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Spain’s Government Revives Rent Cap Decrees Ahead Of Snap Election

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Spain’s Government Revives Rent Cap Decrees Ahead Of Snap Election

Authored by Owen Evans via The Epoch Times,

Spain’s Socialist-led government on Tuesday reapproved two housing decree laws that Parliament rejected last week, a defeat that prompted Prime Minister Pedro Sánchez to dissolve the country’s Legislature and call a snap election.

Spanish Prime Minister Pedro Sánchez, who is also a leader of the ruling Socialist Party, holds a news conference after a meeting at the party’s headquarters in Madrid, on June 16, 2025. Nacho Doce/Reuters

The measures include rent caps, a temporary ban on evictions, and limits on corporate purchases of residential property, moves that followed protests triggered by the forced removal of an 87-year-old woman from her home.

Sánchez, the head of Spain’s main socialist party, said on Monday he was bringing forward an election on Nov. 29 previously scheduled for 2027.

“We need to mobilise and win a much larger progressive majority in parliament, one that will allow us to overcome vested interests, deliver new social advances and continue transforming Spain,” Sánchez said in a televised address.

By calling the election, Sánchez shifted approval of the new rules from the full Congress to a smaller caretaker body where his allies hold a narrow majority.

The measures will come into effect temporarily when the decree is published in the official government journal, the Boletín Oficial del Estado, but must then be sent for approval by the caretaker lawmakers who remain in place after Parliament is dissolved, Sánchez said.

Spain’s government approved two decrees on Sept. 29 to pause evictions from investment-fund-owned properties until 2030. The measures also included rules for small landlords, allowing tenants whose leases expire before the end of 2028 to stay for up to two additional years and capping rent increases at 2 percent through 2027.

The decrees failed after lawmakers from Catalan separatist party Junts, which was supporting the left-wing government, joined the opposition in voting it down, arguing that the proposals would reduce housing supply.

Junts parliamentary spokesperson Miriam Nogueras said the decrees would have the opposite effect of their stated aims.

“Finding housing will become more difficult every day. Our responsibility is to provide certainty, not uncertainty,” she said.

The opposition People’s Party also voted against the measures.

“Housing doesn’t become more affordable through decrees; it becomes more affordable by building more homes,” said PP lawmaker Juan Bravo. “We’re not going to lie to you – it’s not going to be easy, and it’s not going to happen quickly.”

Pedro’s government has reissued decrees that largely maintain the substance of the measures rejected by Parliament.

It also includes value-added tax on tourist flats, tax deductions for tenants, tax incentives for landlords who lower rents, help for first-time homebuyers, protections for the state housing stock, and a reduction in value-added tax on protected housing.

The interventionist measures will only serve to drive away the investment needed to increase supply, said Carolina Roca, president of the Association of Property Developers of Madrid.

“The legal uncertainty inherent in both decrees will result in a sharp slowdown in the limited investment secured to date in the construction of affordable housing,” she said.

The attempted eviction of 87-year-old Maricarmen Abascal in Madrid triggered nationwide protests.

Police evicted Abascal on Sept. 23 from her Madrid home of more than seven decades. The apartment in the capital’s affluent Retiro neighborhood was bought by investment fund Urbagestion, which sought a significant rent increase that Abascal could not afford.

“I’ve lived here for 71 years, and I don’t want to leave,” Abascal told reporters on the eve of the eviction.

Abascal’s lawyer told the BBC on Sept. 30 that she can now return to the property.

Beatriz Duro said at a press conference there had been “goodwill from both parties” and that she would pay a similar amount of rent under a new contract and not pay the increased amount.

On Sept. 23, Bank of Spain Deputy Gov. Soledad Núñez said that since 2021, an estimated shortfall of about 755,000 homes has built up, and that the gap could widen by another 300,000 between 2026 and 2028.

Reuters contributed to this report.

Tyler Durden
Thu, 10/08/2026 – 03:30

Golden Naked Trump Statue Unveiled At European Parliament

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Golden Naked Trump Statue Unveiled At European Parliament

A golden statue of a naked Donald Trump is on display at the European Parliament in Strasbourg, France, at one of the busiest intersections connecting two of the Parliament’s buildings, and is scheduled to stay until Thursday. Named Orange Plague, the 8.5-foot sculpture shows the US president holding justice scales and a long golf club, its ball made to look like the world, while sitting on the shoulders of a smaller, clothed man. Text on the plinth reads: “I am sitting on the back of a man. He is sinking under my burden. I will do anything to help him. Except stepping down from his back.”

Jens Galschiot, the Danish artist who created the sculpture, said: “Trump represents one of the greatest threats to the rules-based world order, democratic values and our common effort to solving the climate crisis.”

“We must address this issue and stand together against such destructive influence.”

Galschiot said the statue, covered in 23-carat gold leaf, was inspired by the story of The Emperor’s New Clothes, in which a vain leader parades naked through the street, believing he is dressed in the finest clothes.

In the fairytale, no one tells him that he is naked out of fear and flattery until a child points out his nudity and the emperor becomes a figure of ridicule.

Per Clausen, a Left-wing Danish European Parliament member, invited the artist to exhibit the statue in the building.

He said that he was not worried about a potential reaction from Trump, adding: “If someone is so thin-skinned that they cannot tolerate this sculpture being exhibited in the European Parliament, then they have no place on the world stage.”

The statue was previously on display during the 30th United Nations Climate Change Conference (COP30), which was held in Brazil last year. It also made an appearance in Germany during this year’s Munich Security Conference.

Worth reading in full over at The Telegraph.

Tyler Durden
Thu, 10/08/2026 – 02:45

Germany’s Political Firewall Against The AfD Party Is Crumbling

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Germany’s Political Firewall Against The AfD Party Is Crumbling

Authored by Remix News Staff via Remix,

After yesterday’s vote in the Saxony-Anhalt Landtag, the Alternative for Germany (AfD) now holds the office of state parliament president for the first time in any German state. After winning the role, which is similar to a speaker position, 35-year-old Tobias Rausch sent shockwaves through the German political establishment when he confirmed he won with the support of Christian Democratic Union (CDU) votes. The backing of four CDU lawmakers could be one of the most concrete signs that the political firewall against the AfD is crumbling.

The newly elected president of Saxony-Anhalt’s state parliament said Wednesday that members of the conservative CDU voted for him. Perhaps even more importantly, he said that four CDU lawmakers have agreed to back the AfD’s candidate for state premier in December, which means Ulrich Siegmund could soon be the first AfD politician leading a state government.

Rausch gave a direct “yes” when Nius editor-in-chief Julian Reichelt asked on “Nius Live” whether CDU deputies had helped elect him. Asked whether Tuesday’s result signaled that AfD candidate Ulrich Siegmund would safely take office as minister-president in December, Rausch replied, “That is to be assumed.”

He told the German press agency dpa that there were agreements with four CDU members of parliament for Siegmund’s election.

He added that more might become clear at a CDU state party conference on Dec. 5, but declined to elaborate. Acting state premier and CDU floor leader Sven Schulze did not comment on the claims when asked by dpa.

Rausch was elected Tuesday in the constitutive session of the 83-seat Landtag in Magdeburg with 48 votes, 29 against and five abstentions. It was the first time the AfD, parts of which are classified as extremist by German domestic intelligence, has held the presidency of a state parliament since the party was founded in 2013.

The AfD holds 39 seats after winning 43.8% of the vote in the Sept. 6 state election, three short of a majority. The five lawmakers of the Sahra Wagenknecht Alliance had said in advance they would support Rausch, accounting for 44 votes. The additional four came in a secret ballot. SPD, Green and Left lawmakers had said they would vote no. The CDU leadership had recommended that its members abstain; 14 of the party’s 15 deputies were present, but only five abstentions were recorded in the chamber.

The speaker chairs sessions, oversees the parliamentary administration and represents the Landtag externally, including at ceremonial events. However, the far more consequential vote is expected in December, when lawmakers choose a minister-president. Siegmund needs at least 42 votes, and so far, the BSW has not committed to supporting him for that post.

Meanwhile, Schulze of the CDU remains acting premier until a successor is chosen.

Later Tuesday, AfD lawmaker Hans-Thomas Tillschneider was elected a vice president with 44 votes to 38, even though the BSW said its members would not support him because of statements he had made on armaments policy.

CDU lawmaker Carsten Borchert was chosen as another deputy president with 64 votes in favor and 17 against. SPD candidate Armin Willingmann received 33 votes and failed.

AfD national co-leaders Alice Weidel and Tino Chrupalla congratulated the party and described the result as an end to the “firewall” that mainstream parties have maintained against cooperation with the AfD. However, the national CDU is not happy about the outcome in Saxony-Anhalt. CDU/CSU parliamentary group chairman Thorsten Frei said, “The fact that this is the case is, in my view, extremely concerning and worrying.”

Tyler Durden
Thu, 10/08/2026 – 02:00

The Founding Fathers Never Would Have Tolerated Multiculturalism

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The Founding Fathers Never Would Have Tolerated Multiculturalism

Authored by Brandon Smith via Alt-Market.us

Multiculturalism as a subversive movement is the defining political schism of our time. Is is the fulcrum point for numerous civilization changing events and a direct trigger for the exponential decline of the western world. Anyone who ignores the effects of multiculturalism will be oblivious to the many disruptions coming to our lives today and in the near future.

In 1992, Bill Clinton’s Deputy Secretary of State, Strobe Talbott (a member of the globalist Council On Foreign Relations) wrote an essay for Time Magazine called “The Birth Of The Global Nation.”  In that article, he outlined the globalist view of national sovereignty as temporary and cultural boundaries as obstacles that could be subdued by luring countries into economic interdependency.

Talbott dismissed cultural distinctions as arbitrary and cited the incoming formation of the European Union as an example of supranational governance over otherwise separate and unique cultural identities.

However, the globalists ran into some problems. Westerners might have been able to create supranational ties because of shared cultural roots, but they were not going to open their borders to the rest of the world without being forced. From around 2012 onward, a program of multiculturalism was introduced with mass immigration as the primary weapon.

We have seen disastrous results ever since. Portions of Europe are facing societal collapse, and this was by design. Keep in mind, globalism does not necessarily need borders to fully disappear, but it does need national identities and loyalties to disappear. Specifically, western societies must be diluted and their heritage erased for the globalist “New World Order” to move forward.

The fastest way to do that is to overwhelm western demographics with mass movements of people who hold completely contrary ideals . In light of the plague of riots in France this past week led by mobs of migrants and Marxist activists (globalist pawns), I thought it might be important to once again clarify why the third world should never be allowed to settle in the western world.  The threat is not just from globalists; it also comes from the same migrants that globalists use as a battering ram against the west.

Like the great catastrophes of the past, from the Bronze Age collapse to the fall of Rome and the near destruction of Europe in the Middle Ages, mass immigration of certain groups (often aided by corrupt governments) annihilates progress, cripples security and erases cultural stability.

Unlike Europe, the US under the Trump Administration has seen major successes this year in blocking illegal (and “legal”) immigration from third world enclaves (Muslim immigration has plunged by 96%). So much so that leftists (and some libertarians) are outraged over the epic drop in Muslim and Hindu migrants. Their argument in favor of the multicultural agenda? They claim that America was founded with the intention of open immigration of ALL peoples.

This is simply not so. In fact, the Founders were highly selective about who they allowed into the US. Our constitutional heritage is often used as a justification for multiculturalism. However, these claims are based on deception and a deliberate misrepresentation of our roots.

The United States was never a migrant “melting pot”. This idea has been perpetuated over the past several decades in popular media and political discourse until it became sacrosanct in the minds of many Americans, but it’s not real – It has always been a fantasy fabricated by Hollywood and the political left.

There has also been a comprehensive effort among “independent” organizations to misrepresent the intentions of the Founders. The motive is to sell conservatives and independent voters on the notion that third-world immigration is perfectly in line with the constitutional framework of our nation.

I see this claim often among more left-leaning libertarian activists as much as I see it among progressives; the idea that borders are somehow contrary to the American virtues of freedom. These people simply don’t know their history, or they are ignoring history in favor of their own narratives. If the Founders’ original system was in place today, America would look dramatically different and far less liberal.

At the very beginning of America’s national history, the Founding Fathers established the Naturalization Act of 1790, allowing only “free white people of good moral character” to immigrate as legal citizens. The standard remained in place in one form or another for hundreds of years and did not officially end until 1952 with the Immigration and Nationality Act.

Then came the Hart-Celler Act of 1965 under Lyndon B. Johnson (Johnson’s liberal policies have become an enduring nightmare for the US ever since his presidency). The Hart-Celler Act ended the National Origins quota of the 1920s, which required that the vast majority of immigrants come from European nations and restricted migrants from third-world countries.

The argument that the Founders imagined America as a sprawling buffet for every malcontent in the world is utterly fabricated. They did not view the US as an open air bazaar welcoming any culture from any backwater location to take advantage of what our ancestors built over the course of centuries. The vast majority of migrants up until the 1960s were from western nations with similar cultural foundations. The melting pot claim is a lie.

The Founders did not intend for cultures with completely incompatible religious and ideological beliefs to take root in the US. And if these people did immigrate, assimilation was expected and required. While the Founders argued in favor of religious freedom, they understood that certain groups exist as an antithesis to the western ideal.

For example, Thomas Jefferson bought a Qur’an in 1765 mainly as a legal and historical text and later used Islam as an example of a religion that, in his view, stifled freedom of thought and relied on coercion.

John Adams once listed Muhammad among “sober inquirers after truth,” yet in other writings he described him as a military fanatic (this is usually the case after people go deeper into Islam and learn the ugly details).

Contemporary Protestant writers of the era commonly considered Islam an ideology spread by the sword and as a political system more than a religious system. Back then they still hadn’t forgotten the horrors of the Muslim invasions into Europe; invasions that led to the Crusades. America’s very first war overseas was an executive action without the approval of congress against the Barbary Pirates – Fanatics backed by Muslim governments that had been terrorizing European ships for centuries.

Hinduism and other Asian or African traditions received less detailed comment from the Founders and were usually grouped under “pagan” or “Gentoo.” The presence of these groups was sparse or non-existent in the US until the mid-1900s. Most slaves who practiced native religions ultimately converted to Christianity, or their children did.

The US banned the importation of slaves in 1808 under a law signed by Thomas Jefferson.

Many Founding Fathers including Jefferson, Madison and Monroe wanted to deport slaves back to Africa to a colony under American protection rather than continue the institution – Not just because they had misgivings about the practice, but because they were concerned that the slaves, even if they were freed, would ultimately be incompatible with western culture and that conflicts would arise.

Jefferson laid this out clearly in “Notes on the State of Virginia” (Query XIV, 1785). He called slavery a moral and political evil and favored gradual emancipation, but argued that freed blacks and whites could not live together peacefully. In other words, even Jefferson, a staunch defender of personal liberty, understood that certain cultures will inevitably clash if kept in proximity and in large numbers.

This is not to say that black people can’t function in the US or Europe, many clearly do just fine. But it is also clear according to the crime rates (13% of the population and 50% of the violent crime) and political stats (87% supporting leftist policies) that Jefferson was right to be concerned.

The Founders were realists who respected practical limits on society for the sake of stability; they were not anarchists. That is to say, they understood than not all freedoms are good and some restrictions must be applied, including borders and logical cultural discrimination. I would argue that if their rules were still in place today, America would be far better off.  Specifically their limits on immigration.

Before the 1960s, about 84% of the foreign-born population in the U.S. had migrated from Europe or Canada. Latin American inflows existed (especially from Mexico) but were much smaller in scale than they have been in recent years.

The Hart-Cellars Act abolished country-specific quotas and replaced them with a system emphasizing family immigration. This opened legal pathways from Asia, Latin America, Africa, and elsewhere. New immigrant flows then shifted rapidly: By the 1970s, the majority of arriving immigrants came from Latin America and Asia rather than Europe.

Immigration from Europe and Canada fell from 84% in 1960 to 42% by 1980 and only 13% in recent years. Latin America and Asia became the dominant regions of origin for new citizens. It is not a coincidence that from the mid-1960s onward the US suffered increasing economic and social instability, along with skyrocketing crime rates.

It was not until Donald Trump took office in 2025 that illegal border crossings plummeted back to 1960s levels and third world migrant populations have actually started shrinking.

The establishment of LBJ’s unprecedented welfare rollout combined with surging immigration led to an intense strain on US debt and infrastructure. It’s not surprising that the dollar was decoupled from gold only a few years later; it was the only way to artificially increase the money pool to pay for so many federal subsidies. As in Europe, the majority of third world migrants in the US utilize welfare as soon as they arrive.

As I noted in my article “Pillagers vs Producers: There’s Only Two Ways To Save The Western World”, there is an inherent instinct among certain cultures to either build wealth and resources, or steal wealth and resources. The third world is largely rooted in pillaging; we have seen proof of this time and time again.

Is some cases this is because they operate on tribal methods that have not changed for thousands of years. In other cases, it is because people from undeveloped nations are conditioned to accept and even defend socialism and authoritarianism – modernized forms of pillaging.  They have never lived any other way and western ideals of self reliance, independence, free markets and meritocracy are completely alien to them. The government is mother and father and if they want something they must beg the government for it, or loot it.

Pillagers cannot live peacefully with producers. It’s impossible. And for the leftists who claim that the west is “the biggest pillager of all”, the facts say otherwise. When European colonists came to the Americas, or to Africa or India, what they found was perpetually warring tribes, human sacrifice, cannibalism, genocide, slavery and little semblance of long term infrastructure. These places were wastelands.

They left these countries with the most modern technology and infrastructure of the age. And what did these people do with that inherited wealth? Nothing. They let it decay, or stripped it for temporary gains at the expense of long term stability. One need only look at what happened to South Africa in the last 30 years to see that westerners produce, and third worlders pillage.

According to polling data and voting data, third worlders lean overwhelmingly left when it comes to government power and open borders. Muslim respondents maintain some fundamentalist social beliefs which are considered conservative, but generally favor bigger government (71%), immigration openness (82%), and believe racial and ethnic diversity “strengthens” the U.S. (82%). Indian/Hindu migrants poll very close to the same numbers.  Meaning, immigrants will always perpetuate more immigrants, especially when immigration is made easy and they don’t have to work hard to earn citizenship.

Is the lack of multiculturalism the same as “ethno-nationalism”? Not exactly. Ethnic dominance is not the same as cultural dominance, though the Founding Fathers envisioned both for America. At bottom, third world cultures should be largely removed from the US, or at the very least, limited enough that they are not able to organize into sprawling ethnic communities which prevent assimilation.

This is not just to thwart the machinations of globalism, it’s also to protect the west from predatory invasions.

There is nothing in the birth of this nation that requires us to tolerate foreign influx. America is not a piece of clay for them to mold as they please. It is not an “economic zone” for them to pilfer. It is a nation and a culture built by western adventurers, settlers, conquerors and their descendants. No one else is entitled to live here and if they get the chance, they should feel lucky.

We publish a variety of perspectives. Nothing written here is to be construed as representing the views of ZeroHedge.

Tyler Durden
Wed, 10/07/2026 – 23:00

Iowa City Council Meeting Opens With “Hail Satan” Invocation

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Iowa City Council Meeting Opens With “Hail Satan” Invocation

A former city council member opened Tuesday’s Ottumwa, Iowa, council meeting with a satanic prayer that ended in “Hail Satan,” and the city says it had no legal way to stop him. The invocation fell within a policy the council itself adopted on Jan. 20, according to the Ottumwa Courier. In other news, Ottumwa residents had a Satanist on their city council.

Matt Dalbey, a resident and former council member, delivered the prayer at City Hall. Dalbey told the paper in a private message that the prayer is used by the Satanic Temple of Iowa, of which he is a member, and that it “has nothing to do with the belief in a satanic deity.”

The invocation, from the city’s official recording of the Oct. 6 meeting:

Soon after the Pledge of Allegiance, New Life Center pastor Rick Bick spoke out of turn, asking the room to “reverse this curse that was put on our city.” Council member Cara Galloway told him to wait for the public-comment portion of the meeting. Mayor Benjamin Foote instead called a 30-second moment of silence, and Galloway objected that it was time to move forward before the mayor overruled her.

The council approved the invocation policy on Jan. 20, with Galloway the only vote against. It says the city respects the diversity of religious denominations and beliefs, including the lack of them, among its residents.

The city said on Facebook that it “cannot discriminate against a denomination,” that it is not told ahead of time what an invocation will say, and that it does not automatically endorse what a speaker says. It added that it had been fielding calls all day, some cordial and many “rude and full of profanities.”

Galloway, who has never stood for an invocation, restated her objection at the end of the meeting. She said opening with an invocation means allowing viewpoints that may not reflect the council’s own, and warned of “a financial liability on the taxpayers” if the city responds to one.

City Administrator Philip Rath said on KBIZ that the policy’s openness leaves the city in a vacuum. “You have to be open to allow people to express their different beliefs,” he said. Rath said the policy could be revisited, but that its openness currently protects the city from legal challenges, and that amending it “could open it up for a potential suit down the road.”

The meeting video had been viewed more than 9,500 times on YouTube in the 24 hours after it went live on the city’s channel. Dalbey is also scheduled to give the invocation at the Nov. 3 council meeting.

Tyler Durden
Wed, 10/07/2026 – 22:30

“Not Spectacular Enough”: Novogratz Says AI Is The Biggest Bubble Of Our Lifetime… And You Should Buy It

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“Not Spectacular Enough”: Novogratz Says AI Is The Biggest Bubble Of Our Lifetime… And You Should Buy It

The AI bubble debate has officially moved past “is it a bubble?” to “how do I make money before it isn’t.”

Speaking at the Greenwich Economic Forum this week, Galaxy Digital (GLXY) founder Mike Novogratz said that AI is in the “biggest bubble of our lifetime“… and that investors should jump right in. His reasoning, via Bloomberg, was a gem:

“Bubbles don’t end like we are today. I know how bubbles end, and they end spectacularly, and this isn’t spectacular enough.“

In other words, the bubble is real, it’s just not bubbly enough yet.

Some 9,500 miles away in Singapore, Ray Dalio reached the opposite conclusion from the same premise, warning that AI is a “classic bubble” that is now close to bursting. Meanwhile, back in Greenwich, Nassim Taleb said both of them may be looking in the wrong place: the real fault line runs through the bond market. Below we lay out all three views, alongside Goldman’s history of how every great capex bubble since the railways has ended (spoiler: not with a whimper, but not with a warning either), and why we have spent so much time over the past year on the debt holding up the AI supercycle.

“I Know How Bubbles End”

Novogratz’s bull case boils down to valuation: AI-linked stocks, he argued, still look cheap on a price-to-earnings basis. And for those still sitting on the sidelines, he had some practical advice: “If you were not invested in AI, you might as well just go home and put your head in a bucket of ice.“

He also sees no political brakes, saying both parties view the AI race with China as “somewhat existential,” so Washington will have “a really hard time slowing AI down, even to the level that the guys building it want to slow it down.” Of course, Mike is just talking his book here: the reality on the ground is different, with politicians on both sides approve the open-ended funneling of record amounts of debt into the AI bubble, (also called “growth”) which is now soaking up more 10 year equivalents than the US government itself, they are dreading the accelerating animosity on the ground toward chatbots and their massive data centers, which most view as pushing electricity costs to record highs while setting the stage for the biggest layoff wave in history.

Readers with long memories will also note that this isn’t Novogratz’s first “biggest bubble” call. Back in November 2017 he said that crypto would be “the biggest bubble of our lifetimes”, also while staying bullish. Bitcoin peaked the following month and then lost more than 80% of its value, and Novogratz’s own firm lost a staggering $273 million in 2018. In fairness, he was eventually proven right on bitcoin; it just took a spectacular crash first.

Dalio: “I Think We’re Close To That”

Speaking in Singapore on Wednesday, the Bridgewater founder said that AI is a “classic bubble” nearing its bursting point, thanks to two forces: rising interest rates and the need to turn paper wealth into cash.

“We’re in the part of the cycle that is before that but approaching that. I think we’re close to that.“

Dalio – who has turned downright apocalyptic since severing all ties with his former hedge fund a few years back – has been making some version of this case since June, when he told Bloomberg TV that “the pricking is the converting of wealth into money”. What has changed since then is the cost of money: long-dated Treasury yields are now at their highest since 2002, and Dalio added a second warning a day earlier, saying that China and Japan may pull back from US Treasuries, because a debtor-creditor relationship that is also an adversarial one “creates a very difficult dynamic” 

Incidentally, we pinned the relentless Treasury selling on Japan last week, before Japan moved on to France’s OATs this week and sparking the latest European “doom loop”, sending banking stocks plunging, so we’ll allow ourselves a modest victory lap. Dalio’s other observation is just as relevant (and also cribbed from us): AI firms that used to raise capital through equity “now have to shift to debt”, just as we previewed last October. 

Which brings us to Taleb.

Taleb: It’s The Bonds, Stupid

The Black Swan author agreed with Dalio’s diagnosis but not his culprit. “The bond market is very vulnerable,” Taleb said in Greenwich, according to Bloomberg. With the US forced to fund massive deficits from buyers who may lose their appetite, Taleb is less worried about Beijing or Tokyo than about domestic retirees and funds stepping away from long-duration debt, which he argues would be a far bigger blow.

That is the same buyer base the AI complex is now competing for. As we put it last month, the record gap between AI-related investment grade bonds and the rest of IG is the heart of the problem:

Taleb also had a warning for the “buy AI because AI is changing the world” crowd: it would be “a trap” to buy the companies riding the boom just because the technology is transformative, since historically “the companies that benefitted were not the pioneers.” He also reminded everyone that the S&P is not the economy: its biggest names are global businesses, and middle-income families are a better gauge of America’s health than the index.

True to form, Taleb wouldn’t call a crash (“It’s false to think in terms of the market will go down… You think in terms of risks increase”), and his advice was characteristically Universa-flavored: “Always have a tail hedge, even if you have no reason to hedge.” (Shocking advice from a tail-hedge fund’s in-house scientist.)

What Goldman Says: “Normally The Trigger Is Always The Same”

So who is right: the guy saying the bubble isn’t spectacular enough to pop, or the guys saying it’s about to? Goldman’s Bobby Molavi, in his latest “Ruminations” note (available to pro subs), went through every great capex boom of the past two centuries and found that they all ended the same way, which isn’t exactly Novogratz’s “spectacularly”:

“This time is different…i’m sure….i hope….lets all hope….because…. Railways in 1845….Utilities in 1929….Japan in 1989…..Dotcom in 2000…..Shale in 2014…..normally the trigger all ways the same….a central bank pivot. Same order each time – stocks peak, capex keeps rising (for 6 to 24 months), then capex roll….then stocks roll.“

Put differently, by the time the bubble looks spectacular, the top is already in, and capex keeps rising for up to two years after the stocks have rolled over, which is exactly the phase in which everyone points to the still-rising spending and says “see, no bubble.”

Molavi also has the AI big 10 at 42% of S&P market cap, above the TMT peak of 41% in 1999 and second only to the 1830s railroad mania (63%) and Japan in 1985 (44%), “with chance of that going up depending on 1 or 2 new IPOs.” Nothing says “not a bubble” quite like the AI trade overtaking the dotcom bubble on concentration:

Incidentally, that’s the same chart has been used frequently by Michael Hartnett over the past few months; not surprisingly, the BofA strategist is just as skeptical over how the AI “supercycle” ends, calling “AI the biggest bubble since the railroads“.

And the flip side of concentration is breadth, which Molavi shows has just plunged to the narrowest level since the dotcom peak:

To be fair, Goldman isn’t unanimous. Goldman’s Tony Pasquariello, in his latest markets/macro note (also available to pro subs), effectively made Novogratz’s valuation argument with data: the forward P/E of the median AI infrastructure stock has dropped from 32x in April to 22x, and these companies “are delivering, yet the market is approaching them with a degree of sobriety that was missing in years like 1999, 2007 or 2021.” He also noted that AI infrastructure stocks are expected to drive half of S&P’s Q3 earnings growth, with NVDA and MU alone driving a third of it. Diversification at its finest.

The problem with “cheap on P/E” is that the “E” increasingly has to fund the capex, and not much is left over for the owners. As we noted last month, the free cash flow yield of the 10 largest stocks is now the lowest since the dotcom bubble:

Elsewhere on the sell side, Bank of America sees a tech bubble brewing and advises clients to pile in anyway, using equity derivatives to hedge the fallout, while DBS CIO Hou Wey Fook argues that with Nvidia trading in the mid-teens on forward earnings, “how can it be a bubble?” Which, if you’re keeping score, makes it two billionaires, one bank and a CIO who agree it’s a bubble (or isn’t) and that you should buy it either way.

Bottom Line

So while Novogratz is waiting for “spectacular,” Molavi’s history says the trigger is far more boring: a central bank pivot. And that one has already arrived. As Pasquariello notes, the market now prices one more Fed hike this year and roughly two more next year, while long-end yields sit at 24-year highs, and Pasquariello himself admits that “when the Fed tightens liquidity, you need to take it seriously.”

Goldman’s own gauge agrees: the “Monetary Policy Optimism” component of its Risk Appetite Indicator has just collapsed to -7.98, within a whisker of the all-time low of -9.38, even as the S&P sits at a record:

Dalio’s rates-and-liquidation mechanism and Taleb’s fragile bond market are two sides of the same coin, and the AI debt binge sits right in the middle of it, crowding out Treasuries for the same duration buyers.

So while it’s possible that this bubble still has a spectacular blow-off ahead of it, the more likely outcome is that, as Molavi lays out, the stocks peak quietly while the capex keeps rising, and the “spectacular” part only becomes visible in hindsight. Then again, Novogratz did say it’s the biggest bubble of our lifetime, and on that, at least, everyone agrees.

Much more in the full Goldman “Ruminations”, “markets / macro” and Bank of America’s “Low breadth is a feature not a bug” notes, all available to pro subs.

Tyler Durden
Wed, 10/07/2026 – 22:00

Houthis Escalate Saudi Strikes, Briefly Disrupt Riyadh Air Traffic, Hit Bases Near Border

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Houthis Escalate Saudi Strikes, Briefly Disrupt Riyadh Air Traffic, Hit Bases Near Border

Wednesday has witnessed more direct attacks on Saudi territory launched by Yemen’s Ansar Allah movement, coming soon after Turkey, Pakistan, and Saudi Arabia announced they have triggered the Mecca Defense Pact.

Houthi spokesman Brig. Gen. Yahya Saree announced the fresh launch of ballistic missiles and drones targeting King Khalid International Airport in the capital of Riyadh; however, there’s as yet no evidence of any impact. The airport has suffered hits earlier in the conflict, or at least fuel storage tanks near it, also as Aramco sites have come under frequent attack.

King Khalid International Airport. Source: Shutterstock

Aviation tracking platform Flightradar24 indicated a brief halt to both inbound and outbound flights at the airport in the capital. Riyadh has already been targeted several times in a matter of weeks.

Saree further said Abha airport has been targeted again, after it also came under attack the day prior. The Houthis additionally said they hit an air base in the city of Khamis Mushait and two military bases, Najran and Asir – both near the border with Yemen.

The Saudi side has only offered confirmation that it has tracked and intercepted a ballistic missile north of Riyadh. A missile on the Saudi city of Khamis Mushait was also reportedly stopped by air defenses.

To review of Tuesday’s events, confirmation of destruction at least two Saudi airports has emerged, as The Wall Street Journal reports:

Attacks by Yemen’s Houthi rebels damaged two airports in southern Saudi Arabia near the border with the war-torn nation, the kingdom said Tuesday, marking the latest escalation in fighting that threatens global energy markets.

The attacks come after the kingdom and its allies in Yemen launched a counteroffensive seeking to retake territory along the Red Sea. The Houthis’ presence along the coast and the Bab al-Mandeb Strait threatens to further squeeze regional oil supplies.

Saudi Arabia’s General Authority of Civil Aviation said King Abdullah bin Abdulaziz International Airport, a dual-use airport in the Red Sea city of Jazan, and Najran International Airport, were damaged in the strikes. Three people were wounded, the agency said.

Meanwhile, inside Yemen Saudi coalition forces continue to try and take back control of the Red Sea coast areas, with conflicting reports centered on who has control of the strategic port city of Mocha.

The fighting continues to take a huge toll on the civilian population, with the International Organization for Migration saying that over 201,000 people have been displaced since the renewal of fighting. In mid-September the same agency’s tally was at 76,000 – suggesting a significant and rapid increase in displacement.

“People are running for their lives and finding nowhere safe to go,” agency chief Amy Pope stated. “They need a roof, food and safety today. Our teams are on the ground, but the funding is not. I am asking donors to act now because every day of delay costs lives.”

Already Yemenis were suffering from prior rounds of wars, given there’s been some level of a state of conflict between the Houthis and Saudis – and the Riyadh-backed Yemeni government – going back to at least 2014.

More Latest Developments

via Newsquawk…

  • US President Trump said they have to finish up regarding Iran and that the question is how, while he added that we will soon find out how they will finish up Iran and stated that Iran’s drone-making capacity will soon be gone.
  • US VP Vance told Reuters that Iran must make a “meaningful” reduction in its nuclear enrichment capacity to satisfy US demands and end the war. Vance added that the US remained open to an agreement but would require concrete Iranian nuclear concessions. Furthermore, the VP questioned who makes decisions in Tehran, following on from earlier comments by US President Trump saying that his biggest problem is that no one knows who is running Iran.
  • US Secretary of State Rubio reiterated Iran cannot be allowed to have a nuclear program.
  • Yemen’s Houthi forces said they used drones to attack King Khalid International Airport in Riyadh, while they targeted Abha Airport and Khamis Mushait using missiles and drones.
  • Satellite imagery, cited by Sabereen, confirmed that there is still a fire at Saudi’s Khurais oilfield.
  • An Asharq reporter posted that Syria may join the war in Yemen, with the idea said to be under discussion, citing multiple sources, although no final decision has been made; it follows Syria’s President visiting Saudi Arabia.

Tyler Durden
Wed, 10/07/2026 – 21:30

“You’ve Got Mail”: China Got Its Hands On F-35 Stealth Parts Because A UPS Worker Missed An Email

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“You’ve Got Mail”: China Got Its Hands On F-35 Stealth Parts Because A UPS Worker Missed An Email

Forget hackers, honey traps and photon-counting lasers. China’s latest haul of F-35 secrets apparently came courtesy of an unread email.

According to a new Bloomberg report, the F-35 cockpit canopy and weapons-bay door that ended up in Beijing’s possession were routed through Hong Kong because a United Parcel Service (UPS) employee missed an email warning not to send the shipment through Hong Kong. The email, from freight forwarder DSV (working on behalf of Lockheed Martin ), said the parts must not transit certain countries under the US International Traffic in Arms Regulations (ITAR), the rules designed precisely to keep American weapons tech away from American adversaries.

Regular readers will recall that we have been following this saga since it first went “MIA” on the way to Hong Kong last month. What started as a mysterious detour has now been traced to the most mundane failure imaginable. Below we lay out what the Pentagon just told Congress, why the parts matter more than anyone in an official capacity is willing to admit, and what it means for UPS, which was already the market’s least favorite parcel name.

Late, Rerouted, Gone

The new details were laid out by Pentagon officials on Sept. 29 in a roughly hour-long closed-door meeting with staff from the House Foreign Affairs and Armed Services committees, according to a person briefed on the incident. Here’s the sequence, per Bloomberg:

  • The shipment, from an Australian F-35A and bound for the US “for possible repair or disposal,” was supposed to travel to San Francisco via South Korea and Taiwan, both US defense partners.
  • It was late leaving Australia, and so it was “mistakenly routed via Hong Kong in an effort to speed up delivery.”
  • DSV had sent the ITAR email “as required by US regulations,” but it “may have been sent through a different IT system than the one used by the UPS agent.”

In other words, an ITAR-controlled stealth component was rerouted through Chinese jurisdiction to save a few days, because the warning not to do exactly that was sitting in the wrong inbox. Somewhere a compliance officer is quietly updating the “lessons learned” slide deck.

And so, a shipment that was “late” in May is now, five months later, in Beijing. Which is one way to fix a delivery delay.

Hong Kong, for those keeping score, is not some neutral way station: Washington has long since stopped treating the territory separately from mainland China under US export controls, which is precisely why the DSV email existed in the first place.

“Unserviceable”… And Coated In Radar-Absorbing Material

From day one, the official line has been to shrug. The Pentagon called the parts “unserviceable.” Lockheed’s Australian arm said they were “unserviceable and deemed low risk for exploitation.” Australia’s defense minister Richard Marles insisted that “we’re not talking about sensitive equipment here or sensitive parts.” US Transportation Command took the time to issue a statement that “it was not involved in the transportation or coordination of the shipment in question.” Very reassuring.

The problem is what the parts actually are. As Bloomberg first reported on Sept 23, both the canopy and the weapons-bay door were coated with radar-absorbing material that enhances stealth, and the Chinese government took possession of them and has not given them back. We flagged it in real time:

“Unserviceable” describes whether a part can go back on a jet; it says nothing about what it reveals. On a stealth fighter, the canopy is part of the radar cross-section, with coatings that keep the cockpit from lighting up on radar while staying optically clear, and the weapons-bay door is a large moving panel that must seal flush and open in flight without breaking stealth. Two parts are not a blueprint for an F-35; they are, however, a free tutorial in two of its hardest low-observable engineering problems.

The Government Accountability Office, which actually audits the program, isn’t buying the shrug either. Diana Maurer, who oversees GAO’s F-35 support reviews, called the loss “a big deal“:

“I’m sure the Chinese celebrated and then they got busy trying to reverse engineer it and figure out how to counter it with their own technical capabilities. I’m sure that’s what they were up to once they got those things.”

We’ve seen this movie before. In May, we asked whether Iran got its hands on a US stealth missile after JASSM-ER wreckage turned up near Arak, a reminder that Tehran claimed to have copied the RQ-170 drone it captured in 2011. The difference: Iran had to shoot something down first. China just had to wait for the package.

Nor is this the first time the F-35’s supply chain has leaked like a sieve. As we noted when Senate Intelligence chair Tom Cotton demanded a supply-chain security review, a 2023 GAO audit found that one F-35 prime contractor had recorded more than 1 million spare parts worth over $85 million as lost since May 2018, and the program office reviewed the circumstances behind less than 2% of those losses. Diversification at its finest.

“Did China Have A Plan All Along?”

Washington, which was reportedly briefed on the diversion back in June and then sat on it until Politico’s Sept 18 scoop, is now very, very concerned. Cotton wants a review of chain-of-custody rules, shipment tracking, route-change approvals and “safeguards against military materiel transiting through or being diverted to China.” Senate Intel’s ranking Democrat Mark Warner demanded the Pentagon briefing. And Sen. Kevin Cramer (R-N.D.), who chairs the Armed Services panel investigating the incident, has asked the obvious question: “Did China have a plan all along to intercept this?“

Bloomberg’s sourcing so far points to incompetence rather than conspiracy, though the two are not mutually exclusive: Beijing didn’t need a plan to intercept the shipment, just a plan for when one landed in its lap. China’s foreign ministry, for its part, said it was “not aware of the situation”, the kind of non-answer that tends to precede actual answers, or even more non-answers.

The timing has been exquisitely awkward from the start. Bloomberg’s original scoop broke as Xi Jinping arrived for a state visit with President Trump, prompting Sen. Elissa Slotkin to quip that “the Chinese are holding some of our most sensitive technology, and we are rolling out the red carpet for their president.” Meanwhile, the State Department’s Directorate of Defense Trade Controls is investigating, and the Pentagon’s deputy assistant secretary for logistics, Erica Plath, told congressional staff she has assembled a team to prevent a repeat. Asked what that team is actually doing, a Pentagon spokesman said the department would have “nothing more to provide.”

Lockheed, which manages much of the global spare-parts pool for the US and 19 other F-35 nations, said last month that “our logistics decisions are not made unilaterally.” Presented with the new details on Wednesday, it said it had “nothing to add or correct.” Translation: it wasn’t us, but we’re not disputing it either.

All of this as Washington races to sell even more F-35s abroad, including a possible deal to Saudi Arabia approved just three weeks ago:

Each new customer is another set of spare parts that has to cross the world, sometimes late, sometimes in a hurry. If two “unserviceable” panels from Australia could end up in Beijing because of a missed email, the global sustainment network serving 20 countries is only as secure as its least attentive freight agent.

UPS: Already The Market’s Least Favorite Parcel Name

UPS shares turned negative after the report, though the decline was less than 1%, which tells you the market treats this as a reputational bruise rather than a business problem. UPS doesn’t break out aerospace and defense revenue, though it has made a strategic push into the sector. A State Department ITAR probe is not the kind of reference that wins defense logistics contracts.

It also lands on a stock that was already struggling. Per Goldman’s transport analyst Jordan Alliger in his latest Valuation Tracker (available to pro subs), parcels were the worst-performing transport subsector in September, down 12% on average (FedEx -13%, UPS -10%), versus a mere -0.5% for the S&P 500. Year-to-date through September, UPS was down 6%, among the three worst performers in Goldman’s entire transport coverage, while the S&P rose 12%.

Positioning tells the same story. Goldman’s Industrials desk (available to pro subs) wrote this morning that while transports remain “more crowded generally with hopes of another reacceleration in spot rates,” the group’s notable underweights include “UPS, Canadian rails, WERN, ODFL.” In other words, the people paid to own transports had already decided they didn’t want UPS, and that was before the stealth canopy turned up in China.

Bottom Line

The Pentagon says it is “actively working with U.S. authorities and industry partners to retrieve these components, investigate the incident, and place safeguards to avoid a future occurrence.” Good luck with the first part: there is roughly zero chance Beijing returns a radar-absorbent canopy it has had for months, at least not before it has measured, scanned and sliced it.

Which brings us back to a point we made just last weekend, when a Chinese missile academy claimed it could find the F-35 with a laser: the real threats to the jet are the boring ones. We warned back in 2021 that the F-35 was at risk of falling behind Chinese and Russian defenses, and that risk is real, but it is arriving through heat-seekers, cargo manifests and now spam filters. China has spent years hacking, spying and reverse-engineering its way toward the world’s most advanced fighter. It turns out it just needed to wait for someone not to read their email.

Then again, it’s hard to think of a cheaper counter-stealth program than a parcel service in a hurry.

Much more in the full Goldman “Americas Transportation: Valuation Tracker” note and the Goldman Industrials desk note, both available to pro subs.

Tyler Durden
Wed, 10/07/2026 – 21:03

Biden’s FBI Spied On Trump Campaign Manager’s Communications And Trump Family Travel

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Biden’s FBI Spied On Trump Campaign Manager’s Communications And Trump Family Travel

According to newly released White House documents, former special counsel Jack Smith’s team monitored the phone and email metadata of Susie Wiles while she ran Donald Trump’s 2024 presidential campaign, and the travel of Trump family members.

The records show that investigators logged her contacts with journalists, defense attorneys, and political advisers.

The tracking covered Wiles’ communications with at least five journalists, 21 different defense attorneys, and several political advisers, the documents show.The outlets she contacted included CNN, The Washington Post, Politico, and Just the News, but most of the names of whom she contacted were redacted.

Wiles now serves as White House chief of staff.

Investigators obtained the information through a pen register, also known as a trap-and-trace device. The tool captures metadata such as the numbers a person calls and the times of those calls, but does not record what the parties said. The surveillance formed part of “Plasmic Echo,” the FBI’s name for the investigation into Trump’s alleged mishandling of classified documents.

“These are First Amendment activities, reporting, social media, donating, political advice for campaigns, yet Jack Smith’s team seemed very interested in them,” a Trump administration official told reporters Friday.

An FBI memo dated March 10 included three pages of Wiles’ phone contacts. A separate memo recorded that agents interviewed Wiles on April 7, 2023, and showed her four pages of communications.

The documents also describe what investigators wanted from the records. According to the files, the FBI’s Washington Field Office and a redacted person or entity reviewed information associated with Wiles “to document WILES’s telephonic communication with FPOTUS Donald Trump’s attorneys and members of the 45 Office on and around 19 May 2023.” On that date, the Special Counsel’s Office informed the field office about correspondence with Trump’s retained counsel.

On February 3, 2023, the FBI sent preservation requests to Google, Microsoft, MSN, and Yahoo, asking those companies to retain Wiles’ email records. The bureau also maintained records of how many times she spoke to various people through internal emails. These records included only metadata, not the actual content of the emails. Her social media posts were also monitored.

Smith’s team even took interest in the political endorsements of Robert O’Brien, Trump’s former national security adviser. “It looks like O’Brien is active in endorsing Republican candidates,” an FBI email from Feb. 6, 2023, said. “Can FBI please look at his social media and see if there’s anything of relevance we would want to ask him about?”

The release came days after the Senate Judiciary Committee found that Smith’s investigators collected communications of numerous media organizations while investigating Trump and his allies. The committee’s list included 60 Minutes, the AP, Bloomberg, CBS, CNBC, CNN, Fox News, the Los Angeles Times, The Mark Levin Show, the Media Research Center, NBC, NPR, New York Magazine, Reuters, The Federalist, The Washington Post, The Washington Times, and The Wall Street Journal.

Records also show that agents tracked the travel of then former first lady Melania Trump and Barron Trump’s travel while the raid on Mar-a-Lago was being planned.

The release also included records of internal deliberations before the 2022 raid on Mar-a-Lago. In a June 1, 2022, email, sent two months before the controversial raid, an FBI assistant special agent urged discretion and cooperation with Trump’s lawyers. 

“Even as we continue down the path towards a search warrant, I believe that a reasonable conversation with the former President’s attorney [redacted] ought not be discounted,” the agent, whose name was redacted, wrote.

The same agent argued that the bureau could secure the documents through Trump’s lawyers while the investigation continued.

“At a minimum, even if the President’s attorney is correct and that the documents were all declassified (or believed to be declassified), it can be reasonably argued that the documents remain sensitive and should be properly secured until the matter of classification is sorted out,” the agent wrote. “This conversation could easily be accomplished at the same time that WFO presses forward with the investigation and continues building out the search warrant.”

The released documents do not say how Smith’s team responded to that recommendation.

“Jack Smith’s surveillance operation was a disgraceful abuse of government power. Spying on political opponents is weaponization of law enforcement, plain and simple,” White House spokesperson Lauren Bis told Fox News Digital. “Those responsible must be held accountable.”

Sen. Mike Lee (R-Utah) responded to the disclosures in a post on X.

“It’s hard to think of good justifications for this. To me, it feels a little Nixonian,” he said. “If this report is true, then it’s pretty bad. If true, then those in charge at the time better have some darn good explanations for surveillance of family members and advisors talking privately to lawyers or exercising their free-speech rights with the news media.”

Tyler Durden
Wed, 10/07/2026 – 20:30

Iran Slams Door On Nuclear Talks: No Deal Unless US Meets Its Conditions

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Iran Slams Door On Nuclear Talks: No Deal Unless US Meets Its Conditions

Via The Cradle

There have been no nuclear negotiations taking place between Washington and the Islamic Republic, Reuters reported on Wednesday, citing what it said was an Iranian official. 

“No negotiations [have] taken place with the US about Iran’s nuclear program… Washington must first meet Tehran’s conditions before nuclear talks can start,” the source said. 

“US recognition of Iran’s right to nuclear enrichment is Tehran’s ​red line … [Iran] will not show flexibility on [enrichment] in any way,” the source added, a day after US Vice President JD Vance called for a scale-back of Iranian uranium enrichment. 

Via Bloomberg/Getty Images

The source said that “Vance’s comments are Washington’s ideas and requests. … Americans are free to make requests and have ideas, but they are at ​odds with Iran’s demands.”

Vance had said on October 5th that Tehran must make a significant reduction in nuclear enrichment. 

“I think if they want to show a commitment to not building a nuclear weapon, they would do something meaningful on ​their enrichment capacity,” he told Reuters.

He claimed that Iranian Foreign Minister Abbas Araghchi and President Masoud Pezeshkian were in talks with the US, but added that it was “unclear how much authority they wield within Iran’s power structure.”

“One of the things we picked up on is it’s not totally clear how their country makes decisions,” he went on to say. 

US President Donald Trump also said again this week that nobody knows who is in charge in Iran.

“The problem is actually the opposite: it lies in the contradictory positions and mixed messaging from US officials,” Iranian Foreign Ministry spokesman Esmail Baghaei said in response.

Tehran has repeatedly vowed that it will not compromise on its peaceful nuclear enrichment program. Trump has repeatedly claimed that Iran’s nuclear program has been “obliterated.” However, US intelligence reports have refuted this. 

The Wednesday Reuters report follows a Qatari Foreign Ministry statement to reporters saying that US–Iran talks were ongoing. 

“I can confirm that the talks are continuing and the exchange of messages between different parties is continuing via Qatar and its regional partners,” Qatari Foreign Ministry official Ibrahim al-Hashmi said during a press briefing. 

Last month, Iran was reported to have relayed a proposal to the US, offering to reopen the Strait of Hormuz and resume nuclear talks in exchange for a cessation of hostilities and the US lifting its naval blockade of Iranian ports.

Trump publicly rejected the reported offer and has since renewed his threats to resume bombardment of Iran.

At the UN General Assembly (UNGA) in September, Iran said that Tehran is demanding an end to the fighting on all fronts, a halt to US acts of aggression, the lifting of Washington’s naval blockade, an end to its economic war on Iran, and the release of Iranian assets in order for talks to resume.

As part of its overall demands for a final agreement, Iran is also demanding sovereignty over the Strait of Hormuz and a US military pullout from the region.

“The position of the Islamic Republic of Iran is completely clear and firm, and ​the Strait of Hormuz will not be opened until our seven conditions, based on the Islamabad ⁠memorandum of understanding, are met,” Iran’s Parliament Speaker Mohammad Bagher Ghalibaf said over the weekend. 

Tyler Durden
Wed, 10/07/2026 – 20:05