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Soaring Imports Push India’s Crude Stocks To Near 1-Year High

Soaring Imports Push India’s Crude Stocks To Near 1-Year High

India’s strategic and commercial crude oil inventories have jumped to a nearly one-year high as the world’s third-largest crude oil buyer boosted its imports to a record high in June, OilPrice reported.

As at the end of June, India’s crude oil stocks held in strategic, commercial, and refinery storage had increased to 104 million barrels, up from 90.5 million barrels at the end of April, according to data from commodity intelligence provider Kpler cited by Indian outlet Economic Times. Before the Iran war began, India held 107 million in crude oil inventories as of the end of February—the highest end-month level for the previous 12 months.

The war depleted inventories in March and April, before Indian refiners started raising imports from Russia and turn to Venezuela—both sources of supply that doesn’t need to transit the Strait of Hormuz.

By June, stocks were recovering and nearing the level from before the Iran war.

India imported a record high level of 5 million barrels per day (bpd) of crude oil in June, more than half of which – 2.6 million bpd – from Russia, thanks to the U.S. waiver (now expired) on sales of Russian oil already loaded on tankers.

Yet, India wants to lower its crude import bill, protect public finances, and become more resilient to supply shocks such as the Middle East conflict that crippled supply from the Strait of Hormuz. That’s why it is looking to boost energy security by diversifying import sources and expanding its strategic storage.

Currently, India’s underground Strategic Petroleum Reserve storage has a total capacity of 5.33 million metric tons of crude oil, equal to only 39 million barrels of crude oil, or eight days’ worth of India’s oil consumption.

India’s storage of just about a week of its roughly 5 million bpd of consumption, is well below the SPRs of many other large oil consumers, which exposes New Delhi’s vulnerability to sudden supply shocks.

Separately, in response to media reports that India is flipping Russian oil imports by exporting its products back to Russia, India’s Oil Minister, Hardeep Singh Puri, said that the country’s refiners are not directly exporting any refined petroleum products to fuel-starved Russia, although some supplies from traders are likely reaching Russia.

Reports emerged earlier this week that Russia had started importing fuel from India by sea in a bid to ease the fuel shortages triggered by Ukrainian drone attacks on Russian refineries. In an exclusive Reuters report, industry sources revealed that an initial shipment of at least 60,000 metric tons (510,000 barrels) of gasoline has been dispatched from India via two tankers destined for Russian ports.

Hours after the report surfaced, India’s oil minister insisted that Indian refiners aren’t directly selling fuel to Russia.

“Indian companies are not selling fuels to Russia,” Puri said at a media briefing, but acknowledged that it is “possible that Indian-origin refined fuel is sold to Russia via traders.”

Gasoline from Indian refiner Nayara Energy, in which Russia’s top oil firm Rosneft holds a 49% stake, has been sold to Russia via traders, sources with direct knowledge of the deals told Reuters on Thursday. So it is likely that India-produced fuels are now reaching Russia via traders, as Moscow scrambles to alleviate a major fuel supply crisis.

Ukraine’s intensified drone strikes in recent months have now knocked offline an estimated 30% of Russia’s oil refining capacity. During peak summer demand, Russian refining throughput has sunk to a two-decade low.

In a rare public admission at the end of June, Russian President Vladimir Putin acknowledged that Russia faces fuel shortages and a fuel crisis that needs further government intervention to solve.

The fuel shortages that emerged in some regions in May have now reached the capital city Moscow, too, after Ukrainian strikes last month hit and sent Moscow’s Kapotnya refinery offline. The refinery is unlikely to resume fuel production before 2027 after suffering extensive structural damage from multiple strikes by Ukraine’s long-range drones, industry sources told Reuters last month.

Tyler Durden
Mon, 07/06/2026 – 02:45

More Defense Spending, More Climate Redistribution: The EU Spins A $2.2 Trillion Wealth Transfer Machine

More Defense Spending, More Climate Redistribution: The EU Spins A $2.2 Trillion Wealth Transfer Machine

Submitted By Thomas Kolbe

Negotiations over the European Commission’s next seven-year budget are entering their decisive phase. Should Ursula von der Leyen and her allies succeed with their plans, Germany will once again shoulder a substantial financial burden. By now, however, Germans have become accustomed to that reality.

Across the world, public debt levels are approaching dangerous flood marks. The global economy is effectively drowning in debt, with total public liabilities now exceeding 95% of global GDP. It is therefore only a matter of time before bond markets bring the debt party to an end, pushing interest rates—and with them debt-servicing costs—to levels governments can no longer afford. Such a reckoning would merely represent the logical consequence of political irresponsibility, contempt for taxpayers, and the megalomania of a political culture that continues expanding government on an ever-growing mountain of debt.

A four-decade bull market in sovereign bonds, characterized by steadily declining yields, came to an end roughly four years ago. Since then, interest rates have been rising as investors gradually lose confidence in both the political direction of Western governments and the relentless expansion of the administrative state. A turning point is approaching. Fiscal austerity is standing at the gates of an era defined by political extravagance.

For politicians like Ursula von der Leyen, however, austerity would amount to admitting that decades of debt-financed government expansion have led into a dead end. Few things are more alien to modern political elites than acknowledging failure. This is particularly true within Brussels, where the bureaucratic establishment and the ideological foundations of the European project remain firmly convinced that they are building a supranational European state on the right side of history.

Unsurprisingly, austerity is nowhere to be found in Brussels.

Instead, negotiations over the next seven-year EU budget are underway. The European Commission has floated a financial framework worth approximately €2 trillion. Funding for Ukraine-related military expenditures, broader European rearmament, and the enormous subsidy complex underpinning the Green Deal are all expected to come from higher member-state contributions and newly issued common debt. In doing so, Brussels continues to strengthen both its political authority and its influence over national governments.

Germany currently finances roughly one-quarter of the EU budget. Under the proposed framework, German taxpayers would ultimately contribute around €500 billion over the entire budget period. Last year alone Germany paid approximately €30 billion into the EU budget while receiving roughly €13 billion back, primarily in the form of agricultural subsidies and the ever-expanding subsidy machinery supporting Europe’s green industrial policies and interventionist economic model.

Yet even a €2 trillion budget – already representing a leap into fiscal fantasy given the severe economic damage inflicted by years of excessive European regulation – is apparently no longer sufficient for Brussels.

Discussions are now underway to increase the budget by another €200 billion.

Leading the charge, unsurprisingly, is the European Commission itself: an insatiable bureaucracy working relentlessly to establish independent sources of taxation. Customs revenues, proceeds from emissions trading, plastic taxes—the imagination of Brussels appears limitless. At the same time, direct financial demands on member states continue expanding almost automatically, with ever-higher budget contributions treated as political routine despite growing conservative resistance across Europe.

Should the von der Leyen Commission succeed in making this fiscal leap, Germany’s annual contribution to financing the European project would rise from roughly €30 billion today to approximately €78.6 billion.

For taxpayers, the implications are profound. An entirely new layer of government—complete with its own bureaucracy and increasingly its own taxation powers—has gradually positioned itself above existing national institutions. Since the joint borrowing undertaken during the pandemic and the issuance of the massive NextGenerationEU bonds, Brussels has steadily transformed itself into an independent borrower on international capital markets.

Officially, the German government still opposes granting the European Commission broader taxation powers and objects to dramatically expanding the EU budget. Yet all indications suggest that Berlin will ultimately shift the fiscal burden to Brussels itself, paving the way for larger common bond issuance—or some comparable mechanism—to finance the growing central apparatus.

Beginning in 2028, repayment of the €750 billion NextGenerationEU debt will commence. Those obligations, spread over subsequent years, must eventually be repaid to investors. Since these resources simply do not exist, Europe’s capitals will almost certainly reach the same conclusion: refinance the liabilities through continuous new bond issuance, effectively burying what remains of the European Union’s original prohibition against common sovereign debt.

In many respects, the transformation of Europe’s financing structure resembles a financial evolution toward a European superstate. Ultimately, common liability for Brussels’ debts appears virtually inevitable. The political and institutional path back has largely disappeared.

For German taxpayers, this strategy amounts to little more than witnessing another familiar fiscal shell game.

Brussels will almost certainly continue creating new revenue streams through customs duties, emissions trading, plastic taxes, and whatever additional levies policymakers may devise.

The remaining financing gap will inevitably be covered through Eurobonds issued on capital markets.

Such policies carry significant inflationary risks, as additional sovereign borrowing expands the money supply and places upward pressure on prices. At the same time, government borrowing increasingly crowds private investment out of credit markets, raising financing costs for productive businesses while strengthening the role of the public sector.

The consequences are already becoming visible. Europe’s downward spiral of declining prosperity is accelerating. It is a tragic process of economic deterioration—one that is increasingly likely to culminate in a major sovereign debt crisis.

* * * 

About the author: Thomas Kolbe, a German graduate economist, has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden
Mon, 07/06/2026 – 02:00

The Unfinished Revolution: When Rights Become Privileges

The Unfinished Revolution: When Rights Become Privileges

Authored by John & Nisha Whitehead via The Rutherford Institute,

“What country can preserve its liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance?”

– Thomas Jefferson

What exactly are Americans celebrating this Fourth of July?

Two hundred and fifty years after the Declaration of Independence proclaimed that all people possess inalienable rights, we now live under a government that increasingly behaves as though rights belong to the government to distribute, restrict and revoke as it sees fit.

Freedom has become conditional.

Equal justice under law has become selective.

Constitutional rights have become political bargaining chips.

Government now claims the authority to decide which religious beliefs deserve accommodation and which may be excluded—a clear violation of the First Amendment’s warning against both establishing a religion and favoring or disfavoring one religion over another.

It insists that some speakers deserve constitutional protection while others may be censored, surveilled or punished—a violation of the right to free speech.

It proclaims itself the defender of unborn life while dismantling programs that protect the health and welfare of children already born.

It welcomes some immigrants with extraordinary speed while denying others the full measure of due process promised by the Constitution.

It pays lip service to equality under law while dismantling programs designed to ensure equal opportunity and root out discrimination.

It invokes the sanctity of children while narrowing which children may claim the birthright citizenship guaranteed by the Fourteenth Amendment.

It insists that no one is above the law while expanding presidential immunity and removing many of the traditional checks on executive power.

None of these contradictions exists in isolation.

Together they reveal a dangerous shift in the relationship between the citizen and the state.

Rights that the Declaration of Independence described as inalienable are increasingly treated as permissions—granted when convenient, withheld when inconvenient, and interpreted according to political priorities rather than constitutional principle.

That is not merely bad policy.

It is a repudiation of the American Revolution, because the Revolution began with one radical claim: freedom is our birthright.

To listen to those in power, however, freedom is a privilege reserved for a select few: the politically favored, the ideologically acceptable, the obedient, the compliant, the useful.

The Declaration of Independence advanced a very different idea: that all people are endowed by their Creator with certain unalienable rights.

That was the real revolution.

America’s founders may have disagreed—often grievously and hypocritically—about who qualified as “the people,” but they were united in one essential conviction: our rights do not come from government.

The government exists to serve us.

Government exists to safeguard and protect our inalienable rights—not ration them, redefine them or revoke them.

That distinction matters.

Once government is allowed to decide whose rights count, rights cease to be rights at all.

They become privileges.

And privileges can always be revoked.

For 250 years, Americans have treated the Declaration of Independence as the nation’s birth certificate, but the Declaration was never merely a birth certificate—it was a warning label.

It was written by people who understood that freedom is fragile, power is relentless, and no generation remains free simply because an earlier generation fought for liberty.

The Declaration was not a celebration of government.

It was an indictment of government.

It catalogued the abuses of a ruler who had placed himself above the law, treated the people as subjects rather than sovereigns, undermined representative government, obstructed justice, maintained standing armies, imposed surveillance, abused power and waged war against the very people he claimed to govern.

The names have changed. The machinery has changed. The technology has changed.

The danger has not.

That is why the Constitution matters.

The Constitution translated the warnings of the Declaration into law.

Through separated powers, checks and balances, federalism, and a Bill of Rights, the founders sought to bind government down with what Thomas Jefferson called “the chains of the Constitution.”

James Madison understood that the greatest threat to liberty would not come from a foreign king but from our own government if left unchecked.

If men were angels,” Madison famously observed, “no government would be necessary.”

Because those entrusted with power are not angels, the Constitution—especially the Bill of Rights—was designed to restrain it.

The Constitution assumes that power will seek to expand. That is why it divides power. That is why it checks power.

That is why it places certain freedoms beyond the reach of government majorities, executive decrees, judicial maneuvering and political convenience.

Yet those constitutional restraints are increasingly being loosened—not by formal amendment, but by precedent, emergency powers, executive practice, bureaucratic discretion and public indifference.

The warnings are no longer theoretical.

Even the judiciary has increasingly become part of that transformation.

Rather than serving as a reliable constitutional brake on concentrated power, the U.S. Supreme Court has repeatedly removed barriers that once restrained the executive branch: presidential immunitylimits on nationwide injunctions, and expanded presidential power to fire independent agency officials.

Each decision may be explained on its own legal reasoning. Together they tell a larger constitutional story: the presidency grows stronger, while the people’s ability to restrain it grows weaker.

In Trump v. United States, the Court declared that presidents enjoy sweeping immunity from criminal prosecution for official acts, placing many exercises of executive power beyond the reach of laws that govern every other citizen.

In Trump v. CASA, the Court curtailed the power of lower federal courts to issue nationwide injunctions, making it more difficult to halt unconstitutional executive actions before they take effect across the country.

In Trump v. Slaughter, the Court expanded presidential control over supposedly independent agencies by strengthening the president’s power to remove agency officials.

Even where the Court has reaffirmed constitutional protections—as it did in rejecting the Trump administration’s attempt to undermine birthright citizenship—it has still left intact a dangerous constitutional reality: executive overreach can move faster than meaningful accountability.

The founders would have recognized this danger immediately. They had just fought a revolution against concentrated executive power.

Tyranny today may no longer look like King George III, but it is no less dangerous when it arrives wrapped in the language of national security, public safety, emergency management, border control, religious liberty, law and order, governmental efficiency and executive necessity.

It promises protection while steadily expanding surveillance, policing, executive discretion and bureaucratic control. It wraps itself in flags. It quotes Scripture. It invokes patriotism. It salutes the troops.

It speaks the language of freedom while making freedom conditional on obedience.

Thomas Jefferson would have recognized the pattern.

If Jefferson were drafting the Declaration of Independence today, the list of grievances would look strikingly familiar.

Instead of protesting quartered soldiers, he would likely protest militarized police forces equipped like occupying armies.

Instead of denouncing general warrants, he would condemn dragnet surveillance, geofence searches, facial recognition technology and warrantless tracking capable of monitoring millions of innocent people.

Instead of objecting to arbitrary searches of homes and papers, he would confront a government that can peer into our phones, financial records, online communications, travel histories and biometric data with astonishing ease.

Instead of warning against standing armies, he would question a permanent national security apparatus that wages endless wars abroad while steadily importing the tactics of war into policing at home.

Instead of protesting taxation without representation, he might challenge an administrative state that increasingly governs through executive orders, emergency declarations and unelected bureaucracies insulated from meaningful public accountability.

Instead of condemning the obstruction of justice, he would confront a system in which courts too often defer to power, Congress too often abdicates its authority, and presidents increasingly insist they may act first and answer later—if they answer at all.

Instead of accusing a distant monarch of placing himself above the law, he would confront a constitutional system in which the presidency has become imperial, the bureaucracy has become unaccountable, the surveillance state has become omnipresent, and the citizen has been reduced to a suspect, a data point, a taxpayer, a voter, a consumer and, too often, a pawn.

The machinery of power has grown unimaginably more sophisticated, but the central question remains exactly the same: who governs—the people or the government itself?

This is why the Fourth of July matters.

It was never intended as a celebration of government power. It is a celebration of liberty and self-government—the moment ordinary people declared that no ruler, no legislature, no court and no army should ever become too powerful to challenge.

That is precisely the principle now being tested.

Nowhere has this inversion of constitutional government been more visible than under the Trump administration, where rights increasingly appear to depend not on constitutional principle but on political identity, ideological conformity and executive preference.

The danger is not simply that government power is expanding. It is that government is claiming the authority to decide who possesses constitutional rights and who does not.

Freedom of speech, but only for those whose speech government approves. Religious liberty, but only for the beliefs those in power favor. Due process, but only for the people government considers worthy. Equal protection, but only for the politically acceptable. Citizenship, but only for the babies government chooses to recognize. Accountability, but only for ordinary citizens and not for presidents cloaked in immunity.

This is how constitutional government is hollowed out.

Not all at once.

Not always with tanks in the streets.

Not always with a formal suspension of the Constitution.

Liberty rarely vanishes in one dramatic act. It recedes gradually—emergency by emergency, exception by exception, court ruling by court ruling, executive order by executive order, crisis by crisis.

It disappears when due process becomes optional, habeas corpus is treated as expendable, speech is chilled, surveillance becomes routine, government secrecy expands, religious freedom becomes selective, citizenship becomes negotiable, oversight bodies can be fired at will, and executive power grows while meaningful accountability contracts.

It disappears when “we the people” grow so accustomed to fusion centers, surveillance cameras, geofence warrants, AI-assisted policing, militarized SWAT raids, civil asset forfeiture, government watchlists, facial recognition systems, warrantless tracking, endless wars, executive decrees and perpetual states of emergency that constitutional government becomes little more than a ceremonial ideal.

The most dangerous lie of the modern police state is not that government possesses extraordinary powers—it is that those powers are necessary, permanent and beyond question.

Every emergency becomes justification for another exception. Every crisis becomes an opportunity to normalize another expansion of authority. Temporary measures become permanent institutions.

Extraordinary powers become ordinary tools of government. And while the machinery of control expands, the machinery of distraction conspires to keep us from focusing on the government’s self-serving corruption, power grabs and abuses.

Authoritarian regimes require a populace that is too distracted—by spectacle, by outrage, by entertainment, by partisan tribalism, by endless political theater, by what the Romans called bread and circuses, by what we might call militainment—to get outraged enough to do something about the theft of their liberties.

When so-called representatives of the people celebrate power more than liberty, spectacle more than substance, and obedience more than accountability, that is not patriotism. It is conditioning.

The founders understood the danger of that conditioning. They distrusted concentrated power, feared standing armies, insisted on constitutional restraint and placed sovereignty not in rulers but in the people.

They pledged allegiance not to personalities, parties or power, but to enduring ideals and principles.

The founders did not create freedom.

What they created was a constitutional framework designed to preserve it.

Whether that framework survives depends upon whether the American people continue using it.

As America approaches its 250th anniversary, the most important question is not whether the nation survived.

The real question is whether the principles that inspired the Revolution have survived as well.

Have we preserved the belief that government derives its just powers from the consent of the governed? Have we preserved the conviction that no one is above the law? Have we preserved the understanding that liberty requires eternal vigilance?

Or have we quietly accepted the idea that rights exist only at the pleasure of those in power?

If we truly wish to honor the spirit of 1776, we must restore the constitutional restraints that made liberty possible in the first place.

Bind the government, including the president, down with the chains of the Constitution.

James Madison understood that written constitutions alone cannot preserve liberty.

Rights written on paper become little more than “parchment barriers” unless the people insist that those limits be honored.

The Constitution cannot defend itself. Neither can freedom.

That was the lesson of independence.

It remains the warning of our time.

The unfinished work of the American Revolution was never about building a stronger government. It was about preserving a free people capable of restraining their government.

Two hundred and fifty years ago, Jefferson wrote that governments derive “their just powers from the consent of the governed.”

He did not write that governments derive their powers from fear. Or emergency. Or efficiency. Or surveillance. Or military strength. Or presidential immunity. Or partisan loyalty.

He wrote that governments exist to secure rights that already belong to the people.

The generation of 1776 pledged “their Lives, their Fortunes and their sacred Honor” because they understood that liberty would never preserve itself.

Our generation is unlikely to be asked to sign another Declaration of Independence.

But we are being asked something just as consequential: whether we will preserve the constitutional safeguards entrusted to us or quietly surrender them for the promise of security, efficiency and political victory.

Every generation inherits the Revolution unfinished.

Every generation must decide whether to continue its work—or abandon it.

As I make clear in Battlefield America: The War on the American People and its fictional counterpart The Erik Blair Diaries, freedom does not defend itself.

Thus, the question before us is no longer whether America has reached its 250th birthday. The question is whether Americans still believe what made that birthday worth celebrating in the first place.

Preserving that birthright is our responsibility.

The Constitution is not self-enforcing.

Courts will not always protect liberty. Congress will not always defend its authority. Presidents will rarely surrender power voluntarily.

Which leaves only one remaining guardian of constitutional government: We the people.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.

Tyler Durden
Sun, 07/05/2026 – 23:20

Trump: ‘Netanyahu Knows Who The Boss Is’ After Phone Call

Trump: ‘Netanyahu Knows Who The Boss Is’ After Phone Call

President Trump and Israeli Prime Minister Benjamin Netanyahu could meet as early as next week after the US leader returns from the annual NATO summit in Ankara, Turkey.

That’s what Trump told Axios on Saturday after a Friday phone call, wherein the Israeli PM congratulated the American leader on the 250th Independence Day of the United States. Trump said something very interesting in the wake of the call: “We get along very good. [Netanyahu] knows who the boss is,” he told Axios.

via Reuters

US-Israel relations have been deeply strained of late, given deep Israeli reluctance on the US-Iran MoU signing, as well as the US-mediated ceasefire in Lebanon.

Israel fears that the end result to a hasty peace could be a nuclear-armed Iran, and some Israeli leaders have gone so far as to say military action must not stop until there’s true regime change.

“During their conversation, the Prime Minister said that the United States is a guarantor of global freedom, and that Israel greatly values the close relationship between the two nations. Prime Minister Netanyahu and President Trump agreed to meet soon in the United States,” Netanyahu’s office said of the Saturday call.

On the issue of controversy over the US-Israel relationship and the push to launch Operation Epic Fury, Axios provides the following:

  • “Many of Trump’s closest advisers think that Bibi was wrong about everything,” a U.S. official said.
  • Trump lashed out at Netanyahu over Israel’s escalation in Lebanon in a phone call last month, calling the prime minister “crazy” and accusing him of ingratitude.
  • The tensions have deepened a broader Republican schism over Israel and the war, with MAGA influencers like Tucker Carlson accusing Trump of being beholden to Netanyahu.

Indeed there seems of late a concerted White House effort to dispel this narrative. It seems that Trump is at least now more conscientious about it, given he’s publicly seeking to assure Americans that Bibi “knows who the boss is.”

A prior Trump-Bibi call in June didn’t go so well. At that time reports based on US officials indicated that President Trump ripped into Netanyahu, cussing at him and the president essentially ‘steamrolled’ him – angry over breaking the Lebanon truce and demanding that Israel’s military not attack Beirut.

Trump is said to have told Netanyahu “you’re fucking crazy’” while demanding Lebanon truce: “I’m saving your ass,” he also reportedly said. Israeli officials have sought to downplay these negative reports…

Since then, the US has essentially forced Israel to acknowledge the Lebanon ceasefire – though it should be noted that the IDF occupation has been allowed to continue in southern Lebanon – and direct exchanges of missile fire between Tehran and Tel Aviv has been silenced.

Tyler Durden
Sun, 07/05/2026 – 22:45

Charlie Kirk Assassination Case Heads For Key Hearing

Charlie Kirk Assassination Case Heads For Key Hearing

Authored by Janice Hisle via The Epoch Times,

After months of wrangling, the case of Charlie Kirk’s alleged assassin, Tyler James Robinson, is now headed toward its first major legal threshold.

Tyler Robinson, accused of killing conservative commentator Charlie Kirk last year, appears during a hearing in Utah’s Fourth District Court in Provo, Utah, on Dec. 11, 2025. Rick Egan/The Salt Lake Tribune via AP, Pool

Robinson, 23, is accused of fatally shooting Kirk, the 31-year-old founder of the conservative Turning Point USA youth movement, while Kirk spoke at Utah Valley University on Sept. 10, 2025.

During a four-day proceeding set to begin on July 6 in a Utah courtroom, prosecutors must reveal some of the evidence they have against Robinson.

This preliminary hearing requires the evidence to pass two key tests. And the judge overseeing the case has set strict rules for people who will be attending, including news crews.

Here is what to expect, based on general legal principles, Utah law, and rulings from Utah Fourth District Court Judge Tony Graf Jr.

Why The Hearing Matters

Not all U.S. criminal courts use a preliminary hearing to put evidence through an initial screening, but Utah courts do.

The hearing is like a “mini trial,” which comes with advantages and disadvantages for both sides in a criminal case.

Prosecutors have already shared much evidence with Robinson’s lawyers, as criminal law requires. But this hearing requires them to show their cards more specifically.

That will give defense lawyers a chance to poke holes in some of the evidence that prosecutors have against Robinson.

However, prosecutors have a wild card in their favor. At this hearing, they may present some evidence that would not be allowed during a trial.

In Utah, that evidence includes “reliable hearsay” testimony – statements that a witness heard someone else make. Usually, hearsay is forbidden, and witnesses must testify only about what they personally stated or observed.

The law requires prosecutors to present enough evidence to persuade Graf that they have “probable cause.” That consists of two parts: First, they must provide sufficient proof that a reasonable person could conclude that the alleged crimes happened. Second, that evidence must show that the accused probably committed those offenses.

Open To The Public, With Restrictions

Members of the public and news reporters are allowed to attend the preliminary hearing, the judge ruled on June 1, despite objections from Robinson’s lawyers. They wanted to close all or part of the hearing.

Instead, access will be granted, subject to limited seating and strict rules, the judge said. He gave a lengthy explanation of the rules on June 26.

The rules are necessary, he said, to ensure everyone’s “safety and well-being” and to preserve fair trial rights for Robinson, as well as for Kirk’s widow, Erika Kirk.

No one – except specified people – will be allowed to bring electronic devices to Graf’s courtroom in Provo, Utah; he is also banning the devices from the entire fourth floor of that building, outside his courtroom.

People who are exempt from that rule include attorneys and their support staff, as well as media personnel who receive Graf’s approval.

In addition, every person who will be in attendance will be afforded the dignity and respect due to them,” Graf said.

He cited an order he issued on Sept. 24, 2025, regarding courtroom decorum.

All spectators shall be quiet, civil, and orderly,” Graf said. “Spectators shall not engage in any distracting, disruptive, provocative, disrespectful, uncivil, or threatening behavior of any kind.”

Further, he is forbidding attendees from making any gestures, including shaking or nodding heads to signal disagreement or agreement with statements.

No one is allowed “to wear or display pins, buttons, signs, clothing, or photographs expressing support for or against any person,” Graf said.

“The court respectfully asks all persons seeking admission to conduct themselves in an orderly and respectful manner while court staff and security personnel carry out their responsibilities, including security screening and the assignment of wristbands for entry into the hearing,” he said.

What Could Happen Next?

Because probable cause is considered a low bar to clear, it is rare for a case to fail at the preliminary hearing stage.

But if that does happen, the case probably would continue after a delay. Prosecutors would be allowed to add more evidence and refile the charges.

Most preliminary hearings end with the case being “bound over” for trial.

At trial, the standard of proof that prosecutors must meet is the highest in the criminal justice system. It is “beyond a reasonable doubt.”

This standard requires “more certainty than any other burden of proof in law,” according to Cornell Law School’s Legal Information Institute.

Beyond a reasonable doubt does not mean beyond all imaginary doubt. It means that the judge or jury is “firmly convinced” that the defendant committed the alleged crimes.

If Robinson is convicted as charged, he could face the death penalty.

Graf on June 26 rejected defense lawyers’ request to remove the death penalty as an option. However, he found prosecutors in contempt because they made statements about being able to clear the “reasonable doubt” hurdle.

To remedy that violation of his order prohibiting such an out-of-court statement, the judge said he will work with attorneys on both sides.

They will put together an extra detailed jury selection questionnaire, and a larger pool of potential jurors might need to be summoned, Graf said.

Tyler Durden
Sun, 07/05/2026 – 22:10

China CXMT Testing Production Line for Next-Gen Bonded DRAM, Closing Tech Gap With Korea “Far Faster Than Expected”

China CXMT Testing Production Line for Next-Gen Bonded DRAM, Closing Tech Gap With Korea “Far Faster Than Expected”

According to Korea’s Hankgyung, China’s largest memory company, CXMT, which is preparing to IPO in the coming weeks, is currently testing a pilot production line for bonded DRAM in Hefei (the heart of China’s semiconductor industry), aiming to achieve high-performance DRAM without using advanced EUV lithography, which is currently monopolized by Dutch ASML and faces unprecedented export controls (although according to Reuters, China has already built a prototype EUV machine).

Bonded DRAM is a technology in which the memory cell array and the peripheral circuitry are fabricated on separate wafers and then bonded together, as explained here. This approach enables the production of ultra-high-density DRAM using only deep ultraviolet (DUV) lithography with multi-patterning, eliminating the need for EUV tools.

Samsung Electronics is also developing its own bonded DRAM under the “B1b” project, while SK Hynix is pursuing a similar technology. However, Korean media warn that there are assessments suggesting CXMT may currently hold an edge over its Korean rivals in both the technology itself and the speed of development.

According to the Korean outlet, Chinese memory chipmakers CXMT (DRAM) and YMTC (NAND) – which just two years ago were nothing more than firms struggling to manufacture low-end chips and suffering trillions of won in losses annually – have recently undergone a dramatic transformation and have “closed the technology gap with Samsung Electronics and SK Hynix far faster than expected”, from roughly a 5-year lag down to about 3 years, despite US export controls blocking access to advanced EUV lithography equipment.

Here are the key details :

  • CXMT’s secret R&D push: At its Hefei facility, CXMT has secretly begun building an R&D line for next-generation “bonded DRAM,” aiming to commercialize it before Korean rivals. This project aims to develop and produce next-generation memory semiconductors known as “bonding DRAM.” These are considered “memory semiconductor game changers” because they can maximize performance and capacity. The company reportedly has recruited top-tier engineers with the explicit goal of beating Korea to market. 
  • Rapid market gains: As recently as 2024, Chinese firms were seen as low-end, loss-making commodity suppliers. By Q1 2026, CXMT’s share of the global DRAM market reportedly jumped to 8%, and it’s said to be under consideration as a new DRAM supplier for Apple.
  • HBM ambitions: CXMT is pushing into high-bandwidth memory (HBM), converting about 20% of production lines toward HBM3/HBM3E development, working around the lack of EUV tools by using advanced multi-patterning with older DUV equipment.
  • NAND patents — China ahead: YMTC’s proprietary “Xtacking” wafer-bonding technology gave it an early lead in hybrid bonding patents — the article cites YMTC holding 119 core patents versus Samsung’s 83 and SK Hynix’s 11 (as of 2023) — to the point that Samsung reportedly licensed patents from YMTC for its next-gen NAND roadmap.
  • Next-gen tech race: Beyond HBM, China is pursuing “post-HBM” CXL (Compute Express Link) memory, with CXMT working with domestic fabless firm Montage Technology on controllers, leveraging its server DDR5 experience.
  • IPO push: Both CXMT and YMTC are moving toward public listings (CXMT possibly on the Shanghai exchange as soon as this month) to fund expansion beyond government subsidies.
  • Expert warnings: Seoul National University professor Hwang Chul-sung called Chinese semiconductors “the biggest future threat to Korea.” Another professor warned that once Chinese AI chipmakers like Huawei begin adopting domestic memory for real-world use, yield and reliability could improve faster than expected. A POSTECH professor argued Korea must lock in an unmatched technology lead in next-gen memory and packaging before the “golden time” created by U.S. sanctions runs out.

Also noted: Huawei’s May-unveiled “Tau’s Law” concept, which reportedly focuses on cutting data transfer time (rather than transistor miniaturization) to boost overall AI chip system performance — seen as a potentially disruptive alternative approach.

NAND flash and the hybrid bonding patent gap

The article frames this as the area where warning signs are already flashing red. Samsung and SK Hynix currently lead volume production in the 200-to-300+ layer NAND range, which underpins high-value products like enterprise SSDs. But pushing past 400 layers runs into physical limits, making “wafer-to-wafer (W2W) hybrid bonding” a must-have process — a technique that fuses two wafers directly, connecting circuits vertically without conductive bumps between chips.

China’s YMTC got there first. Its proprietary “Xtacking” architecture, the world’s first of its kind to reach commercialization, has scaled from 160-layer to the newest 270-layer NAND in mass production. On core patents, YMTC reportedly holds 119 versus Samsung’s 83 and SK Hynix’s 11 (2023 figures) — enough of a lead that Samsung, the NAND market leader, reportedly had to sign a patent licensing deal with YMTC to develop its next-generation “V10” triple-stack NAND (430+ layers).

The CXL / “post-HBM” race

Beyond memory’s current HBM cycle, the article describes China moving fast on CXL (Compute Express Link) DRAM, described as the “post-HBM” technology. CXMT is said to be leveraging its experience mass-producing server DDR5 to formally launch into CXL 3.0 development, and is partnering with domestic fabless chip designer Montage Technology to secure the controller technology that’s central to CXL products.

This sits alongside CXMT’s other next-gen bet: “bonded DRAM,” which separates the memory-cell layer and the peripheral control layer onto two different wafers before joining them – a way to boost density and performance without needing EUV lithography (which U.S. export controls block China from importing).

CXMT is reportedly piloting this at a Hefei line using older deep-ultraviolet (DUV) tools plus multi-patterning instead. Samsung (via its “B1b” project) and SK Hynix are working on their own bonded-DRAM equivalents, but the article notes some assessments actually rate CXMT ahead of the Korean firms on speed and technical maturity here.

A POSTECH professor is quoted arguing Korea’s current supply-chain lead owes a lot to U.S. sanctions on China, and that Korean chipmakers need to lock in an irreplaceable technology edge in next-gen memory and packaging before that sanctions-driven “golden window” closes.

The report prompted BCA strategist Peter Berezin to remind the world that technological progress has a way of making the return on massive capital spending vaporize on very short notice: “We managed to achieve massive growth in internet traffic without having to spend much more on internet infrastructure because the transmission technologies became much better. Why won’t there be similar technological innovations that dramatically lower the cost of producing memory?”

Meanwhile, on the other side of the Pacific, Michael “Big Short” Burry disclosed a new short position against US chip leader Micron in a Substack post dated July 2. Burry stated that the puts “seemed expensive,” so he shorted the stock directly and would add puts if volatility eases. He identified his disclosed entry at $1,052 per share.

The Micron short adds to a broader campaign. On June 30, Burry disclosed shorts against NVIDIA, Applied Materials, and the SOXX Semiconductor ETF, arguing that AI-related chip stocks may be due for a 30% correction

Burry argues that Micron, whose shares are up 242% year to date with a market cap near $1.17 trillion, has reached “historically extreme” levels, with Micron stock more extended above its 200-day moving average than at any point since 1984, “not even during the dot-com peak.”

Burry stated, “Micron defines cyclical like no other,” citing 34 drawdowns of more than 30% over 42 years, a median return on invested capital (ROIC) of 4%, and return on equity (ROE) of 7%, which he called “frankly terrible.” He added that “one quarter in every three, Micron is a destroyer of capital,” with free cash flow negative 48% of the time.

His view: the move reflects fear of missing out (FOMO) and greater-fool dynamics around high-bandwidth memory (HBM) being “sold out through 2026.” The timing carries some irony given President Trump praised Micron for a $250 million Trump Accounts commitment, and CEO Sanjay Mehrotra highlighted more than $200 billion in U.S. memory investment. 

That said, the bull case remains formidable. Micron, whose stock recently became the most actively traded in the US…

… posted Q3 FY26 revenue of $41.46 billion, up 346% year over year (YoY), and guided Q4 revenue to approximately $50 billion per its 8-K filing. Mehrotra stated results “reflect the strategic value of memory in the AI era.” Analysts carry an average MU stock price target of $1,486, with 30 Buy and 9 Strong Buy ratings.

Still, while sellside analysts are rushing over each other to raise their earnings estimates, one wonders how many have considered the risk that Chinese memory production and technology not only catches up to Korea, but surpasses it, and in a few years, all the massive memory production ends up in yet another historic glut of what is, despite all the rhetoric to the contrary, just another commodity. 

Tyler Durden
Sun, 07/05/2026 – 21:42

Former Sen. Warren Staffer Attends Ayatollah’s Funeral, Calls Him “Greatest Leader Of Our Lifetime”

Former Sen. Warren Staffer Attends Ayatollah’s Funeral, Calls Him “Greatest Leader Of Our Lifetime”

A former Democratic Party operative who worked on campaigns linked to prominent unhinged left-wing politicians such as Elizabeth Warren, Ed Markey, and others has become a case study in how far-left radicalization can influence those on the left, spiraling dangerously and leading to the open championing of leaders of foreign adversaries.

Calla Walsh began organizing for Democratic Senator Ed Markey while she was still a teenager. She had the perfect profile: earnest, idealistic, and a model Gen Z Democrat.

But, like many of her peers on the left, that idealism mutated into something darker – something Democrats are now concerned about as socialists and Islamists gain power in their party.

The latest Walsh episode shows the Gen Z Democrat on Iranian TV from Tehran during funeral ceremonies for slain Supreme Leader Ali Khamenei, praising the late Iranian cleric as the “greatest anti-imperialist leader” of her lifetime.

“Ayatollah Khamenei was the greatest anti-imperialist leader to have lived during my lifetime,” Walsh said.

Walsh shared a message similar to that of the Democratic Socialists: “Death to America”…

Walsh’s message was also shared with attendees at the funeral.

Ahead of America’s 250th birthday, Zohran Mamdani, the socialist mayor of New York City, denounced the nation: 

And, of course, Hasan Piker, the unofficial DSA spokesperson, has called for his followers “to kill capitalists. Let the streets soak in their fucking red capitalist blood.”

The story presented here illustrates the emergence of a new Democratic Party.

Party leaders are deeply concerned because anti-American rhetoric, denunciations of capitalism, and calls for revolution are not resonating with average voters and could harm Democrats as socialists gain influence ahead of the midterms.

Ted, we got answers below … 

If you want to understand why the Democratic Party has become so radical and revolutionary, here are some answers:

Another Democrat has sounded the alarm on the party’s far-left drift:

Related:

In response, the Trump administration has been testing the waters with anti-communist messaging. We suspect that messaging will only grow louder, as sane citizens on both sides of the political aisle can agree that communism is bad.

Tyler Durden
Sun, 07/05/2026 – 21:35

Tracking The Caribbean Super Yacht Migration

Tracking The Caribbean Super Yacht Migration

The superyacht season across the Caribbean and the Gulf of America has shifted into the off-season, with hurricane season now roughly a month in. As tropical activity risks rise across the Atlantic basin, some owners and charter fleets have shifted pleasure yachts and sailboats toward the Mediterranean, where the summer season is now in full swing. 

Ship-tracking and maritime intelligence platform MarineTraffic tracked the great migration of superyachts, including 2,156 departures of pleasure craft and sailing vessels from top Caribbean hubs between March and June. Of these, 161 showed a clear signal for an Atlantic, European, or Mediterranean route.

Out of 2,156 pleasure craft and sailing vessel departures recorded between March and June 2026 from Barbados, Guadeloupe, Martinique, the US Virgin Islands, St Barths, Antigua, the British Virgin Islands, and St Martin / St Kitts / St Lucia, 161 movements showed a clear Atlantic, European or Mediterranean route signal.

The departure side is concentrated in a handful of familiar yachting hubs. Martinique led with 48 movements (29.8%), followed by Antigua with 37 (23.0%), Saint-Martin with 23 (14.3%), Guadeloupe with 17 (10.6%), and the U.S. Virgin Islands with 14 (8.7%). At port level, Le Marin stood out as the main starting point.

MarineTraffic described the journey to Europe as less of a direct sprint and more of a staged migration:

The journey is rarely direct. Many vessels cross the Atlantic in stages, using Bermuda and the Azores as natural waypoints before continuing toward southern Europe and the western Mediterranean. Horta is the main mid-Atlantic stop, accounting for 28 vessels, followed by St George’s, Bermuda with 9, and Ponta Delgada with 3, reflecting the classic Caribbean–Azores–Europe crossing pattern. Once in European waters, vessels fan out toward key Mediterranean yachting hubs, led by Palma de Mallorca with 12 vessels, followed by smaller flows into Barcelona, Genoa, Ibiza, Monaco and Tivat.

The timing underlines the seasonal nature of the migration. May was the busiest month, accounting for 73 of the 161 movements (45.3%), ahead of April (33), June (32) and March (23). The fleet is dominated by sailing vessels, which account for 109 movements (67.7%), while pleasure craft represent 52 (32.3%). In the clearest crossing records, vessels had already travelled an average of around 2,700 nautical miles at roughly 6.6 knots, with some Caribbean-to-Palma routes extending to around 3,680 nautical miles.

The Atlantic hurricane season ends at the end of November and December is typically when superyachts begin returning to the Caribbean and Gulf of America for the holiday rush. That marks the start of the Caribbean’s prime time charter window, with peak Caribbean yachting season running through April as owners and charter fleets shift back from the Mediterranean.

Tyler Durden
Sun, 07/05/2026 – 19:15

No, The Framers Would Have Hated The Billionaire Tax

No, The Framers Would Have Hated The Billionaire Tax

Authored by Jonathan Turley,

Below is my column in the Wall Street Journal on the bizarre claim of Gov. Gavin Newsom and others that the Framers would have supported wealth taxes, including the proposed Billionaire’s Tax. It is a claim that seeks to mask the economically unwise with the historically unfounded. The Framers sought to protect property from legislative redistributive impulses. James Madison wrote that the bicameral system, and particularly the Senate, “ought to be so constituted as to protect the minority of the opulent against the majority.” That does not sound like an ally of Bernie Sanders and Ro Khanna.

Was James Madison the Zohran Mamdani of his time? Gavin Newsom appears to think so. In joining the growing number of Democratic leaders supporting a wealth tax, the California governor claimed that the U.S. Constitution and our Founders were all about wealth distribution: “The system America’s founders built,” he said, “was designed to prevent the concentration of power in a few hands, but we have allowed that concentration to happen anyway, slowly, in plain sight, over decades.”

The only problem with this argument is that it is utterly and demonstrably false. The Madisonian democracy is designed to avoid the concentration of political power, not the concentration of wealth.

The Founders were great believers in capitalism and the free market. In my recent book, “Rage and the Republic,” I discuss the economic philosophy of the Founders in exploring the history and future of this unique republic. This isn’t simply the 250th anniversary of the Declaration of Independence but also the anniversary of the publication of Adam Smith’s “The Wealth of Nations,” which the Founders embraced.

Many of the Founders were themselves quite wealthy, including banker Robert Morris Jr., who was known as the “Financier of the Revolution” and would be a billionaire today.

Our revolution was the first true Enlightenment revolution, heavily influenced by writers such as John Locke, who believed in a natural right to property. That right came not from the government, but from God, and “excludes the common right of other Men.”

That Lockean principle was manifest in George Mason’s Virginia Declaration of Rights, which was a basis for the Declaration of Independence. It extolled “the enjoyment of life and liberty, with the means of acquiring and possessing property, and pursuing and obtaining happiness and safety.”

James Madison drafted protections from government seizure of property, including the Takings Clause of the Fifth Amendment, which requires compensation for any property taken by the government.

The Constitution not only protects property, but was later amended to allow for income taxes rather than wealth taxes.

Far from supporting a wealth tax, the constitutional system referenced by Mr. Newsom makes a federal wealth tax unconstitutional.

Mr. Newsom’s recent endorsement of a national wealth tax was likely meant to blunt the outrage over his opposition to the resolution to create a state Billionaires’ Tax on the coming November ballot.

California has reportedly lost trillions of dollars in the exodus of billionaires and other wealthy taxpayers fleeing the high taxes and class politics of the state. Mr. Newsom knows that this draining of wealth spells doom for his state, which is already grappling with a massive, growing deficit. He offered a curious argument for opposing the state wealth tax: “You may not be able to pick up and move to Texas or Florida to shelter your income from taxation, but I promise you that billionaires can, and do.”

The argument suggested that most citizens are effectively a captive population to be culled by California leaders, dupes who are unable to escape a state with a deadly combination of some of the highest taxes and highest living costs in the nation.

Unions and others pushed the Billionaire Tax to avoid budget cuts and fund the state’s runaway expenditures, from pension funds to projects such as the infamous high-speed train to nowhere.

To deal with California’s reverse Gold Rush, drafters made the proposed Billionaire Tax retroactive to claw back money from those who have escaped.

The national Billionaire Tax pushed by Sens. Bernie Sanders (I., Vt.) and Elizabeth Warren (D., Mass.) seeks to cut off any escape for the wealthy short of leaving the country. When she ran for president, Ms. Warren warned the wealthy that she was coming for “your Rembrandts, your stock portfolio, your diamonds and your yachts.”

Of course, this assumes that the wealthy would be little more than passive prey in a hunt by the Internal Revenue Service. That is precisely what socialists thought in France decades ago, before an exodus from the country that, along with other socialist policies, brought it to near economic ruin. It was later rescinded.

Nevertheless, wealth taxes make for great politics. What is concerning is that, in addition to a wealth tax, Democratic leaders like Ms. Warren are pledging to pack the Supreme Court if they retake power. A packed court with an insistent liberal majority would let the Democrats push through measures that would otherwise be declared unconstitutional, including a wealth tax.

Congress could then gradually lower the level of wealth needed to trigger the tax, opening up the homes and estates of citizens as an untapped reservoir of money for the taking.

You’re next” could then apply not just to office holders but to property owners in a push to redistribute wealth.

That strategy may well unfold in coming years, but it will be the realization of a Mamdanian, not a Madisonian, system.

Mr. Turley is a law professor at George Washington University and author of “Rage and the Republic: The Unfinished Story of the American Revolution.”

Tyler Durden
Sun, 07/05/2026 – 18:40

‘Thought People Hated Him’: Trump Surprised Iranians Are Crying At Khamenei’s Funeral Amid Massive Turnout

‘Thought People Hated Him’: Trump Surprised Iranians Are Crying At Khamenei’s Funeral Amid Massive Turnout

President Trump this weekend mused in an interview with Axios that so many people and officials are currently gathered for Iranian Supreme Leader Ali Khamenei’s funeral in Tehran that they could all be taken out in one fell swoop.

“They are all there. One shot [and we can take them all out], but we are not going to do that because then we would have nobody to negotiate with,” Trump said.

AFP via Getty Images

He again emphasized that the Iranians “are begging to make a deal” but said both sides decided to take a week off from the conflict as well as talks to give time for Khamenei’s funeral events to end. There are major public events scheduled to go for up to a week.

Trump acknowledged that neither side will shoot at the other as the funeral procession and multi-city observances continued. Predictions in international press accounts have said events are expected to attract some 30 million mourners.

The first and second days of public funeral ceremonies in Tehran attracted millions of people, after Friday saw top representatives from at least 70 foreign governments pay last respects.

Amid the scenes of public mourning, and also with some Iranian officials loudly calling for ‘revenge’ – Trump made this interesting comment to Axios:

He added that he was surprised to see some Iranians crying at the funeral, saying he thought people hated Khamenei. “Maybe it’s fake tears,” Trump mused.

Footage and images of massive crowds of people packing out central Tehran squares and roads have flooded social media over the weekend. External critics and enemies of Iran have been claiming that millions of people were ‘forced’ by Iran’s security services to attend the funeral.

Al Jazeera’s correspondent in Iran has described the following in a Sunday report:

Thousands and thousands of people are streaming through to pay their respects on the second day of the public farewell ceremony for the Iranian Supreme Leader Ayatollah Ali Khamenei.

We know that tomorrow, in the capital of Tehran, there will be a funeral procession, and we are expecting millions of people to attend.

Also on the schedule, the bodies of Khamenei and his slain family members are also going to be taken to the holy cities of Karbala and Najaf in Iraq.

Khamenei and his family members are later to be buried in the city of Mashhad, which is his birthplace. His surviving son, Mojtaba Khamenei – the current supreme leader – is still in hiding and has yet been seen at the funeral.

Reports say the Iranians are fearful that US and Israeli intelligence, or their potential spy assets on the ground, could track Mojtaba’s movements if he were to make public appearance at his father’s funeral.

As for Trump expressing ‘surprise’ that millions of Iranians would mourn the late Khamenei, this seems but the latest admissions (in a long familiar pattern) of Washington getting pretty much every key assumption wrong about Middle East states and cultures it seeks to do regime change it. 

This also hearkens back to US claims in Iraq that they “would greet us as liberators”… the same sentiment was at times expressed just ahead of the Feb. 28 US-Israeli attack on Iran. But a mass uprising strong enough to topple the government never materialized – though the US and Israel tried to encourage this.

Tyler Durden
Sun, 07/05/2026 – 18:05