actual debt being issued, this enabled the senior debt tranches to win investment-grade ratings at lower borrowing costs. 

However, that is just the start… of both the debt issuance runway and Bessent’s headaches. The partnership, which plans to finance more than 20 gigawatts of computing power, will require hundreds of billions of dollars. That level of capacity would roughly equal the output of 20 nuclear plants. 

The unprecedented scale of the borrowing now under discussion underscores the capital requirements of the AI boom, which has prompted a slew of novel debt deals at a pace and scale that’s simultaneously unnerved some investors. In what was actually a huge nothingburger, Nvidia earlier this month announced that a coalition of major financial firms including BlackRock and Goldman Sachs Group were lining up more than $500 billion to help fund the AI build-out, although the agreement was only an MOU and was at best intended to provide some comfort to credit markets. It failed, since Nvidia CDS is now trading at all time wides. 

Broadcom’s chief executive officer said in March that the company expects AI chip sales to top $100 billion next year. The chipmaker has also struck other partnerships, including an accord with Apple that’s expected to be worth more than $30 billion. Broadcom’s valuation has soared in recent years, propelled by agreements to make custom AI chips for firms like OpenAI.

After briefly declining, Broadcom shares rose as much as 1.1% in late trading after Bloomberg News reported on the discussions. The stock had climbed 5.2% this year through the close. But forget about the stock: these days all the action is in the bond trading and/or Credit Default Swap land, and is why Broadcom’s massive new bond deal illustrates the US Treasury’s uphill task in containing long-bond yields

Broadcom’s debt is interesting because its recent competition for Google’s TPU business has been accompanied by a spike in CDS. And, as Bloomberg notes, the monster debt deal will do little to alleviate that pressure and will likely feed down to the CDS of other chip/hyperscaler credit.

As we noted in our EOD wrap, hyperscaler CDS is already back near the July all-time wides, with names that issue new debt seeing clear spikes in CDS pushing their default risk slowly but surely every higher. 

The problem is that unlike equities, where there apparently is an infinite number of greater fools using other people’s money to force daily gamma squeezes, there will come a time – and yield – when the bond market simply refuses to keep funding these endless AI boondoggles, especially when China can now do pretty much everything faster, cheaper and almost as effectively. At that point, the AI bubble will finally burst. 

Tyler Durden
Thu, 08/20/2026 – 22:51

The All-Seeing Eye

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The All-Seeing Eye

Authored by Todd Hayen via OffGuardian,

What was once the paranoid whisper of conspiracy has become the marketed convenience of ‘life logging’ – yet beneath the promise of perfect memory lies the total erasure of privacy, turning every shrew into a unwitting performer on the surveillance stage.

(If you haven’t read enough of my work to know what a “shrew” is, read this: Sheep and Shrew)

During a recent three-hour ramble with my sister – one of those wide-ranging, idea-sparking talkathons we’ve shared for years – the little recording device I had just bought, attached to my phone, quietly drank it all in. Every tangent on culture, politics, family, and the state of the world was captured, summarized, and later served back as a tidy slideshow of “highlights.” It auto-suggested calendar entries, pulled up past chats on demand, and generally made itself indispensable.

For a moment, I felt the rush: This is the future. No more forgotten details, no more scrambling for notes. Pure magic.

I will disclose immediately that I have purchased several of these odd devices mostly out of curiosity, but also out of an attempt to record various “having fun moments” of my life (like a recent dog adventure to a local pond, and our three-day trip to New York City to see Swan Lake). I won’t go into my personal experience (with the intentions just stated) out of fear it will bore you; ask in the comments if you would like to know.

Here I will make my general comments on what I feel the impact such devices will have on our human culture. What masquerades as personal empowerment is a profound archetypal shift toward total surveillance, eroding privacy, authenticity, and human freedom – normalizing the sheeple’s willing submission while shrews must stay vigilant.

Woo-hoo, what else is new?

During my conversation with my sister, the shrew in me stirred almost immediately. That ancient archetype of the All-Seeing Eye – once reserved for gods, tyrants, or paranoid fantasies – had slipped into the room wearing the friendly face of convenience. What felt like an innocent companion was, in truth, a silent recorder turning private exchange into permanent data. And I had invited it in.

This is how the trap springs. Not with jackboots and cameras in every corner (though those exist too), but with sleek little devices marketed as extensions of ourselves. Wearable AI pins, smart glasses, neck discs – they promise perfect memory while quietly building the most intimate profile imaginable: where we go, what we say, who we say it to, and how we feel about it all. Street cameras and smartphone sensors already blanket the public square; these wearables drag the surveillance indoors, into our conversations, our homes, our unguarded moments with loved ones. The panopticon goes portable.

We’ve seen this pattern before. Remember when “just a phone” became a pocket tracker? Or how contact-tracing apps during the scamdemic morphed from “temporary emergency tools” into permanent fixtures in the biosecurity state? The same sleight of hand is at work here. Tech companies dangle the carrot – Never forget a name! Relive every precious moment! Let AI organize your chaos! – and the sheeple flock to it, bleating about how “empowering” it all feels. The sheep, yes, and at least one sheep-like shrew. Me.

Meanwhile, the other shrews (you) feel the water getting warmer. You are more aware than me that every logged conversation is fodder for training models, targeted ads, behavioural predictions, or worse – subpoenas, hacks, or authoritarian overreach. Deepfakes already erode trust in video evidence; add always-on personal recording, and alibis become meaningless, private truths become contestable, and authentic human connection withers under the gaze of the machine.

My sister and I laughed about it at first. Then the unease settled in. What if one of those “helpful” summaries gets shared without consent? What if the data shapes how others (or algorithms) perceive us? The archetype of the all-seeing eye doesn’t just watch – it consumes. It flattens the rich, contradictory mess of human life into clean, marketable data points.

From a Jungian perspective, this is no mere gadget problem. It is the externalization of the Self’s shadow – the watcher within projected onto silicon. Privacy is not just a legal right; it is the sacred space where the psyche breathes, where shadow integrates, where anima and animus dance unseen. Strip that away, and we become performers, constantly curating our words for an invisible audience. The sheepsters may not notice – they’ve grown accustomed to the slowly boiling pot. But the shrew feels the contraction of soul.

This is the latest chapter in the long war on autonomy waged primarily by the advocates of transhumanism and technoculture. Digital passports, social credit systems, vaccine mandates – each promised safety or convenience while tightening the noose. AI wearables complete the circle: they don’t just monitor the body or the public square; they ingest the mind itself, turning inner dialogue into training data for the next generation of control.

We are not far from the logical endpoint – stylish glasses with always-on cameras, or worse, neural implants that record thoughts before they become words. The marketers will call it “seamless augmentation.” The shrew calls it the end of anything resembling private life. But here we go.

Woo-hoo again, what fun!

Obviously, we have known about all this techno-joy for quite some time: science fiction novels, 50’s SciFi movies, superhero comic books, Star Trek, Outer Limits and Battlestar Galactica TV series, among many other media enticements. All techno gadgets presented in these resources have been emblazoned into our feeble brains (not you, of course!), always looking for the next exciting and fun thing to engage with.

Why do we have to move back into the techno-less past in our effort to survive? Why can’t we take this fun ride into a more convenient, more joyous, more exciting future with interesting “things” to fiddle with? Primarily because there is likely an evil intention behind it all. We can never forget the agenda, and one of the prime tools of manipulation the agenda thrives on is private information.

So, what do we do? Do we stop participating in this new science-fiction-turned-reality world? Do we just get the hell off the grid, and live in some backward fourth-world country drinking milk out of a coconut? That’s one way to do it; another is to simply become more aware and conscious.

Awareness itself is resistance. Turn the All-Seeing Eye inward. Use these tools sparingly, consciously, and never without remembering what they truly cost. Talk with your pack. Document the unease. Keep the conversations that matter offline when you can.

The water is heating, my dear shrew. But we still have legs to jump – and voices to warn the others before the lid clamps shut for good.

Todd Hayen PhD is a registered psychotherapist practicing in Toronto, Ontario, Canada. He holds a PhD in depth psychotherapy and an MA in Consciousness Studies. He specializes in Jungian, archetypal, psychology. Todd also writes for his own substack, which you can read here.

Tyler Durden
Thu, 08/20/2026 – 22:35

Cost Of Living Remains Biggest Challenge Facing Americans

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Cost Of Living Remains Biggest Challenge Facing Americans

The war in Iran marked a significant setback in Americans’ year-long battle with high prices.

While inflation has come down a long way from its 2021/2022 highs, when it peaked at 9 percent, it remains elevated at 3.4 percent.

More importantly though, as Statista’s Felix Richter reports, people are still struggling to cope with the lasting effects of the inflation crisis.

According to a Statista Consumer Insights survey conducted between January and July 2026, 53 percent of U.S. adults said that the high cost of living was one of the biggest challenges they currently face – making it by far the most common answer ahead of mental and physical health at 26 percent each.

Infographic: Cost of Living Is the Biggest Challenge Americans Face | Statista

You will find more infographics at Statista

It is a common misconception that prices come down when inflation cools, when in reality a period of high inflation leaves a legacy of high prices.

According to the Bureau of Labor Statistics, U.S. consumer prices have increased 26.7 percent since January 2021, with some categories seeing even steeper price increases than that.

Food prices are up 27.2 percent, rents have increased more than 30 percent and transportation prices are up 35 percent.

And yet, nominal wages have only grown 25.7 percent since January 2021, leaving many people worse off than they were five years ago.

Tyler Durden
Thu, 08/20/2026 – 22:10

Western Woman Travels To India And Finds The Misery Of Cultural Enrichment

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Western Woman Travels To India And Finds The Misery Of Cultural Enrichment

It’s been a long time since the Beatles convinced an entire generation of western youth in 1968 that “enlightenment” and personal peace could be found in the third world backwaters of India’s ashram retreats.  As it turned out, the world famous band and the yogi scammers of that era would end up creating a trend that would sucker gullible liberals for decades to come.  

The hippies were not smart, they were merely impressionable. 

Today, the streets of India are likely the same in most places as they were back in the 1960s – Filled with trash and feces and not very safe.  The country remains one of the most dangerous tourist markets on the planet for women – Around 90% of rapes go unreported due to law enforcement apathy and a culture of reprisal for women who come forward.  Any travel outside of tourist enclaves is considered high risk.

British content creator Amy On The Move discovered this on her first trip to India, but she says she was willing to give the country a second chance.  What she found was even more multicultural misery.

She had entered India on a longer-term (year-scale) visa intending a solo cycling trip from Kolkata toward Kerala and up the west coast. After roughly two weeks, including time in Bhadrak, Odisha, she posted videos documenting her experiences there. 

It’s a common story which liberals tend to ignore in their search for anything better than the “evils” of the capitalist west.  They say the grass is greener elsewhere, but they can’t seem to find any legitimate examples.  The “rape culture” and “patriarchy” of the west that the political left constantly complains about doesn’t hold a candle to the unfiltered predatory nature of the third world.

The UK vlogger complained that she was “getting scammed non-stop” as beggars and shopkeepers targeted her relentlessly.  She noted a common tourist scam in which beggars ask travelers to buy them food, then take them to a shop where the owner overcharges and pockets the extra cash. 

The average yearly salary on Indian citizens is around $4000 USD and the poverty rate is 28%.  To put this in perspective, one US dollar is equivalent to 2.5 hours of labor in India.  Ripping off western tourists is a lucrative industry. 

The country is world famous for it’s garbage problem and municipal government mismanagement is usually blamed.  However, evidence suggests that this issue is a product of culture, not just of government.  Western tourists discover that throwing trash in the streets us “just what they do in India”. 

These kinds of examples underscore why it is important for western nations to carefully limit the kinds of people that are allowed within their borders.  It’s not just a matter of environment, it’s a matter of culture and culture does not change.  In other words, import the third world into the west and the west will become the third world.   

Tyler Durden
Thu, 08/20/2026 – 21:20

ADNOC Issues Ninth Spot Crude Tender Since June As UAE Boosts Oil Exports

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ADNOC Issues Ninth Spot Crude Tender Since June As UAE Boosts Oil Exports

Submitted by Tsvetana Paraskova of OilPrice.com

Abu Dhabi National Oil Company (ADNOC) has just issued its ninth spot tender offering crude oil to buyers for October and November loadings, as the United Arab Emirates (UAE) continues to push its oil production and exports higher despite the Hormuz crisis.

The UAE’s national oil company is offering Upper Zakum, Umm Lulu, and Das crude grades pumped at fields inside the Persian Gulf in its ninth spot tender since June, sources in the trade industry told Reuters on Thursday.

In the previous eight spot tenders this summer, ADNOC is estimated to have sold more than 100 million barrels of crude to buyers.

As in the previous tenders, the ninth spot tender offers buyers the opportunity to buy cargoes on a free-on-board basis at UAE’s Fujairah Storage, Zirku, or Das Island, or arrange ship-to-ship (STS) transfers at the Fujairah-Sohar range outside the Strait of Hormuz, according to Reuters’ sources.

Since June, ADNOC has sold an estimated more than 100 million barrels in spot tenders, as the Gulf producer that has just left OPEC pushes to sell increased crude volumes to international markets.

The UAE has managed to boost its oil exports to pre-crisis levels as early as June, as it has kept pushing crude through the Strait of Hormuz and beyond.

The UAE is estimated to have produced 4.1 million barrels per day (bpd) of crude oil in June, its highest output ever.

The UAE, which left OPEC on May 1, has found workarounds to the blockage at the Strait of Hormuz.

It has been shuttling crude through the chokepoint to load it on larger vessels outside the Strait, maximizing the use of its onshore pipeline to ship crude from the west to the east of the country, bypassing Hormuz, and shipping tankers through the Strait in dark mode.

Tyler Durden
Thu, 08/20/2026 – 19:15

The Dem ‘Big Tent Party’ Is Doomed

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The Dem ‘Big Tent Party’ Is Doomed

Authored by Noel Williams via AmericanThinker.com,

Towards the end of every calendar year, various colleges publish lists of overused words and phrases. Though it is only August, here’s an obvious entrant for 2026: “big tent party.”

Invoking that tired phrase is part of the sophistry that “establishment” Dems contrive to outwit dumb fake-news hosts. It is an attempt to obfuscate concerns about the commie takeover of their party. Publicly and performatively, they pretend to welcome the commies because they are a “big tent party.”

Wrong! They are a “folding tent” party when it comes to their historical raison d’être; indeed, common-sense Republicans have co-opted much of their traditional ethnic and working-class base.

Even if their big tent bulges at the seams, what’s the point if the big top ring is swamped with commie clowns who turn it into a chaotic circus?

What’s the point of a party that lacks a clear mission or coherent principles?

The answer: to spite common-sense conservatives. To thwart Republicans for the sake of it. But what’s the point of that?

As the commie clowns usurp the circus ringmaster, they’re effectively chucking sticky pies into the faces of the supposedly establishment Dems. Even leftist Hakeem Obama-wannabee Jeffries has been splattered with sugary goop. He admits he’s against several of the commie demands; in fact, he doesn’t support the DSA platform at all.

Again, I ask: what’s the point in welcoming in commie clowns who run amok? I know TDS is debilitating, but do they really hate an America First President more than soul-destroying commies? They are anti-American, but are they also anti-human? Get some perspective, please.

When it comes to the more “moderate” Dems, perhaps the likes of Jared Moskowitz (D-FL) and John Fetterman (D-PA), the policy gulf is even wider. If one considers the political spectrum, they may tilt somewhat closer to conservative than commie (admittedly, Fetterman votes Dem most of the time, but I can’t see much comity with the commies).

This is not to say that a big tent can’t remain steadfast. Ronald Reagan managed it, and President Trump expanded traditional Republican constituencies. The difference is they coalesce around all-American common-sense principles that have helped make us the most inventive and prosperous country ever. Genius combined with copious common sense made America great.

The Dem big top tent is crumbling under the weight of the commie onslaught. The DSA-endorsed candidates may have a “D” by their name, but it should be “C.” After all, there was once a time when even Dems supported America; conversely, the commies they now invite in want to overthrow us. How do they belong on the same playing field, let alone in the same tent?

I’m an average, commonsense dude, but I’m telling the pretentious intellectuals and highfalutin linguists right now:  recommend ditching the phrase “big tent party.” It was useful for Reagan, and even Trump, who both ushered in a bright “Morning again in America,” but has become a ludicrous trope for the demented Dems. They are lacking a positive platform, so the Communist Manifesto will fill the vacuum.

One presumes the ultimate purpose in their big tent is simply to defeat Republicans. Be careful what you wish for — the commies within will turn on you. They always do. As the old saying goes: “United we stand, divided we fall.” As with communism, the Dem big tent is doomed to fall. They’d be advised to break commie camp in a more orderly fashion.

Tyler Durden
Thu, 08/20/2026 – 18:25

“Get Long And Buckle Up”: Jeff Currie Says Commodity Bull Market Entering Next Leg

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“Get Long And Buckle Up”: Jeff Currie Says Commodity Bull Market Entering Next Leg

The breadth of the commodity advance is becoming increasingly difficult to ignore.

Quantix Commodity Index

Diesel crack spreads have surged above $100, copper is trading above $14,000 a ton in London, gold and silver are accelerating amid US Treasury market intervention, and the Bloomberg Agriculture Spot Index is surging higher. At the same time, the dollar weakened sharply following Treasury Secretary Scott Bessent’s intervention this week, providing an additional tailwind to the commodity complex.

According to veteran commodities strategist Jeff Currie, the convergence of tight physical markets, currency debasement, and policy intervention represents the hallmark of a structural commodity bull cycle.

Currie, the former Goldman Sachs commodities chief and now co-chair of Abaxx Markets, wrote in a ten-post thread on X that commodities are the clear winners as physical bottlenecks materialize around the world and Treasury market interventions add to those tailwinds.

Currie began the thread:

Wake up, folks. Commodities are telling you something, and yesterday the Treasury confirmed it.

Scarcity in the physical world. Repression in the financial one. Scarcity pushes prices up. Repression holds yields down. The gap between them is the debasement.

Commodities are the only asset class that wins on both sides. The structural case for commodities has been turbo charged.

Underinvestment, deglobalization and electrification all pushing markets like diesel cracks and copper to new highs.

Meanwhile the chokepoints are increasing, from Hormuz to the Red Sea, the Rhine, the Panama Canal, the Black Sea grain corridor and Russian refining capacity. It is becoming increasingly apparent that not a single one of those is reachable by anything in Washington’s toolkit whether it be caused by war or weather.

The illusion of abundance is likely behind us. I said as much on CNBC this Monday, and I got long gold, silver and agriculture last week.

Here’s a summary of Currie’s bull thesis for commodities:

1. Bond market intervention: Treasury Secretary Scott Bessent doubled long-bond buybacks one day after the 30-year yield hit 5.32%, its highest level since 2007, and only two weeks after the quarterly schedule was released. Currie says this is the last lever after a sequence of interventions: SPR draws that reduced inventories below 300 million barrels, dollar backstops for foreign holders in Japan and the Gulf, and FX intervention involving the euro and yen for the first time since 1998. The market reaction was immediate: Gold rose 4% to $4,510, silver gained 5%, and the Quantix Commodity Index reached an all-time high.

2. Stop watching Brent and WTI: The economy runs on gasoline and diesel. That consumption-weighted basket is around $165 versus $85 WTI. Inflation breakevens and the bond market are reading the wrong screen. Watch the next three CPI prints.

Related:

3. It’s all about the crack spread: Diesel cracks settled above $100 per barrel for the first time ever, reaching $102.20. That is four to six times the normal range, with records set in five of the last six sessions. The cause is a refining shortage, with global runs down around 5 million barrels per day because of Ukrainian strikes on Russian plants, Iranian attacks on Middle Eastern facilities, and chronic underinvestment. Crude can drift while refined products print records.

4. Treasury supply problem: Foreign holdings fell in June, led by Japan, China, and the UK. The July deficit reached $432 billion, interest costs hit $1.1 trillion, and debt is approaching $40 trillion, while hyperscaler AI-capex issuance is competing for the same pool of savings. The marginal buyer is waiting for higher yields. Yesterday’s buyback represents a managed, failing auction.

5. Broken feedback loop: Normally, a commodity spike forces yields higher, followed by demand destruction and self-correction. Repression has cut the brake line. Scarcity feeds inflation, repression prevents the response, and the absence of a response amplifies the scarcity bid.

6. Diesel underpins everything: “Every other commodity is dirt plus diesel.” Containers, tractors, locomotives, mine trucks, and fertilizer all depend on diesel. The energy input sets the floor for metals, grains, and other commodities. This explains why the QCI can reach an all-time high while crude remains $30 below its peak. Corn is already up 10% on the week. Pass-through into trucking, food, and producer prices is just beginning.

7. Refining problem: There are too many crude barrels and not enough refining capacity. The possible resolution paths include demand destruction through high product prices, crude rebalancing as the current glut remains partly MoU-related, or a recovery in refining activity. If runs recover and refiners bid for the missing 5 million barrels per day of feedstock, the shortage will migrate upstream, causing crude to rally as cracks compress. The net cost to consumers stays high either way. There is no SPR for diesel or gasoline. Bears have been promising supply for more than two years, while the petroleum total-return index has doubled and retail prices remain near all-time highs.

8/9. Widening chokepoints and El Niño: Hormuz has been constrained for six months, Russian refining remains under sustained Ukrainian attack, the Red Sea still requires a detour, the Rhine is at a record low amid heat waves, and the Panama Canal’s allowable draft has fallen to 47.5 feet. In the Black Sea, all three Novorossiysk terminals are shut, leaving 97% of Azov-Black Sea export capacity offline during peak season. Simultaneously, the USDA cut its US corn-yield estimate to 180.7 bushels per acre and reduced ending stocks by 15%. Food has joined fuel. A record El Niño probability, including NOAA’s 81% chance of a very strong event by year-end, adds further stress through drier conditions in Panama, weaker Asian monsoons, and pressure on Brazil’s planting window. The system has no redundancy left.

10. Conclusion: Scarcity is repricing the numerator, while repression is debasing the denominator. Own what benefits from both: product markets, grains, and freight for the scarcity leg, and gold for the debasement leg. Gold is at $4,510 versus the earlier January high of $5,600 referenced above. The bond market will spend the next six months discovering what product markets already know. Expect more volatility and higher highs across more markets.

Currie concluded by saying, “Get long and buckle up: the next leg of the ride will see more vol with higher highs across more markets.”

Tyler Durden
Thu, 08/20/2026 – 18:00

US Government Warns: Hackers Attacking Vulnerable Water Systems With AI Help

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US Government Warns: Hackers Attacking Vulnerable Water Systems With AI Help

Authored by Jack Phillips via The Epoch Times,

Several U.S. government agencies have said that cyber actors are attempting to hack into devices made by industrial systems company Siemens that are used to monitor water and other critical infrastructure systems.

In an advisory published on Wednesday, the FBI, National Security Agency (NSA), Cybersecurity and Infrastructure Security Agency (CISA), and other U.S. agencies informed “owners and operators of industrial control systems” that there is an “active cyber threat to Siemens S7 Series PLCs,” or programmable logic controllers—an industrial automation system.

Unnamed “threat actors are conducting reconnaissance and capability development against U.S.-based Siemens PLC installations using AI-generated exploitation scripts disguised as legitimate monitoring tools,” the advisory said.

It added that the hackers use services to find PLCs connected to the internet that run what the agencies said is “outdated software” or are “otherwise poorly protected.”

“The U.S. critical infrastructure sectors most targeted by this threat activity include Critical Manufacturing, Energy, Water and Wastewater, Chemical, Food and Agriculture, and Commercial Facilities,” the advisory reads.

“This is not a theoretical risk—it is an active threat.”

The agencies further warned that “exploitation of poorly protected PLCs could lead to disruption of critical industrial processes, safety incidents, downtime or equipment damage, compromise of sensitive data, compliance violations, and cascading impacts across interconnected systems.”

Organizations using Siemens systems are encouraged to apply relevant security updates, isolate devices and systems from the internet where possible, implement strong security protocols, and strengthen monitoring for potential malicious activity, according to the advisory.

“These mitigations are particularly important for owners and operators who work with third-party service providers or system integrators who may have remote access to PLCs, as the asset owners may not realize that their systems are exposed and at risk,” they added.

The advisory did not provide the name of a specific group, country, or actor that may be involved in attempting to hack the Siemens systems. Nor did it name companies that may have been targeted by the threat actors.

The warning ‌comes amid U.S. cyber incidents ⁠targeting local water systems in several states in recent weeks. The FBI said earlier this month that from July 27 to July 30, water and wastewater utility companies in seven states reported security-related incidents.

In July, CISA and other agencies said Iran-linked hackers have targeted PLCs made by Rockwell Automation, Schneider Electric, Siemens, and potentially others.

A cybersecurity risk organization, Encrygma, said on Wednesday that a group linked to Iran’s Islamic Revolutionary Guard Corps, known as the CyberAv3ngers, has attacked water systems in the United States and displayed political messaging. CISA linked the group to cyberattacks on PLCs in late 2024.

Since February, the United States and Iran have traded strikes as the Trump administration has demanded that Tehran give up its nuclear program and reopen the Strait of Hormuz, a crucial waterway that allows for the transportation of significant amounts of the world’s traded oil.

Other agencies that were involved in the release of Wednesday’s advisory included the Department of Energy and the Environmental Protection Agency.

The NSA, FBI, CISA, and other U.S. agencies have long said that the Chinese regime, Iran, North Korea, and Russia have engaged in malicious cyber activity against U.S. infrastructure networks, collecting intelligence and engaging in cyber espionage.

Tyler Durden
Thu, 08/20/2026 – 17:40

NATO F-16s Blow Up Sea Drone That Threatened Romania’s Largest Deep Gas Platform

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NATO F-16s Blow Up Sea Drone That Threatened Romania’s Largest Deep Gas Platform

A wild and highly dangerous intercept incident happened in the Black Sea on Thursday. A pair of Romanian F-16s were dispatched to track and intercept a sea drone in the vicinity the huge Neptun Deep gas platform.

The platform sits 80 miles east of the Romanian Black Sea city of Constanta and is the country’s largest natural gas project and its first deep offshore project, with hundreds of people working at the site at any given time.

Omv Petrom

The Wall Street Journal reports that “Romania said it deployed two F-16 jet fighters to destroy a Russia-launched explosive marine drone that threatened hundreds of lives near one of its gas platforms.”

Authorities said the sea drone was observed coming to within just a few hundred meters away from the platform, and thus the decision was made that it must be neutralized.

Citing Romanian Defense Minister Radu Miruta, WSJ writes further, “The decision was taken, in consultation with NATO, to destroy the drone in order to protect the lives of the several hundred people who were working on the platform and to secure the infrastructure, Miruta said in a Facebook post.”

President Nicușor Dan blamed Russia, after Ukraine said the drone wasn’t theirs, and formally accused Moscow of endangering “critical infrastructure” and people “working at the platform.”

“I strongly condemn the intensification of these types of irresponsible incidents on the part of the Russian Federation. We remain vigilant alongside NATO allies to defend ourselves and repel such challenges,” he wrote on X.

The Kremlin hasn’t immediately responded, and is unlikely to own up to it. However, it has recently vowed to punish Ukraine and its Western backers for the ramped-up long-range drone campaign which has unleashed havoc on its own oil refining and energy infrastructure. Moscow says that Western allies have been helping Ukrainian forces with targeting intelligence.

There have been widely reported petrol shortages across Russia of late, even impacting the capital and surrounding regions, due to the non-stop drone waves.

European Commission President Von der Leyen commented on the new Black Sea incident in support of Romania and NATO. “An escalating campaign of threats is underway, unsettling our citizens and seeking to divide our Union,” she wrote on X.

“With the European Drone Defence Initiative and the Eastern Flank Watch, we are scaling up production in Europe … So we can respond to emerging threats with speed, unity and resolve,” she added.

Video: Defense Minister Radu Miruta… showing the moment that the unidentified sea drone was obliterated

Aerial incidents involving Russian projectiles along the EU and NATO’s ‘eastern flank’ have become somewhat of a regular occurrence; however, the spectacle of a NATO member’s jets being scrambled to track and blow up a sea drone off coastal waters is something new. It was perhaps a bright flashing ‘warning’ from Russian forces, showing that they can harm vital EU energy infrastructure in return if they want to.

Tyler Durden
Thu, 08/20/2026 – 17:21