It took nearly five years for the FBI to finally arrest someone for planting pipe bombs outside the headquarters of the Democratic and Republican parties on the eve of the Jan. 6 Capitol Hill riot, but the suspect may avoid serving a prison sentence thanks to the language in President Trump’s sweeping pardon of those who participated in Jan. 6 mayhem.

In that pardon issued on the day of his 2025 inauguration, Trump commuted the sentences of 14 people convicted of offenses springing from the Jan 6 demonstrations. Next, seeking to free some 1,500 others from convictions or pending prosecutions, Trump wrote, “I do hereby…grant a full, complete and unconditional pardon to all other individuals convicted of offenses related to events that occurred at or near the United States Capitol on January 6, 2021.”

It seems immaterial that the charges against Brian Cole Jr for planting bombs came after Trump’s pardon, notes former federal prosecutor Ankush Khardori, writing at Politico: 

Trump could have specified that the pardon applied only to people who had been convicted or charged “as of the date” of his pardon…but there is no such language in Trump’s proclamation. Lest there be any doubt, the Supreme Court made clear more than 150 years ago that presidents have the constitutional authority to do this — that is, to issue “preemptive pardons” for past conduct even if that conduct has not been charged at the time of the pardon.  

In another context — relating to Trump’s pardon of those who sought to send alternate slates of electors to the 2020 Electoral College — Trump’s DOJ has claimed it has the power to determine which crimes Trump intended to include, but courts may take a dim view of that kind of de facto delegation of presidential pardon power, particularly where the plain language of the pardon is unambiguous and deliberately sweeping.

Federal prosecutors are behaving as if they fully appreciate the pardon’s potential to set Cole free and render their efforts futile. In both court filings and remarks in a hearing, they avoided using language that links Cole’s alleged actions to Jan. 6.   

Federal agents say that, when they interviewed him, Cole confessed to planting the two devices. So far, no full transcripts of those interviews have been published, only quotes the DOJ chose to include in its court filings. Here’s one key excerpt: 

“When asked why he placed the devices at the RNC and DNC, the defendant responded, ‘I really don’t like either party at this point’.” [Cole] also explained that the idea to use pipe bombs came from his interest in history, specifically the Troubles in Ireland. The defendant denied that his actions were directed toward Congress or related to the proceedings scheduled to take place on January 6.” 

Seeking to make the case that the pardon doesn’t apply, prosecutors will surely emphasize Cole’s denial that his bombing attempt had anything to do with Jan. 6. (Then again, they don’t provide an actual quotation of this purported denial.) Then there’s the fact that both bombs were planted in the early evening of Jan. 5. Prosecutors also say he Cole set the kitchen timers on the bombs for their maximum duration of 60 minutes — meaning they would have also exploded on Jan. 5. He told agents that his timing sprang from wanting to avoid killing anyone.   

However, before you conclude there’s nothing to the pardon concern, consider that the pardon uses the phrase “related to” events that occurred on Jan. 6. Having failed to detonate on Jan. 5, the bombs were discovered on Jan. 6. Cole’s lawyers can argue that the bombing attempt is “related” to Jan. 6 since it had the effect of diverting police to RNC and DNC headquarters.   

There will also be scrutiny of Cole’s motives. While expressing disdain for both parties, some of Cole’s interview statements might be interpreted as sympathetic with the pro-Trump protesters, which could help substantiate a Jan. 6 nexus: 

The defendant felt that “the people up top,” including “people on both sides, public figures,” should not “ignore[e] people’s grievances” or call them “conspiracy theorists,” “bad people,” “Nazis,” or “fascists.” Instead, “if people feel that their votes are like just being thrown away, then . . . at the very least someone should address it.”

Perhaps significantly, in his order directing that Cole continue to be detained, US Magistrate Judge Matthew Sharbaugh himself linked Cole’s alleged crimes to Jan. 6: 

The specific circumstances by which the offenses are alleged to have been carried out—including the timing and broader context—further amplify their severity. After all, Mr. Cole is charged with placing the two IEDs in the immediate vicinity of the U.S. Capitol the night before U.S. lawmakers were set to gather to certify the results of the 2020 election. Although Mr. Cole, during his post-arrest interview, apparently disclaimed any intent to interfere with that process, the resulting fear and alarm followed all the same—and how could it not?

All that aside, there are some who still think there’s a whole lot more to the tale than has been told, including Rep. Thomas Massie, who has suggested the “autistic” Cole couldn’t have acted alone:   

FBI claims an autistic man they arrested last month, 5 years after J6, is a lone wolf who planned, built, and placed the pipe bombs. They want to wrap up the case and put a bow on it, but I’m not buying it. It doesn’t add up.

latest from @SteveBakerUSA:https://t.co/TDVPoWgamw

— Thomas Massie (@RepThomasMassie) December 30, 2025

Authored by Lance Roberts via RealInvestmentAdvice.com,

Bulls Remain In Control

The S&P 500’s close at 6,966 on Friday confirmed the market remains in a bullish uptrend, continuing the positive trajectory that began in mid‑2025. Price action this week gained traction and has been tracking the rising bullish trendline from the November lows, printing a new all-time high on Friday. Technical indicators remain bullish and not overbought with a momentum “buy signal” intact. However, weak money flows continue to suggest some caution below the surface.

The price remains above its major moving averages, with the index trading above both the 20-day and 50-day moving averages. This alignment has remained a hallmark of the market since the April 2025 lows, and retracements to those moving averages continue to find buyers.

Notably, market breadth improved early in the week as more stocks participated in the advance, reflecting a broader rally that extended beyond just mega-cap technology names. As noted above, value has gained some traction in recent weeks, and the number of S&P 500 constituents in positive territory has improved. However, despite the broader advance, a divergence remains, with fewer stocks leading the market higher. Divergences like this can signal internal weakening, even as the headline index reaches new highs.

Volatility measures also remain bullish with the VIX and related volatility gauges printing near historically low ranges, indicating that investors are not pricing large near-term swings. Low implied volatility tends to reflect complacency, but also underscores that significant breakouts or breakdowns have less feared market reaction priced in.

Overall, the S&P’s advance this week lacked strong momentum expansion, but the technical support remains intact, and the market’s inability to push convincingly to new highs suggests a battle between profit‑taking and fresh buying remains. This puts emphasis on key support levels, which will be critical for next week’s directional bias.

S&P 500 Technical Levels for Traders

Traders should view the 7,000–7,050 range as a key control zone for the market. If the index closes above this range with expanding volume, it increases the likelihood of continuation toward higher highs. Support at 6,900 is the first significant demand zone; loss of this area would expose the 50‑day average as a deeper test of trend integrity.

💰 Investor Lessons From 2025 For 2026

2025 reminded us of the many investor lessons that matter to surviving markets over the longer term. Some of those investor lessons were painful reminders during the “Liberation Day” sell-off, others were obvious, and some were just reminders of what we already knew. If you want to improve outcomes in 2026, you must absorb these investor lessons and implement them into your portfolio management practices.

Leave The Narratives For The Talking Heads

In 2025, numerous headlines predicted that interest rates would rise sharply, the “death of the dollar” was imminent, and tariffs would send inflation skyrocketing. None of those things happened, and Treasury bonds delivered positive returns for the year, with the broad index total return at approximately 7.08%. Given that bonds are often considered a“safe haven” during market turmoil, the investor lesson for 2026 is not to dismiss bonds as a risk diversifier when volatility arises.

Such is particularly the case in 2026 as we enter the year with very elevated valuations and expectations, and a record level of short positioning against the 20+ Year Treasury Bonds ETF (TLT). The short position against Treasuries is most favored by arbitrageurs and hedgers, rather than long-term bets on rates. As Mark Hulbert for MarketWatch recently noted:

“Contrarian investors now believe bonds may outperform both stocks and gold because sentiment toward bonds is unusually pessimistic while optimism for stocks and gold is near historical highs, and history shows markets often rally after extreme pessimism and struggle after peak optimism, suggesting bonds could be a better bet in the months ahead despite strong 2025 performance in stocks and gold.”

As such, if Mark is correct, then any reversal that pushes money into safe-haven investments could cause an outsized move in yields, ie, higher bond prices, as short positioning is forced to cover. In other words, the odds favor the possibility that the consensus bets and narratives of 2025 could be out of favor in 2026.

Volatility Is Not Risk

Another valuable investor lesson in 2026 will be remembering that “risk” and “volatility” are not the same thing. Many investors equate volatility with risk, and as such, they panic sell at the first sign of a drop. Daily or even weekly market swings are not necessarily danger signs, as volatility is a normal part of the market cycle.

For example, 2025 experienced volatility, with stocks fluctuating up and down several times throughout the year. There were several spikes in the volatility index that had the “bears’ running for cover, proclaiming “AI was dead.” However, by the end of 2025, companies with strong earnings and solid cash flow held their value over time.

Risk is the permanent loss of capital. Volatility is price movement. While risk is certainly a byproduct of investing, the investor lesson for 2026 is to remember to hold quality assets, focus on fundamentals, and remember that volatility is the price of admission.

Cash Has Value

One of the worst narratives of 2025 was that “cash is trash.” The mistaken assumption was that investors buried their cash in the backyard, when in reality the majority of individuals have the cash in either higher-yielding money markets or invested in the asset markets. In either case, the rate of return on that cash exceeded the current U.S. inflation rate, protecting their purchasing power.

The investor lesson from 2025, and will remain in 2026, is that when markets do encounter periods of volatility, cash gives you options. Holding a higher level of cash in an uncertain environment hedges the portfolio against volatility, so investors are less likely to be forced into selling. Cash also provides “opportunity” by having purchasing power during market declines. As we discussed:

“Investors never face a choice of solely one investment over another. Instead, the goal is to invest in the correct asset at the correct time. When one is unsure, cash is a natural hedge against uncertainty. As many great investors throughout history state in one form or another: “The goal of investing is not only the ‘return ON my principal’ but also ensuring the ‘return OF my principal.’”

If I ignore the relevant risk, the outcome is that I will fall short of my financial goals. Importantly, I am not talking about being 100% in cash. Instead, I am suggesting that during periods of uncertainty, cash provides both stability and opportunity. Yes, cash will lose purchasing power over the holding period, but equities can lose a lot more when “fast risk” happens.

With the fundamental and economic backdrop becoming much more hostile toward investors in the intermediate term, understanding the value of cash as a “hedge” against loss becomes more important. Given the length of the current market advance, deteriorating internals, high valuations, and weak economic backdrop, reviewing cash as an asset class in your allocation may make some sense.”

In 2026, just as in 2025, you must allocate cash strategically. Cash is not dead money; it provides optionality, and you should consider holding enough to cover needs and seize opportunities.

Earnings Drive Long-Term Returns

Investors chased momentum in 2025, buying low-quality companies with no earnings. In most cases, many of those investments have or will go bad, as earnings always matter in the end. The investor lesson for 2026 is that your focus must be on earnings growth and stability. Yes, price matters, but only in the short term. Ultimately, the market will track the annual rate of change in earnings.

Of course, earnings are the “E” when considering valuations (P/E). With valuations elevated and forward returns expected to be lower, current expectations for another year of escalating earnings should likely be tempered.

Furthermore, given the overall sensitivity of earnings to economic growth, any slowdown in economic activity or employment in 2026 could become more problematic. With valuations and confidence elevated, investors should consider rebalancing portfolio risk to hedge against potential disappointment.

Your Plan Must Survive Stress

In 2025, many investors had plans until stress hit. Those plans changed rapidly when volatility unexpectedly struck in “all the wrong places.”

A notable example was the risk we repeatedly warned about in the options market, as reported by Morningstar:

“The options trader known as “Captain Condor” and his acolytes experienced a wipeout last week that incinerated tens of millions of dollars and cost some investors their life savings.

A strategy that had reliably produced winnings for the trader – whose real name is David Chau – and his group of roughly 1,000 investors went awry just before Christmas, saddling them with what was, by one count, a $50 million loss.

The fatal flaw – what finally caused Chau and his crew to lose most or all of their trading capital – was his use of the Martingale betting system. In the Martingale system, the bettor doubles down after each loss, hoping to recoup their money and then some. After a streak of mounting losses, Chau and his followers risked it all on Christmas Eve and saw the last of their capital wiped out as the S&P 500 SPX tallied a record closing high.

Some members of Chau’s group lost hundreds of thousands of dollars – most of their life savings – according to account statements reviewed by MarketWatch. One member launched a GoFundMe page soliciting donations to help cover basic living expenses.

While this is just one story among many, the investor lesson for 2026 is that whatever your investment plan is, it must include rules for buying, selling, risk control, and, most crucially, the protection of your investment capital.

The reason is simple: If you lose all of your capital, you are out of the game.

The investor lesson for this year is to test your plan against bad scenarios. Testing your plan against adverse outcomes will allow you to survive volatility without panic. Ultimately, a plan fosters discipline, and discipline safeguards capital.

Rebalancing Works

Most investors treat rebalancing like flossing. In other words, they know they should do it, but they wait until something hurts. For example, in 2025, those who adhered to a disciplined rebalancing strategy achieved stronger returns and lower risk than those who didn’t. The problem is that avoiding rebalancing leads to an unbalanced, or lopsided, portfolio that becomes systemically exposed to sharp corrections.

Rebalancing is a simple and painless process. When one part of your portfolio grows faster than others, it becomes too large a share of your total. That shift subtly changes your risk exposure without your consent. The investor lesson is not to let “greed” override the rebalancing process. When tech stocks surge, it becomes easy to “let it ride,” hoping they will become an even larger position in the portfolio. However, as noted above, the risk is that it becomes a concentrated bet. Concentrated bets work great as long as markets are rising, but eventually they will revert.

In 2025, tech surged early, then corrected sharply, and then soared again into the year-end before stalling. Those who rebalanced sold some of those gains in March, bought them back in April, and trimmed again as the year wrapped up. That shift added performance, reduced portfolio volatility, and enabled investors to navigate market volatility without panic. Rebalancing is not about guessing what wins next. It’s about managing risk while buying what’s undervalued and trimming what’s overextended.

How you rebalance your portfolio is up to you, but you do need rules to follow. Some rebalance on a regular schedule (monthly, quarterly or semiannually). We prefer thresholds such as when a position grows to represent more than 5% of the portfolio value, or is significantly larger than its target weight in the portfolio.

Most importantly, the investor lesson is that rebalancing works because it imposes discipline. It forces you to sell high and buy low. In 2026, that discipline will likely matter again as the market will tend to surprise you.

Key Catalysts Next Week

U.S. financial markets enter the second full week of January with a spotlight on inflation, producer costs, labor trends, and Federal Reserve guidance. Data flow is expected to pick up after the December jobs report, released last Friday, showed weaker payroll gains and raised renewed questions about the health of the labor market. Markets are weighing whether slower hiring reduces inflationary pressures or signals broader economic weakness. Recent labor data underscore a cooling of job growth and elevated uncertainty surrounding future Fed policy.

Economic releases this week will influence expectations for interest rates, corporate earnings forecasts, and risk assets. The Consumer Price Index (CPI) and the Producer Price Index (PPI) are among the most market‑sensitive releases. CPI will gauge whether consumer inflation is decelerating enough to influence the Fed’s pace of future rate adjustments. PPI will offer insight into the underlying cost pressures facing businesses. The Beige Book from the Federal Reserve will provide narrative detail on regional economic activity and pricing trends ahead of the late‑January FOMC meeting on the 27th and 28th. Market participants will parse this report for signs of tightening or easing conditions across the economy.

The overall market direction this week will hinge on whether inflation measures indicate a durable downtrend or a stubborn rebound. Any surprises in CPI, PPI, or labor indicators will drive volatility in equities, rates, and the U.S. dollar.

Thinking Ahead

As we head into 2026, the investor lessons outlined above will be crucial for navigating the market. Most notably, the mindset of investors must shift from forecasting or hoping for higher market returns to focusing on risk management. Markets are unpredictable, and as such, most predictions in 2025 fell short, even from seasoned professionals. That’s not a flaw in the market; it’s a flaw in overconfidence. You cannot control outcomes, but you can control your approach.

That starts with a margin of safety. Every investment should be made below fair value, with a cushion for mistakes, downturns, or bad luck. While investors escaped with overpaying in 2025, the question is whether they will be as lucky in 2026. Maybe they will, but the odds are increasing they won’t. Therefore, holding cash reserves, avoiding leverage, and prioritizing capital protection over chasing gains will be a winning formula.

Furthermore, you must be honest about your time horizon. Many investors claim to be long-term but will bail out at the first drawdown. Long-term investing means enduring volatility without flinching. If you lack the skill and systems to trade short-term, stop pretending. Focus on quality assets, reasonable prices, and a strategy you can live with in good times and bad.

Lastly, remember that the market punishes arrogance and rewards discipline. The pain of 2025 wasn’t random; it was a reminder. If you lost money, those losses came with a lesson. Don’t ignore it. In 2026, stay humble. Follow your rules, know your risks, protect your capital, and stick to fundamentals.

The reality is that the market will shift again; it is only a function of time. Therefore, your job is to stay ready, not reactive.

The left’s ability to rapidly stage highly organized ‘pop-up’ protests in response to just about any political incident is uncanny (remember Robert Creamer? “Wherever Trump and Pence are going to be, we have events, we have a whole team across the country that does that.“). Often, organic protests that average Americans have every right to engage in (even if we disagree) are co-opted and amplified by ‘organizers,’ and blessed by the media, which runs damage control when needed (‘mostly peaceful!’). Other times they orchestrate entirely scripted ‘astroturf’ campaigns to manufacture outrage.

The common denominator always seems to be dark-money NGOs, often funded by foreigners who would relish America’s demise so they can rebuild it in their image. Chaos, collapse, control. 

We’re witnessing this in real time, as the left’s protest-industrial-complex predictably fired up the in multiple blue cities hours after an ICE agent shot a “ICE Watch” activist in Minneapolis. And now we’re seeing mobs hunting down federal agents. 

As regular readers know, we’ve spent much of the past year tracking dark money NGO networks fueling the Democratic Party’s pressure campaigns – what we characterize as color revolution-style operations targeting President Trump and the America First agenda. Those constant protests, and even riots, link back to left-wing billionaires and NGO networks in the US, Europe, the Americas, and even China, all seemingly working in unison and hellbent on fomenting chaos on city streets to kill Trump’s agenda.

Enter Bessent

Treasury Secretary Scott Bessent sat down with journalist Christopher Rufo this past week. Among the topics discussed were left-wing nonprofits, with Bessent acknowledging that “we are examining” NGO activities and funding structures…

Here’s the key snippet from the Rufo-Bessent conversation that is likely to keep dark-money-funded nonprofits up at night:

Christopher Rufo:

There are 501(c)(3) nonprofit groups that [are] funded by left-wing dark money, that are organizing—or at least at arm’s length encouraging—criminal activities. Criminal protests. Criminal obstruction of federal officers, including ICE agents. Is the Treasury looking into this? Is it something you have authority to crack down on, and what can we expect?

Scott Bessent:

Yes, yes, and yes. So these groups that are engaging in this—we have the authority, and we are examining them. Because when you see these protesters, someone is financing them. There are safe houses. When you see the 300 people with the same laser that they’re using to blind DHS agents in courthouses in Portland, someone bought those lasers.

And again, what we do is follow the money—just like we followed it with the mafia, just like we follow it. We’ll find out who’s done this.

I announced today that we are going to put in effect a whistleblower program. And my sense is that the rats will turn on each other.

As I believe you reported—or someone talked about in a roundtable—one of the Somali fraudsters tried to bribe a juror with $120,000. What turned out, she’d been given $200,000 to bribe the jurors, and she skimmed. It’s like the scorpion—it’s in their nature.

EXCLUSIVE: Treasury ⁦@SecScottBessent⁩ tells me that the Trump Administration will launch investigations into left-wing nonprofits that serve as a front for violent protests and criminal obstruction of ICE operations. It’s time to stop left-wing terrorism in America. pic.twitter.com/roorsk4XLA

— Christopher F. Rufo ⚔️ (@christopherrufo) January 9, 2026

Let’s revisit Seamus Bruner, Director of Research at the Government Accountability Institute, who mainstreamed the NGO debate nationwide by briefing President Trump at the Antifa Roundtable last fall.

✊🏻Indivisible Project as a Protest Vehicle: Indivisible, the official organizer of the “No Kings” protests, received $14.06 million in contributions in 2023 alone, including from dark money intermediaries like Arabella’s Sixteen Thirty Fund and billionaire donors. pic.twitter.com/gNnphNVUH6

— Seamus Bruner (@seamusbruner) June 13, 2025

“We have identified dozens of radical organizations, not just the decentralized Antifa organizations, but dozens of radical organizations that have received more than $100 million from the Riot Inc investors,” Bruner told the president.

Way more than $100M of US taxpayer money

— Elon Musk (@elonmusk) October 8, 2025

Bruner, along with Peter Schweizer, has been following the money for years, with their latest NGO-tracking data showing nonprofits funding protests and riots nationwide.

Bruner commented on Bessent’s interview… 

🐀 Totally agree with @SecScottBessent — “R.A.T.S.” stands for Rockefeller, Arabella, Tides, and Soros (and their ilk). Follow the money!! 💰 https://t.co/2TLEdhR5GM

— Seamus Bruner (@seamusbruner) January 10, 2026

Bruner told us, “Treasury’s crackdown on radical left NGOs is the direct payoff from Zero Hedge reporting and the October White House roundtable exposing Antifa and the dark money machine behind the protest industrial complex. From Soros’s slush funds to the Arabella and Tides radical funding networks, the Trump administration is finally following the billions fueling the chaos and obstruction of ‘Riot, Inc.’ Time to drain the swamp of these nonprofit nihilists and tax-exempt terror pipelines.”

Via Schweizer’s reporting… 

Also, Capital Research Center, a think tank tracking foundations, charities, and other nonprofits, recently revealed that George Soros’ Open Society Foundations (OSF) empire has funneled over $80 million into groups linked to terrorism or extremist violence.

Hiding beneath the nonprofit world are left-wing activist networks pushing what we describe as an “invisible insurrection.”

Now that Bessent is examining these revolutionary networks, the lingering question is whether some of these household-name billionaires’ foundations, which have funded riots and protests, will finally be held accountable for underwriting years of chaos on city streets.

The administration should take retired Lt. Gen. Michael Flynn’s advice …

General Flynn Calls For National Address From Trump On Color Revolution Threat https://t.co/5aSdpnc7ZI

— zerohedge (@zerohedge) November 27, 2025

2026 is shaping up to be a volatile year. Protests in Minneapolis are just the appetizer for what the Democratic Party wants to unleash. As we’ve warned earlier, they are seeking another ‘George Floyd’-type riot.

Authored by Debra Heine via American Greatness,

Leftwing agitators in Minneapolis on Thursday set up a short-lived  “autonomous zone” that spanned several blocks in the southeastern part of the city, and reportedly declared it a “no-go zone” for law enforcement.

The city however removed the barricades surrounding it overnight to allow residents and first responders access to the area.

On Wednesday, 37-year-old Renee Nicole Macklin Good, was shot and killed by an ICE agent in Minneapolis, after she had accelerated her Honda Pilot toward the officer, hitting and injuring him.

Leftwing operatives immediately seized on the incident to incite disorder and riots in the Twin Cities and elsewhere.

Thursday night, activists were seen setting up barricades in the street with stolen trash bins, Christmas trees and other materials, blocking residents and police from driving in the neighborhood.

According to independent journalist Nick Sortor, the makeshift barricades were set up at all intersections, with “guards” posted at each one.

The anti-ICE agitators brought in food, drinks and medical supplies, placing the items on tables under pop-up canopies in the street. At least one of the canopies contained a portable fire pit. Activists also set fires in the street to stay warm.

“This looks almost IDENTICAL to CHAZ, or the ‘Capitol Hill Autonomous Zone’ in Seattle in 2020, where the city SURRENDERED a neighborhood to anarchists who made their own ‘laws.’

It didn’t take long for that cop-free social experiment to devolve into chaos, with shootings, drug and alcohol abuse, theft, vandalism, and street brawls a regular occurrence. Seattle Police easily cleared out the Seattle autonomous zone on July 1, 2020, after several weeks of violent anarchy.

City officials cleared the blockade in Minneapolis early Friday to ensure fire and medical access, leaving a memorial of candles and flowers intact.

Authorities noted that residents who live in the area had also raised concerns about neighborhood access.

“Safety has to come first—every second matters when lives are on the line,” said Interim Chief Melanie Rucker, Minneapolis Fire Department. “Just up the street from this location, our crews were actively fighting a three-alarm fire on Monday night. When streets are blocked, it slows our response, limits access to critical resources and puts both residents and emergency responders at risk.”

Update (1410ET):

Additional footage has surfaced, apparently from a nearby resident, showing at least three minutes leading up to the ICE-involved shooting in Minneapolis of a left-wing activist who was blocking traffic in an attempt to impede federal agents during a deportation operation.

The internet has been a battleground of competing narratives, fighting over which will be the consensus, in which left-leaning corporate media outlets and Democrats say the woman shot and killed did nothing wrong, while the White House and right-leaning outlets have said she was part of “ICE Watch” and part a pressure campaign against ICE.

The Trump administration has sprung into action over the last few days in an attempt to control the narrative and ensure Democrats don’t win this narrative fight. Maybe that’s because if Democrats succeed, it is clear the party wants a repeat of ‘George Floyd 2.0’ riots.

White House press secretary Karoline Leavitt posted on X,

Remember when the media called Abrego Garcia an innocent “Maryland Man,” when he was actually an illegal alien, human trafficker, wife beater, and gang member? Minnesota is a different case, but the legacy media is running the same playbook. This woman was not “an innocent mother dropping off her child at school.” She was a leftist insurrectionist who was purposefully and illegally obstructing law enforcement operations. More evidence here:

Remember when the media called Abrego Garcia an innocent “Maryland Man,” when he was actually an illegal alien, human trafficker, wife beater, and gang member?

Minnesota is a different case, but the legacy media is running the same playbook.

This woman was not “an innocent… https://t.co/ov2Jj4oyka

— Karoline Leavitt (@PressSec) January 10, 2026

“The media suppresses this footage because the truth destroys their narrative. They require your ignorance to maintain control. This is psychological warfare disguised as journalism,” one X user stated. 

*   *   * 

There are competing narratives about Wednesday’s ICE-involved shooting in Minneapolis. Some left-leaning corporate outlets focused on the fact that a woman was shot and killed by an ICE agent during a federal enforcement deportation operation, while other media, like the New York Post, highlighted that the woman, identified as 37-year-old Renee Nicole Good, was part of a left-wing group “Ice Watch” that mounted pressure campaigns on ICE agents on the ground.

Put aside all those viral videos on X; now Alpha News has obtained cellphone footage from what appears to be one of the ICE agents, and it provides a completely new perspective on what happened and why the ICE agent felt threatened enough to fire several shots at Good, killing the activist.

BREAKING: Alpha News has obtained cellphone footage showing perspective of federal agent at center of ICE-involved shooting in Minneapolis pic.twitter.com/p2wks0zew0

— Alpha News (@AlphaNews) January 9, 2026

The NYPost reported late Thursday night that Good was an anti-ICE “warrior” and part of a network of left-wing activists who worked to “document and resist” ICE operations in Minnesota.

The video from an ICE agent appears to confirm that Good and another individual were obstructing federal agents in the middle of the street.

Vice President JD Vance commented on Alpha News’ report, saying, “What the press has done in lying about this innocent law enforcement officer is disgusting. You should all be ashamed of yourselves.” 

*This is a developing story…. Check back for more updates.

Authored by Jill McLaughlin via The Epoch Times,

The U.S. Department of Agriculture (USDA) suspended payments for all federal food programs in Minnesota and Minneapolis Friday over alleged fraud and abuse of federal funds statewide.

“Enough is enough!” USDA Secretary Brooke Rollins posted on X, announcing the suspension. “The Trump administration has uncovered massive fraud in Minnesota and Minneapolis—billions siphoned off by fraudsters. And those in charge have zero plan to fix it.”

The agency plans to suspend all payments of federal financial awards to the state and city—totalling about $130 million—until state and local officials provide documentation detailing expenditures and transactions for the past year, Rollins said.

More than 440,000 people—about one in 13 residents—receive monthly assistance from the federally funded Supplemental Nutrition Assistance Program (SNAP), according to the Minnesota Department of Children, Youth, and Families.

SNAP uses around three-fourths of the federal funding for food-related programs and about 7 percent of all federal funding for the state, the agency reported.

In all, Minnesota received an estimated $2.05 billion in federal funds for 52 food-related programs in 2025, according to the state. The top five programs were SNAP; Women, Infants, and Children Supplemental Nutrition Program (WIC); school lunches; school breakfasts; and the child and adult care food program.

According to Rollins, Gov. Tim Walz’s administration did not provide the USDA information about SNAP participants that would prevent continuing fraud. The state also sued the USDA in December 2025 to block the agency’s directive to recertify the state’s SNAP recipients.

Minnesota Attorney General Keith Ellison sued the Trump administration after the USDA demanded it recertify 100,000 households that receive SNAP benefits with in-person interviews by Jan. 15 to verify if they were eligible for the program.

Ellison argued in the lawsuit that the USDA’s demand violated several aspects of federal law.

As part of Friday’s notice, Rollins notified state and city officials they would have to provide the USDA with payment justifications for all federal dollar expenditures from Jan. 20, 2025, to the present.

All transactions on funding awards to the state and city would require the same payment justifications, according to Rollins.

Federal investigators from multiple branches of the Trump administration have focused on Minnesota amid allegations of fraud in the state’s federal child care, day care, Small Business Administration, housing, food, and other social services programs.

The USDA’s funding pause is the latest measure taken by the administration in the past two weeks as officials widen the scope of investigations.

“While the full extent of fraud in Minnesota is not yet known, it is clear that, under your leadership—or lack thereof—fraudsters can take advantage of federal funds and the American taxpayer with impunity,” Rollins said in her notice. “This necessitates federal action to protect taxpayer dollars until adequate safeguards can be established.”

Walz’s office, Minneapolis Mayor Jacob Frey’s office, and the Minneapolis Department of Children, Youth, and Families did not immediately return requests for comment about the announcement.

Becca Good, who urged her wife to defy orders from ICE agents and “drive” in dangerous proximity to one of them before he fatally shot her in the head, is now the beneficiary of a $1.5 million windfall, thanks to a GoFundMe campaign to benefit the complicit widow and three children. 

In cellphone video released Friday — video taken by Jonathan Ross, the ICE agent who did the shooting — Becca is seen escalating an already-tense situation, aggressively taunting agents who were attempting to get Renee Good to get out of her Honda Pilot. Renee Good was part of the left-wing group “Ice Watch,” which mounts campaigns to thwart ICE agents engaged in enforcement operations. 

BREAKING: Alpha News has obtained cellphone footage showing perspective of federal agent at center of ICE-involved shooting in Minneapolis pic.twitter.com/p2wks0zew0

— Alpha News (@AlphaNews) January 9, 2026

With Renee Good parked perpendicular to the direction of traffic on a Minneapolis street, ICE agents approached her vehicle and ordered her to get out of the SUV. In the video released Friday, Becca is seen standing in the street, trash-talking the ICE agents. “You want to come at us? You want to come at us? I say go get yourself some lunch, big boy. Go ahead,” says Becca. 

Then, as Renee puts the SUV in reverse and briefly moves backward, Becca attempts to open the passenger door, only to find it locked. She then yells “Drive, baby, drive!” and her wife does just that. ICE officer Ross, positioned close to the front of the vehicle, is heard firing his weapon, killing Renee. Soon after the Honda pilot barrels into a parked car, another video captures Becca sobbing as she sits on an icy sidewalk. “I made her come down here. It’s my fault,” she confesses to a man chronicling the post-shooting phase in an 8-minute video shot from a porch. This excerpt captures that expression of guilt:  

After witnessing her wife’s death, Rebecca is heard screaming, blaming the cops for carrying live ammo: “Why did you have real bullets?!”

Then Rebecca blames herself.

“It’s my fault. I made her come down here. It’s my fault.”

/7 pic.twitter.com/OpQhZreOPa

— Matt Orfalea (@0rf) January 10, 2026

One day later, Becca Good and three surviving children are beneficiaries of $1,505,533 raised in a GoFundMe campaign organized by Mattie Weiss and Becka Tilsen, who have been described by The Advocate as “family friends.” Shortly after clearing $1.5 million at around noon on Friday, they closed the fundraiser. “Thank you for your generosity. We’ve closed this GoFundMe and will place the funds in a trust for the family,” Weiss posted. 

Weiss also posted a lengthy message from Becca Good thanking more than 38,000 donors and lauding her lost wife. Her sole reference to the circumstances of her wife’s death was a brief one: “On Wednesday, January 7th, we stopped to support our neighbors. We had whistles. They had guns.” She also that they were raising a son, but also that Renee had a total of “three extraordinary children,” and that the youngest — a six-year-old — “already lost his father.”  

Speaking of those children, some people are taking to social media to question the Goods’ judgement in choosing to engage in extraordinarily risky behavior with ICE agents — on behalf of strangers in the country illegally — when they had youngsters depending on them: 

This guy gets it 🚨

Y’all don’t care about your kids like I do mine, I’m not putting my life on the line for no stranger…. my families depending on me, if ICE is coming, I’m staying out the way, if ICE is coming to take care of the Somali fraud.. Thank you

No truer words 👇 pic.twitter.com/uDeYQ9Wldo

— @Chicago1Ray 🇺🇸 (@Chicago1Ray) January 9, 2026

This is how every normal American is feeling about the ICE shooting incident..

‘Why wasn’t the mother at work providing for her kids.. instead she was out obstructing ICE agents trying to do their jobs..’ 🔥🔥 pic.twitter.com/juQopE9ohN

— American AF 🇺🇸 (@iAnonPatriot) January 8, 2026

Authored by Kimberley Hayek via The Epoch Times,

The United States and Venezuela announced Friday they are pursuing the possibility of reestablishing diplomatic relations, coming a week after a U.S. military operation that captured former leader Nicolás Maduro in Caracas and extradited him to face drug-trafficking charges in New York.

A U.S. delegation, including diplomats and security personnel, visited Venezuela to evaluate the potential reopening of the American Embassy in Caracas, the State Department said in a statement sent to media outlets. The department did not immediately return a request for comment.

The embassy has been shuttered since 2019, when ties were severed during U.S. President Donald Trump’s first term after the United States, along with multiple other countries, recognized opposition leader Juan Guaidó as Venezuela’s legitimate president amid allegations of election fraud. U.S. officials have also been accusing Maduro and his regime of backing cartels trafficking illicit drugs into the United States.

Venezuela’s interim government, led by acting President Delcy Rodríguez, responded by stating it intends to send a delegation to the United States. No timeline was provided yet.

“The government of Venezuela has decided to initiate an exploratory diplomatic process with the U.S. government, with a view to reestablishing the diplomatic missions in both countries,” the Venezuelan government said in a statement.

Such a visit would likely necessitate waivers from U.S. Treasury sanctions imposed on Venezuelan officials.

The move comes amid Rodríguez’s efforts to manage domestic pressures, including demands from Venezuela’s military hard-liners furious over Maduro’s capture. In phone discussions with the presidents of Brazil, Colombia, and Spain, she described the U.S. operation as “grave, criminal, illegal, and illegitimate aggression” against Venezuela.

Later, during a televised event at the opening of a women’s health clinic in Caracas, Rodríguez highlighted diplomacy as key to safeguarding the nation and facilitating “the return of President Nicolás Maduro and First Lady Cilia Flores.”

“We will meet face-to-face in diplomacy … to defend the peace of Venezuela, the stability of Venezuela, the future, to defend our independence and to defend our sacred and inalienable sovereignty,” Rodríguez said, without directly addressing the embassy’s potential reactivation.

Rodríguez on Jan. 5 extended an invitation for U.S. collaboration, writing on social media: “We invite the U.S. government to collaborate with us on an agenda of cooperation oriented towards shared development within the framework of international law to strengthen lasting community coexistence.”

She further emphasized moving toward “balanced and respectful international relations.”

Maduro appeared in federal court in New York on Jan. 5 and pleaded not guilty to drug trafficking charges, according to U.S. officials.

Following Maduro’s removal, Rodriguez, who served as Maduro’s deputy, assumed interim leadership. U.S. authorities said Washington would exercise oversight of the transitional government.

The U.S. president has urged Rodríguez and remaining Maduro allies to align with U.S. interests, particularly enforcement against drug trafficking and control over Venezuela’s vast oil reserves.

Venezuela’s oil sector holds the world’s largest proven reserves but has been mismanaged and financially neglected for years. Oil output has fallen from more than 3 million barrels per day in the early 2000s to less than 1 million barrels per day in recent years, according to data from the U.S. Energy Information Administration.

On Jan. 10, Trump invited executives of large oil companies to the White House on Friday to discuss investment opportunities that will restore Venezuela’s oil infrastructure following the ousting of Maduro. Trump said that American oil companies will invest at least $100 billion in Venezuela to boost its oil production.

“We’re going to discuss how these great American companies can help rapidly rebuild Venezuela’s dilapidated oil industry and bring millions of barrels of oil production to benefit the United States, the people of Venezuela, and the entire world,” Trump said as he welcomed the executives.

The president also announced on Jan. 6 that Venezuela will send 30 million barrels of oil, valued at approximately $4 billion, to the United States.

U.S. visits to Caracas have been infrequent since the embassy closure, with the most recent in February 2025 involving special envoy Richard Grenell, who secured the release of six detained Americans after meeting Maduro.

The latest iteration of the Democratic Party’s color-revolution-style operation was on full display in recent days as tensions erupted following the fatal shooting of a left-wing activist by an Immigration and Customs Enforcement (ICE) agent during a federal enforcement sweep in Minnesota. This incident demonstrates that the protest industrial complex, funded by left-wing billionaires, has been on standby, waiting for a catalyzing event to ignite mass mobilization.

MSM, the Democratic Party, and left-wing nonprofits are working hard to manufacture another ‘George Floyd’-type protest or riot by omitting key context about the woman shot and killed by an ICE agent. They conveniently left out her social justice “warrior” role in Minneapolis, including her reported involvement with “ICE Watch” and other operations to disrupt ICE raids in the sanctuary city. These details matter because MSM attempted to manufacture an outrage news cycle, while nonprofits create artificial multi-city protests aimed at shifting public opinion on ICE operations nationwide.

But Alpha News published cellphone camera footage from one of the ICE agents that confirmed the activist was indeed involved in a confrontation leading up to the deadly shooting.

BREAKING: Alpha News has obtained cellphone footage showing perspective of federal agent at center of ICE-involved shooting in Minneapolis pic.twitter.com/p2wks0zew0

— Alpha News (@AlphaNews) January 9, 2026

Hours after the shooting on Wednesday night, we pointed out how left-wing nonprofits from Minneapolis to New York deployed rapid response teams to ignite multi-city protests – this only shows how there is a vast network of radicals that operate on-demand protests.

There was even a report showing that an NGO network tied to CCP-linked communist billionaire Neville Roy Singham was allegedly activated as a command-and-control support node to organize nationwide anti-ICE protests.

EXPOSED 🚨 The protest tonight in New York City against ICE is being paid for and organized by ‘PSL New York City – Party for Socialism and Liberation’

They are funded by Neville Roy Singham who lives in China and works with the CCP

He donated over $20 million to entities like… pic.twitter.com/Fy508FFbqn

— Wall Street Apes (@WallStreetApes) January 8, 2026

By late in the week, left-wing groups and even Antifa or Antifa-aligned groups attempted to carry the protest and riot momentum into the weekend.

Here is the protest and riot activity across Minneapolis and other sanctuary cities on Friday night:

🚨 BREAKING: Radical anti-ICE protesters are now STORMING a building connected to a hotel they claim is housing our brave Federal Agents in Minneapolis!

Send in the troops! pic.twitter.com/e3i9cUaX1M

— Gunther Eagleman™ (@GuntherEagleman) January 10, 2026

BREAKING: Minneapolis Police, including Chief Brian O’Hara, were just chased down and attacked by anti-ICE rioters while escorting a squad car out of the protest area.
pic.twitter.com/kanvVOHh56

— Julio Rosas (@Julio_Rosas11) January 10, 2026

This is footage from the protest against ICE and Border Patrol here in Asheville NC.

I could not find a single person of color protesting yesterday, not one.

At least 80% of the people at the protest were white and over the age of 50…

Why is it only older white people? pic.twitter.com/ja604raQpw

— Matt Van Swol (@mattvanswol) January 9, 2026

Americans are DEMANDING National Guard deployment NOW!

Minneapolis PD has FULLY SURRENDERED, letting violent anti-ICE protesters BREAK INTO hotels and start LOOTING!

Gov. Tim Walz and Mayor Jacob Frey are complete FAILURES. pic.twitter.com/hY0QIlW4zU

— Gunther Eagleman™ (@GuntherEagleman) January 10, 2026

A short time ago near Washington Ave. S. & Park Ave. in downtown Minneapolis, our drone captured protesters appearing to chase out MPD officers, including Chief Brian O’Hara. The crowd has since converged outside the Canopy Hilton, where they believe ICE agents are staying. Some… pic.twitter.com/BKKV0DHsgV

— MN CRIME (@MN_CRIME) January 10, 2026

#BREAKING: Rioters in Minneapolis have ‘surrounded and blocked police from moving.’ pic.twitter.com/onsNWX8pe7

— Insider Wire (@InsiderWire) January 10, 2026

Critical reads from the week:

• ‘Comrade’ Singham Faces House Subpoena Over Alleged CCP-Linked NGO Network Fueling Anti-ICE Protests

• Watch: New Footage Shows Federal Agent’s Perspective In Minneapolis ICE-Involved Shooting

• Woman Killed In Minneapolis Was “ICE Watch” Left-Wing Activist Trained To Resist Fed Agents: Report

The takeaway here is that the Democratic Party is desperately seeking another George Floyd-style protest or riot to shift public opinion about Trump’s expanded ICE deportation operations nationwide, which are deporting criminal illegal aliens out of the country. If we understand that mass migration has been used by the party in an attempt to build a one-party-rule (California-style) nation, then we can see why these on-the-ground pressure campaigns against ICE even exist in the first place.

Submitted by Thomas Kolbe

The US economy managed to drastically reduce its trade deficit in October of last year. Data delayed due to the government shutdown highlight structural shifts in the global trade landscape.

Reducing the massive trade deficit has been a primary goal of the US government’s economic agenda under President Donald Trump. This deficit is almost a mirror of the industrial weakness of the US economy in international comparison. It is also a consequence of the US dollar’s role as the global reserve currency. High demand for dollars facilitated imports and encouraged decades of outsourcing American industrial production to other locations.

In the year prior to his 2024 inauguration, the deficit reached a staggering $918 billion – roughly equivalent to China’s trade surplus.

The months-delayed surveys by the US Chamber of Commerce – a result of the prolonged government shutdown last year – now provide an insightful snapshot for October. During that period, the US trade deficit fell from $48.1 billion to just $29.4 billion, while markets had priced in a deficit of nearly $60 billion.

With the data lag now accounted for, several factors become clear.

Restrictive Trade Policy and Reindustrialization

One key driver is the US government’s restrictive trade policy. Tariffs make imports more expensive and have pushed down trade volumes with China, a topic heavily debated politically between Washington and Beijing. In this context, Trump’s trip to the Arab Gulf states is notable, culminating in investment pledges of hundreds of billions of dollars for American industrial production.

Trump is tackling the trade deficit on two fronts. US industry, which recently accounted for only about 10 percent of GDP, is being systematically rebuilt. This is particularly evident in massive investments in artificial intelligence and energy sectors.

At the same time, China, with its heavily subsidized export machine, is forced to pivot to other markets – increasingly putting pressure on the European Union.

The so-called inventory cycle effect is likely reflected in the Chamber of Commerce numbers. Due to US tariff policies, companies pulled imports forward along supply chains to hedge against potential price increases and supply risks. This effect is now reversing, showing up as declining import demand.

LNG Exports and Economic Warning Signals

Another obviously relevant factor is the export of liquefied natural gas (LNG), which the US government strategically uses as a geopolitical lever. LNG exports rose 25 percent last year to 116 million tons. Germany, in particular, has been involved in this trade since the halt of cheap Russian gas imports, facing a significantly higher price for US LNG.

Depending on market prices – estimated between $8.5 and $9.5 per MMBtu – the value of US LNG exports is likely well over $50 billion.

Another less-discussed factor potentially affecting the trade balance lies beneath the surface, in the middle- and lower-income brackets in the US. Private households may have curtailed demand due to persistently high prices, which could also influence the trade figures.

However, this effect is expected to moderate given the continued high growth momentum of the US economy. In the last two quarters of the previous year, GDP grew at an annualized rate of roughly 4.5 percent, while domestic energy prices continued to decline. Additionally, as part of the government’s deportation measures, property prices in some regions have reportedly started to ease. The US government recently reported the repatriation of roughly 2.6 million previously illegally residing immigrants. This could dampen rent and housing costs, easing the financial burden on households.

The International Monetary Fund (IMF) projects global economic growth of around 3 percent this year – well below the historical trend of 3.5–4 percent. Yet dynamic indicators, such as shipping indices, suggest a tentative recovery in global trade. The reference “Drewry World Container Index (WCI)” has shown early signs of improvement along main routes connecting China, the US, and European ports.

Apparently, companies along global supply chains have adapted to US tariffs and are gradually returning to normal operations.

German Exports Sluggish

Germany’s export sector performed modestly last year. Nominal exports rose 0.6 percent to roughly €1.6 trillion, while volume-adjusted exports lost about 2 percent.

The reasons are well known: the energy crisis and declining competitiveness weigh heavily on industrial core sectors. Structural pressure is most visible in the automotive and machinery industries. Consequently, Germany’s trade surplus with the US shrank by 7.3 percent.

Even sharper declines occurred in China, where German exporters lost around 10 percent of business volume. Meanwhile, Germany’s imports rose 4.4 percent year-on-year, notably driven by Chinese capital goods. This suggests a reversal in knowledge transfer: China is increasingly a technology exporter rather than merely the global “low-cost factory.”

For the full year 2025, pending final monthly data, Germany’s trade surplus is expected at roughly €195 billion – the lowest since 2012, excluding the exceptional Corona lockdown year.

* * * 

About the author: Thomas Kolbe, born in 1978 in Neuss/ Germany, is a graduate economist. For over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.