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Record 1 In 16 People Worldwide Now Use Drugs, UN Report Says

Record 1 In 16 People Worldwide Now Use Drugs, UN Report Says

Authored by Naveen Athrappully via The Epoch Times,

One out of every 16 people in the world uses drugs, the highest level at any point in human history, the United Nations said in a June 26 post on X.

“While cannabis remains the most widely used drug, the global cocaine market has reached record levels,” the U.N. stated in the post. In the 10 years between 2014 and 2024, global production of cocaine has surged by more than 370 percent.

The numbers come from the U.N. Office on Drugs and Crime’s (UNODC) World Drug Report 2026, released on June 26.

In total, 331 million people worldwide used drugs in 2024, up by 34 percent over the previous 10 years. Cannabis was the most used narcotic with 256 million users, followed by opioids with 63 million, amphetamines with 32 million, cocaine with 25 million, and ecstasy with 21 million users.

There were about 63 million people with drug use disorders, with one in 12 undergoing treatment.

Among women with drug use disorders, one in 23 was receiving treatment. This figure was higher among men at one in nine. 

Out of the 14 million who used drugs via injections, almost 7 million had hepatitis C, 1.7 million were living with HIV, and 1.5 million had both.

The report observed that one of the “biggest reckonings with drug use in recent years occurred in Canada and the United States, which were rocked by an opioid crisis in the first two decades of this century that caused nearly a million deaths.”

However, the peak of the crisis “appears to have passed,” with 2024 figures showing a decline in opioid deaths involving fentanyl.

In a January 2026 report, the U.S. Centers for Disease Control and Prevention said that drug overdose death rates involving synthetic opioids other than methadone fell by 35.6 percent between 2023 and 2024.

While opioid deaths have declined, the vast majority of such deaths took place in the United States and Canada, the UNODC report said, adding that fentanyl opioids continued to account for the largest share of such deaths.

The agency also highlighted the impact of nitazenes—synthetic opioids that are more potent than fentanyl—in the United States. In 2024, 409 deaths were attributed to nitazenes in 43 U.S. jurisdictions.

In a June 26 statement, UNODC said that drug manufacturers are inventing new synthetic drugs in a bid to avoid detection and bypass regulations. In 2024, five times more drug types were found in drug seizures than prior to 2000.

Monica Juma, executive director of UNODC, said there has been an “unprecedented spike” in new drug types entering the market, some of which are more potent or dangerous than existing ones.

“We are already suffering the impact: millions of premature deaths and healthy years of life needlessly lost; drug trafficking networks that are distorting economies; the destruction of lives, communities, and livelihoods; and the compounding of insecurity and violence,” Juma said.

“The imperative to focus on stopping organized crime groups has never been greater. We must surge deterrence efforts, increase intelligence-sharing, and coordinate joint operations, while investing more in prevention and treatment.”

Tackling US Drug Addiction

Last month, the Trump administration’s drug czar, Sara Carter, released the 2026 National Drug Control Strategy, detailing the roadmap that the United States plans to use to tackle the drug crisis.

While the strategy involves several measures, such as securing global supply chains from transnational criminals behind the influx of drugs into the United States, one of the key focus areas is the treatment provided to counter addiction.

Carter said authorities will “work tirelessly” to eliminate the demand for drugs in the United States.

“We will build a culture of resilience where living drug-free is the norm. We will empower educators, faith leaders, and families to protect our children from this chemical assault,” she said.

“And we will ensure that compassionate, effective treatment and recovery support are available to every American who is courageously fighting to reclaim their life from addiction.”

According to the strategy, the administration will seek to ensure that treatments for drug addiction are “more accessible than continued drug use.”

In a May 7 statement, Libby Jones of the Global Health Advocacy Incubator raised concerns about the Trump administration’s fiscal year 2027 budget request that cut funding for some addiction programs.

The request cuts $261 million from the Substance Abuse Prevention program and $576 million from the Mental and Behavioral Health subtotal.

“A strategy that says treatment should be easier to obtain than illicit drugs must have the infrastructure to make that real,” Jones said.

Meanwhile, in a June 19 statement, the Department of Homeland Security said that the Customs and Border Protection (CBP) seized 32 percent more cocaine, methamphetamine, fentanyl, heroin, and marijuana nationwide in May compared with two years back.

“CBP has seized 56 percent more drugs this fiscal year through May than it seized during the same period of FY 2024,” the department said. FY refers to fiscal year.

Tyler Durden
Mon, 06/29/2026 – 06:30

EU Watchdog EBA Details Big Crypto Fines As Landmark Laws Bite

EU Watchdog EBA Details Big Crypto Fines As Landmark Laws Bite

Authored by Robert Lakin via CoinTelegraph.com,

The European Banking Authority on Friday unveiled a sweeping framework to penalize cryptocurrency issuers that violate the European Union’s digital-asset laws, signaling a tougher enforcement stance as the trade bloc finalizes its historic regulatory architecture.

The consultation paper published June 26 establishes a standardized playbook for hitting non-compliant issuers of what the EBA considers “significant” tokens with potentially multimillion-euro penalties. Under the proposal, the Paris-based watchdog will deploy a strict two-step process to determine fines, assessing the baseline severity of an infraction before factoring in aggravating or mitigating behavior.

The move represents the sharpening of teeth for the EU’s landmark Markets in Crypto-Assets (MiCA) regulation. Introduced to bring order to a historically freewheeling sector, MiCA is the world’s first comprehensive regulatory regime for digital assets, forcing token issuers and crypto service providers to operate with bank-like compliance, consumer protections and capital reserves if they want access to the single European market.

The stakes for non-compliance are explicitly designed to be punitive. According to the EBA’s consultation paper, final penalties could reach statutory ceilings of 12.5% of annual turnover for issuers of significant asset-referenced tokens and 10% for significant e-money tokens, or two times the profits generated by the violation, caps meant to deter even the largest global digital-asset operators.

Cover screenshot of European Banking Authority’s 14-page consultation paper.
Source: EBA

The roll-out of the penalty framework comes at a critical juncture for Europe’s digital asset industry, landing just days ahead of a crucial July 1 deadline. By the start of next month, cryptocurrency firms must have secured formal licenses from national regulators to legally offer their services or market stablecoins within the 27-nation bloc, ending a transitional grace period that allowed many operators to function under looser local rules.

Firms that fail to secure their regulatory passports by July 1 face the prospect of being forced to halt operations entirely or risk triggering the exact infractions, such as unauthorized public disclosures or organizational failures, that the EBA’s new framework is built to penalize.

Binance pushes “pause” on EU operations after license fail

The world’s biggest exchange operator, Binance, last week notified European Union users that access to key services will be restricted after the exchange failed to secure MiCA authorization from a member state before the July 1 deadline after it withdrew its MiCA license application in Greece.

Those restrictions include halting the onboarding of new EU users and limiting certain services for EU-based accounts effective July 1, according to exchange notices shared by users on social media.

Notice sent by Binance to customers in Poland. Source: IT_Tech_PL

The notices said users will still be able to withdraw their assets after that date, stating that “all digital assets are still available for withdrawal,” in line with applicable regulatory requirements.

Binance recorded $1.96 billion in daily net outflows on Wednesday, following its withdrawal announcement, according to DefiLlama data viewed by Cointelegraph on Sunday. The exchange then saw another $2.52 billion and $1.46 billion in net outflows over the following two days.

EU move shows sharp contrast with US enforcement approach

The timing underscores the European Union’s broader strategy to position itself as the dominant global standard-setter for digital finance, contrasting sharply with the regulation-by-enforcement approach seen in the United States. By laying out clear financial penalties right as the licensing mandate takes effect, authorities in Brussels are telling the market that the era of leniency is officially over.

The industry now has a three-month consultation window ending September 28 to lobby for changes to the EBA’s penalty methodology. However, with the July 1 licensing cliff edge just days away, executives will have to navigate an unforgiving compliance environment long before the final fining guidelines are formalized under law.

Tyler Durden
Mon, 06/29/2026 – 05:00

GM Replaces 1,000 Factory Zero Workers With 50 Robots

GM Replaces 1,000 Factory Zero Workers With 50 Robots

General Motors is once again under the microscope after expanding automation at its Detroit-based Factory Zero plant, installing about 50 collaborative robots not long after cutting more than 1,000 positions, according to Yahoo Finance.

The decision reflects a broader shift across the auto industry as manufacturers lean more heavily on robotics and AI to improve efficiency while labor groups warn about the impact on employment.

Factory Zero, where GM builds the GMC Hummer EV and Chevrolet Silverado EV, was originally marketed as the centerpiece of the company’s electric vehicle ambitions. Instead, inconsistent EV demand has forced production adjustments, temporary downtime, and workforce reductions, even as GM continues pouring money into advanced manufacturing technology.

The newly installed Fanuc cobots assist employees with attaching body panels during assembly. GM says the machines are intended to reduce repetitive, physically taxing work and improve safety—not eliminate workers. Even so, their arrival shortly after significant layoffs has sparked concern on the factory floor.

The Yahoo Finance article notes that the United Auto Workers’ Local 22 has challenged the rollout, filing grievances over the new equipment and arguing that employees have good reason to question what expanded automation means for future staffing levels. GM maintains that robotics complement, rather than replace, human workers by allowing employees to focus on more skilled tasks.

The investment fits into GM’s long-term manufacturing strategy. The company has spent the last several years highlighting artificial intelligence and automation as key parts of its future, including a partnership with NVIDIA to develop AI-powered factory systems. CEO Mary Barra has repeatedly said advanced technology is critical to improving productivity and keeping GM competitive.

The trend extends well beyond GM. Companies including Toyota and BMW are accelerating their own investments in robotic manufacturing as rising labor costs and competitive pressures push the industry toward greater automation. Following the UAW’s 2023 contract, GM estimated the agreement would add roughly $500 to the cost of every vehicle it builds.

With automation becoming more sophisticated each year, the debate over where robots end and human workers begin is only likely to intensify. As the next UAW negotiations approach in 2028, the role of AI and robotics on factory floors is shaping up to be one of the industry’s biggest labor issues.

Tyler Durden
Mon, 06/29/2026 – 04:15

Is There Any Point In Getting To Know Andy Burnham?

Is There Any Point In Getting To Know Andy Burnham?

Authored by Joanna Gray via DailySceptic.org,

The best way to approach Andy Burnham, our new Prime Minister-in-waiting, is like the latest girlfriend of a desirable but emotionally damaged philanderer.

We should be polite but there’s no real point in spending too much time getting to know her, because she’ll be replaced with a new model in a matter of months.

Let’s call this philandering gentleman Mr Great Britain. He’s the dashingly handsome lothario with daddy issues (in this case loss of Empire). We all know the type: the rakish uncle who’s still smoking at Christenings. He’s a sort of Hugh Grant chap with emotional baggage who can’t resist flirting with everyone, from the great aunt to the minx who’s just finished her A-Levels and all the waitresses. In spite of his obvious flaws (the NHS, insane energy and welfare policies), Mr Great Britain is still a deeply desirable thoroughbred with excellent breeding, ancestry, land and property. The problem is, he just keeps hooking up with all the wrong girls.

Mr Great Britain’s ancestors have made some outstandingly successful marriages that have expanded and solidified the family fortunes (Pitt, Disraeli, Liverpool, Salisbury, Baldwin, Thatcher). Sadly our current Mr Great Britain, when a young man, got into bed with a certain Anthony Blair who, as Mr Great Britain sobs into his drink with his next hook up: completely broke his heart. “I thought she was the one,” Mr Great Britain cries, “She had everything a young man could want: an ability to smile, a catchy slogan. But it turns out she was an absolute cow. She made me go to war and changed all the funny institutions in the old manor.”

Add this early heart break to his loss of Empire daddy issues, and poor old Mr Great Britain doesn’t know whom to settle down with. He flails around from one type of woman to another thinking they will solve his problems. In a pique of revenge, he seduced Anthony Blair’s severe best friend Gordon. Friends hoped Gordon would steady Mr GB, but instead she just shouted at everyone and sold the family gold. Thankfully this relationship didn’t last long and people were delighted when Mr Great Britain brought home the elegant Dave Cameron. She was just the right sort, a handsome filly with breeding and a pretty face. Alas like many willowy Sloanes, Dave turned out to be a sopping wet drip.

Time was ticking on and Mr Great Britain turned his wandering eye to a rather forgettable older woman who had an improbable interest in shoes. This petered out when Mr Great Britain remembered his deep seated predilection for fun times. He dumped Theresa and leaped into the willing arms of good time girl Boris Johnson. A knockout blonde who’d been round the block with plenty of other chaps, Boris was surely the girl to revive Mr Great Britain’s vim and vigour. Alas there was nothing more to her than her hair. Boris failed in all fundamental aspects of family care: she locked up the children, spaffed the family money and invited millions of people over to the family estate. She had to go.

Things then took a turn for the worse for poor old Mr Great Britain. He had the audacity to bring another ridiculous blonde to his grandmother’s funeral. She had a strange way of talking and everyone was convinced Liz was quite mad.

He then went through his exotic phase and a dated a small polite woman of Indian extraction who did lovely things with candles at Diwali but wasn’t at all suited to the English rain.

Most recently Mr Great Britain has dumped his latest squeeze, a rather terrifying lawyer who bored everyone to tears.

Rumour has it that Mr Great Britain is in the early stages of a relationship with a Northern Woman called Andy.

She has a Northern accent so might be good with the staff but is unlikely to stick.

Friends of Mr Great Britain know that time is running out.

He’s getting a bit too old and craggy and will soon go entirely to seed unless a good woman grips him. Again, we all know the type: the gorgeous stud who finally settles down at the age of 52 with a charming and competent wife. She solves his daddy issues and gives him a sense of belonging and purpose. They create a wonderful family home and have a quiverful of children. We also know the other type: the gorgeous stud who continues dating a series of inappropriate women well into his dotage. Whenever there’s a social event, we old friends think: who will the old rogue bring this time? Shall we bother to get to know her? Oh dear, we mutter, he’s looking shabbier and shabbier; it’s too late, no-one will want him now, he’s entirely broke, lost his estate as well as his looks.

Which path will our Mr Great Britain take? For now, I wouldn’t waste too much time in getting to know the new northern lass. She’ll be gone in a matter of months. Will the next honey be another embarrassing disaster or the one who sets Mr GB on the right path to fulfil his neglected potential? If I were a matchmaker, my wife of choice for Mr Great Britain would be that lovely Christian woman Danny whose mother is a tremendous cook.

Tyler Durden
Mon, 06/29/2026 – 03:30

Did The World Cup Just Start A War In Europe Over Air Conditioning?

Did The World Cup Just Start A War In Europe Over Air Conditioning?

The World Cup has triggered one of the most surprising global cultural awakenings in decades and almost no one saw it coming.  The establishment media had been running negative propaganda for months, claiming that the event was going to be a disaster because it was being held in the US.  The machine had already decided that the World Cup in 2026 was going to be sold as a disaster from start to finish. 

Rumors were spinning that because Americans don’t care about “soccer” that the tournament would be mismanaged, that America was “racist”, the players would be treated poorly, and that the US is such a dangerous place it would deter travelers from going overseas to attend the games.

The anti-American sentiment being generating by western journalists is staggering.  However, all it took was a few weeks and around 1.2 million foreign visitors per city coming to see the World Cup at the same time.  Suddenly, Europeans have realized they’ve been lied to about everything.

The US hosted event is now being called one of the most successful in history.  The propaganda spell has been broken.  Europeans are going on social media to apologize for the hate their countrymen have been dumping on the US over the years.  And, most importantly, they’ve discovered air conditioning.

Strangely, it’s not American gun rights that are sparking mass debate.  Rather, it’s the air conditioning issue that’s causing the most friction with political leaders back in Europe, and the elites are not happy. 

Americans have trouble understanding the angst.  Only 19% of all Europeans have air conditioning in their homes, compared to 90% or people in the US.  In Britain, 14% of people have cold indoor air.  In France it’s 25% and in Germany it’s 19%.  Keep in mind, these are high rates compared to only 10 years ago.  Europe’s love affair with air conditioning is a very recent phenomenon; they’ve been burning up in silence for decades.  

But now, travelers visiting America are wondering why a technology created in 1902 is not more common in their home nations?  They’re starting to ask questions, and they’re finding out that their own governments simply don’t want them to have it.  In other words, air conditioning is a luxury for politicians and the wealthy, not for the peasants.  How else can the west save the world from “climate change”?

France has banned drinking alcohol in public to counter dehydration. Residents are stampeding stores and fighting each other for fans and the few air conditioning units they can find.  EU leaders are facing increasing demands for a reexamination of “Net Zero” policies. 

The French Environment Minister says she is “horrified” by the rising calls for air conditioning, suggesting that the peons need to worry less about the heat and more about global warming, if that makes sense.  The debate is being presented as a matter of “selfishness” on the part of common citizens who want to stay cool.

“I’m going to tell you how I see it: I’m horrified by the people who tell me, ‘We just need to put air conditioning everywhere.’ Do you think that’s going to prevent forest fires? Do you think that’s going to stop a crop from disappearing? Do you think that’s going to prevent the death of the animals we’re seeing? Do you think that’s going to prevent anything? Nothing! Of course, people shouldn’t suffocate, but this isn’t adapting to climate change — it’s just an emergency measure.”

In response, governments across Europe are cracking down even more on air conditioning in order to send a message.  The EU commission is shutting down air conditioning in their Brussels HQ to set an example, but only for the bottom seven floors where all the lower wage employees work.  The top floors where the important people reside still get cool air.

In Britain, local councils are being instructed to force residents to remove air conditioning appliances from their homes or face fines.  They assert that the devices create too much “carbon emissions” and should only be used as a last resort.  Climate change fanatics are taking to British media to admonish people who dare to purchase one of the evil appliances.

Europe is in the midst of a rare summer heat wave.  Over 1300 deaths have so far been linked to the rising temps.  The temperatures are climbing to ranges common in the US but shocking by European standards.  One would think that this would be a perfect rationale for air conditioning, but globalist leaders in the region are testing the will of the public and seeing how much they can take away.

In reality, the Earth has been much hotter many times over the course of millions of years and it had nothing to do with carbon emissions or air conditioners. 

The concept of man-made climate change is a farce, which means all of this discomfort and potential death is pointless.  Americans discovered this a long time ago, and thanks to the World Cup and social media, Europeans are finally catching on. 

Tyler Durden
Mon, 06/29/2026 – 02:45

Turkey Bans Protests Across Many Provinces Ahead Of Major NATO Summit

Turkey Bans Protests Across Many Provinces Ahead Of Major NATO Summit

Via Middle East Eye

Rights groups have condemned a protest ban imposed by Turkey ahead of a Nato summit, as well as the arrest of hundreds of people in a sweeping crackdown.

Last week, the Ankara Governorate announced a 13-day province-wide ban on all public assemblies from Sunday, citing “national security” and security measures around the conference.

Protesters hold a banner reading ‘Turkey should leave Nato, Nato bases should be closed’ during a demonstration in Ankara on 27 June 2026, ahead of the Nato summit. via AFP

A total of 225 people were also arrested, including alleged supporters of the leftist Revolutionary People’s Liberation Party/Front (DHKP/C) and the Islamic State group.

Other detainees included academic Emel Memis, gay rights activist and journalist Yildiz Tar, environmental NGO Tema Foundation representative Nevzat Ozer, independent labour union Umut-Sen spokesperson Burcu Arikan, and Progressive Lawyers Association lawyers Semra Demir and Kursat Bafra.

The state-run Anadolu news agency said that 178 suspects taken into custody were formally arrested, while 34 others were released under judicial supervision.

In a statement, Amnesty International condemned the ban and the arrests as an “unjustifiable attack on the rights to freedom of peaceful assembly and expression”.

“All the excessively broad and disproportionate restrictions that prevent the exercise of the right to peaceful assembly must be lifted,” said Esther Major, Amnesty International’s deputy director of research for Europe.

“In addition, Nato’s decision to deny accreditation to some journalists and media outlets from Turkey is a blow to media freedom. We call on Nato to reverse its stance and enable those who have been excluded to cover the event.”

Journalists denied access

The Nato summit is scheduled to take place on 7-8 July and is expected to be attended by leaders from all 32 member states. US President Donald Trump is among those expected to attend.

Turkey has been a member of Nato since 1952 and has the second-largest land army in the alliance.

Leftists and some Islamist groups have long criticized Turkey’s membership, saying it has kept the country under US dominance and suppressed socialist and anti-imperialist movements in Turkey. US support for Israel’s genocide in Gaza, as well as its attacks on Iran, has further provoked anger towards the summit in Turkey.

Dozens of journalists have been denied accreditation for the summit, including those from respected independent outlets such as Cumhuriyet, Sozcu, Anka, T24 and Medyascope.

On Friday, a range of media freedom bodies issued a joint statement condemning Nato’s decision to deny the journalist’s access.

“Given Nato’s own accreditation criteria, which lists editorial independence as a core eligibility requirement, rejection of outlets defined by that very quality is difficult to reconcile,” the statement said.

“Should a governmental institution with a documented track record of restricting press access have played any role in this process, Nato risks allowing domestic media pressures to influence what should be an independent credentialing framework.” Middle East Eye contacted Nato for comment, but had received no response at the time of publication.

Tyler Durden
Mon, 06/29/2026 – 02:00

Bursting Of AI Bubble, Collapse Of Circular Deals Are Among Top Risks To Global Financial System, BIS Warns

Bursting Of AI Bubble, Collapse Of Circular Deals Are Among Top Risks To Global Financial System, BIS Warns

An artificial-intelligence bust (and thus bubble), inflation and fiscal stress are the three the most alarming threats to global prosperity at present, the Bank for International Settlements warned. In its annual report published on Sunday, the Basel-based institution – better known as the central banks’ central bank – cited those on a list of “pressure points” that currently “demand attention,” with underlying financial vulnerabilities lurking that could amplify any shock.

“The global economy remains caught in the crosscurrents of progress and peril,” Basel officials said in the report. “Resilience is being increasingly tested and strained.”

The assessment highlighted AI-led risks prominently in a report that arrived on the eve of the ECB’s three-day annual symposium in Sintra, where a host of global policymakers will also scrutinize such stability dangers closely.

“Disappointment in returns could trigger a sudden pullback in financing and turn the capex boom into a protracted investment bust, with potential knock-on effects on financial conditions,” the BIS said, before observing that “a major equity-market correction could have larger macroeconomic consequences today than in the past.” 

Besides AI, the Basel officials went on to note that other assets could face similar dangers, and highlighted credit in particular.

“Repricing of risk this time, whether triggered by higher interest rates or an AI bust, has the potential to be similarly disruptive” in that segment to the 2008 Global Financial Crisis, the BIS said. 

On AI specifically, officials highlighted vulnerabilities linked to funding, including complex arrangements such so-called “circular financingdeals that can mix equity and debt with supplier-client contracts (as discussed here “The $1.8 Trillion Off-Balance Sheet Time Bomb At The Heart Of The AI Supercycle“)

For instance, chipmakers and hyperscalers take stakes in AI labs or neocloud providers, who in turn commit to multi-year purchases of chips or computing power, the BIS said. Data center construction is more frequently outsourced to third parties that lease facilities back to hyperscalers on long-term contracts with embedded exit clauses.

Source: Morgan Stanley

“The terms of such deals are typically poorly disclosed, with risks of the same asset being pledged multiple times,” officials wrote.

The BIS’s separate warning of a possible return of inflation jars with some initial optimism that the current energy shock caused by the Middle East crisis might recede. Signs of progress over a peace deal this week brought the oil price down to levels below where they were when the Iran war broke out in late February.

BIS officials, in tune with peers at institutions such as the ECB, also worry that the disruption to energy supplies may not be over, that infrastructure will take time to rebuild, and that existing impacts could linger. 

That followed US data last week showing prices rising at the fastest pace in more than three years, and precedes numbers in coming days that may show euro-zone inflation still far above officials’ 2% target.

The last cost-of-living shock in 2022 “is still in the memory of economic agents,” BIS chief Pablo Hernandez de Cos told reporters, intending no puns with the whole “memory” thing, and noting that this can mean a “higher probability of second-round effects.”

The BIS also highlighted what has become a familiar warning about how fiscal dangers posed by high sovereign debts still loom large, with added complications given the other risks. Echoing counterparts such as the Paris-based OECD, it pointed to how hedge funds have become much more prominent as buyers of government bonds, often using funding that can quickly unwind when conditions deteriorate as part of their massively levered basis trades.

“These hedge funds employ highly leveraged strategies that rely on short-term financing on favorable terms, creating risks of fire sales and de-leveraging feedback loops,” the BIS said. “Financial stresses can now propagate quickly and broadly through funding markets, across borders and between banks and non-banks.”

This year has already seen moments of bond-market tension, with broad selloffs on the UK gilt market summoning memories of the country’s 2022 crisis, and similar developments in Japan causing global ripples that extended to US Treasuries. 

“Market reactions can emerge in any moment, depending on sometimes political events or economic events,” de Cos said. “It will be important to reduce these vulnerabilities before these market reactions might take place.”

In its capacity advising global central banks, the BIS said that a strict focus on monetary discipline remains essential, ensuring that inflation expectations don’t become unhinged on the back of the recent energy price spikes and other supply shocks, Bloomberg reported, yet as we noted earlier, the US has been above the Fed’s 2% inflation target for about 5 years now, making a mockery of the central bank’s core pillar. Officials shouldn’t shirk from raising interest rates if needed, even if that harms growth in the short term, BIS said, knowing fully well nobody would do anything that harms growth in the short term.

“Policies reinforce each other,” the officials wrote. “Disciplined fiscal policy underpins monetary credibility and financial stability. Robust regulation strengthens market resilience, preserves fiscal space and limits the need for frequent central bank interventions. Credible monetary policy anchors inflation expectations.”

Tyler Durden
Sun, 06/28/2026 – 23:33

250 Years Ago: South Carolina Defeats The British Empire

250 Years Ago: South Carolina Defeats The British Empire

Authored by Alan Wakim via The Epoch Times,

On the morning of June 28, 1776, Thomas Jefferson and the Committee of Five presented a draft of the Declaration of Independence to John Hancock, president of the Second Continental Congress. Although immortalized by John Trumbull’s famous painting, the historic moment unfolded with quiet parliamentary precision and strict protocol rather than fanfare.

The attack on the fort on Sulivan’s Island the June 28, 1776, painted by Henry Gray. Drawing shows British ships firing on Fort Sullivan on Sullivan’s Island. Library of Congress. Public Domain

That same morning, a drastically different scene was unfolding at the vital port city of Charles Town, South Carolina, now known as Charleston. A British invasion force of up to 3,000 soldiers and marines, supported by Royal Navy warships and transports, had been sent to suppress the growing independence movement and restore royal authority in the southern colonies. For weeks, the armada had been poised to strike the city and the surrounding fortifications.

On the northeast shore of Sullivan’s Island, Col. William Moultrie and Col. William “Old Danger” Thomson were inspecting earthen batteries and entrenchments when a sentry posted nearby caught movement out at sea—British warships unfurling their sails and weighing anchor—and shouted the alarm. Moultrie immediately galloped his horse back to Fort Sullivan as the enemy ships began their slow approach. Upon arrival, he ordered the drummer to beat the “long roll”—the urgent alarm signal commanding soldiers to their battle stations.

A portrait of Col. William Moultrie, by Charles Willson Peale. National Portrait Gallery. Public Domain

The rhythmic thud of the drum could be heard four miles away in Charles Town. Large crowds gathered along the waterfront and crowded the upper floors of the city’s buildings for a clear view of what many expected would be an intense artillery duel. Among those watching was South Carolina President John Rutledge, standing on the second floor of the Exchange Building. Observing the scene unfold with his spyglass, Rutledge could see naval gunners loading their heavy cannon.

On the very day Congress received Jefferson’s draft, more than 6,500 Continental soldiers, militiamen, enslaved laborers, and warriors from the Pee Dee, Waccamaw, Cheraw, and Catawba tribes prepared to defend South Carolina in what history remembers as the Battle of Sullivan’s Island.

South Carolina Mobilizes

In December 1775, Patriots intercepted British dispatches revealing plans to strike the southern colonies. Those fears were confirmed the following February when British Gen. Henry Clinton, while visiting New York City, indicated that his destination lay somewhere in the South before departing for North Carolina on Feb. 28.

A portrait of Gen. Henry Clinton, 1762-1765, by Andrea Soldi. Public Domain

Alarmed by these developments, Congress created the Southern Department on March 1 and appointed Gen. Charles Lee as its commander. Lee, who had been overseeing the defenses of New York under Gen. George Washington, departed the city on March 7 for his new command.

Rumors of an impending British attack swept through the Charles Town Harbor, prompting extensive defensive preparations. Within the city, workers erected barricades, breastworks, and heavy artillery batteries. Ringing the harbor, strategic outposts including Fort Johnson, Haddrell’s Point, and Mount Pleasant—along with scattered coastal redoubts—strengthened their lines with palmetto logs, sand, and powerful artillery.

Strategic outposts, forts, and locations of the British and Continental armies along the Charles Town Harbor. Markings by Alan Wakim on a 1776 map of Charles Town, S.C. Public Domain

The harbor’s defense was focused on Sullivan’s Island—at the time, a roughly four-mile-by-quarter-mile strip of land positioned by the harbor’s entrance. Shallow sandbars dotted the area inside and outside the harbor, forcing deep-draft ships to navigate past Sullivan’s Island to avoid running aground. Because of the island’s position as a strategic bottleneck, work began on the construction of Fort Sullivan with palmetto logs and sand. Moultrie was given command of the fort.

In North Carolina, Clinton met with the royal governor, Josiah Martin, when he learned that the Loyalist army had been defeated at the Battle of Moore’s Creek Bridge. Patriot militias now had exclusive control of the coastal regions. By the time Commodore Sir Peter Parker and Gen. Lord Charles Cornwallis rendezvoused with Clinton, North Carolina was unfeasible as a base of operations. Charles Town was now their best option.

The British Arrive

British vessels were spotted in late May taking soundings and gathering intelligence. On May 31, a Patriot horseman arrived at Rutledge’s headquarters to inform him that a massive fleet had been spotted on the horizon.

On June 1, the British armada arrived and dropped anchor outside the harbor. For the next several days, they searched for accessible crossing channels among the shallow sandbars.

On June 4, Lee arrived with his staff and assumed command. When he inspected Fort Sullivan, he called it a “slaughter pen” and predicted its destruction by naval artillery within half an hour. He ordered the fort to be abandoned and for the men to fall back to the mainland. Rutledge, however, instructed Moultrie to disobey those orders and to continue working on the fort.

On June 8, Clinton issued a formal proclamation to the city, demanding its immediate surrender. His timing proved unfortunate because Lee’s vanguard of roughly 2,000 Continental soldiers from Virginia and North Carolina arrived on the same day.

After his proclamation was ignored, Clinton deployed more than 2,500 redcoats onto Long Island, now known as Isle of Palms. The island was one mile northeast of Sullivan’s Island, separated by a waterway known as Breach Inlet. Lee responded by redeploying Thomson and 780 men to fortify the beaches facing the waterway.

The Isle of Palms (Long Island) across Breach Inlet. Taken from Sullivan’s Island. Alan Wakim

A coordinated assault of Sullivan’s Island was planned. Parker’s warships would batter the fort while Clinton’s men crossed Breach Inlet and attacked from the rear. However, flawed intelligence doomed the operation before Clinton ever set foot on Long Island. Early scouting reports mistakenly indicated that the inlet was an easily fordable sandbar measuring just 18 inches deep at low tide. In reality, Clinton’s men discovered a treacherous, 7-foot-deep channel driven by a ripping current that made a crossing by foot impossible.

Unfavorable winds and adverse tides further stalled the British operation for several days. Clinton used the delay to abandon the infantry march and organize an amphibious assault using flatboats. Meanwhile, Moultrie used the time to feverishly reinforce the fort’s defenses with his force of 435 men.

June 28, 1776

On the morning of June 28, Parker found sea and weather conditions ideal for an attack. He signaled the fleet to weigh anchor, loosen their sails, and begin their advance, setting in motion Moultrie’s frantic dash back to the fort.

HMS Thunder dropped anchor and fired the opening shots. Within minutes, all nine warships unleashed a thunderous cannonade at the unfinished fort.

The bombardment, however, produced an unexpected result. Instead of splintering into deadly shards, the soft, sponge-like palmetto logs absorbed the cannon’s impact. British officers later acknowledged that the unusual construction made the fort far more resilient than anticipated.

Palmetto logs, such as these, were used to fortify outposts during the Battle of Sullivan’s Island. Alan Wakim

Moultrie’s men fired slowly and deliberately to avoid using up the fort’s limited supply of powder. Their carefully aimed shots inflicted heavy damage on the attacking ships, especially Parker’s flagship, HMS Bristol, which suffered extensive casualties. Nearly every officer on its quarterdeck was killed or wounded. Parker was among the wounded when an American shot tore away part of his uniform, leaving his backside exposed.

Also wounded aboard Bristol was Lord William Campbell, South Carolina’s deposed royal governor, who had volunteered to serve with a gun crew. Struck by flying splinters, Campbell never fully recovered from his wounds, dying in England two years later.

Enemy fire severed the fort’s flagstaff during the battle. Sgt. William Jasper climbed over the ramparts, recovered the fallen colors under fire, and fastened them to a sponge staff, raising them once more above the fort. His actions became one of the enduring images of the entire war.

An image of Sgt. Jasper raising the battle flag of the colonial forces over present-day Fort Moultrie on June 28, 1776 during the Battle of Sullivan’s Island. New York Public Library. Public Domain

Parker attempted to reposition three frigates to attack exposed areas of the fort. The vessels—Sphinx, Syren and Actaeon—ran aground on a shoal. Sphinx and Syren eventually escaped, but Actaeon remained stranded.

Clinton attempted to force a crossing using flatboats, but Thomson’s men unleashed a devastating barrage of musket and artillery fire from behind their entrenchments, forcing the British to abandon the attempt and leaving Clinton powerless to support Parker’s fleet.

For nearly 10 hours, the two sides exchanged artillery fire beneath a blazing June sun. As evening approached, the battered British fleet withdrew. The crew of the stranded Actaeon abandoned the ship and set her ablaze.

Aftermath

A British engineer’s map made following the engagement. Library of Congress. Public Domain

Residents in Charles Town had spent the day anxiously awaiting news. When word arrived that Fort Sullivan still stood, celebrations erupted throughout the city. Even Lee, who had doubted the fort’s chances, praised the defenders. He visited the fort during the battle, observed the men’s calm bravery, and fired several rounds himself before returning to the mainland.

Americans suffered 37 casualties. British casualties approached 220.

Fort Sullivan, now called Fort Moultrie. Alan Wakim

The fort was later renamed Fort Moultrie in honor of its commander. The palmetto tree eventually became a symbol of the state, giving rise to its nickname “The Palmetto State.”

The victory provided a powerful boost to the Patriot cause and delayed major British operations in the South until December 1778.

Six days later, on July 4, 1776, Congress approved the Declaration of Independence.

Tyler Durden
Sun, 06/28/2026 – 23:20

Boots On The Ground? US Military Begins Humanitarian Operation In Quake-Ravaged Venezuela

Boots On The Ground? US Military Begins Humanitarian Operation In Quake-Ravaged Venezuela

At least 1,400 people were killed and 3,360 injured after two powerful earthquakes struck Venezuela on Wednesday evening, officials said.

The coastal state of La Guaira, near Caracas, suffered the worst damage, with entire condo towers reduced to rubble.

The death toll is expected to climb in the days ahead, as 64,500 people remain missing, according to an independent monitoring platform.

U.S. Southern Command has deployed a large package of naval and aviation assets, including Navy warships, transport aircraft, and helicopters, to support humanitarian assistance operations on the ground in Venezuela. The scale of the deployment suggests the Trump administration is moving quickly to establish command-and-control nodes for humanitarian operations.

The U.S. government account, USA en Español on X, says that U.S. Marines from Littoral Combat Force-24 and U.S. sailors from the USS Fort Lauderdale (LPD 28) delivered critically important humanitarian aid supplies to the port of La Guaira on Saturday night.

SOUTHCOM reports that the MV-22B Osprey and UH-1Y Venom helicopters are now conducting search-and-rescue operations in La Guaira.

There have been around-the-clock shipments of supplies from the U.S. via a vast network of C-17 Globemaster and C-130 Hercules aircraft.

The Miami-based news outlet UHN Plus pointed out that the quake-ravaged region of La Guaira was home to socialist housing projects built by the Maduro regime using “low-quality materials,” which may be one of the reasons so many structures collapsed.

Earlier this year, U.S. Delta Force operators removed socialist leader Nicolás Maduro from power to reset Venezuela’s politics and install a U.S.-friendly regime.

No U.S. occupation was needed for the regime change operation, but now, under the guise of a humanitarian effort, there are U.S. boots on the ground. This raises questions about how long the new U.S. presence will remain in Venezuela.

President Trump has joked about turning Venezuela into America’s 51st state.

Tyler Durden
Sun, 06/28/2026 – 22:45

Speculation Nation

Speculation Nation

Authored by Adam Sharp via DailyReckoning.com,

Americans are natural risk takers. This trait goes back to the country’s founding stock.

Many of our ancestors decided to leave their homelands and set off to the New World.

In search of freedom, land, meat, and prosperity, these pioneers laid the foundation for a bold nation.

As a result, Americans have always excelled in the entrepreneurial arts. We aren’t afraid to take the risk of starting a business. This is surprisingly rare throughout the world. It’s one of the prime reasons our nation is so exceptional.

But today, our risk-taking nature is being taken advantage of.

Gambling EVERYWHERE

You can’t watch sports these days without the inevitable gambling ads. TV hosts offer up their suggested bets and plug the sponsor’s gambling app.

This was absolutely unheard of even 10 years ago. But in 2018, the Supreme Court ruled that sports gambling had been improperly banned by the federal government.

The rest is history. The chart below shows legal sports gambling volume since 2018:

Source: Author

From $4.6 billion in 2018 to $166 billion in 2025! It’s a disturbingly bullish chart. That’s a lot of money being flushed down the drain every year.

According to the largest study of online sports betting, about 96% of people lose money. That’s based on tracking digital payments. Only 4% ever withdrew winnings.

The odds are shockingly bad. And the crazy thing is, even if you do manage to beat the system, the gambling apps will limit your bets to tiny amounts. It’s rigged.

The study also found that lower-income people are hardest hit. They gamble more of their income, and lose more.

Investors are increasingly using “parlay” bets in an attempt to hit it big. You can bet on the outcome of 10+ different events, and depending on their probability, win 100x or more your money. But these parlays almost never hit. And the house makes a lot more money from these bets.

Too many people today view parlays as a retirement plan. There are much better ways to speculate available, like the stock market.

But even parts of the stock market have turned into a casino.

Stocks, Too

Citadel Securities is a firm you may not have heard of. But they handle about 25% of all retail trading in the U.S. Stocks and options.

And their latest data is shocking. In February 2026, 39% of all options volume was on “zero-day” contracts. In other words, options that expire the same day. We call these “ODTE” options. Incredibly risky.

Source: Citadel Securities

This is day trading on steroids. Note how in 2021, 0DTE volume was just 12% of the total.

Many Americans are struggling. Housing is unaffordable, food prices are ridiculous, and the job market is rough. So they’re trying to use 0DTE options to strike it rich.

For the vast majority of traders, this strategy will end in tears.

Prediction Markets – Bet on Anything

And now, the next evolution in gambling. Prediction markets.

The name sounds respectable. Honey, I’m not gambling. I’m predicting.

Same difference.

On sites like Kalshi and Polymarket, you can bet on almost anything.

  • Will it rain in New York City today?
  • Will Trump say “Dumbocrats” in his speech tonight?
  • Will the Fed raise interest rates by 0.25% in October?
  • Who will win the UFC fight?

You can even bet on where Taylor Swift’s wedding will take place. New York, or Rhode Island? A few bold bettors say it’ll be in Pennsylvania (3% chance, make 33x your money!).

Source: Kalshi

The suspense is killing me…

Naturally, there is a huge insider trading problem in prediction markets. Someone on Taylor Swift’s team probably knows where the wedding will be. They could bet themselves, but then they might get caught. So they might tip off friends, and share the winnings.

Insider trading is becoming a major problem in prediction markets. We’ve already seen a U.S. soldier get busted for betting on Nicolas Maduro’s removal from power in Venezuela. He won $400,000, but got caught.

Source: DOJ

Of course, there are going to be productive uses of prediction markets. But for most people, it’s really just gambling under a fancier name.

What’s The Solution?

Pandora’s box is open. Gambling has become a big part of our culture and economy.

It’s unlikely to be outlawed or restricted anytime soon. There’s too much money to be made.

But gambling is draining the savings of Americans. And preventing many from investing their money where it should be, in the stock market. Or a small business.

So we should encourage our kids, grandkids, and friends to steer clear of gambling. Many people are developing serious gambling addictions in this new world.

Many have come to see reckless speculation as their only “way out”. This is understandable, but it almost never works.

Sports gambling is not a path to riches. Quite the opposite. And 0DTE options and prediction markets may seem more sophisticated, but the result will be similar for most people.

Instead of making a deposit in the sports book, people should be opening a Roth IRA, or contributing to a 401k. These legal tax shelters offer incredible benefits, and over a long period you will make money with a well-thought out portfolio.

Sports betting was $166 billion last year. Total U.S. investment into 401ks is about $600 billion per annum. And gambling is growing much faster.

Compared to sports gambling, where only 4% win, the choice is clear. Take advantage of the most powerful force in the universe: compounding. And the only way to do that with a high probability is by owning quality stocks.

Be sure to put as much as you can in retirement accounts. Or if you’re already retired, encourage your kids/grandkids to do so. Compounding works best when the government isn’t constantly taking a cut.

Tyler Durden
Sun, 06/28/2026 – 22:10