Authored by Naveen Athrappully via The Epoch Times,

States that adopt the updated 2024 International Energy Conservation Code could see building costs for a typical single-family home go up by $14,000, the Department of Energy (DOE) warned on June 26.

The International Energy Conservation Code (IECC) is a model code developed by the Washington-based International Code Council (ICC) for setting minimum energy efficiency requirements for commercial and residential buildings.

While the ICC doesn’t mandate its code, states and local jurisdictions can choose to mandate the code in their building standards. The IECC is the most adopted across the United States as it is recognized in federal law as the national model energy code for low-rise residential buildings.

The DOE takes part in the ICC’s consensus process to update energy efficiency provisions of the IECC. The code is revised once every three years.

Regarding the latest IECC codes published in 2024, the DOE has determined that adoption of the code “would increase residential construction costs by more than $9.2 billion annually compared to the 2006 code levels, adding more than $127 billion in cumulative costs nationwide.”

The IECC model regulation forces “American families to pay thousands of dollars more upfront for a new home, while projected energy savings may take decades to materialize. In most states, estimated payback periods exceed 10 years, with some exceeding 20 years—locking American families into decades-long repayment timeframes and restricting consumer choice.”

According to the National Association of Home Builders, the 2024 IECC contains several provisions related to energy efficiency, including heat or energy recovery ventilation systems; installation of energy-efficient appliances such as refrigerators, dishwashers, and clothes washers; and the deployment of renewable energy resources on building sites.

In March 2024, when the 2024 IECC codes were approved by the ICC’s Board of Directors, the ICC said that the new codes were anticipated to improve energy efficiency for commercial buildings by roughly 10 percent, and for residential buildings by around 6.5 percent.

On Feb. 15 this year, the DOE sent a letter to the ICC, raising “serious concerns” about the trajectory of the IECC.

The purpose of IECC is to provide model building codes that can be adopted to provide energy efficiency gains for communities. However, in recent years, IECC has expanded its scope to focus on areas such as energy generation infrastructure requirements and greenhouse gas emissions. This shift risks undermining existing DOE objectives, the letter said. 

The department’s priorities for building energy codes involve ensuring affordability for American households and businesses, and safeguarding consumer choice to opt for their preferred appliances and equipment.

The DOE urged the ICC to return its codes to its traditional focus on building energy efficiency that would provide both “clear cost savings and beneficial efficiency advances” to consumers.

In its recent statement, the DOE said it encouraged the ICC to omit requirements related to onsite energy generation and greenhouse gas avoidance, which raise construction costs.

“This analysis shows how unnecessary regulations and ineffective building codes have drastically increased housing costs with little to no benefit for homeowners or communities,” Assistant Secretary of Energy Audrey Robertson said.

“Standard-setting bodies should take note: we prioritize the American homeowner and will not allow erroneous building requirements to push homeownership out of reach.”

The Epoch Times reached out to ICC for comment but did not receive a response by publication time.

Ensuring Housing Affordability

The DOE said in its recent statement that it would continue implementing President Donald Trump’s March 13 executive order titled “Removing Regulatory Barriers to Affordable Home Construction.”

In the order, Trump wrote that unnecessary regulatory barriers and “onerous mandates” have delayed construction and driven up the cost of new homes, making housing less affordable for Americans.

One of the provisions in the order directed the Secretaries of Energy, Housing and Urban Development (HUD), and Agriculture to take “appropriate action to reform and, where appropriate, eliminate unduly burdensome or costly energy-efficiency, water-use, or alternative-energy requirements regarding housing.”

This shall include reviewing and revising residential building energy codes, energy efficiency standards for certain new construction, and energy conservation standards for manufactured housing.

In a March 13 statement, HUD said that regulatory costs make up almost $94,000 in the final price of a new single-family home, with green energy mandates in building codes alone raising construction costs by $30,000.

As such, cutting red tape, including “onerous” energy and water requirements and “woke” green building codes, will boost housing stock and bring down the cost of newly built homes, the department said.

In April, HUD and the Department of Agriculture rescinded a policy related to energy standards, which HUD said would have pushed home construction costs by $20,000 to $31,000.

Readers have been well ahead of both the federal government and the mainstream news cycle in asking whether there is a “Cuba connection“ behind the radicalization of the Democratic Party and its aligned billionaire-funded nonprofit universe.

What was once dismissed as speculation is now beginning to look more like a foreign influence operation, one tied to an alarming rise of anti-American socialist networks that openly seek to dismantle capitalism and the American way of life.

Even mainstream Democrats are now sounding alarms over the socialists hijacking their party. Meanwhile, the federal government appears to be putting more pieces of the complex puzzle together, only now recognizing that some of these radical networks may be connected to foreign influence campaigns aimed at subverting the country from within.

On Wednesday, the State Department revealed that the three Cuban nationals were detained by federal agents after Secretary of State Marco Rubio terminated their legal status.

Carlos Antonio Lloga Dominguez, his wife, and his son are now in federal custody pending removal, according to the press release.

The department accused Lloga Dominguez of spending more than a decade working for the Cuban Institute of Friendship with the Peoples, or ICAP, which Washington describes as Cuba’s top influence and intelligence front group in the U.S.

And where have we heard ICAP before? Let’s revisit our December 2025 note in which we pointed out:

According to a defected Cuban intelligence officer and corroborating intelligence reporting, legacy Castro-aligned groups such as the Venceremos Brigade and the National Lawyers Guild have been controlled by Cuba’s Dirección General de Inteligencia (DGI) since at least the 1980s. That influence is exerted through ICAP (the Cuban Institute for Friendship with the Peoples).

ICAP is an official Cuban government organization, founded in 1960, that promotes international solidarity and cultural exchange. On paper, it organizes delegations, volunteer brigades, educational tours, and international conferences that oppose U.S. sanctions and support Cuba’s political system. It appears benign – almost quaint.

But declassified CIA documents dating back to the Cold War describe a consistent operational method: foreign recruits were brought to Cuba for training in intelligence tradecraft or guerrilla sabotage and were received by DGI officers posing as ICAP officials. ICAP functioned as the intake valve – political cover for intelligence operations designed to cultivate long-term assets rather than short-term spies.

What exists today is not a single organization but a complex ecosystem.

ICAP sits at the center, functioning as a coordinating hub. Orbiting it is the National Network on Cuba (NNOC), a deliberately loose coalition that links 77 organizations of activists, nonprofits, and campaigns while minimizing legal exposure or clear command structures. The National Lawyers Guild serves as the lawfare and agitation arm, training protesters, facilitating delegations, and litigating against U.S. institutions under the guise of civil rights.

Funding and infrastructure come from the Neville Roy Singham Network, a web of organizations tied to Chinese Communist Party-aligned capital that provides money, logistics, and professionalized organizing capacity. Public narratives are amplified by legacy anti-war organizations like CODEPINK and the ANSWER Coalition, which are also now under the Singham umbrella. They frame U.S. foreign policy as illegitimate while defending authoritarian adversaries. The Democratic Socialists of America (DSA) functions as the political activation channel, translating activist energy into electoral and legislative influence on behalf of the Cuban regime.

Last month, Rubio sanctioned ICAP under Executive Order 14404, calling it a central node in a Cuban intel and influence network that claims links to more than 2,000 organizations across 150 countries.

The State Department said ICAP has maintained close ties to Cuban intelligence, noting that its current president, Fernando González Llort, was convicted in the U.S. for his role in the Wasp Network, a Cuban spy ring uncovered in Florida in the late 1990s.

Bloomberg noted that Lloga Dominguez was one of the individuals who brought far-left streamer Hasan Piker and parts of the Neville Roy Singham Network on a recent trip to Cuba.

It should be noted that Piker, the unofficial spokesperson for the DSA, has told millions of his followers “to kill capitalists. Let the streets soak in their fucking red capitalist blood.”

Hasan Piker calls on his followers to kill capitalists:

“Yeah kill them! KiII those motherfuckers and murder those motherfuckers in the streets. Let the streets soak in their fucking red capitalist blood, dude.”

Democrats are campaigning with him. pic.twitter.com/YiZxGgRkgc

— Eyal Yakoby (@EYakoby) April 9, 2026

Related:

• How Bad Is Foreign Influence In America’s Nonprofit Universe?

Alongside its Cuba focus, the Trump administration is also investigating China-based billionaire and self-described Marxist Neville Roy Singham over allegations that his NGO networks have helped sow chaos and propel far-left, anti-American movements across the U.S.

Related:

• Troubling Pattern Of Left-Wing Revolutionaries Targeting “Capitalists” Raises Alarm Over Youth Radicalization

Earlier this week, U.S. Attorney Jay Clayton for the Southern District of New York, authorized by Acting Attorney General Todd Blanche, launched an investigation into whether Singham, NGOs he funded, or their leaders committed wire fraud, bank fraud, money laundering, or other financial crimes.

What is becoming increasingly obvious is that the pieces of the puzzle are coming together very quickly, giving readers a rough framework for understanding why the radical left has become so radical and why its rhetoric often sounds as if it were not organically born in the U.S.

That is because these movements may be operating within or adjacent to foreign influence networks with one main objective, as the DSA itself lays out: the destruction of the US.

With Democrats increasingly alarmed that socialists and Marxists are hijacking their party, Republicans may now have a simple and highly recognizable target: communism. For the first time in decades, the GOP has a message that can cut across partisan lines, because most Americans, regardless of political affiliation, still broadly understand one thing: communism is bad.

Summary:

• NatGas, Nuclear, Coal Power Generation Keep PJM Alive 
• First Day of Heat Dome Across Mid-Atlantic; Last Through Weekend 
• “Set Your AC To 78F”: NYC Socialist Pleads With Residents As Fragile Grid Faces Blackout Risk

GridStatus’ website shows the PJM Interconnection under severe peak-demand stress as heat-driven cooling loads surge across the Mid-Atlantic and eastern U.S.

PJM load is near 158 GW, net load is around 142 GW, and real-time power prices are sharply rising to about $929/MWh.

The fuel-mix chart shows the grid is heavily reliant on natural gas and coal, which together account for about 64.2% of all power, with nuclear at 20.6%. In total, gas, coal, and nuclear account for about 84.8% of the power being generated, while solar and wind remain in the high single digits.

Peak power prices across PJM are expected at around 6 p.m. local time.

The grid is operating near record load and relying heavily on gas-fired generation to prevent rolling blackouts.

Do not let climate-crisis socialists pretend otherwise: policies that reduce dispatchable fossil-fuel power leave grids extremely fragile and prone to failure when demand spikes.

Meanwhile, President Trump and the Energy Department are moving to keep fossil-fuel power generation online to preserve grid stability.

Why Democrats pushed for a power grid increasingly dependent on unreliable wind and solar, while stripping away the stable baseload capacity needed during peak demand, is no longer just an energy-policy question; it is a national security question.

“Set Your AC To 78F”: NYC Socialist Pleads With Residents As Fragile Grid Faces Blackout Risk

“Set your AC to 78 degrees, turn off lights/electronics you’re not using, and unplug what you can,” New York City Socialist Mayor Zohran Mamdani wrote on X late Wednesday.

New Yorkers are now getting a real-world lesson in what Mamdani’s recent “warmth of collectivism” comments actually mean: shared sacrifice, including being told to dial back air conditioning during blistering heat as the risk of power blackouts rises.

New York: it’s hot out there, and the power grid is working overtime to keep us cool.

Set your AC to 78 degrees, turn off lights/electronics you’re not using, and unplug what you can.

Our City is doing its part too: maintaining the 78 degrees rule in our buildings,…

— Mayor Zohran Kwame Mamdani (@NYCMayor) July 1, 2026

The deeper issue here is that years of left-wing climate policies and poor grid management have left the metro area and the broader region increasingly vulnerable during peak-demand hours.

Temperatures are forecast to top 100F across NYC and large parts of the Mid-Atlantic and East Coast beginning today. The extreme weather is set to sharply drive up cooling demand, just as power grids are already under pressure from failed climate-change policies colliding with the era of data centers.

On Tuesday, the Energy Department issued emergency orders allowing PJM Interconnection power plants to bypass certain environmental limits to keep electricity flowing. Backup generators have been placed on standby on the grid serving 67 million people across 13 states.

New York City power prices climbed above $1,100 per megawatt-hour by late Wednesday afternoon. PJM expects to break its all-time peak load record of 165.5 gigawatts later today.

Not even a day after reports swirled that Microsoft was preparing to cut thousands of employees, and as the broader tech sector continues to hemorrhage white-collar workers replaced by chatbots, the latest AI-related job-displacement news is coming from Europe’s largest software company.

Bloomberg reports that German enterprise software giant SAP, best known for software that supports large corporations running core business operations, is preparing to slow hiring and cut travel costs as it diverts more capital toward developing AI tools.

More color from the report:

Going forward, SAP will “exclusively focus new hiring on selected profiles only, mainly core Al roles, that are critical for our long-term success,” the executive board said in an email to staff on Wednesday evening that Bloomberg reviewed.

Internal travel unrelated to AI development will be paused, and the company will look for ways to cut spending with suppliers.

“As Al reshapes the future of our industry, we are making significant investments in the products and Al capabilities we build, complemented by strategic acquisitions in data and Al where we need additional expertise and technology,” the managers said in the memo.

“By balancing where we invest and where we save, we ensure that SAP remains strong, competitive, and well- positioned for the long term.”

SAP has also been pursuing acquisitions to bolster its AI offerings and reportedly lost out on a deal to purchase industrial AI and data firm Cognite, which instead agreed to a $3.1 billion deal with Schneider Electric.

The move comes as CEO Christian Klein reorganizes SAP around AI innovation, taking on a larger role in overseeing product development. It also comes as legacy software names have been battered this year on fears that AI rivals such as Anthropic and OpenAI could disrupt their core businesses.

According to Bloomberg data, SAP had around 110,000 employees as of the first quarter of this year. While the report made no mention of future layoffs, the company’s workforce appears to have already peaked in the third quarter of 2022, suggesting the latest “efficiency” push could further unwind years of overhiring.

New report: 

• AI Adoption Rate Across Corporate America Accelerates

SAP shares in Frankfurt were down around 2% on Thursday and about 33% on the year.

The selloff mirrors declines of Salesforce, Workday, and Microsoft, which have cut thousands of jobs while investing heavily in AI. The latest from The Market Ear suggests that, after months of declines, software could be set for a squeeze (read report). 

After a catastrophic Q1 for private credit BDCs, Q2 is proceeding just as many had expected: just as bad.

After alternative asset manager titans such as Apollo, Blackrock, Blackstone and Cliffwater all gated their investors for a second straight quarter following a surge in redemption requests that easily surpassed what took place in Q1, earlier today we learned that the ground zero of the private credit implosion – Blue Owl Capital – was also slammed with redemption requests in the second quarter. Sure enough, it also gated its investors.

As Bloomberg reports, for the second straight quarter, two Blue Owl Capital private credit funds were hit with the industry’s largest redemption requests, forcing the manager to again cap withdrawals.

Investors in the roughly $34 billion Blue Owl Credit Income Corp., one of the largest in the industry, asked to pull 18.8% of shares, or $3.6 billion in the second quarter, according to an investor letter Thursday. That’s down fractionally less than the $4.2 billion requested in the prior period from the fund known as OCIC. 

The smaller Blue Owl Technology Income Corp. saw shareholders request 38.1%, or $1.1 billion, compared with $1.2 billion in the first quarter. 

The good news: the total redemptions were modestly below last quarter’s record; the bad news: the redemptions persisted almost entirely despite the market staging a historic, remarkable rebound and as fears about software disruption supposedly eased. Turns out they did not.

Blue Owl, which as we have thoroughly documents, has been at the heart of the storm roiling the $1.8 trillion private credit market due to its massive exposure to software-linked loans, joins industry peers including Apollo, Ares, BlackRock and Blackstone in imposing a 5% redemption limit as investors accelerate out of the funds.

Blue Owl told investors it was “encouraged to see OCIC’s modestly lower quarter-over-quarter tender requests broadly across channels and geographies.” Let’s see what the company will tell investors next quarter if we see a powerful drawdown in stocks which sparks a new selling panic across the private credit space. 

According to Bloomberg, the firm said it has satisfied more than 43% of the original demand from shareholders with repeat withdrawal requests. It said second quarter requests were largely from those investors, and included “limited new participation.”

Realizing the existential threat they were in, Blue Owl executives – who in a bizarre act of “diversification” decided to buy a stake in the Cleveland Cavaliers – stepped up efforts to engage with clients over the past three months, flying around the world on a roadshow trying to educate investors, according to a person with knowledge of the matter. They emphasized the message that private credit is a performing asset and that their funds had delivered positive returns, the person said, requesting anonymity to discuss private meetings.

In the shareholder letter Thursday, the firm highlighted that about 90% of investors remain in the larger fund, which has posted approximately $1.2 billion of inflows this year.

“OCIC does not need to sell a single private loan to satisfy the tender offer,” Craig Packer, Blue Owl’s co-president, and Logan Nicholson, OCIC president, said in the letter to shareholders.

And in case that investors decided they don’t want to be in the fund much longer, the firm said that both Blue Owl funds have “ample dry powder” to capitalize on better lending conditions in the market, with wider spreads and improved protections.

OCIC and OTIC had $11.6 billion and $1.3 billion in liquidity respectively, including cash and available borrowings assets as of May 31, according to the letters. OTIC oversees about $5 billion in assets.

Authored by Dave DeCamp via AntiWar.com,

Vice President JD Vance said in an interview on “The Michael Knowles Show” published Tuesday that the US would use the Memorandum of Understanding with Iran to “refill” global oil supplies and stockpiles and to prepare for more potential military action against the Islamic Republic.

“I think what the president has told us to do is use this MoU to sort of refill the world’s oil economy, to refill some stocks, and then to see where the hand is,” the vice president said.

“And … if the Iranians are willing to make the commitments that we would like them to make and are willing to back those up with verifiable milestones, then we are going to change our relationship with Iran. And if they don’t do that, then nothing has really changed except for what we’ve already accomplished from the military campaign, which is a lot. So, we kind of have two options here. We have the option of pursuing a long-term deal with the Iranians, but that requires a significant change in their behavior. We have the option of banking our wins and then, of course, doing things on top of that if the president feels that we have to. And I think both of those options are very much in play,” he added.

🔴 Vance Says US Is Using the Iran Deal to “Refill” the Oil Market, Then “See Where the Hand Is”

🔸 US Vice President JD Vance said the Trump administration is using the memorandum that ended the war with Iran “to sort of refill the world’s oil economy… and then to see where… https://t.co/8U5rfJ0C9q pic.twitter.com/t7f5Hvs7B1

— Drop Site (@DropSiteNews) July 1, 2026

Summarizing the position, Knowles said, “So then the message if you’re an Iranian, the message you’re getting from the US is not, okay, we’ve settled this, you get to keep the Strait of Hormuz and we’ll try to play nice. Now, the message is we’re going to serve our self-interest by replenishing the oil coffers and get back to us in 60 days, you might have some fire and brimstone coming back down.”

Vance didn’t dispute Knowles’ characterization and said, “And if you actually behave, you won’t, right?”

Trita Parsi, the executive vice president of the Quincy Institute for Responsible Statecraft, said in a post on X that Vance’s comments heightened suspicion in Iran that the war will restart despite the MoU. He made the comments in a post discussing the view in Iranian political circles that Israel may launch an attack before Israeli elections are held in October.

“Will Israel restart the war with Iran before the October elections? This is the consensus view emerging within Iran’s internal national security debate over the past week,” Parsi said.

“Several factors are driving Tehran to this conclusion. Beyond its deep—and not entirely unwarranted—suspicion of President Donald Trump’s intentions, heightened by Vice President JD Vance’s recent remark that Trump wants to use the MOU to replenish global oil reserves and then ‘see where the hand is,’ two developments stand out: the recent Israeli-Lebanese agreement and its impact on Hezbollah’s military posture over the coming months,” he added.

Full interview:

By Michael Every of Rabobank

Sin(a)tra

Let’s be Frank: the central banker pow-wow at Sintra had a touch of Sinatra. Fed Chair Warsh belted out “I’ll do it MYYYYYY way,” and everyone else chimed in that they’d had a few regrets about how they’ve run monetary policy and were coincidentally now mentioning them.

Markets swooned when Warsh stated the case for Fed independence and that anyone expecting tolerance for inflation above 2% “would be disappointed.”

Yet he also sang with an AI autotune. While the current “AI shock” is driving a boom in capex, i.e., the inflation he said he will fight, this will eventually expand the supply side through higher productivity, a shift with “huge implications for monetary policy.” In other words, “we’ve all looked around, and we’ve seen that prices are too high,” but he can fight it by saying it will eventually become deflation. (That would logically hold true for tariffs; and wars in the Middle East – if you win them.)

Warsh really will do things his way. He said central banking needs structural adaptation and must move away from forward guidance towards “framework guidance,” with “contemporaneous real-time” big data/AI monitoring to capture what’s going on –not backwards-looking, inaccurate analogue surveys the equivalent of vinyl– within 9–12 months. This will also include new measures of inflation: are they going to be lower or higher than the current ones based on the heuristic in how they have always been changed so far?

He also wants central bankers to go on tour less. He rejected heavy reliance on “conventional wisdom” or detailed predictive guidance, i.e., a data calendar filled with central bankers talking.

This implies the Wall Street-analyst Brat Pack may soon be out of the picture. What’s a generation of macro-commentary scribblers pushing “X said Y”, or “Survey X was up Z vs consensus of Y, and we guess next month will be A” going to do with nothing to report on? Indeed, if we have omerta and a (transparent?) set of accurate real-time economic indicators, what role is there for macrostrategy? More chatter to fill the space? A meta-approach, i.e., seeing differences between a Kalecki or Minsky view of political economy vs. the neoclassical, as such fundamental questions re-emerge; or, given other economies won’t have the same data quality or timeliness, linking up with what’s going on abroad?

It may also imply that Wall Street itself will not be a Warsh fan. He is no fan of QE and the Fed’s large balance sheet: what if we see deregulation aimed at incentivizing banks to lend into productive capital like factories or infrastructure rather than holding financial assets?

Warsh is perhaps already getting others to do it his way. The ECB’s Lagarde spoke of going “back to basics,” abandoning heavy reliance on unconventional tools and complex forward guidance in favour of simpler frameworks. The BoE’s Bailey voiced regret over past forward guidance practices and aligned with the broader retreat from detailed predictive signalling. The BoC’s Macklem didn’t push back either, and multiple reports note a widespread “open-mindedness” among Sintra attendees on AI and productivity too.

Let me say this not in a shy way, things are changing far more than a “Warsh wants inflation back below 2%” headline captures.

Meanwhile, the brief US Operation Freedom to get Hormuz oil flowing before the US-Iran MoU was reportedly shot down by Saudi Arabia: Riyadh refused to allow the US to use its bases or airspace, to which the US threatened to not shoot down incoming drones or missiles – and is reportedly considering moving bases elsewhere in the region – like Israel(?) Which Iran is again threatening today in tit-for-tat rhetoric.

We had more ‘positive’ talks in Qatar. Both sides reportedly still want the ‘peacefire’ to hold for now, as we expected, as the US tries to convince Iran to look at the ‘bigger picture’ and not insist on control of Hormuz or tolls. However, the US also said Iran will not get any frozen assets until it fulfils the MoU, which Iran puts the other way round, as Tehran claims it will use that cash in Qatar to buy “required goods” while the US says it will be held in escrow and used to buy US products. Meanwhile, VP Vance made clear the MoU is an opportunity to refuel, then see if more war is required (our base case), as Lebanon and Syria, a former Iranian proxy now flipped, joined a CENTCOM-led Middle East security dialogue for first time, and Iraq’s PM gave pro-Iranian militias a 30 September deadline to disarm.

Ukraine will allow weapons exports for first time since start of the war; Germany charged a Ukrainian suspect in the Nord Stream sabotage case; Russia and Crimea are grappling with fuel shortages and blackouts as Zelenskyy warned of further massive Russian strikes planned for Ukraine; the US NATO envoy has warned some allies are ‘lagging’ on their spending; the UK’s defence black hole just tripled to £15bn; Germany is proposing to make US weapons; and US defence startups are raiding the auto and fracking sectors for parts to speed weapons output.

In frenetic geoeconomics, the US opted not to renew the USMCA, so it rolls annually towards a 10-year death unless reworked into Fortress Americas; Canada joined Europe – its song contest that is, alongside Australia; Politico says ‘Europe wants to save its industry. It still can’t agree how’, as the EU imposed a €3 fee on small packages from abroad and reduced steel quotas while raising tariffs; the Supreme Court ruling on independent agencies and regulators is reportedly seeing Europe think again about the €1.7 trillion data deal it signed with the US; the White House is accelerating its plans for AI model standards; the US nuclear power regulator is proposing changing rules that protect people from radiation, as Brussels will bend its budget rules to allow countries to borrow more for EVs, bike lanes, and train stations; and the EU-Mercosur trade deal is sparking a quota tug-of-war as LatAm countries can’t agree on how to divide it up.

In equally frenetic politics, democratic socialists continue to win US electoral primaries, seeing Trump warn about the return of communism: while hyperbole to European ears, that’s easily matched by many statements made by new figures on the US far left (and right). It also underlines that there’s no longer a US Overton Window – indeed, following the Supreme Court ruling on birthright citizenship, the Trump plan B is reportedly ‘No expectant moms at the border’; November’s midterms could be wild, and November 2028’s election’s far more so – and Europe and Australia are far from immune.

As such, central banks need to get things right – or talk about ‘revolution’ may not be hyperbole. As the tears subside, there isn’t a lot to find amusing in all this; or bemusing – we are being told by the Establishment that things need to, and will be, done differently ahead, like it or not. And that includes central banking and how one analyses what they are doing and why.

Let the record show I took the blows in trying to flag this well in advance, and I did it my way.