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Whatever You Do, Don’t Ignore Friday’s Selloff

Whatever You Do, Don’t Ignore Friday’s Selloff

Submitted by QTR’s Fringe Finance

By 1PM Friday, the Nasdaq was already down roughly 3.3%, and suddenly the same crowd that spent the last few months explaining why valuations don’t matter is asking what is happening.

Bitcoin has also been taken behind the woodshed, crashing to around $60,000. Depending on where you’re measuring from, that’s a brutal decline in a remarkably short period of time. It’s down about 42% over the last twelve months. And it’s becoming clear that bitcoin bulls all have breaking points.

And I don’t want to sound like a d*ck, but frankly, none of this — the market tanking, or how it’s happening — is really surprising.

I’ve written for years that I think crypto is the tip of the risk-on spear. It tends to be the first asset class investors pile into when liquidity is abundant, speculation is rampant, and everyone is convinced they’re smarter than the market. It’s also frequently the first thing to crack when risk appetite begins to fade. So I’m not terribly surprised that after bitcoin started crashing (it’s down 16% in the last 5 days) that the rest of the market is following suit.

Back in October, crypto was one of ten areas of the market that I flagged as deserving extra caution. I’d be paying very close attention to the other nine areas right now. Markets rarely isolate their problems to one corner of the casino for very long.

The question investors are already asking is predictable: “Is this a buy-the-dip opportunity?”

Maybe, if the rules of economics and markets as we once knew them cease to exist any longer, but let’s not confuse a 3% decline with anything resembling an attractive valuation. Here’s a couple quick notes for perspective on where we are heading into the weekend.

Friendly reminder for those who think this is a “crash” that in 2023, barely 3 years ago, the NASDAQ was more than -59% lower from here.

The current Shiller CAPE ratio sits at 42.7x, a level that should make investors uncomfortable. Historically, the CAPE has averaged just 17.38x, with a median reading of 16.09x, meaning today’s valuation is more than double what investors have typically paid for earnings over the last century.

Even more striking, the market is now approaching the most expensive levels ever recorded. The all-time high was 44.19x at the peak of the dot-com bubble in December 1999, a period not exactly remembered for rational pricing or stellar forward returns.

In other words, despite today’s selloff, stocks remain priced near some of the richest valuations in modern financial history. A 3% decline may feel dramatic on social media, but it barely registers as a scratch when viewed against the backdrop of historically extreme valuations.

The Buffett Indicator isn’t offering much comfort either. The total value of the U.S. stock market currently stands at roughly $75.4 trillion versus annualized GDP of approximately $31.8 trillion. That places the Buffett Indicator at 237%.

 

Historically, levels this elevated have been associated with investors discovering, sometimes painfully, that valuation eventually matters. Others, who aren’t in on the Fed-created “good macro news is bad news for markets because rate cuts are less likely” logic—a totally backwards, Jedi-mind-f*ck-deluxe recalibration of economic reality—don’t even seem to consider valuation.

And the uncomfortable reality is that many other investors are still operating under the assumption that the Federal Reserve will ride in on a white horse if markets get into trouble.

That assumption may be outdated. As I’ve written about, it appears the Fed has a problem. Inflation remains stubbornly elevated. Policymakers know financial conditions are tight enough to hurt growth but not loose enough to declare victory on prices. Cutting aggressively risks reigniting inflation pressures. Staying restrictive risks slowing the economy further. In short, the Fed is stuck.

For most of the last fifteen years, every meaningful market decline came with an expectation that central bankers would eventually step in with lower rates, more liquidity, or some variation of monetary painkillers. Today, that safety net looks considerably thinner.

The market may desperately want a rescue eventually, and inflation may not allow one. That creates a setup investors haven’t had to navigate in a long time.

Adding to the risk is the increasingly fragile nature of this rally.

Beneath the headline indexes, breadth has been far less impressive than the bulls would like to admit. A relatively small number of stocks have been doing a disproportionate amount of the heavy lifting. This is why I wrote the other day that investors in the SPY may want to also inform themselves about the RSP ETF — which is equal weighted — if they want to stay in the market going forward.

At the same time, leverage and margin debt has expanded throughout the system, and options-driven flows have become an increasingly important source of market support. Dealer gamma effects can suppress volatility on the way up, creating the illusion of stability.

 

The problem is that the same mechanics can work in reverse.

When positioning begins to unwind, liquidity can disappear quickly. Dealers hedge. Leverage gets reduced. Momentum traders head for the exits. What looked like a calm staircase higher suddenly resembles an elevator ride lower. And that is usually accompanied by television personalities assuring viewers that everything is perfectly healthy.

None of this means we’re headed for a crash. It does mean investors should be careful about assuming every decline is automatically a gift.


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I also continued my coverage of SpaceX, a company that increasingly looks like a proxy for br

That mindset worked exceptionally well when valuations were lower, liquidity was abundant, and the Fed was eager to rescue markets at the first sign of distress.

Those conditions do not exist today. A 3% selloff is not a valuation reset. Bitcoin falling is not necessarily an isolated event. And a market priced near historic extremes with a Fed constrained by inflation is not the same environment investors enjoyed during most of the post-2008 era.

The market has temporarily remembered gravity exists. The question now is whether investors will remember it too. If they do, hold on to your nuts, cause I feel like it won’t take much for us to be on the verge of a leverage fueled sell-off that could reinvent our idea of “sharp correction” faster than you can say “subprime is contained”.

Now read:

QTR’s Disclaimer: Please read my full legal disclaimer on my About page hereThis post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.

This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions.

As of May 20, 2026 I personally no longer actively trade (read my story here). My investing/saving is done by recurring contributions mostly to sector ETFs and a few select equities, trusted third parties who oversee my accounts, and advisors. Such advisors or funds, through individual equities, options, index funds, mutual funds, ETFs, or other securities, may have positions in, exposure to, or holdings of names mentioned herein that I know nothing about. Basically, via index funds, ETFs and individual equities it is possible I could own, have exposure to, or not own anything at any point. As of the same date, May 20, 2026, in an attempt to lead a healthier lifestyle, I’ve also excluded myself from fantasy sports, sports betting, online and in-person casinos and prediction markets.

And all positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullshit my way through things easier.

The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.

Tyler Durden
Sat, 06/06/2026 – 11:40

US Intercepted Fresh Iranian Ballistic Missile Attacks Overnight As Tehran Blasts ‘Ceasefire Violations’

US Intercepted Fresh Iranian Ballistic Missile Attacks Overnight As Tehran Blasts ‘Ceasefire Violations’

Summary

  • Iran’s foreign ministry says US overnight action, especially bombing coastal radar facilities, is a violation of ceasfire.
  • New nighttime salvo of missiles on Kuwait, Bahrain: Six ballistic missiles fired at Bahrain and Kuwait were intercepted, CENTCOM said.
  • Overnight flare-up started with Iranian attack drones in Strait being intercepted by US forces.
  • Trump admits Iran still has some 20% of its missile arsenal: “It’s a lot of missiles, but it’s not what it was when we first attacked.” (CNBC)

US x Iran permanent peace deal by June 30, 2026?
Yes 21% · No 80%
View full market & trade on Polymarket

*  *  *

Iran FM Blasts New US ‘Ceasefire Violations’

Iran has again accused the US of breaking the ceasefire, with the Foreign Ministry on Saturday stating the US “not only lacks the will to reduce tensions and return to the path of stability, but with its adventurist actions, it seriously endangers the security of the region.”

The ministry on X denounced fresh US attacks its coastal radar and surveillance facilities in Sirik region and on Qeshm Island – saying this breached the ceasefire. The ministry “strongly calls on the countries of the region to observe the principle of good neighborliness and adhere to the fundamental principle of international law of refraining from allowing aggressors to use their territory and facilities to plan and carry out aggressive actions against the Islamic Republic of Iran.”

It seems clear that for each US action, Iran is seeking to establish deterrence, and so is not hesitating to fire or inflict some kind of ‘cost’ either on US bases or the Gulf allies hosting them.

More Pakistani efforts to forge together agreement to get US-Iran back to the formal negotiating table:

Salvo of Ballistic Missiles Fired on Kuwait, Bahrain

Soon after the initial drone shootdown engagement (below), it became apparent that anti-air defense systems were active over Kuwait, as its armed forces warned the public that explosions were the result of inbound projectile intercepts. While there were no reports of damage, the ground result is still anything but clear or certain (based on past instances of the US and Gulf allies concealing or downplaying damage or casualties).

Within hours after this initial exchange of fire, Iran followed up with more ballistic missiles on nearby Bahrain and Kuwait – as ‘punishment’ for the countries hosting US forces and American bases.

Bloomberg reports that “Six ballistic missiles fired at Bahrain and Kuwait were intercepted and another failed to reach its intended target, hours after four drones headed to the Strait of Hormuz were shot down, Centcom said.” It notes that the “US military struck Iranian coastal surveillance radar sites in Goruk and on Qeshm Island in return.”

It Started With Iranian Drone Shootdowns

More details have come to light of the latest overnight flare-up in fighting between US and Iranian forces in and around the Strait of Hormuz and Persian Gulf.

The Friday night and overnight clashes started when the US military reportedly intercepted and shot down at least four Iranian one-way attack drones. According to US Central Command (CENTCOM), the incoming unmanned aerial vehicles were heading directly toward the Strait of Hormuz and posed an “imminent threat to maritime traffic.”

Following the drone shootdowns, American forces immediately launched retaliatory strikes against key military targets inside Iranian territory. CENTCOM further detailed that American assets hit Iranian coastal surveillance radar sites located in Goruk, a city in the Hormozgan province, as well as on Qeshm Island, a strategically vital Iranian outpost in the mouth of the strait.

Each Exchange Another Escalation Toward Full-Scale War

One thing is clear: these ‘limited’ escalations are becoming more regular, and even almost nightly at this point, raising the stakes and possibility of a more full-on, dangerous renewed war.

It has also become increasingly evident and acknowledged that the ceasefire has allowed Iran to reconstitute much of its missile and drone capabilities, and underground launch tunnels are being dug out with heavy equipment.

President Trump himself has recently admitted this state of things, amid the extended ceasefire:

US President Donald Trump, who has insisted for months that Iran was near its breaking point, conceded Friday that the country retains some missile and drone capacity. In an interview with NBC News, he said about 21-22% of Tehran’s missile arsenal remains.

“It’s a lot of missiles, but it’s not what it was when we first attacked,” he told the television network during a visit to Wisconsin. Earlier Friday, he told reporters the US is “having great success with Iran,” and “they’re in no position to have a nuclear weapon.”

Sunday will mark 100 days since the start of Operation Epic Fury. Trump and US officials had touted only a ‘short’ conflict, and seemed to have been betting on the government being toppled.

Tyler Durden
Sat, 06/06/2026 – 11:05

UK Government Plots Digital ID Lockdown On Every Phone In Lockstep With Big Tech

UK Government Plots Digital ID Lockdown On Every Phone In Lockstep With Big Tech

Authored by Steve Watson via Modernity,

The Labour government in Britain is accelerating its assault on digital privacy under the well-worn banner of child protection. Fresh plans leaked to the press reveal ministers intend to compel Apple, Google and other tech firms to restrict smartphones so thoroughly that a digital ID will be needed to use them with unfettered access.

The mechanism comes in the form of expanded age verification that effectively demands digital identification for device setup and use. What is sold as safeguarding the young is shaping up as a backdoor mandate for every adult in Britain to submit ID just to operate a phone or go online.

This development lands alongside Google’s confirmation that it will soon bring digital IDs to Android devices in the UK via Google Wallet. Users will record a short video selfie and scan a government-issued ID to add a digital version of their passport or other documents.

The feature, already rolling out in select EU countries this summer, is explicitly tied to the UK’s Online Safety Act requirements for age checks on content involving self-harm, eating disorders, bullying and pornography.

Google is exploring certification under the government’s digital identity trust framework, which could extend its use to everyday purchases such as alcohol.

Apple has already implemented similar restrictions on iOS devices in Britain, forcing age confirmation or locking users into limited “child mode.”

Big Brother Watch director Silkie Carlo has been blunt about where this leads. “Protecting children online is vital, but these are outrageous plans that will fail to address the underlying causes of online harm. This will only result in population-wide ID checks for all of us to use our phones, tablets and laptops.”

She continued: “Put simply, the Labour Government is introducing ID checks for the internet. No one in a democracy should need to show their passport just to get online.”

Carlo warned that the proposals replace genuine parental responsibility and meaningful tech design with “performative, authoritarian government control that children can easily circumvent by accessing adult-registered devices.” For the UK’s fifty million adult internet users, the outcome is stark: “this backdoor digital ID requirement would invoke the death of anonymity and internet privacy.”

The mechanics are chilling. Without submitting to intrusive ID checks during device setup, users face a “chokehold on your software and internet access leaving you with a child-locked device.” Restrictions on messaging, streaming and browsing open the door to client-side scanning – government spyware sitting in every pocket. Carlo noted this has long been a GCHQ ambition and “will be exploited for other purposes before long.”

The bigger picture involving “The Government mandating that all phones/devices in Britain require ID and surveillance software is a crossing of the Rubicon that would make the UK one of the most authoritarian internet regimes in the world.”

“I don’t know anywhere else in the world that has done this,” Carlo warned.

The story broke via a leak to The Times rather than any parliamentary process. Carlo called it a travesty: “This extreme technological censorship requires rigorous public and parliamentary scrutiny that is totally missing.” Big Brother Watch has pledged to fight the measures.

These phone-level controls do not exist in isolation. They slot directly into the UK’s wider digital ID infrastructure, already exposed as a dystopian experiment in mass surveillance.

The government’s One Login platform and planned GOV.UK Wallet create a centralized system for identity verification across public services, with biometric data, audit trails logging every use, and a permissions framework that can deny access to everything from jobs to age-restricted purchases.

What begins as convenient “right-to-work” checks or alcohol verification quickly becomes a comprehensive record of daily life, open to expansion and abuse.

The ambition reaches even further back – to the cradle. Labour ministers have privately discussed assigning digital IDs to newborn babies alongside their health records, modeled on Estonia’s system.

Framed initially as a tool to tackle illegal immigration through right-to-work verification, the scheme has ballooned into a cradle-to-grave tracking apparatus. Critics across the spectrum have labeled it a sinister overreach with nothing to do with stopping the boats and everything to do with building a permanent digital file on every citizen from birth.

Shadow ministers and former cabinet figures have condemned the lack of debate and the affront to British traditions of liberty.

This national infrastructure mirrors global blueprints pushed by the World Health Organization and funded by the Gates Foundation. A WHO document outlines a globally interoperable digital identity system for permanent, lifelong tracking of vaccination status from birth registration onward.

Records would integrate personally identifiable information with socioeconomic data including household income, ethnicity and religion. AI would target the “unreached,” combat “misinformation,” and support conditioning access to education, travel and other services on compliance.

Community health workers and digital alerts would enforce behavior, while fast healthcare interoperability standards enable cross-border data sharing. The architecture is explicitly designed for surveillance and control, not mere convenience.

The picture sharpens further with recent pushes for AI-designed “super vaccines.” Cambridge researchers have created the first entirely AI-generated antigen, tested in humans, aimed at training immunity against entire families of viruses rather than single strains.

Data drawn from viral surveillance programs feeds these systems. While presented as pandemic preparedness, the combination with digital ID infrastructure creates obvious pathways for tracking compliance.

Refusal could trigger digital consequences – restricted access to services, finance or movement – under the same “safety” logic already being applied to phones and age verification. The surveillance grid expands while public oversight remains minimal.

Real concerns about child exploitation and online harm are being weaponized to justify systems that deliver mass identification, device-level control, client-side scanning and lifelong data profiles.

While children can bypass the restrictions; adults lose the fundamental right to anonymous communication and private device use. The same political class that has presided over record migration, grooming scandals and institutional failures now demands ever more intrusive tools to monitor the population it claims to protect.

This is not incremental safety policy. It is the deliberate construction of an authoritarian digital regime. Every new verification layer, every leaked proposal for device lockdown, every tie-in with global vaccine-tracking architectures erodes the space for individual autonomy.

Britain is being marched toward a future where showing a passport-equivalent digital ID becomes the price of entry to the internet, to commerce, to normal life – all while the architects insist it is voluntary and ‘for the children’.

It is a stark crossing of the Rubicon indeed. The only question is whether the British public will recognise the destination in time to turn back.

Tyler Durden
Sat, 06/06/2026 – 10:30

Goldman’s World Cup Winner Prediction Is …

Goldman’s World Cup Winner Prediction Is …

The 2026 Football World Cup kicks off June 11, with Mexico vs. South Africa opening the tournament at Mexico City Stadium.

The tournament will feature 48 teams across 104 matches at stadiums in the U.S., Canada, and Mexico from next Thursday through July 19.

Jan Hatzius, chief economist and head of global investment research at Goldman Sachs, published a cheat sheet for clients that used a forecasting model built around Elo ratings – the ranking system originally developed for chess – to handicap the tournament. His top pick diverges from the latest Polymarket odds, with Hatzius placing Spain at the top of the list as the most likely World Cup winner.

The model says that Spain has a 26% probability of winning the trophy, followed by France at 19%, Argentina at 14%, Brazil at 8%, and England at 5%,” Hatzius said.

He noted, “Spain is predicted to win because it has the highest Elo ranking, supported by scoring talent and good momentum into the competition. Argentina is penalised by the “winner’s slump”, i.e. the statistical underperformance of reigning champions in the following World Cup; France suffers from likely facing top-ranked Spain in the semifinals; and England underperforms its Elo rating given historical tournament disappointment, geographical headwinds (likely facing Mexico in high-altitude Mexico City), and a slightly unlucky draw.” 

Hatzius built a regression model to estimate how many goals each team is likely to score against another, using nearly 20,000 international matches since 1978. The model shows a steep decline in goal scoring, with much of it occurring after World War II.

Elo measures national team strength based on results and opponent quality, updating as teams win, lose, or draw. By this metric, Hatzius and his team place Spain No. 1, ahead of Argentina and France, which differs slightly from FIFA’s official men’s rankings.

Most Likely Predicted Group Stage Results

Road To Winner

Unlike our previous notes on Goldman’s World Cup probabilities in 2022, 2018, and 2014, the rise of Polymarket has changed the betting game, bringing prediction markets directly into the sports-betting mainstream.

The latest Polymarket odds show France at 17%, Spain at 16%, and England at 11%…

…putting market pricing at odds with Goldman’s model, which ranks Spain as the winner.

Professional subscribers can read the full World Cup note here at our new Marketdesk.ai portal. 

Tyler Durden
Sat, 06/06/2026 – 09:55

Israeli Ambassador To France Accused Of ‘Foreign Interference’ After Election Remarks

Israeli Ambassador To France Accused Of ‘Foreign Interference’ After Election Remarks

Via Middle East Eye

The Israeli ambassador to France has been accused of “foreign interference” after saying he would prefer “anyone rather than Jean-Luc Melenchon” to win the 2027 presidential election.

Speaking in a television interview on Thursday, Ambassador Joshua Zarka said he would rather see any candidate elected to the Elysee Palace than Melenchon, the leader of the left-wing party La France Insoumise (LFI), a strong supporter of Palestinian rights.

Israel’s Ambassador to France Joshua Zarka, via AFP

Zarka also added that he met last month with Marine Le Pen, the leader of the French far-right National Rally. His remarks triggered an immediate backlash from across the French political spectrum.

Manuel Bompard, LFI’s national coordinator, described the comments as “blatant foreign interference”.

“In a normal democracy, the French authorities should react and condemn this type of statement,” he said.

Arnaud Le Gall, an LFI MP responsible for the party’s international relations, said Zarka had breached the neutrality expected of diplomats.

“He’s a diplomat stationed in France. He’s supposed to maintain neutrality in the country where he’s posted. So tell him to keep his mouth shut,” Le Gall said.

The criticism was echoed by Olivier Faure, leader of the Socialist Party, who called the ambassador’s comments “unacceptable interference”. 

“The French people will decide their own future,” Faure said. “No one is surprised to see an envoy of [Israeli Prime Minister Benjamin] Netanyahu openly admitting his ties to the French far right.”

Zarka’s remarks also drew criticism from the right. Nathalie Loiseau, a member of the European Parliament from the Horizons party, described Zarka’s comments as “clear interference in our domestic political life” and said they were “totally inappropriate” for a foreign ambassador.

During the interview, Zarka acknowledged that Israeli officials had previously avoided formal contact with leaders of Le Pen’s party, but argued that the movement had changed.

“The National Front had a clear antisemitic tendency,” he said, referring to the party’s former name. “The National Rally has changed.”

Tyler Durden
Sat, 06/06/2026 – 09:20

‘Take The Badge Off’: Former Ferrari Boss Slams New $635k EV That Company Thinks Will Attract ‘Younger Buyers’

‘Take The Badge Off’: Former Ferrari Boss Slams New $635k EV That Company Thinks Will Attract ‘Younger Buyers’

One week after Ferrari unveiled its first-ever all-electric car, called the Luce, the design continues to divide analysts. Some referred to the new model as a “mix between a Honda Accord EV and a Tesla,” while others said that Tesla’s Model S Plaid was far superior. The latest report from Goldman analysts provided new details about their most recent visit to Ferrari’s headquarters in Maranello.

Last Friday, Ferrari hosted an investor day, which analyst Christian Frenes attended. He spoke with top Ferrari executives just days after the Luce reveal event in Rome earlier in the week.

Frenes said management framed the Ferrari Luce as an “additive range model designed to expand the customer base.

He continued:

Management reaffirmed the Luce as a strategic entry point to engage new demographics and regions, particularly in markets with higher BEV penetration such as Asia and the Nordics while also targeting a new and younger customer group. The exterior design intentionally distinguishes the EV from existing ICE and PHEV models. Management also reaffirmed it remains aligned with its “technological neutrality” approach continuing to sell V12s and V8s to those interested.

Beyond design, Ferrari’s battery-powered, four-door, five-seat Luce has another problem: its price tag – a staggering 550,000 euros, or about $638,660. If Ferrari expects that to open the brand to a younger, broader customer base, management certainly has a different view of the world – one that isn’t grounded in reality.

For starters, Tesla’s Model S Plaid costs only a fraction as much and, on key performance metrics, appears to outperform the Luce. The Model S also comes with Full Self-Driving, a feature we are fairly certain Ferrari’s first EV lacks.

By the end of last week, Ferrari CEO Benedetto Vigna appeared to be on damage-control duty after shares dropped in response to negative investor reaction to the Luce’s design and performance specifications.

Let’s not forget that Ferrari hybrids are depreciating faster than their petrol-powered counterparts. This is a sign that car collectors are shunning anything electric (read the report). 

Shares have yet to recover to pre-Luce reveal levels.

Beyond the terrible design and high price, one could debadge the Luce, and it would be hard to decipher the car from a Kia or Toyota or even a Nissan … 

That problem itself has infuriated Luca Cordero di Montezemolo, the former Ferrari president, who told local media that the Luce “risks destroying a legend, and I’m deeply sorry. I hope they at least remove the Prancing Horse from that car.”

American automotive YouTuber Doug DeMuro said Luce has the specs of a “nice Polestar” .. .

Professional subscribers can read the full Ferrari note at our new Marketdesk.ai portal.

Tyler Durden
Sat, 06/06/2026 – 08:45

UK Conservatives Blast Labour North Sea Ban As ‘Utter Madness’

UK Conservatives Blast Labour North Sea Ban As ‘Utter Madness’

Authored by Tsvetana Paraskova via OilPrice.com,

The current UK government’s policy of not allowing new drilling in the UK North Sea is “utter madness” as billions of barrels of untapped oil could benefit the UK industry and reduce Britain’s reliance on imports, Kemi Badenoch, the leader of the opposition Conservative Party, has said.

The ruling Labour government of Sir Keir Starmer has recently moved to permanently ban new oil and gas licenses in the UK section of the North Sea, drawing criticism from the UK offshore industry associations and from the Tories.

The Conservatives’ Badenoch commented this week on a new study by the University of Aberdeen, whose researchers said on Wednesday that it would be “economically, environmentally, and strategically beneficial for the UK to prioritise domestic oil and gas production rather than increasing reliance on imports.”

The University of Aberdeen’s peer-reviewed study found that significant untapped potential remains in the West of Shetland basin, which is estimated to contain about 4.7 billion barrels of oil equivalent (boe) yet to be discovered.

The study highlights that the remaining potential in the area could extend the life of the UK oil and gas sector, said Nick Schofield, Professor of Igneous & Petroleum Geology at the University of Aberdeen.

“West of Shetland is not a depleted frontier – it is a technically demanding but strategically important energy province,” Schofield noted.

The study showed the “utter madness” of the ruling Labour in opposing drilling in the North Sea, Badenoch said.

“The University of Aberdeen survey just demonstrates the utter madness of the stance taken by Keir Starmer and John Swinney,” the leader of the Conservatives said in remarks carried by Belfast Telegraph.

“Domestic oil and gas are vital to the nation’s energy security, as well as being the economic lifeblood of the North East,” Badenoch said.

“Yet the industry is on its knees due to the windfall tax and the ban on new developments. The Conservatives would scrap both immediately,” she added.

Tyler Durden
Sat, 06/06/2026 – 08:10

Global Internet Traffic Has Doubled Since 2020

Global Internet Traffic Has Doubled Since 2020

Global internet traffic has surged in recent years, more than doubling between 2020 and 2025 as digital services, streaming and cloud computing continue to expand worldwide.

As Statista’s Tristan Gaudiaut details below, according to data from the International Telecommunication Union (ITU), total traffic volumes have increased sharply across both fixed (landline) and mobile networks.

Infographic: Internet Traffic Is Surging Worldwide | Statista

You will find more infographics at Statista

As the chart shows, landline traffic remains by far the dominant channel, rising from around 3,100 exabytes in 2020 to 7,300 exabytes in 2025.

Mobile data usage has also grown rapidly, climbing from about 560 to 1,500 exabytes over the same period.

In both cases, Asia-Pacific accounts for the largest share, at 50 to 60 percent, with traffic more than doubling across fixed networks and reaching over 900 exabytes on mobile alone.

Other regions have followed a similar upward trajectory, albeit at lower levels.

The Americas and Europe remain the second- and third-largest markets, while regions such as Africa and the Arab States have recorded particularly strong relative growth, reflecting rising connectivity and smartphone adoption.

Overall, the data highlights the accelerating scale of global data consumption, with fixed networks continuing to carry the bulk of traffic even as mobile usage expands rapidly.

With one exabyte equivalent to one billion gigabytes, which is roughly equivalent to the storage capacity of about 8 million 128GB smartphones, the figures underscore the massive and growing infrastructure demands of the digital economy.

Tyler Durden
Sat, 06/06/2026 – 07:35

Paris Riots Fuel The Right: Jordan Bardella Reaches Record High Approval

Paris Riots Fuel The Right: Jordan Bardella Reaches Record High Approval

Via Remix News,

With French national elections approaching in 2027, the mass riots seen in Paris following the PSG victory in the Champions League are leading to an even sharper electoral shift towards the right-leaning National Rally’s Jordan Bardella.

Verian’s June barometer, published by Le Figaro Magazine, places Jordan Bardella at the top of political figures, with 47 percent of those questioned wanting to see him occupy an important place in public life. 

This rating, up six points in one month, reveals a record result for the National Rally.

Marine Le Pen comes in second position and is also progressing. Several other personalities located on the right are also rising in the ranking, including Marion Maréchal, Éric Ciotti and Robert Ménard.

The riots in Paris left stores and cars burned out and resulted in 890 arrests, 180 officers injured, and two deaths. The apocalyptic videos from the riots also sent shockwaves through the French public.

While these polls cannot predict the election, they underline data showing that Bardella or Le Pen are well positioned to win the presidency in 2027 elections.

Other recent polls also show that Bardella would win a runoff against a range of candidates. A poll from a week ago from Odoxa showed Bardella beating former Prime Minister Édouard Philippe 52 to 48 percent. Other potential candidates, such as the far-left Jean-Luc Mélenchon, were also beaten by wide margins, with polling showing Bardella nearly 50 points ahead of him, at 74 percent to 26 percent, illustrating the France’s distate for Mélenchon’s politics.

Brussels’ nightmare scenario

Politico ran a piece three days ago entitled “Brussels’ nightmare scenario,” which predicted that a Bardella-Mélenchon matchup is a real possibility and would be viewed as catastrophic by the EU elite, as both candidates have a highly skeptical view of the European Union.

“That prospect of stopping Bardella has hit a major potential hurdle, however, as momentum builds behind the campaign of the firebrand Jean-Luc Mélenchon, leader of the far-left France Unbowed party. The latest polls suggest he now has a strong chance of qualifying for the second-round showdown — depriving the race of a centrist who could rally voters against the far right in the EU’s No. 2 economy.”

The paper also quoted, Gérald Darmanin, the justice minister under President Emmanuel Macron. He said he now believes Mélenchon will be the main challenger to the “far right.”

“You have … to be wearing blinkers not to see it,” he said.

Read more here…

Tyler Durden
Sat, 06/06/2026 – 07:00

Has Trump Opened Pandora’s Box?

Has Trump Opened Pandora’s Box?

Authored by John Rosenburger, Senior Fellow at Eisenhower Media Network

The limits of U.S. military power are now fully exposed.

2.5 months in to the U.S.-Israeli war against a nation that posed no threat to the United States’ vital interests, justified by a pyramid of lies, several things are abundantly clear. President Trump failed to define clear and viable political objectives to achieve in our role as Israel’s proxy in yet another war of choice. “Viable” here meaning objectives that are realistically attainable through the military means at a nation’s disposal.

In his classic work Strategy, British theorist B. H. Liddell Hart emphasized that a political leader’s foremost duty is to ensure that war aims are grounded in military reality. As he famously warned, political objectives must “not demand what is militarily impossible.”

Yet that is precisely the error President Trump committed.

Credit: Wikimedia Commons & Amazon

Without clearly defined political objectives, it is impossible to construct U.S. Central Command (CENTCOM), which is in charge of military operations in West Asia and appears to be moving from one ineffective tactic to the next without any unifying operational design. The repeated bombing of military‑related targets across a country the size of Western Europe with more than 90 million people is not a strategy; it is a tactic untethered to any discernible operational or strategic end state.

By limiting ourselves almost entirely to the use of airpower—fully aware that the American public will not accept another protracted ground war in the Middle East, particularly on behalf of Israel’s interests—the Trump administration has boxed itself into an approach with no historical precedent for success. No regime of Iran’s scale has ever been overthrown through airpower alone, and there is no reason to believe this conflict will be the first.

Despite repeated assurances that the war is being won, President Trump has provided no stable or coherent definition of what “victory” actually means. Is it regime change and internal overthrow of the Iranian government? Is it unconditional surrender of Iran’s armed forces? Is it the seizure of nuclear material previously claimed to have been obliterated? Take your pick. The absence of a clear, consistent political end state leaves military commanders struggling to determine what they are supposed to achieve.

Credit: Evan Vucci, @realDonaldTrump/Truth Social

History shows that wars fought without well‑defined political objectives, matched with a viable military strategy, tend to devolve into wars of attrition—conflicts that favor the side with greater resilience and willingness to endure. We see that historical truism unfolding before our eyes. We fail to appreciate that Iran is waging a fundamentally different kind of war, one rooted in national survival, and that resolve has shaped the character and trajectory of the conflict.

It is also clear that this war was based on a host of flawed assumptions. The Trump administration assumed that by assassinating the Grand Ayatollah Khamenei, the IGRC and security apparatus of the nation would collapse, and the Iranian people would flood into the streets to violently overthrow the government. How they would do that while being unarmed defies logic. That overthrow, of course, didn’t happen. It had the opposite effect. The government and the people have never been more unified.

Credit: Hamshahri Photo/Wikimedia Commons

The Trump administration assumed that the massive armada of air power it would employ would quickly destroy Iran’s capability to retaliate. It didn’t. It assumed that the Iranian armed forces would not attack U.S. bases and embassies in the region. They did. It assumed that Iran did not have the capability to hide and accurately employ thousands of ballistic missiles and drones for days and weeks on end. It did; another gross failure of both U.S. and Israeli intelligence agencies as the Iranians pound Israel’s cities, U.S. bases, and Gulf nations night after night.

The Trump administration assumed Iran was incapable of closing the Strait of Hormuz if the U.S. military destroyed Iran’s naval surface fleet. They ignored the fact that Iran had several other means of interdicting the movement of any ships through the Strait—a plethora of different mines, small attack submarines designed to operate in shallow water, swarms of armed fast boats, multiple types of attack drones, and an arsenal of ballistic and hypersonic missiles. Equally concerning, the administration overlooked the fact that Lloyds of London and other maritime insurance companies would not underwrite the loss of tankers and cargo ships that attempted to cross the Strait. Iran will ensure the Strait remains closed using its arsenal of asymmetric weapons they’ve designed for just that purpose, giving them powerful leverage in future negotiations.

Credit: MassLive, AP, CalMatters

The result? Cascading and disastrous effects. The U.S.-Israel war against Iran initiated a global economic crisis, strangling the production and transportation of oil, liquid natural gas, urea, helium, and aluminum from the nations surrounding the Persian Gulf. The war further increased U.S. national debt, which is just shy of $39 trillion dollars and growing. The Trump administration increased our national debt by $1 trillion in the first 5 months of this year, and borrowed another $343 billion last month alone. Now, the Department of War is asking Congress for another appropriation of $200 billion to cover the unexpected costs of this war of choice. For the first time in our nation’s history, our debt-to-GDP ratio is 122 percent, with no sign of decreasing. The consequences could be catastrophic to our economy in the months and years ahead if left unabated.

This war of choice has practically exhausted the U.S. military’s inventory of offensive and defensive missiles, inventories that cannot be replenished for years. It’s increased our country’s strategic vulnerability and reduced the Pentagon’s ability to deter other threats around the globe. The limits of U.S. military power are now fully exposed. Russia and China smile with glee.

Nine U.S. military bases in the Gulf States have been destroyed or abandoned. The Gulf States are unlikely to ever welcome American forces back into their countries, as the Trump administration has demonstrated that the United States cannot and will not protect Gulf Arab allies. The administration has essentially destroyed the Gulf Cooperation Council (GCC) coalition and also managed to alienate most NATO allies in the process.

Russia is enjoying a windfall in oil and natural gas sales and revenue as it becomes the principal supplier of oil to China, India, Europe, Japan, South Korea, and other nations that relied on oil from the Gulf nations. Airlines across the globe are rationing jet fuel and reducing flights. Prices for gas and diesel are exploding at the pump here in the United States, which will thrust additional inflation on the American people struggling to afford the costs of food, housing, transportation, and medical insurance.

Credit: U.S. Department of State/Wikimedia Commons

Furthermore, given that the U.S. attacked Iran with no warning twice during earnest negotiations the past year, Iran has no reason to ever trust us again and negotiate an end to this conflict. We’re witnessing the unintended consequences of a war of choice that was poorly conceived and poorly planned, driven entirely by hubris. In two short months, Iran has gained the operational and strategic initiative and will determine the outcome of this war. It seems the Trump administration has opened Pandora’s Box.

Lastly, the administration has failed to define a path to victory that culminates in the restoration of a durable peace in the Middle East.

Professor Donald Stoker captures this imperative in his illuminating book Why America Loses Wars, noting that “…if the political leadership has done its job, their definition of victory [the political objective] includes a clear vision of what they want the post-war situation to look like. Ultimately, as Cicero tells us, war is about the restoration of peace; if it does not seek this, the war is not just. Union General William Tecumseh Sherman insisted that “The legitimate object of war is a more perfect peace. War is fighting for the peace we want.”

All were right.

Absent an effective political and military strategy that restores stable and enduring peace between nations in the region, this war risks becoming yet another U.S. exercise in violence untethered from purpose; a war ending in failure, useless destruction, and economic depression that will require years to overcome.

Tyler Durden
Fri, 06/05/2026 – 23:25