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US Will Begin Conducting Nuclear Weapon Tests Again, Trump Says

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US Will Begin Conducting Nuclear Weapon Tests Again, Trump Says

Authored by Joseph Lord via The Epoch Times (emphasis ours),

The United States will begin conducting nuclear weapons testing again after decades of rejecting the practice, President Donald Trump announced Wednesday.

President Donald Trump gestures as he speaks during the Asia-Pacific Economic Cooperation (APEC) CEO Summit at the Gyeongju Arts Center in Gyeongju, South Korea, on Oct. 29, 2025. Anthony Wallace/AFP via Getty Images

Because of other countries’ testing programs, I have instructed the Department of War to start testing our Nuclear Weapons on an equal basis,” Trump wrote in a post on Truth Social. “That process will begin immediately.”

Nuclear tests in the atmosphere, space, or underwater have been banned since the 1963 Limited Test Ban Treaty, which permitted continued underground nuclear testing for several decades.

The United States last conducted a nuclear weapons test underground in September 1992.

That year, President George H.W. Bush announced that the United States would undertake a unilateral moratorium on all nuclear weapons testing, including those conducted underground.

Trump tied the decision to resume nuclear testing to his first administration’s efforts to keep the United States’ nuclear arsenal on par with those of Russia and China.

The United States has more Nuclear Weapons than any other country. This was accomplished, including a complete update and renovation of existing weapons, during my First Term in office. Because of the tremendous destructive power, I HATED to do it, but had no choice! Russia is second, and China is a distant third, but will be even within 5 years,” Trump wrote.

It’s unclear from his Truth Social post whether the resumed tests would be conducted underground, underwater, in the atmosphere, or in space.

Recently, top nuclear-armed U.S. adversaries, including Russia and North Korea, have conducted high-profile weapons tests.
This is a breaking story and will be updated with additional details.

Tyler Durden
Wed, 10/29/2025 – 22:57

Canadian Scientist’s Secret Work On Wuhan Bat Virus Could Have Caused Covid, New Revelations In Book 

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Canadian Scientist’s Secret Work On Wuhan Bat Virus Could Have Caused Covid, New Revelations In Book 

Submitted by The Bureau’s Sam Cooper,

In his new book Under Assault, historian and former Canadian national security analyst Dennis Molinaro uncovers evidence that Chinese-Canadian scientist Dr. Xiangguo Qiu secretly collaborated on a 2019 Wuhan “bat filovirus” research project that some Western intelligence agencies — including the CIA, with varying degrees of confidence — assess to have likely caused the COVID-19 pandemic.

While The Bureau has previously reported on Qiu’s links to Wuhan’s “Batwoman,” Shi Zhengli, Molinaro’s findings — drawn from redacted CSIS records, open-source intelligence, and parliamentary disclosures — take the case significantly further, situating Qiu’s compromise within the broader escalation of Chinese intelligence collection in Canada since 2000, and highlighting Ottawa’s conspicuous lack of capacity — or will — to enforce against Beijing’s incursions.

His reconstruction shows how Canada’s top-security National Microbiology Laboratory in Winnipeg became deeply enmeshed with Chinese military and bioweapons program scientists, culminating in what Molinaro describes as “a biosecurity collaboration of the highest strategic importance to the People’s Republic of China.”

As in a number of explosive cases explored in Under Assault, Molinaro offers careful caveats distinguishing what is proven, what is plausible, and what demands further investigation. But in raising the possibility that a Canadian scientist may have directly or indirectly contributed to a man-made virus responsible for millions of deaths, Molinaro breaks new ground — no current or former Canadian national security professional has made such an assertion so plainly before.

“Let’s put all this together and consider the implications,” Molinaro writes after laying out the sequence of evidence. “Qiu secretly works with the Wuhan lab overseeing a gain-of-function project about bat filoviruses, and months later COVID-19 is unleashed on the world, with this lab being at the centre of the lab-leak theory. Canada then partners for a vaccine with CanSino — a company connected to the PLA, one of the officials of which Qiu had secretly worked with on vaccine research. If the lab-leak theory is ever confirmed, one has to ask: Did a Canadian researcher who was secretly assisting China have a role in the creation and breakout of COVID-19, and then did the Canadian government try to buy a vaccine from a PRC company that the same researcher had assisted and that has connections to China’s military?”

Molinaro situates the Qiu affair within a broader continuum of Chinese espionage operations in Canada. “The frequency of China’s spying on Canada seemed to be increasing through the turn of the millennium,” he writes, describing how Beijing’s intelligence activities evolved from traditional political influence and industrial theft into targeted scientific infiltration — often leveraging financial inducements and patriotic sentiment within the overseas Chinese diaspora. He traces this pattern through earlier cases, including aerospace engineer Su Bin’s theft of Boeing designs from British Columbia and in Toronto, Klaus Pflugbeil’s alleged sale of Tesla battery technology to Chinese interests in New York— both involving illicit technology transfers to the PRC. In each case, Molinaro notes, Canadian authorities failed to act until U.S. agencies intervened.

Citing former FBI agent Justin Vallese, who commented after the Su Bin investigation, “I don’t know how many Su Bins there are,” Molinaro extends the warning. Canada’s open, well-funded research system — long a source of national pride — has become a global magnet for exploitation by the Chinese Communist Party’s technology-gathering apparatus.

Against that backdrop, Molinaro lays out the case in Winnipeg. He reconstructs CSIS findings showing that in early 2019, Qiu and several Chinese collaborators were approved by a PRC evaluation committee to conduct a project at the Wuhan Institute of Virology — China’s first P4-level biosafety laboratory. The project, Molinaro quotes, aimed to “assess cross-species infection through the creation of synthetic virus strains,” placing Qiu in charge of “overall planning.” It was a classic gain-of-function experiment — the deliberate development of viral strains in a lab before they evolve in nature. Another researcher was assigned “project design,” another “animal infection,” and one, whose name remains redacted, was known to have worked on bat viruses similar to SARS.

Molinaro writes that these experiments appeared to extend the same line of research associated with Shi Zhengli.

Molinaro’s review of CSIS files shows that Qiu and her husband, Dr. Keding Cheng, maintained undisclosed ties to Major General Chen Wei, the PLA’s leading bio-research officer, who later directed China’s COVID-19 vaccine program for CanSino. Chen had worked with Qiu on an Ebola vaccine project years earlier, using cell lines provided by Canada’s National Research Council — an institution that was subsequently the target of confirmed PRC cyberattacks.

Qiu claimed she did not know Chen was involved in biological weapons research, but Molinaro notes she had listed their collaborations on her Chinese CV—then removed them from her Canadian résumé. Both Qiu and Cheng also co-authored papers with members of the Academy of Military Medical Sciences, China’s top institution for chemical and biological weapons research. The Academy even awarded Qiu for “international cooperation,” commending her for “using Canada’s Level 4 Biosecurity Laboratory as a base to assist China to improve its ability to fight highly pathogenic pathogens… and [Qiu] achieved brilliant results.”

CSIS investigators later found that Qiu had travelled to Wuhan without permission from the Public Health Agency of Canada. Officially, she was approved to attend a Beijing conference, but the agency was “not aware of any PHAC-approved travel for Ms. Qiu to Wuhan during this period.”

CSIS also discovered multiple incomplete applications for Chinese talent recruitment programs, which offer large research grants to scientists willing to transfer intellectual property to China. One internal communication between Wuhan and Beijing described Qiu’s role as “very important for our future development,” and she was reportedly promised about a million dollars in funding for several years of part-time work at the Wuhan lab. The CSIS reporting summarized her value to China’s military — citing Chinese sources — bluntly: Qiu was of interest to China’s new P4 lab because she was the only highly experienced Chinese expert available internationally who is still fighting on the front lines in a P4 laboratory.

CSIS concluded that Qiu “developed deep, cooperative relationships with a variety of People’s Republic of China institutions and has intentionally transferred scientific knowledge and materials to China in order to benefit the PRC government.” The agency assessed that their activities “constitute a threat to the security of Canada” and that they were likely to continue if left employed.

Dr. Cheng’s conduct in Winnipeg, Molinaro reports, raised additional alarm. According to CSIS, he facilitated unauthorized access for Chinese visitors to NML facilities, providing passwords so they could download data from the lab’s secure network. Some visitors attempted to smuggle out pathogen vials. One of them, the documents state, “was connected to the People’s Liberation Army.”

“A person connected to China’s military was allowed to roam freely through, and have access to, a highly restricted Canadian laboratory where scientists could work only with a CSIS-level security clearance and that houses some of the most dangerous viruses in the world,” Molinaro writes. “Let that sink in.”

When the pandemic erupted in 2020, Canada struck a deal with CanSino Biologics — the same PLA-linked company Qiu had helped — to develop a COVID-19 vaccine. But China refused to deliver the samples, and the agreement collapsed. “Months were wasted,” Molinaro writes, “which was valuable time in the middle of a pandemic.” He asks the question that anchors his critique: “Did the Canadian government try to buy a vaccine from a PRC company that the same researcher had assisted — and that had connections to China’s military?”

The author draws parallels to previous security lapses. In the Su Bin case, FBI investigators discovered a Chinese espionage network operating from Vancouver that stole U.S. military aircraft designs for Beijing. Molinaro recounts how “five years of espionage against the U.S., assisted by an individual in Canada, and nothing was done until the U.S. came knocking.”

Molinaro concludes that Qiu and Cheng were likely driven more by ambition and funding than ideology. “The fact that Qiu had filled out multiple talent program applications that promised big funds is a strong sign she was motivated to find funding to continue her research,” he writes. The PRC’s recruitment machine exploited that motivation, playing on her professional frustration and heritage.

He suggests Qiu and Cheng may have romanticized the idea that science transcends politics, unaware — or unwilling to admit — that they were serving the interests of a foreign military. “Qiu and her husband would have been easy targets to be co-opted by the PRC,” he writes. “Sadly, that is an impossibility in a world of nation-states with militaries constantly seeking to gain an edge over their rivals.”

Tyler Durden
Wed, 10/29/2025 – 22:30

US Revokes Approval For 13 Mexican Airline Routes, Citing Violations Of Aviation Agreement

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US Revokes Approval For 13 Mexican Airline Routes, Citing Violations Of Aviation Agreement

The U.S. Department of Transportation on Oct. 28 revoked its approval for 13 Mexican airline routes into the United States, citing similar treatment by Mexico that has yet to be addressed.

It also said it was revoking U.S. access for all Mexican “belly cargo” flights that carry both passengers and cargo in and out of Mexico City’s Felipe Angeles International Airport.

The order also cancels current or planned flights by Mexican airlines Aeromexico, Volaris, and Viva Aerobus.

In issuing the order, Transportation Secretary Sean Duffy said that Mexico “illegally canceled and froze U.S. carrier flights for three years without consequences.”

The Epoch Times’ Melanie Sun goes on to note that the department said Mexico has violated the two nations’ bilateral aviation agreement since 2022, when it revoked routes for U.S. passenger carriers and banned U.S. cargo operations from using Mexico City’s Benito Juárez International Airport. U.S. airlines were forced to land at Felipe Angeles International Airport, which is 26 miles out of the city.

Duffy also proposed prohibiting Mexican passenger airlines from transporting belly cargo between Juárez Airport and the United States, which would take effect in about three months if finalized.

The department said the restrictions were a result of Mexico’s continued noncompliance and “may impact travel plans for American citizens.” It advised passengers to contact their carrier for specific information regarding their flights.

“Until Mexico stops the games and honors its commitments, we will continue to hold them accountable. No country should be able to take advantage of our carriers, our market, and our flyers without repercussions,” Duffy said.

The disapproved flights are the Aeromexico service between Mexico City Juárez and San Juan; Volaris service between Juárez and Newark, New Jersey; Viva Aerobus’s proposed services between Felipe Angeles and Austin, New York, Chicago, Dallas, Denver, Houston, Los Angeles, Miami, and Orlando; and Aeromexico’s current service between Felipe Angeles and Houston and McAllen, Texas.

U.S. Transportation Secretary Sean Duffy (C) holds a press conference at LaGuardia Airport in the Queens borough of New York City, on Oct. 28, 2025. Shannon Stapleton/Reuters

The Epoch Times reached out to Mexico’s transportation ministry, Aeromexico, Volaris, and Viva Aerobus for comment.

The revocation comes a month after the U.S. Transportation Department ordered Delta Air Lines and Aeromexico to cease their joint venture that had let the carriers coordinate scheduling, pricing, and capacity decisions for U.S.–Mexico flights.

The department said it was the result of anti-competitive behaviour that provides “an unfair advantage to Delta and Aeromexico,” which was having negative effects on the U.S.–Mexico City markets. The carriers were accounting for about 60 percent of passenger flights between Mexico City and the United States.

Last month, Duffy warned European governments against imposing unilateral restrictions on transatlantic travel, saying Washington is prepared to enforce international agreements, a stance underscored by recent action taken against Mexico over similar concerns.

Tyler Durden
Wed, 10/29/2025 – 22:00

Meta, Google, Microsoft Capex Wrap

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Meta, Google, Microsoft Capex Wrap

It was a huge day for Megacap earning, with META -8% on better top line results but (much) higher expenses and despite another material increase in forecast capex (this could be a major problem if even Mag 7s forecasts are no longer sufficient to keep the stock price tide rising), GOOGL +5% on accelerating Revenue growth across all business lines, and  MSFT -2% on generally in-line results, yet guidance during the call which was on the weak side. 
 
Given the importance of hyperscaler spend for the AI trade, Goldman trader Peter Bartlett has highlighted the CapEx datapoints from tonight, which all point to continued robust investment flows. 
 
1. META: raising FY25 CapEx guide and guiding to “significantly faster” expense growth in 26:

  • We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $70-72 billion, increased from our prior outlook of $66-72 billion” 
     
  • “As a result, our current expectation is that capital expenditures dollar growth will be notably larger in 2026 than 2025. We also anticipate total expenses will grow at a significantly faster percentage rate in 2026 than 2025, with growth driven primarily by infrastructure costs, including incremental cloud expenses and depreciation.”

2. GOOGL:  raising FY 25 Capex guide:

  • “With the growth across our business and demand from Cloud customers, we now expect 2025 capital expenditures to be in a range of $91 billion to $93 billion.”  note: prev guidance was for $85bn. 

3. MSFT: CapEx including assets acquired under finance leases in quarter came in above street, at $34.9bn, higher than the estimate of $30.0bn, although pure capex came in lower than the $23.04bn expected, at $19.39bn; there was no capex guidance. 

Here is the historical capex broken down quarterly.

And here are the annual historicals as well as 2025 projections.

Finally, this is what this chart looks like over a longer timeline, courtesy of Goldman:

One wonders how much longer will shareholders of these three tech giants willingly hand over cash that would have otherwise gone to them (as buybacks) to Jensen Huang instead (as capex), if the massive revenue that is projected to be generated from this spending frenzy never materializes.

Tyler Durden
Wed, 10/29/2025 – 21:49

Biden’s Jack Smith ‘Enemies List’ Scandal Widens As 400 Republican Targets Revealed

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Biden’s Jack Smith ‘Enemies List’ Scandal Widens As 400 Republican Targets Revealed

The Biden administration spied on nearly 20% of Republicans in Congress, Senate Judiciary Chairman Chuck Grassley (R-IA) revealed in a Wednesday bombshell. 

Specifically, Grassley released 197 subpoenas that the Biden FBI reportedly used to gather testimony and information on over 400 Republican targets as part of the agency’s “Arctic Frost” probe. 

“197 subpoenas were issued by Jack Smith and his team. These subpoenas were issued to 34 individuals and 163 businesses, including financial institutions,” Grassley said, adding “Arctic Frost was the vehicle by which partisan FBI agents and DOJ prosecutors could improperly investigate the entire Republican political apparatus. Contrary to what Smith has said publicly, this was clearly a fishing expedition.” 

According to Grassley, the subpoenas included “nonpublic, confidential grand jury material” that he obtained via whistleblower disclosures, as well as financial information from conservative organizations like TPUSA and the Republican Attorneys General Association. 

Biden’s jackboots also went after media organizations, including Fox News and Newsmax

Sen Ted Cruz (R-FL) is pissed, writing on X: “This comes after learning that nearly 20% of Senate Republicans’ cellphones, including mine, were also subpoenaed,” adding “Arctic Frost is the Biden DOJ’s Watergate, and they need to be held accountable.”

As Fox26 notes further, some of the records Smith subpoenaed from banks, individuals and businesses included:

  •     Communications with media companies such as CBS, Fox News, Fox Business, Newsmax, Sinclair and others
  •     Communications with “any member, employee or agent of the Legislative Branch of the U.S. Government”
  •     Communications with White House advisors, such as Stephen Miller, Dan Scavino, Jared Kushner, Lara Trump and others
  •     Statistical data and analysis relating to donors and fundraising efforts
  •     Broad financial data relating to conservative individuals and entities

“2day U can see 1700+ pgs of subpoena records shared w me by brave whistleblowers who want the public 2know how the Biden DOJ/FBI was weaponized,” Grassley wrote on X after the press conference.

On Tuesday, newly released documents showed over 160 Republicans, including those in the current Trump administration, who may have been investigated by former President Joe Biden’s FBI.

The House Judiciary Committee released the files on Tuesday, which detail the scope of the Biden Justice Department’s investigation into 2020 election interference allegations.

The nearly 200 pages of documents released are heavily redacted, but show the investigators used FBI agents from several field offices around the country to conduct interviews and other tasks. Investigators also reportedly requested $16,600 to travel to conduct more than 40 interviews.

Some of the names mentioned in the documents as under potential investigation include White House Deputy Chief of Staff Dan Scavino, Trade Advisor Peter Navarro and U.S. Pardon Attorney Ed Martin. Other names include Steve Bannon, Scott Perry, Rudolph Giuliani, Jeffrey Clark, John Eastman, and Mark Meadows.

House Judiciary Committee Chairman Jim Jordan, R-Ohio, told Fox News host Sean Hannity the investigation is “much broader, much more expansive, than we ever thought.”

This is why Jordan said the committee wants a deposition from Smith to ask about the potential political motive behind the operation.

While Smith has been asked to provide closed-door testimony to the House Judiciary Committee, he has demanded a public hearing to address the “many mischaracterizations” of his investigations into Trump.

President Donald Trump had already told reporters this month, “Deranged Jack Smith, in my opinion, is a criminal.” -Fox26

Much like the Epstein list, we look forward to absolutely nothing being done to anyone about any of this. 

Tyler Durden
Wed, 10/29/2025 – 21:05

Newsom’s Prostitution Law Creates Disturbing New Sex Market In LA

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Newsom’s Prostitution Law Creates Disturbing New Sex Market In LA

Authored by Michael Cantrell via PJMedia.com,

California Democratic Gov. Gavin Newsom’s pimp shield law, pushed by Democratic legislator Rep. Scott Weiner, has helped foster a disturbing new sex market on Figueroa Street in Los Angeles, featuring prostitutes as young as 12 and 13 years old. For far too long, the “kiddie stroll,” as it’s known, has gone unreported because major media outlets refused to cover it, allowing it to flourish under the watch of Democratic politicians.

But now it’s time to shine a light in the darkness and expose the truth about what’s happening to these poor young girls and why nothing has been done to bring the harrowing evil to an end.

An article from the New York Times Magazine is finally covering this horrific scene in Los Angeles, though they’ve conveniently neglected to cover anything concerning the prostitution law Newsom’s administration passed.

“For the 77th Street Division, which covers the northern half of the Figueroa Corridor, prostitution had always been a problem. But in recent years, the officers had seen the magnitude of child sex trafficking explode,” wrote reporter Emily Baumgaertner Nunn.

“Gangs that had long sold drugs began to take advantage of Figueroa’s lucrative opportunity. With a dozen girls, one trafficker could easily make $12,000 a night. ‘Drugs are sold once and gone forever, but girls can be resold indefinitely,’ said [police sergeant Alvaro] Navarro, who had been in the division for two decades. Motel owners who noticed the parades of customers but feared the gangs’ retribution kept quiet,” Nunn continues. 

There’s little doubt that much of the silence and fear of gang retaliation for speaking out against this vile form of human trafficking stems from the lack of police presence on California streets, particularly in Los Angeles. Democrats in the state slashed funding for police and tied officers’ hands, making it harder to pull these girls — who are just children — out of sex trafficking.

In fact, Nunn points out that the sex-trafficking unit in the city was disbanded due to budget cuts, which means each division within the police department has fewer resources available to tackle the issue. There are supposed to be a total of six investigators looking into human trafficking. Now there’s only one. 

Children suffer abuse in ways too sick and twisted to imagine, and thanks to anti-cop policies from radical leftists trying to appease minorities for votes, leaders ignore it instead of acting. This is truly a miscarriage of justice. It’s immoral and evil.

Their jobs grew even more challenging when California repealed the law allowing the police to arrest women who loitered with the intent to engage in prostitution. The repeal, known as SB 357, was intended to prevent profiling of Black, brown, and trans women based on how they dressed. But when it was implemented in January 2023, the effect was that uniformed officers could no longer apprehend groups of girls in lingerie on Figueroa, hoping to recover minors among them.

Now officers needed to be willing to swear they had reason to suspect each girl was underage — but with fake eyelashes and wigs, it was nearly impossible to tell. One girl told vice officers that her trafficker had explained things succinctly: ‘We run Figueroa now,’ he said,” Nunn writes in her article.

By the end of 2023, the city attorney started referring to Figueroa as the “Kiddie Stroll” because many of the girls working the street were under 13.

Newsom signed SB357 — the law that handcuffed police — in 2022 after a strong and sickening push by Wiener. However, Nunn left both Wiener and Newsom out of her report and failed to explain the pro-prostitution bill, which Wiener claims provides legal support for minorities, gays, and transgender individuals.

The ACLU backed the bill, saying, “California’s law that criminalizes loitering with intent to commit prostitution gives law enforcement a tool to harass and discriminate against Black and trans communities, particularly women of color. The Safer Streets for All Act will take away this outdated and subjective Penal Code section 653.22 which has for too long allowed law enforcement to criminalize and harass someone based on the color of their skin, their gender, or how they choose to make a living.”

The organization then claimed the stops are “deeply traumatic” and says they “have a lasting impact on those who are harassed or arrested.” Of course, it’s traumatic to be arrested for a serious crime like prostitution. It’s supposed to be. The goal is for these women to escape that life and become productive members of society. Believe it or not, police and the local community want to protect women, especially young girls, from being abused, addicted, and murdered — which happens more frequently than the ACLU admits.

Sex work is deplorable on every level. It’s not something that should be normalized, which is what leftists aim to do. It seems the left-wing strategy for lowering crime is to legalize everything. 

“As some of the most marginalized members of our community, sex workers deserve to maintain their livelihood without fear of violence or arrest. SB 357 will move California one step closer to acknowledging sex workers as deserving of full dignity and respect,” the ACLU continued.

And lest we let former President Joe Biden off the hook for his contribution to the trafficking of children, let’s not forget that this horrific crime spiked dramatically because his pro-illegal immigration policies opened the border to human traffickers.

Frank Lutz, a PR expert, said Newsom might improve his image by deploying California’s National Guard to help end child trafficking, especially after his administration cut police department budgets so deeply.

It’s time for Democratic voters to wake up and look at the reality around them. Children suffer abuse for money at the hands of twisted perverts, and voters enable it by supporting politicians devoid of moral values. The blood of the innocent stains their hands as much as it stains Newsom’s.

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

Tyler Durden
Wed, 10/29/2025 – 20:40

With GOP Help, Senate Votes To Block Trump’s 50% Tariffs On Brazil

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With GOP Help, Senate Votes To Block Trump’s 50% Tariffs On Brazil

With the support of a handful of Republican senators led by outspoken constitutionalist Rand Paul, the Senate on Tuesday passed a measure to nullify the 50% tariffs that President Trump imposed on Brazil. The resolution does that by terminating Trump’s July 30 declaration of a national emergency — a declaration he used to supersede Congress’s tariff authority granted by the US Constitution. While it isn’t likely to clear the House, the measure spotlights growing bipartisan hostility to Trump’s worldwide tariff spree and its effects on US consumers and businesses.

The resolution passed by a 52 to 48 vote, with Republicans Susan Collins (ME), Lisa Murkowski (AK), Mitch McConnell  (KY) and Thom Tillis (NC) joining Kentucky’s Paul in helping to push it over the top. Two more votes on similar resolutions are expected in the next week, aimed at negating tariffs on Canada and a global tariff that hits 100 countries.

Brazil is a notable case because the United States already had a trade surplus with the South American country — something that Tillis said figured heavily in his vote. “I’ve had a big concern with the Brazil one in particular, since we have a trade surplus with them. That’s the only one I’m considering,” he said. Trump imposed the sanctions after accusing Brazil of becoming “an international disgrace” over its prosecution of its former president and Trump ally Jair Bolsonaro, over an alleged conspiracy to undo the country’s 2022 election results (sound familar?). “It is a Witch Hunt that should end IMMEDIATELY!” Trump wrote in a letter to Brazilian President Lula da Silva a few weeks before imposing the sanctions. 

To unilaterally impose the tariffs without action by Congress, Trump is exploiting the International Emergency Economic Powers Act (IEEPA). That 1977 law delegates to the president various economic powers to address “any unusual and extraordinary threat” coming from a foreign power.  “The prosecution of a friend of the president — how is that an emergency that threatens the United States? It doesn’t,” Kaine said.

Striking a similar tone as he attacked Trump’s broader tariff blitz, Paul said: 

“Emergencies are like war, famine, tornadoNot liking someone’s tariffs is not an emergency. It’s an abuse of the emergency power, and it’s Congress abdicating their traditional role in taxes.”

McConnell pointed to economic downsides. “Tariffs make both building and buying in America more expensive. The economic harms of trade wars are not the exception to history, but the rule,” he said, while signaling his appetite to vote in favor of the similar resolutions making their way through the Senate pipeline. As with so many trade relationships, some imports of Brazilian products are raw materials and unfinished goods that US companies rely on for their own manufacturing.  

In 2024, the United States enjoyed a $7.4 billion trade surplus with Brazil, which is buffered from US tariffs to the extent that only 12% of Brazil’s exports go to the United States, vs 28% that are purchased by China. Exports represent about a fifth of Brazil’s GDP.  

Tyler Durden
Wed, 10/29/2025 – 20:15

Trump Says He Won’t Seek Third Term, Citing US Constitution

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Trump Says He Won’t Seek Third Term, Citing US Constitution

President Donald Trump, who is currently in Asia, said on Wednesday he wouldn’t run for a third term, stating that it’s barred by the U.S. Constitution.

“If you read it, it’s pretty clear… I’m not allowed to run. It’s too bad,” Trump told reporters aboard Air Force One on his way to South Korea from Japan.

House Speaker Mike Johnson said Tuesday there’s no way to amend the U.S. Constitution to allow Trump to run for a third presidential term because the nation’s founding document requires a lengthy ratification process.

Johnson said Trump, whose term ends in January 2029, has no plans of changing term limits, despite the president in the past teasing a 2028 run.

As Kimberley Hayek reports for The Epoch Times, Johnson did say he had discussed the U.S. Constitution’s constraints with Trump during his trip in Asia, where he has been since Sunday.

He also said there were no plans to amend the 22nd Amendment before 2028.

The amendment aims to prevent future indefinite presidencies, following Franklin D. Roosevelt’s four-term presidency.

“It’s been a great run,” Johnson told reporters at the Capitol. “But I think the president knows, and he and I have talked about, the constrictions of the Constitution.”

Johnson stressed the amendment process inscribed in Article V of the Constitution, which needs approval by two-thirds of both the House and Senate, and then ratification by three-fourths of the states—or 38 states.

“I don’t see the path for that,” he said.

The 22nd Amendment, ratified in 1951, limits presidents to serving two elected terms.

“No person shall be elected to the office of the President more than twice,” reads the official text from the National Archives and Records Administration.

Trump, 79, has sold “Trump 2028” merchandise at his rallies, though Johnson has said that was for “trolling Democrats.” Trump would be 82 in 2028, and if he won, he would take President Joe Biden’s spot as the oldest to hold office.

The president has noted that potential 2028 Republican candidates are great people.

A 2023 Congressional Research Service report highlights that of 33 amendments proposed by Congress since 1789, 27 were ratified. It took an average of two years to create an amendment. The 27th Amendment on congressional pay took more than 200 years.

The report notes that controversial changes, such as altering term limits, are more difficult to pass because they require state approval.

Tyler Durden
Wed, 10/29/2025 – 15:45

The Chart That Oracle Equity Bulls Don’t Want You To See

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The Chart That Oracle Equity Bulls Don’t Want You To See

It’s not the AI economy; it’s the debt, stupid!

That was the (somewhat less snarky) message from a detailed breakdown we did three weeks ago highlighting the fact that “AI Is Now A Debt Bubble Too, Quietly Surpassing All Banks To Become The Largest Sector In The Market” discussing the current generation’s (because every generation has one, just ask Global Crossing) “infinite money” circle jerk circular deals which have become the de jour staple of the AI bubble and which, simplified, look something like this…

… or, using a slightly more sophisticated variation from Bloomberg, like this…

… which JPM’s Michael Cembalest described laconically as follows…

Oracle’s stock jumped by 25% after being promised $60 billion a year from OpenAI, an amount of money OpenAI doesn’t earn yet, to provide cloud computing facilities that Oracle hasn’t built yet, and which will require 4.5 GW of power (the equivalent of 2.25 Hoover Dams or four nuclear plants), as well as increased borrowing by Oracle whose debt to equity ratio is already 500% compared to 50% for Amazon, 30% for Microsoft and even less at Meta and Google. 

There is no way for Oracle to pay for this with cash flow. They must raise equity or debt to fund their ambitions. Until now, the AI infrastructure boom has been almost entirely self-funded by the cash flows of a select few hyperscalers. Oracle has broken the pattern. It is willing to leverage up to hundreds of billions to seize a share. The stable oligopoly is cracking…The implications are profound. Amazon, Microsoft and Google can no longer treat AI infrastructure as a discretionary investment. They must defend their turf. What had been a disciplined, cash-flow-funded race may now turn into a debt-fueled arms race. 

And judging by the surge in credit risk perceptions, this is a chart that AI-driven equity bulls don’t want the market to be aware of.

The dissonance between ORCL equity dreamers and credit realists is dramatic to say the least.

The cost to insure against default on the company debt over the next five years is hovering near its highest since Oct. 2023, while equity prices (and valuations) near record highs.

“Near-term credit deterioration and uncertainty may drive further bondholder and lender hedging,” Morgan Stanley analysts Lindsay Tyler and David Hamburger wrote in a note Monday.

As JPMorgan’s Cembalest noted, Oracle’s debt to equity ratio is already 500% compared to 50% for Amazon, 30% for Microsoft and even less at Meta and Google.

In other words, the tech capital cycle may be about to change..

Amid this indisputable debt bubble euphoria, we were pleasantly surprised that at least some are aware of what’s going on. Earlier today, BBG reported that the Bank of England is reviewing lending to data centers that are a one way bet on the future of artificial intelligence.

The BOE has already called out the market risk from a surge in the valuations of firms in the industry, warning of the dangers of a sharp correction if “expectations around the impact of AI become less optimistic.” 

Now, the central bank’s attention is moving to the links between AI companies and the financial sector, having perhaps finally read our report from July in which we warned of precisely this thing. While lending at the moment is modest, with much of the early construction works funded by equity, it’s expected to grow significantly. 

One person said the BOE was looking into the area after growing concerned as the nascent sector’s spending migrated from hiring staff to spending billions of dollars on building and financing data centers with limited other uses

“If the projected scale of debt-financed AI and associated energy infrastructure investment materializes over this decade, financial stability risks are likely to grow,” Bank of England staff wrote in a blog post on Friday.

“Banks would be exposed to this directly through their credit exposures to AI companies, as well as indirectly through their provision of loans and credit facilities to private credit funds and other financial institutions.”

Three weeks ago, in “The Stunning Math Behind The AI Vendor Financing “Circle Jerk” (which in turn referenced our analysis from late July when seemingly nobody cared who will fund this tidal wave of looming datacenter spending), we explained how even an optimistic outlook on the AI industry and its gargantuan capex needs, reveals that there is an $800 billion funding need by the end of the decade.

one which will most likely be filled by credit, and especially private credit once public markets balk, the same private credit which is suddenly under the microscope as a result of the Tricolor and First Brands bankruptcies.

And the canary in the coalmine is the surge in credit spreads that is evident in Oracle as we remind readers that both of these measures are directly linked to asset valuations and volatilities of the underlying business… meaning one of them is ‘wrong’.

Tyler Durden
Wed, 10/29/2025 – 15:05

Letters Confirm Liz Cheney Secretly Worked ‘Hand-In-Hand’ With Jack Smith

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Letters Confirm Liz Cheney Secretly Worked ‘Hand-In-Hand’ With Jack Smith

Authored by Luis Cornelio via Headline USA,

Two newly released congressional letters confirm years-long reporting that the anti-Trump Jan. 6 committee had quietly colluded with Special Counsel Jack Smith’s investigation into President Donald Trump

The letters, from Rep. Bennie Thompson, D-Miss., and disgraced former Rep. Liz Cheney, R-Wyo., reveal the lawmakers’ rush to hand over evidence before Republicans took control of Congress in 2023. 

In those exchanges, they produced at least 16 interviews, deposition transcripts, exhibits, phone numbers and spreadsheets as part of their investigation into the events of Jan. 6, 2021. 

One letter, dated Dec. 5, 2022, shows Thompson and Cheney informing Smith that while the body was concluding its work, they wanted to make the evidence they gathered “available to the Department of Justice.” 

In that letter, the anti-Trump politicians told Smith he would receive “16 transcripts of interviews and depositions taken by” the committee, including “exhibits associated with those transcripts.” They even promised to facilitate “additional evidence as soon as possible.” 

Just four days later, Thompson and Cheney wrote again to Smith, announcing the production of documents obtained from John Eastman and text messages from Mark Meadows, then Trump’s White House chief of staff. 

“Along with the latter, we are producing a staff-created spreadsheet of the Meadows texts that contain additional information from privilege logs that Mr. Meadows provided to the Select Committee,” they added. 

Even after those documents, they vowed to produce more materials to Smith “on a rolling basis.” 

Now, the never-before-seen letters confirm what many suspected: the controversial committee worked “hand-in-hand” with Smith, the House Judiciary Committee said Tuesday. 

Smith was appointed by Attorney General Merrick Garland to target Trump after the 2020 election. Smith later used those materials to indict Trump, first over a document dispute between Trump and the Biden-led National Archives, and later over his objections to the certification of the 2020 election results. 

The origins of that collusion trace back to the Jan. 6 committee itself, which was created in 2022 by then–Speaker Nancy Pelosi and excluded pro-Trump lawmakers. 

A new panel led by Rep. Barry Loudermilk, R-Ga., is investigating the 2022 committee’s actions, including allegedly criminal behavior, after accusations it deleted files, engaged in partisan activity and covered up misconduct. 

Tellingly, both Cheney and Thompson received preemptive pardons from President Joe Biden for any wrongdoing committed during the congressional investigation. 

Read the 2022 letters below:

Tyler Durden
Wed, 10/29/2025 – 14:45