Zero Rss

What Does Socialism Actually Deliver?

Authored by Christian Milord via The Epoch Times,

If we examine the history of alleged “democratic” socialism around the globe, it’s not difficult to flesh out the contradictions within its entire framework.

However, for someone who hasn’t studied history or been grounded in the timeless principles of hard work and individual responsibility, socialism might tug at their heartstrings with its utopian claims. They fail to realize that the words “democratic” and “socialism” don’t mix well.

Buzzwords such as affordability, equality, and social justice sound appealing to almost anyone, especially those facing life challenges. However, if you dig deeper, the path toward those ideals involves seizing from those who pull their own weight and handing it over to those who want the easy way out in life. This forced collectivism lies at the root of socialism’s dysfunction, as it generates resentment.

Marxist socialism promises the moon and stars in the form of free this and free that. What the purveyors of this ideology don’t tell the masses is that nothing in life is free and someone has to fork over the money for all the “free” stuff. Folks in the middle- and upper-income strata are coerced into surrendering greater amounts of their hard-won earnings to a centralized government that, in turn, redistributes funds or services to the indigent.

Moreover, socialists demand that everyone practice a minimalist lifestyle while political ideologues enjoy the blessings of a free-market economy. There’s nothing wrong with embracing minimalism if it’s a voluntary decision, but that’s not how socialism operates.

Coercion is the key element in socialism’s playbook, and it tends to hurt the lower-income folks that it claims to fight for in society.

Instead of encouraging poor folks to utilize initiative to succeed, socialists encourage dependency on a bureaucratic state that plays favorites in the battle for resources. This often runs counter to the human drive to freely choose between competing goods, ideas, and services.

Socialism stifles intellectual diversity and is anti-spiritual, since it believes that humans possess all the answers and a divine presence doesn’t play a role in human affairs.

What many young folks fail to realize when they listen to socialist narratives is that socialism is based on emotions and class envy rather than well-reasoned arguments and solutions. The arbitrary nature of socialism can turn any human being into a target of scorn, depending on the mood of those who run the circus. In unfree societies, socialism is kept on life support despite its colossal failures and millions of victims since Russia’s 1917 Bolshevik Revolution.

Socialist apologists often repeat the mantra that socialism hasn’t been applied the “correct” way and that is why it continues to fall short. So they triple down on their internal contradictions and hypocrisy, and are doomed to repeat the same dystopian slogans over and over again despite shortages in goods, opportunities, and services.

In a free society, socialists attempt to apply coercion with a gentler demeanor that hides a relentless ambition to dismantle democratic institutions.

In their zeal for permanent revolution, socialists don’t have time to take a breath and actually produce anything of substance. Indeed, they are great at lecturing us and taking from others, but very weak on producing quality products and services that consumers want.

Indeed, socialist leaders exacerbate the cycle of poverty by distorting the free market with price controls and a fixation with victimhood. Socialists ignore the reality that in a free society, victimhood is a choice, as there are countless opportunities to succeed.

Most socialist gatherings and protests involve educated middle- and upper-class folks who have time on their hands to clamor for Marxist ideas they don’t even practice in their daily lives. They benefit from the free market, yet they want the poor to be enslaved to ineffective government programs instead of pursuing the American Dream. Indeed, socialist rabblerousers aren’t fighting the oligarchy because they are the oligarchy.

Another fatal flaw in the socialist edifice is the opposition to charter schools. Why do they oppose alternatives to so many failing public schools? Charters more often than not outperform their public school counterparts in educational outcomes. This can help students succeed more in higher education and the workforce.

What does socialism deliver to society? It plays the zero-sum game by falsely believing that if one person succeeds, someone else fails. How about the possibility that if one person succeeds, it inspires others to work hard in attaining a worthy goal? The road to success can be uneven for anyone, but the persevering effort is what counts.

The primary objective of socialism is power over others by initiating anarchy and class warfare. It stifles natural competition, inherent liberty, and social relations. Socialist activists are adept at pulling the victim card in order to become victimizers of folks they envy, such as the wealthy who already create countless jobs and pay heavy taxes.

To sum up, socialism is a criminal enterprise that utilizes propaganda to convince us that it cares for the poor. In truth, socialists crave power, while their policies only serve to keep lower-income folks in misery. The antidote is equal human rights, free market exchanges, and limited government.

Tyler Durden Wed, 07/15/2026 - 18:25

Widow Of Butler Rally Victim: Trump Assassination Attempt Was "An Inside Job"

Two years after a gunman opened fire at a campaign rally in Butler, Pennsylvania, killing one attendee and wounding President Donald Trump, the widow of the man who was slain has expressed deep skepticism about the circumstances of the attack. Helen Comperatore, whose husband Corey, a 50-year-old volunteer firefighter and father of two, was fatally shot while shielding his family, told NewsNation that she believes the July 13, 2024, assassination attempt was "an inside job."

In the explosive interview, Helen Comperatore stopped short of alleging a second shooter but claimed that Thomas Matthew Crooks, the 20-year-old identified as the gunman, did not act alone.

"I believe he was working with somebody," she said. "I believe it was an inside job - inside the government somewhere."

The widow of Corey Comperatore says she has reason to believe that the assassination attempt in Butler, which took the life of her husband, was an inside job.

Helen Comperatore is pleading with Trump to do something and says she won't have closure until the people responsible… pic.twitter.com/QAwkcRXIKp

— Collin Rugg (@CollinRugg) July 15, 2026

Corey Comperatore died protecting his wife and daughter as shots rang out from a rooftop approximately 400 feet from the stage. Trump was grazed in the ear, and two other spectators were injured. The incident, which occurred amid a series of documented security lapses, has continued to fuel public outrage and congressional scrutiny.

Later in the interview Helen Comperatore issued a poignant message to Trump.

"Don't forget us and remember what we went through that day. We're still here, and we need answers," she said.

Federal investigations have consistently portrayed Crooks as a lone actor, with the FBI. examining the shooting as an assassination attempt and a potential act of domestic terrorism. Extensive searches of his devices and home, along with interviews, yielded no clear motive or evidence of accomplices. Yet, multiple inquiries have highlighted systemic failures by the Secret Service. As of mid-2026, congressional and inspector general reports continue to underscore preventable shortcomings.

A recent Office of Inspector General report found that the Secret Service shockingly missed over 100 radio transmissions from local law enforcement about a suspicious individual, who is now believed to be Crooks, armed with a rangefinder and rifle. Agents failed to relay critical warnings, establish proper joint communications or secure the rooftop vantage point.

Tyler Durden Wed, 07/15/2026 - 18:00

Increasing Number Of US Families Took On Debt, Tapped Savings To Meet Food Needs: Report

Authored by Naveen Athrappully via The Epoch Times,

Many American families are struggling to make ends meet on their incomes alone and have resorted to credit cards, payday loans, and Buy Now Pay Later (BNPL) options for groceries, according to nonprofit research center Urban Institute.

The findings are based on a survey of 18-to 64-year-old working-age adults conducted in December 2025. About 8.7 percent of adults said they used a credit card for groceries and were unable to make the minimum payment, up from 7.1 percent in 2023, the Urban Institute said in a July 13 report. This suggests “worsening financial distress” among families.

Almost one in 10 used BNPL to pay for groceries, out of which more than a third missed a timely repayment last year.

About 19.6 percent used savings not meant for daily expenses to buy groceries, while 5.2 percent used cash from a payday loan.

The report highlighted that groceries are one of the largest household budget items for families and that food costs have jumped by about 32 percent over the past five years, posing a challenge for many households.

Adults who reported that their grocery costs increased significantly last year were more likely to use their savings or credit to buy food. According to the report, 51.3 percent of adults said grocery costs rose a lot during the 12 months preceding December 2025.

Data from the Bureau of Labor Statistics show that among bread, chicken, eggs, beef, and milk, only beef recorded a price increase between December 2024 and December 2025.

The price of a pound of ground 100 percent beef rose from $5.58 to $6.52 during this period. In contrast, the price of a pound of white bread declined from $1.91 to $1.83, a pound of fresh whole chicken fell from $2.06 to $2.02, a dozen large grade A eggs decreased from $4.15 to $2.71, and a gallon of fresh whole fortified milk declined from $4.10 to $4.05.

When families are unable to pay for groceries from their regular income, they resort to using credit, drawing down savings, and cutting down grocery spending, the Urban Institute report said.

Low- and moderate-income adults were more likely to report paying for groceries with a credit card, though they didn’t always pay the required minimum payment, the nonprofit said.

Steaks for sale at a store in Elkridge, Md., on Feb. 27, 2026. Madalina Kilroy/The Epoch Times

Amid straining finances, U.S. household debt rose last year. By the end of the fourth quarter of 2025, total U.S. household debt stood at $18.77 trillion, up $740 billion from a year ago, according to data from the Federal Reserve Bank of New York.

For the first quarter of 2026, household debt rose marginally by 0.1 percent from the previous quarter to $18.8 trillion, the bank said in a May 12 statement.

More Americans are also filing for bankruptcy. In 2025, individual bankruptcy filings rose by 12 percent from 2024, according to the American Bankruptcy Institute (ABI).

In the first six months of 2026, individual bankruptcy filings rose by 12 percent from the same period last year, ABI said.

Unemployment, GDP Growth

For the week ending July 4, initial unemployment claims fell to 215,000, down from the previous week and the lowest level since late May. Overall employment conditions show signs of stability, with the four-week average of unemployment claims declining,

According to minutes from June’s Federal Reserve policy meeting, the central bank believes the labor market will “remain stable in the near term, with the unemployment rate staying close to current levels.”

People shop for meat at a store in Mount Laurel, N.J., on Feb. 5, 2025. Samira Bouaou/The Epoch Times

GDP grew by 2.1 percent in 2025 from the previous year, according to data from the Bureau of Economic Analysis. For the January–March quarter this year, GDP rose by 2.1 percent. Consumer spending rose by 0.5 percent despite inflationary pressures.

In a recent Consumer Checkpoint report, Bank of America noted that consumer spending momentum was “remarkably robust.”

Consultancy Deloitte predicted in a July 1 report that in its baseline scenario, real U.S. GDP growth is expected to grow by a “healthy” 2 percent this year and 1.8 percent in 2027.

Tyler Durden Wed, 07/15/2026 - 17:40

Senior Defense Officials Review Potential 101st Airborne Helicopter Assault On Cuba

Cuba's national power grid has collapsed for the third time in less than 10 days, plunging the communist-run Caribbean island into darkness and leaving roughly 10 million people without electricity. The cascading failures show the regime's accelerating loss of control over critical infrastructure, just as senior U.S. defense officials evaluate potential military options aimed at regime change in Havana.

CBS News reported that senior U.S. defense officials have reviewed early-stage military options for Cuba, including an Army-led air assault involving thousands of troops from the 101st Airborne Division.

More color from the report:

Military planners have in recent weeks examined a range of options for possible action against the island, including an Army-led air assault involving thousands of U.S. soldiers to be carried out by the 101st Airborne Division, the only unit trained for such a task, according to multiple U.S. officials with knowledge of the discussions.

The officials, who spoke to CBS News under condition of anonymity to discuss national security matters, stressed that the briefings are not an indication that President Trump or the Pentagon have decided to carry out an operation.

Any regime-change operation could face constraints because U.S. aircraft, intelligence assets, and offensive capabilities have been shifted to the Gulf region, where fighting has flared up again over the past week.

Secretary of State Marco Rubio continues to favor a negotiated transition toward a new government willing to pursue economic reforms after decades of destructive communist policies that transformed the Caribbean island into a Marxist hellhole.

On Monday, President Trump told reporters that his team is investigating whether Iran has stockpiled suicide drones in Cuba.

When asked by a reporter about the purported intelligence report on drones stockpiled in Cuba, Trump replied: "If they have them, and it's very possible that they do, we'll take care of it."

Trump also suggested that the communists on the island might be storing Iranian missiles, something his administration "is looking into right now."

Recall that in early February, we were the first to raise the question of the possible drone threat originating from Cuba. Axios followed in May, and now the administration appears to be discussing the threat more frequently.

Rubio has also sanctioned several Cuban entities, including ICAP, which may be at the center of a foreign subversion network potentially linked to the Democratic Socialists of America.

The independent Cuban news outlet ADN Cuba recently leaked a memo stating that far-left activists in the U.S. are prepared to launch rapid-response protests at federal buildings, military bases, recruitment centers, and ICE facilities in the event of a military confrontation between the U.S. military and the communist regime in Havana.

Tyler Durden Wed, 07/15/2026 - 17:20

Inside The Race To Fix America's Gas Pipelines Amid AI Center Boom

Authored by Autumn Spredemann via The Epoch Times,

Beneath the hills of Appalachia lies the nation's largest natural gas-producing basin, yet many of the pipelines needed to move this vital resource are operating near capacity.

A worker on the production floor at Pioneer Pipe in Marietta, Ohio, on Oct. 25, 2016. Replacing aging gas pipelines is critical to preventing leaks, spills, and explosions. Spencer Platt/Getty Images

Meanwhile, demand for electricity is growing faster than it has in years. Data centers accounted for 50 percent of that demand growth in 2025, according to the International Energy Agency.

In the famous "Data Center Alley" of northern Virginia, energy giant Williams Companies is expanding its Transco natural gas pipeline system, while developers are proposing to build gas-fired power plants adjacent to data centers to bypass traditional grid interconnections, according to Global Energy Monitor.

Enlarging the support network for ramped-up natural gas production involves far more than installing and replacing pipes. Systems require stations that maintain the pressure to move gas over hundreds of miles, through processing plants, storage facilities, and metering stations. They also require connections to power plants, factories, export terminals, and local distribution networks.

Industry experts say this infrastructure network must continue modernizing to improve reliability and reduce supply bottlenecks.

"We need to build an awful lot more [natural gas] infrastructure, potentially 25 percent more than we currently have," Henry Froats, owner of Hydrotech Testing Services, told The Epoch Times.

"Areas with aging infrastructure will be replaced and upgraded, but the real need is expanding total capacity to handle electricity generation demand and data center growth over the next 25 years."

Ian McPhillips, director of energy engineering and principal at BL Companies, explained it's not just the total annual consumption that's increasing. The fact that the majority of that increase is driven by power generation makes it tricky.

"Generation facilities are being built around the entire country to keep up with electric demand, and if those plants are using gas that would otherwise be heading to the population centers in the Northeast, significant changes will be needed to provide gas to generators during periods of cold weather when firm gas supplies are committed to the space heating markets," he told The Epoch Times.

Demand Surge

Natural gas accounts for 39 percent of American electricity production, according to the Energy Information Administration (EIA).

"Natural gas supply is critical as we forecast that U.S. liquefied natural gas exports expand and electricity demand rises through 2027, driven largely by increasing demand from large computing facilities, including data centers," EIA Administrator Tristan Abbey said in a January press release.

In May, the EIA reported that project developers plan to add 44.9 billion cubic feet per day of new natural gas pipeline capacity, which should come online in 2026 and 2027. Most of this expansion will be in Texas, and 70 percent of this new capacity is already under construction.

The timing is significant. After years of relatively stable electricity demand, utilities are preparing for sustained growth driven by data center expansion, domestic power generation, and a growing export sector for natural and liquid natural gas, the EIA said.

The agency reported that America's natural gas exports will grow by 30 percent by 2027. At the same time, five liquid natural gas export development projects are ramping up production through the end of next year.

Power generation has also risen alongside record-high electricity consumption in the United States. This number grew from 4,195 billion kilowatt-hours in 2025 to 4,271 billion kWh in 2026 and is forcasted to reach 4,397 billion kWh in 2027.

An analysis by the Interstate Natural Gas Association of America Foundation found that the United States needs to add around 34,000 miles of new natural gas pipeline and increase transmission capacity by 39 percent by 2052.

While demand for natural gas continues to climb, expanding the infrastructure needed to supply that growth presents a different challenge.

Aging Infrastructure

Existing natural gas infrastructure is showing its age, and rising costs are making both expansion and proactive maintenance difficult.

According to the Department of Transportation, bare steel, cast iron, and wrought iron transport pipes are some of the oldest energy-related pipelines operating in the United States today. Many were installed more than 60 years ago.

Scott Schwandt, president and infrastructure systems expert at Gajeske, told The Epoch Times that many of these older metal pipe systems "are becoming increasingly exposed to spills, resulting in severe threats and significant environmental damage."

Schwandt believes it's paramount to identify and replace decades-old piping with more advanced high-density polyethylene (HDPE) material, which could reduce distribution leaks at pipe joints and require "substantially lower" levels of routine maintenance.

The smokestacks of the former coal-fired Homer City Generating Station are demolished to make way for a new natural gas-fired power plant in Homer City, Pa., on March 22, 2025. Beneath the hills of Appalachia lies the nation's largest natural gas-producing region. Gene J. Puska /AP Photo/file Tyler Durden Wed, 07/15/2026 - 17:00

Toxic Wildfire Smoke Plume From Canada Will Blanket DC To NYC

Temperatures across the Mid-Atlantic and Northeast are set to rise on Wednesday, with highs approaching the upper 90s and the PJM power grid likely to see a sharp increase in electricity demand as air-conditioning use is set to climb through the afternoon.

Cooler temperatures are expected to follow in the days ahead, but relief may be short-lived as wildfire smoke threatens to spread across the region by the end of the week, potentially degrading air quality.

Meteorologist Ben Noll wrote in a note earlier that smoke from out-of-control blazes in western Ontario and northern Minnesota is expected to pour into New York's Hudson Valley beginning Wednesday afternoon.

via Meteorologist Ben Noll

A much larger and denser smoke plume is forecast to arrive late week across much of the Mid-Atlantic and Northeast.

via Meteorologist Ben Noll

Air quality readings (as of Wednesday morning): 

via IQAir 

More from Noll:

This smoke is forecast to drift south and east on Wednesday night, reaching Philadelphia and then potentially Baltimore, D.C. and Boston by Thursday morning.

Wind flows are expected to continue blowing smoke of varying intensity into the Northeast and Mid-Atlantic through Friday, before a brief shift in winds on Saturday may blow some of the smoke away.

Of note, Noll did not attribute the heat and wildfires to climate change, as some lefty journalists only know how to do. We must note that an El Niño is emerging. 

Meanwhile, Republican lawmakers from Minnesota and Wisconsin have blamed Canada's horrible forest-management policies for contributing to years of out-of-control wildfires and recurring toxic smoke plumes across the US.

Tyler Durden Wed, 07/15/2026 - 16:40

Of Marxists And Morons

Authored by Eric Utter via American Thinker,

Most of us have heard the horrific figures: Communism/Marxism was responsible for more than 100 million deaths in the 20th century alone.

There are two preconditions necessary for people to accept or even welcome Communism: one, frustration with current economic and/or political conditions, and two, a moral decay that generates a disdain for work and an excessive entitlement mentality that demonizes others' success, accomplishments, and wealth. For far too many, this demonization of what others have leads not unto desire to make the right decisions and work hard enough to earn it yourself, but unto envy, greed, wrath and sloth, four of the Seven Deadly Sins. And a demand that much of what others' have be confiscated and handed over to one's self and one's demographic group...without one having to work for it. This, as history clearly shows, is an automatic death sentence for a society. Every time. In every case. Whether it be the erstwhile Soviet Union, its satellite in Cuba, Pol Pot's Cambodia, or, more recently, previously wealthy Venezuela.

It could not possibly be otherwise. If I work hard, say, for 60-hour weeks, and I and my family are not going to be very appreciably better off than someone who is unemployed and able to sit on his couch all day because of my tax money, it would literally be immoral, as well as against human nature, for me to continue to do so. Why? Because I would not only be allowing the excessive and arbitrary taxation of my earned labor, while robbing myself of precious time with my family, but quite possibly, in the long term, degrading my health. And subjecting myself to various opportunity costs/losses.

Margaret Thatcher famously said, "The problem with Socialism is that you eventually run out of other people's money." That in itself is spot-on, but there is far more to it than that.

Ayn Rand: "There is no difference between Communism and Socialism, except in the same ultimate end: Communism proposes to enslave men by force, Socialism by the vote. It is merely the difference between murder and suicide."

When people address this issue, they almost always start by saying, "Capitalism with all its faults..." I am not willing to do that. This is life. This is Earth, not heaven. In this sense, Capitalism doesn't have any faults. True Capitalism does not discriminate on the basis of race, religion, color, sex...or anything else. The supply and demand curve determines what price any given product can bear. Charging less than that is not altruistic, but stupid and fraught with possible bias. Nothing can be truly worth other than what people will pay for it. That is why art is so subjective. One person looks at a painting and thinks, "I'd pay anything for that masterpiece," another says to herself, "You couldn't pay me to take this ridiculous piece of crap home."

In command (Communist/Marxist/Socialist) economies, one or a very few people determine what the cost of any given item "should be." Since there is no market feedback, their biases come into play. Lots of them. Shockingly, these biases always lead to a handful of leaders living well, and everyone else being paupers and puppets.

It is anything but a coincidence, a fluke, that the United States quickly became the largest and most innovative economy on planet Earth. Entrepreneurship explodes when people are potentially rewarded for their effort, creativity, and dogged determination. All ships do rise with the tide. The "poor" in America are still better off than all but the rich of many nations today. But supporters of Communism would rather everyone be less well off but closer in income than everyone being far better off with a greater income disparity. There is a word for that. It's called evil.

Capitalism pulled countless millions - perhaps even billions - out of poverty in recent decades. Even China, Laos, and Vietnam were forced to go to market economies, despite their Communistic social policies.

Younger members of today's Democrat Party - or should I say, the Democrat-Socialist Party - have recently and rather suddenly embraced the "teachings" of Karl Marx's The Communist Manifesto and Das Kapital.

That kind of ignorance and immorality does not just show up organically. It has to be very carefully inculcated. And that is what our colleges and universities are for.

The U.S., under JFK and Ronald Reagan, ultimately won the Cold War, essentially without firing a shot. Now it appears a Cold Civil War may be looming at some point in the future. One that, sadly, would have to be fought and won if this nation were to survive. Because, as Churchill said, "It is better to perish than live as slaves." And make no mistake, if you are living under Communism, you are a slave...to the state.

(Highly recommended reading: The 5000 Year Leap - The 28 Great Ideas That Changed the World, by W. Cleon Skousen and the National Center for Constitutional Studies)

Tyler Durden Wed, 07/15/2026 - 16:20

Obama-Appointed Judge Halts US Visa Restrictions On Disinformation Gurus Accused Of Censorship

Authored by Owen Evans via The Epoch Times,

A federal judge on Tuesday blocked the Trump administration from enforcing a policy that denied visas and ordered deportations of “disinformation” expert foreign nationals whom it accused of being leading figures in the global “censorship-industrial complex.”

Last year, the United States issued a visa policy targeting foreign nationals whom it claimed censor Americans’ free speech abroad.

“For too long, Americans have been fined, harassed, and even charged by foreign authorities for exercising their free speech rights,” Secretary of State Marco Rubio said on X at the time.

In Washington on July 14, Chief U.S. District ‌Judge James Boasberg sided with the Coalition for ⁠Independent Technology Research (CITR) in finding that the administration’s policy likely “burdens” the speech of noncitizen researchers in the United States in violation of the U.S. Constitution’s First Amendment.

The group’s lawsuit alleged that ​the U.S. State Department had been engaged in a campaign of censorship against anti-disinformation advocates.

“What began as a visa-restriction policy later expanded, according to plaintiff Coalition for Independent Technology Research, into a broader campaign against noncitizens who work on misinformation, disinformation, fact checking, content moderation, compliance and trust and safety,” the judge wrote.

“The Department has since invoked that policy to bar individuals from the country or seek their removal, including leaders of CITR member organizations.”

In December 2025, ​the State Department imposed visa bans on five Europeans, including a former European Union commissioner, and ​anti-disinformation activists whom ⁠Rubio called “leading figures of the global censorship-industrial complex.”

“But when you turn disinformation into a weapon, a political weapon, a label that you can use to go after people you don’t like, and say, oh, anything that person’s saying is disinformation—well, listen, I read mainstream newspapers every day, or I watch mainstream broadcasts—mainstream broadcasts every day that I know are disinformation, okay?” Rubio said in a May 2025 conversation with free speech activist Mike Bentz.

Among those hit by the visa ban were Imran Ahmed, the British CEO of U.S.-based Center for Countering Digital Hate (CCDH), and Clare Melford, co-founder of Global Disinformation Index.

Their groups are members of the Coalition for Independent Technology Research, according to the lawsuit.

Rubio accused them of having “led organized efforts to coerce American platforms to censor, demonetize, and suppress American viewpoints they oppose.”

CCDH, a British nonprofit, researches what it calls “online hate and disinformation,” which it defines as online lies “weaponized by movements and individuals for their own political, social and economic ends.”

For example, in one report, it partnered with a major abortion provider, MSI Reproductive Choices, and highlighted what it described as “false claims” online that abortion drugs pose high risks to women.

CCDH also produced its 2021 “Disinformation Dozen” report targeting 12 individuals, including Robert F. Kennedy Jr., Joseph Mercola, and Sherri Tenpenny, as “top spreaders“ of COVID vaccine ”misinformation.”

It urged social media platforms and governments to ban private groups that traffic primarily in “vaccine disinformation” and to prevent groups requiring a Facebook disclaimer from existing as private or secret groups.

A 2023 Republican-led congressional investigation by the House Judiciary Committee and the Select Subcommittee on the Weaponization of the Federal Government into the Election Integrity Partnership detailed how “disinformation” efforts disproportionately flagged conservative content.

This included posts from President Donald Trump, Speaker Newt Gingrich, and other Republicans, often to justify censorship.

Carrie DeCell, a lawyer for the coalition at the Knight ​First Amendment Institute at Columbia University, welcomed the judge’s ruling, which she said “recognized the serious constitutional harms this policy ‌is already ⁠causing.”

“This policy punishes researchers for work the public needs, and the First Amendment protects,” DeCell said.

In a May 26 statement, CITR said that the policy “has created a chilling effect” across disinformation researchers.

“Researchers have dropped out of conferences and opted out of travel to meet with colleagues, shifted research topics entirely to avoid negative attention, and in some cases, even stepped back from affiliating with the coalition out of fear for their safety,” it said.

“The policy is affecting researchers in how they live and labor, with the fear of being detained or deported from the United States because of their work helping people navigate social media and AI safely.”

A State Department spokesperson told The Epoch Times by email:

“The Trump administration believes that aliens who are or were involved or complicit in censoring American citizens must face appropriate consequences.

“An American visa is a privilege, not a right. Specific questions about this lawsuit should be referred to the Department of Justice.”

Tyler Durden Wed, 07/15/2026 - 15:45

Permanent Switch To Daylight Saving Time Easily Passes US House

The movement to liberate Americans from changing their clocks twice a year cleared a key hurdle on Tuesday, as the US House of Representatives advanced the Sunshine Protection Act by a lopsided 318-117 margin. While many Americans would like to stop the spring and fall time changes, not all of them are on board with the Sunshine Protection Act's specific approach, would would make daylight saving time permanent. 

President Trump has backed the proposal, and the White House issued a statement as the House vote was looming: “This bipartisan legislation represents a popular, common-sense reform and would benefit Americans by protecting precious daylight during the evening, when people are most likely to be awake and active." Party affiliation didn't play much of a part in Tuesday's House voting: The aye votes included 193 Republicans, 114 Democrats and one independent. An AP-NORC poll conducted last year found 47% of Americans oppose the current clock-switching, compared to only 12% who like it.  

Proponents tout the ability to enjoy more sunlight in the later part of winter days. The bill is popular among operators of golf courses, restaurants, retail shops, professional sports teams and theme parks.but that comes at the cost of later sunrises on those days:

This will be such a nightmare. pic.twitter.com/qrD03wxEdl

— Julian Mille☈ (@ATLAreaWx) July 14, 2026

Opponents of permanent DST include the American Academy of Sleep Medicine, which says permanent standard time better matches natural circadian rhythms, which affects immune system function and other aspects of personal health. The group, along with some concerned educators and parents, say permanent DST would have particularly harmful effects on children.  "Permanent daylight saving time would delay morning light exposure, making it harder for children and adolescents to wake, learn, and travel safely to school during dark winter mornings," the group said in a statement.  

The legislation allows states to exempt themselves or an area of their state from the permanent switch, provided they do so before it is enacted. Hawaii and Arizona (other than the Navajo Nation in the northeast part of the state) opted out of daylight saving time in the late 1960s. Federal legislation currently allows states to opt out of DST, but they don't have the authority to choose permanent DST. Eager to get a jump on things, 19 states have passed laws that would switch their citizens to permanent DST if the federal government gives states a choice. However, the Sunshine Protection Act would make it the default.  

remember folks: it’s daylight saving, not savings pic.twitter.com/TynurJXKCZ

— Grace Panetta (@grace_panetta) July 15, 2026

The drive to end clock-switching has a long history of sputtering out. Last time around -- in 2022 -- it was the Senate that approved the Sunshine Protection Act, not even using a recorded vote but passing it by unanimous consent. Then it died in the House as legislators grappled with constituents who were wary of ill effects on health. It won't pass the Senate by unanimous consent this time: Oklahoma Sen. Tom Cotton blocked such passage last fall and remains an ardent opponent. A Senate staffer told NBC News that Cotton will urge Senate Majority Leader John Thune to let the bill gather dust on his desk.  

Some Capitol Hill proponents aren't enthusiastic about its prospects. “I’m kind of digging the fact that we’re going to fix it, I hope,” Tennessee Rep. Tim Burchett told NBC. “See if the Senate takes it up. They probably won’t, but we’ll see.”

Tyler Durden Wed, 07/15/2026 - 15:25

US Utilities Requested $9.2BN In Rate Hikes In Q2, Up 26% From Previous Year

By Ethan Howland of UtilityDive

Electric and gas utilities in the second quarter asked state regulators to approve $9.2 billion in rate hikes, up 26% from the $7.3 billion in rate increase proposals filed in the same period last year, according to an updated report released Tuesday by the advocacy group PowerLines.

In the first half this year, utilities asked for $18.6 billion in rate hikes, down from about $25 billion in the same period last year, according to data collected by the nonprofit.

The report comes as average U.S. residential electric rates increased 7.3% from the year before to 18.8 cents/kWh in April, according to the U.S. Energy Information Administration. As a result, “regulators face mounting pressure to scrutinize utility spending plans while balancing the infrastructure investments that a modernizing grid genuinely requires,” PowerLines said.

The utility sector appears to be entering a capital investment “super-cycle” amid growing affordability concerns. Backlash to rising bills has prompted protests by consumers and their advocates, as well as new state laws intended to tackle the issue.

The Edison Electric Institute, a trade group for investor-owned utilities, estimates that IOUs will spend about $1.4 trillion from this year through 2030 on capital investments. EEI expects capital expenditures will jump 17% this year to nearly $239 billion, from about $204 billion in 2025.

Some utilities contend they can make the investments without significantly affecting their rates. FirstEnergy, for example, is proposing to increase its electric rates in Ohio over three years by about $392 million — partly to cover roughly $2.5 billion in planned capital expenditures. The company says this will increase average annual residential customer bills by less than 3% a year.

According to PowerLines and public filings, other rate hike proposals utilities filed in the second quarter include:

• Dominion Energy in Virginia is seeking about $1.5 billion across three rate requests;
• Oncor in Texas requested the largest single increase in the second quarter, at $1.2 billion, driven largely by transmission and distribution investments to meet demand from the oil and gas industry and data centers in the Permian Basin;
• We Energies in Wisconsin is seeking about $606 million in rate increases;
• DTE Energy in Michigan is seeking an increase of $474 million; and,
• Consumers Energy in Michigan is asking for a rate hike of $456 million.

The proposed rate increases in the Midwest total about $193 per customer, followed by $172 per customer in the South, $135 per customer in the Northeast and $110 per customer in the West, according to the data from PowerLines.

Utility regulators will scrutinize the rate hike proposals in the coming months.

“These requests, while often approved at a lower cost than utilities propose, have a high chance of reaching consumer bills in some form,” PowerLines said.

State regulators approved 58% of the total costs utilities sought to add to their rates from 2023 through 2024, the organization said.

U.S. residential customers paid 18.8 cents/kWh on average in April, up 7.3% from the year before, according to the latest data from the Energy Information Administration.

Those costs ranged from 12.4 cents/kWh in North Dakota to 46.6 cents/kWh in Hawai’i. The other highest cost states for residential customers were California at 35.3 cents/kWk, Connecticut at 32.2 cents/kWh and Massachusetts and New York at 29.5 cents/kWh.

Eversource Energy’s Connecticut Light and Power subsidiary is preparing to seek a $503 million rate increase, according to a May 20 filing at the Connecticut Public Utilities Regulatory Authority. If approved, it would increase residential rates by about 13%, the utility estimated.

CL&P said it would show PURA it has strategies to keep customer bills as stable and affordable as possible, while keeping the distribution system reliable.

Tyler Durden Wed, 07/15/2026 - 15:05

Ukraine Shake-Up: Zelensky Sacks Popular Defense Chief, & IDs CEO Of Naftogaz As Likely Next Prime Minister

Update(1410ET): FT is reporting late in the day Wednesday that Ukraine's 35-year old defense minister, Mykhailo Fedorov, who has grown in popularity for his 'reformer' reputation and for orchestrating the ramped-up drone war on Russia, has been sacked by Zelensky.

The shock move comes days after Yulia Svyrydenko, Zelensky's prime minister, was forced to step down, and amid a big cabinet shake-up. Zelensky had previewed huge changes coming.

As to who might be elevated as new prime minister, Zelensky has dropped a strong hint that the CEO of the state-owned energy company Naftogaz, Sergii Koretskyi, might be next in the spot...

“The priorities are clear – preparing for winter,” Zelenskyy said on Wednesday as Kyiv braces for another season of expected Russian strikes on Ukraine’s energy grid. “Therefore, following ⁠all the consultations, Sergii Koretskyi is surely the ⁠most prepared candidate for the post of prime minister of Ukraine.”

This is already unleashing a flurry of controversy and commentary Wednesday, with pundits scratching their heads and questioning whether Zelensky is actually just playing petty and jealous internal politics - despite the narrative on the war shifting:

Ukrainian MPs say that Zelensky decided to fire popular defense minister Fedorov, in yet another cabinet reshuffle.
Many Ukrainians (and not just Ukrainians) see this as Zelensky putting petty politics ahead of winning the war.

— Yaroslav Trofimov (@yarotrof) July 15, 2026

*  *  *

Ukraine's 35-year old defense minister, Mykhailo Fedorov, has only been in the top military spot for six months, but amid a new Zelensky-initiated major cabinet reshuffling, the FT reports that the military's top spot has been targeted as the next leadership change.

The report has been issued just on the heels of Prime Minister Yulia Svyrydenko's surprise removal, upon which Zelensky in a statement suggested a broader government overhaul is underway. "Ukraine is changing its political strategy," he made clear.

The Ukrainian leader is "expected to remove defense minister Mykhailo Fedorov, the 35-year-old architect of Ukraine's wartime defence technology drive, after just six months in the post as part of a major cabinet reshuffle," FT writes Wednesday.

via the Ukrainian Review

"Several senior figures close to Zelensky said the president had held conversations about replacing the minister as he prepares to unveil his new government on Thursday," the report adds.

The FT report suggests that the young defense chief's anti-corruption zeal is alienating powerful figures who wish for the wartime situation to be looser with less oversight:

"But defense industry officials, senior Ukrainian officials, MPs from Zelenskyy’s party and others familiar with the matter have said — some publicly — that Fedorov had been a barrier to interests seeking to profit from Ukraine’s vast wartime defence budget… Fedorov repeatedly blocked attempts to steer lucrative procurement contracts to favoured companies, which put him at odds with powerful figures inside Ukraine’s political and defence establishment, said people familiar with the situation."

And yet interestingly President Trump has of late issued positive praise of Ukrainian forces' accomplishments in the area of drone warfare against Russia.

Kiev has further been boasting of its drone tech, and is even seeking to market it abroad, especially in the Middle East where Gulf countries are hungry for better defenses against smaller suicide drones.

Fedorov has been widely seen as having rapidly implemented a transformative vision on this front. For example, earlier this week The Economist wrote:

Tensions simmered barely below the surface at a war-council meeting in early July. Ukraine’s military leaders had mostly good news for their president. Middle- and long-range drone operations were seeing continued successes. A campaign to isolate Russian-occupied Crimea was running ahead of schedule. But as Power Point slides were shown to the testosterone-filled room, the generals griped about missile and ammunition procurement. The focus of their criticism, Mykhailo Fedorov, the 35-year-old tech-savvy defence minister who is known—and occasionally mocked—for his Silicon Valley style presentations, responded in kind.

If it wasn’t for his emergency drone-purchasing decisions at the beginning of the year, which required borrowing money earmarked for salaries, there would be no Crimean operation to speak of. A witness to the proceedings describes “two different co-ordinate systems” in a clinch: “No common language, even if holding back from direct conflict.”

But it seems there's a lot of angst within military command ranks over the defense chief's reluctance to try and achieve parity with Russia in terms of conventional military hardware, which he might reason is a lose-lose pursuit anyway.

Ukraine scores another €300 million in European cash

Ukraine's Defense Minister Fedorov says Ukrainian defense companies will be able to get €260M to increase production, plus €35.3M in innovation grants

EU shows no sign of letting up on fueling the conflict pic.twitter.com/Qkb6JMgj6o

— RT Intl (@RT_on_X) July 15, 2026

In the meantime, Zelensky had started the week by saying, "The Cabinet of Ministers needs to be renewed." He explained that "Each priority area of foreign policy will be assigned to a specific person with substantial experience who is capable of implementing what we agree on at the leaders’ level and what the Ukrainian people expect," he described further of an impending reshuffle. Who is next on the chopping block?

Tyler Durden Wed, 07/15/2026 - 15:04

Trump Wants ICE To Resume Traffic Stops After Deadly Encounter In Maine

President Donald Trump declared Wednesday that Immigration and Customs Enforcement (ICE) should keep relying on traffic stops as a major enforcement tool, defending the practice after a string of deadly encounters involving immigration officers, including a recent fatal shooting of a Colombian illegal immigrant in Maine. 

In a Truth Social post on Wednesday, Trump commended ICE agents and pushed the agency to maintain vehicle stops, even as officials examine the approach after recent events in Maine, Texas, and Florida.

"The men and women of ICE are doing a Great job, one that has to be done," Trump wrote. "We must be strong, tough, and smart, and we Cannot give up one of I.C.E.'s most important and effective Crime Fighting tools, The Traffic Stop!"

Trump warned that giving up the tactic would seriously harm the mission to remove criminals from the United States.

"Once we do, we are playing right into the criminal's hands," he wrote. "I.C.E., be judicious, fair, and smart, and go back and do your very important job."

Trump also stepped up his attacks on former President Joe Biden’s immigration policies, stating in the post that millions of illegal immigrants had poured into the country without any controls and that ICE must stay "strong, tough, and smart" while executing deportations.

Enforcement Review After Fatal Encounters

As the Epoch Times notes further, Trump's remarks come as immigration officials review vehicle-stop procedures following several deadly incidents involving ICE agents.

Border czar Tom Homan told Fox News on July 14 that ICE had temporarily paused most vehicle stops nationwide while the agency examines whether changes to training or tactics are needed.

FBI investigators work the scene of an alleged ICE-involved shooting in Biddeford, Maine, on July 13, 2026. Joseph Prezioso/AFP/Getty Images

"It's not a policy change. It's a temporary pause," Homan said. "ICE leadership along with DHS believes they want to look at these last couple incidents and look: Is there something that could have been done better? Is there any training that can be improved?"

Homan said the review was unlikely to affect the pace of immigration-related arrests and expressed confidence that ICE agents would continue to use traffic stops when necessary, particularly in cases involving dangerous suspects.

"If we can arrest that alien outside that vehicle and take that two-ton weapon away from them, that's good in some instances," Homan said. "Other instances, we're still going to need to do vehicle stops for a significant criminal."

The review follows a July 13 shooting in Biddeford, Maine, where an ICE officer fatally shot a Colombian national during a traffic stop after the man allegedly attempted to flee. The Department of Homeland Security said the agent opened fire while "fearing for public safety."

The Maine incident came days after another fatal shooting involving ICE agents in Houston. Authorities said officers were searching for a different individual when they attempted to stop a vehicle driven by Mexican national Lorenzo Salgado Araujo, who allegedly rammed an ICE vehicle, prompting an officer to fire in self-defense.

A third man died in Florida on Tuesday after being struck by a tractor-trailer while fleeing immigration and other federal officers, according to authorities.

The recent incidents have intensified debate over ICE's enforcement tactics.

Sen. Susan Collins (R-Maine) said she had urged Homeland Security Secretary Markwayne Mullin to suspend "non-urgent vehicle stops" following the Maine shooting and welcomed the department's decision to review the practice.

Collins joined Sen. Angus King (I-Maine) and Reps. Chellie Pingree (D-Maine) and Jared Golden (D-Maine) in requesting an independent investigation by the Department of Homeland Security inspector general.

Trump, meanwhile, cast traffic stops as an indispensable part of law enforcement, calling on ICE agents to "keep those Crime Stat Records coming" and assuring them that they are "loved and respected in America."

Jack Phillips and Troy Myers contributed to this report.

Tyler Durden Wed, 07/15/2026 - 14:45

Beige Book: Economic Activity Picked Up In 11 Of 12 Districts; Only San Fran Flat As "Employers Invested In AI"

In a modest support of the Fed's recent hawkish pivot, the latest Beige Book released today notes that economic activity across the US improved moderately, increasing at a slight to moderate pace in eleven of twelve Federal Reserve Districts in late May and June, while one District (San Francisco) reported no change. The pace of growth was ever so slightly better than that reported back in June when activity expanded in ten Districts, was flat in one, and down in one.

Here are the big picture highlights:

• The Beige Book, which this month was prepared by the Chicago Fed, found that consumer spending edged up as higher prices, particularly for fuel, dampened sales in other categories. To that point, several Districts noted declines in spending on discretionary items or trading down to more affordable varieties.
• Tourism was up, with some Districts receiving a boost from World Cup visitors.
• Confirming that consumers are hunkering down and not splurging, auto dealers reported little change in sales, but spending on repairs grew as consumers held onto vehicles for longer.
• Agricultural conditions deteriorated due to lower commodity prices, higher input costs, and tighter credit.
• In the energy sector, oil and gas drilling increased, despite the recent drop in oil prices.
• Manufacturing production grew modestly to moderately in most Districts, led by stronger orders from the data center, machinery, and defense sectors. Manufacturers in several Districts said supply chain issues were more common.
• Construction and real estate activity increased slightly overall, with several Districts noting growth in data center building.
• Financial conditions were stable on net, and commercial and consumer loan volumes were both up modestly.
• Commercial loan quality was stable, but consumer loan quality ticked down.
• Transportation activity increased modestly amidst ongoing supply chain changes related to higher tariffs and the conflict in the Middle East.
• Overall, activity in other service industries also was up modestly, with Districts highlighting growth in health care and professional services.
• Social service providers were adjusting to funding declines while demand for basic supports—housing, food, health care—remained high.
• Contacts generally expected the economy to continue to expand in the coming months, but several Districts noted elevated uncertainty in the outlook for fuel costs.

The Beige Book next went through an analysis of Labor Markets: 

• Employment rose on balance, with five Districts showing modest, moderate, or solid gains in employment, and with seven Districts experiencing little to no change.  In the previous report, only one District had modest, moderate, or solid employment gains.
• Employment rose in a variety of industries, including manufacturing, construction, and retail.
• Skilled workers were difficult to find in a range of fields, notably technicians and tradespeople.
• Though there were reports of lower employment in a couple of Districts, the declines were small.
• Wage growth was modest to moderate in most Districts, though two saw only slight wage increases. Some wage increases were attributed to increased competition for skilled workers.
• A few Districts noted that firms had increased their usage of AI, either in the hiring and screening of potential employees or to boost worker productivity.

Prices

• Prices increased moderately overall, with nine Districts reporting moderate growth, two robust growth, and one slight growth; compared with the last reporting period, price growth was the same or slower in all Districts.
• Non-labor input costs increased for a variety of industries—including services, construction, and manufacturing—and reflected in part higher costs for energy, transportation, and raw materials.
• Some contacts tied these cost increases to the conflict in the Middle East; others mentioned tariffs.
• Consumer prices continued to rise, and a few Districts said contacts saw greater price sensitivity among their customers.
• A couple of Districts reported that selling prices grew less than input costs over the period, crimping margins.
• Expectations for price growth over the coming months varied across Districts, with contacts in some expecting inflation to continue at its current pace, while contacts in others expected inflation to slow, in part due to falling fuel prices.

Highlights by Federal Reserve District

• Boston: Economic activity expanded slightly. Employment was flat, with some isolated layoffs, and wages rose at a slight pace. Cost pressures remained elevated, but output prices increased only slightly. Consumer spending rose modestly overall, buoyed by the World Cup, but discretionary spending softened among low- and moderate-income households. The outlook improved on balance.
• New York: Economic activity increased modestly, as service sector activity picked up after a long period of weakness. Employment increased modestly, with larger firms starting to hire for growth. Input prices rose strongly under pressure from tariffs and energy costs, though selling price increases remained moderate. Businesses became more optimistic.
• Philadelphia: Economic activity rose slightly in the current period, up from a slight decrease in the last period. Nonmanufacturing activity picked up, while manufacturing activity again rose modestly. Employment again declined somewhat. Wage inflation held steady at a modest pace, and prices continued to grow moderately. Manufacturers have more widespread expectations for future growth than nonmanufacturers.
• Cleveland: Fourth District business activity increased modestly, with faster growth anticipated in the coming months. Manufacturing demand rose moderately, while retailers continued to face soft demand due to higher fuel prices. Higher fuel costs filtered through to both selling prices and wage pressures. Selling prices rose at a robust pace.
• Richmond: The regional economy expanded moderately this cycle as consumer spending continued to grow despite some shifts in consumer behavior, even among higher income consumers. Business activity was generally reported as modestly growing, and employment grew modestly as well. Manufacturing output also increased modestly while producer prices were little changed despite rising input costs. Overall price growth remained moderate.
• Atlanta: Economic activity grew modestly. Employment levels remained largely flat. Wages rose moderately, and prices increased at a moderate pace. Consumer spending expanded modestly. Residential and commercial real estate were little changed. Transportation and manufacturing rose modestly. Energy activity was stable, but agricultural conditions worsened. Lending increased at a modest pace.
• Chicago: Economic activity in the Seventh District increased modestly over the reporting period. Manufacturing demand rose moderately; employment rose modestly; consumer spending, business spending, and construction and real estate activity increased slightly; and nonbusiness contacts saw a small increase in economic activity. Prices rose moderately, wages were up modestly, and financial conditions tightened slightly. Farm income expectations for 2026 edged down.
• St. Louis: Economic activity has slightly increased. Employment was unchanged, and wage growth was moderate. Prices rose at a robust pace, and increases were widespread. The outlook remains unchanged, with contacts noting that persistent uncertainty and elevated fuel costs continue to weigh on overall conditions.
• Minneapolis: The District economy expanded slightly. Employment grew modestly, and contacts reported that labor availability increased. Wage growth was modest to moderate. Prices increased moderately, but input price pressure remained elevated. Retail contacts reported greater discretion among consumers. Services, construction, commercial real estate, and manufacturing activity increased. Agricultural conditions deteriorated.
• Kansas City: Economic activity expanded slightly within the Tenth District, which was supported by increased manufacturing activity. Inflationary pressures continued to compress profit margins, prompting firms to make pricing and investment adjustments. Contacts expect slight growth over the next six months.
• Dallas: Economic activity in the Eleventh District rose moderately. Growth picked up in the banking, energy, and service sectors but moderated in manufacturing. Retail sales improved, and the real estate sector was mixed. Employment strengthened, and wage pressures rose. Outlooks were stable to positive, though inflation, the level of demand, and geopolitical and domestic policy uncertainty remained sources of concern.
• San Francisco: Economic activity was stable but somewhat muted. Employers held head counts steady and invested further in AI. Prices increased moderately, while wages rose slightly. Retail sales and demand for services edged down. Manufacturing activity rose modestly, while agriculture activity was unchanged but weak. Conditions were steady in real estate and financial services.

More in the full Beige Book 

Tyler Durden Wed, 07/15/2026 - 14:30

Fort Knox Standoff: Bessent Says All The Gold Is There, Says America 'Used To Be Backed' By It

U.S. Treasury Secretary Scott Bessent has once again assured the public that America's gold reserves remain fully intact, pushing back against years of speculation surrounding the legendary vaults at Fort Knox. In a Fox News interview with Jesse Watters that aired Monday night, Bessent reiterated his standing assurance that every ounce of the nation's bullion is "present and accounted for" - while making no plans to visit the Kentucky depository himself.

"I am happy to say all gold is present and accounted for. The U.S. has the largest pile of gold in the world, over a trillion dollars, at current market value," Bessent told Watters. 

FORT KNOX GOLD CONFIRMED 🚨

Treasury Secretary Scott Bessent says all US gold is present and accounted for.

Over $1 TRILLION in gold.

The largest gold pile in the world.🇺🇸 pic.twitter.com/Hr9LKBPlyd

— Wall Street Gold (@WSBGold) July 15, 2026

His comments come amid renewed calls from lawmakers and gold advocates for a comprehensive, independent audit - the first large-scale public verification since 1974.

But as ZH contributor Phoenix Capital Research notes, Bessent prefaced his comment with something even more interesting...

Treasury Secretary Scott Bessent appeared on Fox News business yesterday. During the conversation with Jesse Waters, he made several key statements.

One of them… “we [the $USD] used to be backed by silver, sometimes gold.”

And a few moments later regarding Fort Knox…

“all gold is present and account for… the U.S. has the largest pile of gold in the world, over a $1 trillion at current market value.”

Officially, the United States holds the world's largest gold stockpile, valued at more than $1 trillion at current market prices. According to Treasury data, the Fort Knox depository alone contains 147,341,858.382 fine troy ounces of gold - roughly 56% of the federal government's total reserves, and about 59% of the bullion held in the Mint's deep storage. Additional holdings are stored at West Point, Denver, and the Federal Reserve Bank of New York.

Also officially, no gold has left Fort Knox in any significant documented capacity since 1974, aside from limited testing samples. Bessent has said he has no plans to travel to Kentucky himself, pointing instead to the Treasury's annual internal verifications and offering to arrange a visit for any senator who asks.

The U.S. shifted to a pure fiat currency system in the 1970s, ending the requirement to back paper money with gold or silver.

Yes, what happened with the audit at Fort Knox? https://t.co/Xbh03T3TlK

— zerohedge (@zerohedge) July 8, 2025 Book Value vs. Market Reality

A major source of public confusion lies in how the gold is valued on the government's books. Federal law still prices gold at the statutory rate of $42.2222 per fine troy ounce, frozen since 1973. At that rate, Fort Knox's holdings carry a book value of approximately $6.2 billion.

At spot prices that have recently traded near $4,500 per ounce, however, the same gold is worth on the order of $660 billion on the open market. This massive gap between accounting value and real-world worth continues to fuel debate over transparency and potential revaluation.

The National Gold Bullion Depository at Fort Knox

Bessent has repeatedly cited annual internal audits by the Treasury Department's Office of the Inspector General as proof the reserves are secure. These reviews reconcile records and conduct limited sampling of vault compartments rather than physically weighing and assaying every single bar. That said, Bessent addressed the idea of revaluing the US's gold last year while discussing sovereign wealth fund plans, stating it was "not what I had in mind."

The last major public inspection took place in 1974, when a congressional delegation and journalists were allowed inside. A smaller visit occurred in 2017 involving then-Treasury Secretary Steven Mnuchin and Kentucky lawmakers.

That decades-long gap has prompted sharp criticism. Kentucky Republican Rep. Thomas Massie introduced the Gold Reserve Transparency Act, which would require the Government Accountability Office to conduct a full independent audit of all U.S. gold holdings and repeat the process every five years. The bill has not advanced.

President Trump has kept the question alive himself. Asked in a May interview what happened to the Fort Knox audit he and Elon Musk once championed, Trump said: "I do want to go to Fort Knox sometime. I want to see if the gold is there, which I'm sure it will be."

Trump's 250th Anniversary Coins Move Forward

Bessent's remarks came in the same interview in which he showed off the Treasury's commemorative currency plans for America's 250th anniversary - and there are two distinct Trump coins in motion.

The first is a special 24-karat gold coin approved unanimously by the U.S. Commission of Fine Arts in March 2026, depicting Trump from the waist up with his fists on a desk. Authorized under the Treasury secretary's statutory authority over gold coinage, it will be struck in an extremely limited run - reportedly just 47 pieces, each containing roughly $90,000 worth of gold - with no on-sale date yet set.

The second is a legal-tender $1 semiquincentennial coin bearing Trump's likeness, intended for circulation. On July 15, Bessent posted an image of it on X and announced that minting is moving ahead:

"As America commemorates 250 years of independence, the U.S. Mint will begin striking this new $1 gold coin to honor the enduring legacy of liberty and a lasting symbol of patriotism. Featuring President Trump, it celebrates the strength of American values, and the promise of a nation dedicated to preserving freedom for all."

Federal law generally bars living persons from appearing on U.S. currency, and critics note the 2020 law the Treasury cites for the $1 coin prohibits living-person portraits on a coin's reverse. Bessent defended the plan to Watters directly: "As Treasury Secretary, I only have two mandates: The currency has to say, 'In God We Trust,' somewhere on it, and there cannot be an image of a living person," he said, distinguishing paper money from coinage. "During that 150th, there was a Calvin Coolidge coin. So, we can put living people's images on a coin." The coins are expected in limited quantities later in 2026 or into 2027, with a court fight over the circulating design considered likely.

Massie Compares To Rome

On Tuesday, Rep. Massie drew a historical parallel on X between pending U.S. coinage reforms and the currency debasement practiced by Roman emperors. He pointed to legislation that would allow cheaper metal alloys for nickels while preserving size, weight, and vending-machine compatibility.

Gold coin image shared by U.S. Treasury Secretary Scott Bessent on Wednesday, July 15, 2026. Image source: X. Tyler Durden Wed, 07/15/2026 - 14:22

US Gasoline Prices Could Top $4 Per Gallon Within Days

After several weeks of reprieve for drivers, the US national average price of gasoline could top $4 per gallon within a week, as crude oil prices rallied by about 12% in the three days since Friday amid the all-but-collapsed U.S.-Iran ceasefire.

The renewed hostilities in the Middle East have fueled a new crude oil price rally this week, while tight fuel markets globally are also pushing US prices at the pump higher, OilPrice notes.

“I've seen enough and believe the national average price of gasoline will again reach $4/gal in the next 7-10 days, if not sooner,” Patrick De Haan, head of petroleum analysis at GasBuddy, wrote late on Monday, when crude had surged by 9% on the day following the announcement of U.S. President Donald Trump that the U.S. blockade on Iran would be re-imposed on July 14.

GasBuddy’s key analyst expects price increases of $0.15-0.45 per gallon, depending on price cycling, in the next week or so.

Early this week, the average U.S. national price of gasoline rose for the first time since May, as the re-escalation of hostilities in the entire Middle Eastern region prompted an oil rally with prices hitting more than one-month highs.

As of the end of the day on July 14, the national average was $3.8590 per gallon, according to AAA data. That’s up from the $3.79 average from a week ago.

“The pain at the pump is about to intensify, and this time it's not one story driving it, it's two,” GasBuddy’s De Haan wrote earlier this week, noting the double gas price whammy of the re-escalation in the Middle East and Ukraine systematically knocking out Russian refining capacity.

“I now expect the national average price of gasoline to reach $4 per gallon in the next 7-10 days, if not sooner, while the U.S. average diesel price is likely to again reach $5 per gallon by the end of this week, potentially as soon as Friday,” De Haan said.

Tyler Durden Wed, 07/15/2026 - 14:20

UN Maritime Boss Warns Ships To Avoid Hormuz As Transits Continue

The International Maritime Organization warned Wednesday that the Strait of Hormuz remains too dangerous for commercial shipping, even as vessels continue to transit the narrow waterway.

US Central Command said its latest round of strikes against Iranian coastal military targets concluded early Wednesday. Tehran retaliated with missile and drone attacks against US-allied Gulf states while continuing to disrupt some maritime traffic through the strait.

Yet commercial ships are still transiting, suggesting Iran's ability to fully weaponize the maritime chokepoint is gradually eroding under sustained US air and naval superiority.

Speaking on Bloomberg Radio, Arsenio Dominguez, the secretary general of the IMO, said the waterway remains dangerous and unsafe for tankers and bulk cargo ships.

"I will maintain the message of upholding international law, for countries to do the same thing, and for companies — at this stage, particularly with the volatility — not to take risk to transit through the strait of Hormuz," Dominguez said.

Dominguez's warning appears to be ignored by some ships.

Strait of Hormuz risks deepen despite slight rise in crossings

Vessel activity through the Strait of Hormuz increased slightly on 14 July, with 21 confirmed crossings recorded, according to #MarineTraffic data. Commercial traffic accounted for most movements, including vessels… pic.twitter.com/oIkrtu2kGl

— MarineTraffic (@MarineTraffic) July 15, 2026

Bloomberg data show that vessel traffic continues in the narrow waterway, at lower volumes than last week, even as fighting between the US and Iran intensified overnight.

With or without Tehran's cooperation, US-allied Gulf countries are in the beginning innings of what we've described as a "great energy rewiring"...

Latest:

• Great Rewiring: US Supports Iraq-Syria Oil Pipeline To Erode Tehran's Hormuz Leverage
• Dubai's New East Coast Port Signals The Beginning Of End For Iran's Hormuz Leverage
• "Zero Hormuz Dependency": UAE Races To Rewire Energy Flows, Bypassing Chokepoint Chaos
• Hormuz Bypasses Maxed Out: Saudi East-West Pipeline Hits Record 7 MMb/d, As UAE Fujairah Crude Loadings Reach Capacity

We compiled evidence for readers showing that US-allied Gulf countries are poised to undertake a generational rewiring of regional energy flows to bypass the Hormuz chokepoint. Over time, that infrastructure buildout - from pipelines to ports - could render Tehran's leverage over the critical waterway increasingly irrelevant.

Tyler Durden Wed, 07/15/2026 - 14:00

Iraqi Militia Vows To Disrupt Any Future Iraq-Syria Oil Pipeline: US 'Stealing Our Oil'

Via The Cradle

US and Iraqi officials are set to conclude a major energy deal as part of Prime Minister Ali al-Zaidi’s visit to Washington this week, according to Iraqi officials cited by AP Wednesday.

"An agreement is slated to be signed Friday between Iraq, US companies Chevron and TI Capital, and Qatar’s UCC for construction of an oil pipeline that will connect southern Iraq’s Basra to western Iraq’s Haditha," the officials said.

via Reuters

The pipeline is meant to extend from Haditha to Turkiye’s Ceyhan port and the port of Baniyas in Syria. 

The details of the reported agreement were not discussed publicly during meetings between Zaidi and US President Donald Trump in the Oval Office on Tuesday. Neither the US president nor the Iraqi premier mentioned the deal. AP referred to it as a “significant energy deal.”

A senior Trump administration official said later on 14 July that Washington is “facilitating conversation” between Iraq and Syria regarding potential future energy projects.

Meanwhile, Iraqi pro-Iran resistance faction Al-Nujaba Movement warned against making deals with Washington in Iraq.

“[Trump] will not continue living under the illusion of stealing Iraq's oil and wealth, whether through direct theft or under the cover of suspicious investments. The Islamic resistance will continue confronting US forces and drive them from Iraq's land and skies,” the movement’s leader Akram al-Kaabi said in a statement on Wednesday.

The new Iraqi prime minister’s visit to Washington is expected to last until Saturday. 

On Tuesday, the premier said that Iraq deserved an equitable allocation within OPEC, coming during discussions with Trump in the Oval Office. His comments were a response to questions on whether Iraq was considering withdrawing from the oil producers' alliance.

“Iraq is one of the founding members of OPEC ... Our right is to receive a fair share for Iraq,” Zaidi said to reporters during the meeting with Trump. 

“The damage suffered by Iraq exceeds $400 billion, and to this ⁠day some Iraqis still have destroyed homes and are living in camps. I have a plan to return them to ⁠their homes, and that is why I want a fair share for Iraq in OPEC,” the Iraqi premier went on to say. 

During the meeting at the Oval Office, Trump called Zaidi “young” and “handsome,”  and that he had “tremendous chemistry” with the new Iraqi prime minister. 

In a press briefing between the two leaders, Baghdad and Washington announced that US combat troops would withdraw from Iraq by September 30. 

Zaidi was sworn in as premier in May this year, succeeding former prime minister Mohammed Shia al-Sudani. This came after the president had threatened to “cut off” Iraq completely if Nouri al-Maliki – a former Iraqi premier with ties to Iran – was re-elected. 

Despite initially vowing to continue running, Maliki ended up withdrawing his candidacy. “Mark my words, I knew what I was doing,” Trump said as he sat near Zaidi in the Oval Office on Tuesday.

“This man is going to be a great leader … beyond Iraq. His influence is going to spread all throughout the [region],” he said, referring to Zaidi. Zaidi’s visit coincided with reports of a major escalation of US pressure tactics, aimed at forcing the Iraqi resistance to surrender its arms.  Sources told the New Arab on Wednesday that Washington has “hardened its stance” against resistance factions in the country. 

Trump: Soleimani—I killed him…a very bad person from Iraq happened to be killed in that same incident . So I don't know if I did you a favor or not. I've never asked you that question.

Iraq PM: I was not in politics…. I'd like to talk about the future pic.twitter.com/8GDvhUadTD

— Acyn (@Acyn) July 14, 2026

The Trump administration has adopted a significantly more coercive approach than its predecessors to disarming the Iraqi resistance, stepping up pressure on Baghdad in recent months to dismantle the resistance factions swiftly.

Washington reportedly froze security programs with Baghdad and blocked dollar shipments to the country earlier this year to pressure Iraq into dismantling Iran-backed resistance groups.

Late last month, Baghdad issued a 30 September deadline for the disarmament of all armed factions in Iraq, including resistance movements.

After months of heavy US pressure, some armed organizations have agreed to turn over weapons to the state. Many others, including resistance groups Kataib Hezbollah and Al-Nujaba Movement, have refused.

Iraqi resistance groups demand a full US withdrawal, rather than the “transitional” pullout agreed on between Washington and Baghdad, which will see Washington shift from a “combat” to an “advisory” role, while still retaining a military presence in the country.

Tyler Durden Wed, 07/15/2026 - 13:40

Pennsylvania Data Centers Face Increased Oversight Under New Law

By Diana DiGangi of UtilityDive

Pennsylvania's Democratic Governor Josh Shapiro, signed a budget Sunday which will require data centers to report their exact water and power usage annually to the state. It also requires the PJM Interconnection to give Pennsylvania state regulators additional insight into its demand forecasting.

“The current process by which utilities submit information to PJM lacks transparency for policymakers, regulators and stakeholders,” states House Bill 1924, which was folded into Pennsylvania’s 2026-2027 budget. “There is a need for oversight by the Pennsylvania Public Utility Commission to ensure accuracy and transparency of load-forecast inputs.”

Data centers in the state will now be required to compile an annual report containing information such as their “estimated average amount of energy usage per hour during the data center’s peak load,” the provision states.

The provision in the budget also requires data centers to submit total energy consumption for the previous calendar year, an estimate of the projected total energy demand for the following year, and “any measures undertaken to generate electricity on site or off site to reduce carbon emissions or impacts on the electric grid, including the specific energy source, and any potential future measures to generate electricity or other form of energy on site or off site,” it states. 

Data centers that fail to comply with the new reporting requirements will be fined $10,000 per day until their report is submitted, according to the budget.

The state Department of Environmental Protection will publish an annual report on the “aggregate energy consumption and water consumption trends for data centers operating [in the state], including environmental impacts and recommendations to address identified issues.”

Data center development in Pennsylvania has boomed, with utility PPL Electric reporting in May that its “advanced” stage data center pipeline had jumped 12% in three months, from 25.2 GW to 28.3 GW expected by 2034.

The PJM language in the budget will help state agencies “better understand future electricity needs as demand continues to increase,” said state Sen. Gene Yaw, R, who sponsored the original legislation, in a Monday release.

Shapiro was one of the PJM state governors who in September threatened to pull their states out of PJM’s markets unless they were given a role in governing the organization. “If PJM refuses to change, we will be forced to go in a different direction,” he said. “That is not a path that I am eager to chart, but I am not willing to stand idly by and let PJM dictate our future.”

An October memo about the legislation, circulated by Yaw and Sen. Nick Miller, D, said that “the process by which utilities and load-serving entities submit information to PJM is opaque, and policymakers, regulators, and stakeholders lack confidence in the data’s reliability.”

The Pennsylvania PUC “showed one utility is projecting its load to grow over the next 9 years by over 200% while the next closest utility was at 11% over the same period,” the memo said. “Such a wide disparity raises questions about how Pennsylvania utilities are evaluating requests for new service from large customers and relaying that information to PJM.”

The legislation gives the Pennsylvania PUC the authority to “review and validate load forecasts submitted by Pennsylvania utilities to PJM,” “coordinate with PJM and other state regulators to ensure accuracy and prevent duplicative counting of projects and contracts,” and “access all relevant materials necessary to carry out this oversight,” the memo said.

Tyler Durden Wed, 07/15/2026 - 13:00

SpaceX Shares Fall Below $135 IPO Price, But The Real Story Is Its Bonds

SpaceX has slipped below its much-hyped $135 IPO price, and down 40% from the all time high hit during the June 15th gamma squeeze when the stock surged above $220 if ovenright trading, an "inevitable outcome" according to Bloomberg, which lends some validation to the skepticism surrounding "a valuation that always relied more on imagination than observable fundamentals."

Wall Street’s price target estimates spanned from roughly $60 to $800 (from Raymond James), a forecast that was 5x above the IPO price...

... a remarkable range that underscored just how little conviction existed around intrinsic value, and where all the upside is based on the Musk "story.".

As Bloomberg's Brendan Fagan writes, "when analysts cannot even agree within hundreds of billions of dollars on what a company is worth, valuation becomes an exercise in storytelling rather than finance." Not like that should have been a surprise: after all, this was expected from the journey that Tesla shares have been on.

While the recent price action does not settle the debate over SpaceX’s long-term potential, but it does suggest the market is becoming less willing to pay almost any price for that uncertainty.

But while the SPCX stock price is notable, the real story is not in the stock but rather the company's brand new $25BN bonds due 2056, which have been a one-way street lower since breaking for trade on June 24...

... and which now yield a junkbond-esque 7.5%. 

The issue here, no pun intended, is that the rout of particular bond has pushed the Goldman hyperscaler bond basket to a new record wide as we noted earlier... 

Hyperscaler bond basket: another day, another record wide https://t.co/Ge41UpsaL9 pic.twitter.com/nssT8MoTeH

— zerohedge (@zerohedge) July 15, 2026

... and prompted Bloomberg to paraphrase what we said over the weekend, in its "Before the Bell" this morning, writing that "Signs of Hyperscaler credit stress has reached the highest since Goldman Sachs launched the basket in February. The data-center building boom has sparked an explosion of debt funding, with investors not paying enough attention to the terms of their lending."

For those who missed it, here is our article from this weekend "Carnage" In The Hyperscaler Bond Market: Did Goldman Just Pop The AI Debt Bubble, in which we explained that the bond market is almost at capacity, and will barely be able to digest any more bond issuance. Which, in a world where trillions in future capex have to be funded almost entirely by new debt issuance...

The corporate bond market threw a tantrum at "just" $250bn in IG bonds YTD.

So how do we get to $8 trillion... or $4.https://t.co/pA7aONbtiy https://t.co/8PamQYA6FH

— zerohedge (@zerohedge) July 15, 2026

... is suddenly a very big problem.

Tyler Durden Wed, 07/15/2026 - 12:44

Legionnaires' Cases Rise In Manhattan's Upper East Side As Dozens Of Cooling Towers Test Positive

Authored by Kimberley Hayek via The Epoch Times,

New York Health officials have identified dozens of cooling towers in Manhattan’s Upper East Side that tested positive for traces of Legionella bacteria, as Legionnaires’ disease cases reached 63 as of Tuesday. So far, 12 people are currently hospitalized, and 40 have been discharged from the hospital.

The New York City Department of Health and Mental Hygiene published a list this week detailing building cooling towers where initial PCR tests were positive for the bacteria.

Owners must drain, clean, and disinfect those cooling towers immediately. Many have already completed the work, with a few pending, according to numbers published by officials.

The towers with positive PCR results, according to the health department’s July 14 update, include 60 East End Avenue, 100 East End Avenue, 180 East End Avenue, and a long string along Madison, Park, York, and Fifth avenues, plus blocks of East 78th through 95th streets.

A handful still show cleaning pending, including 80 East End Avenue and 90 East End Avenue. The department posted exact addresses and street numbers, down to 300 East 83rd Street, which had an unregistered tower.

Confirmed cases climbed to 18 by July 5, an increase from 10 just days prior. They are clustered in ZIP codes 10028, 10128, and 10075, which are located in Yorkville and Carnegie Hill, as well as a stretch east of Central Park.

No deaths have been reported thus far.

Symptoms for legionnaires’ disease include fever, chills, cough, and muscle aches, and it spreads when people inhale mist from contaminated water, not from person-to-person contact. The symptoms usually appear 2–10 days after exposure, according to the U.S. Centers for Disease Control and Prevention.

The disease is treatable with antibiotics. Nonetheless, approximately 1 in 10 cases can be fatal, especially in older adults, smokers, and those with weakened immune systems or chronic lung disease. Cooling towers on rooftops are often the source of these outbreaks through warm, stagnant water.

Health Commissioner Dr. Alister Martin urged people to be on the lookout for symptoms.

“Any New Yorkers who currently live or work in this area or people who have visited the area since late June and are experiencing flu-like symptoms, such as cough, fever, or difficulty breathing, should contact a health care provider immediately,” the department said in an earlier statement.

“This is not an issue with any building’s plumbing system,” the health department noted.

Legionnaires’ disease is a form of pneumonia caused by Legionella bacteria, which thrive in warm water. It produces flu-like symptoms, and if left untreated, complications can become serious or even fatal.

When multiple cases emerge within a neighborhood—known as a community cluster—the exposure often traces back to sources such as cooling towers, hot tubs, or spray fountains. When cases cluster within a single building instead, the source is usually the building’s plumbing system, particularly its hot water system. In these situations, residents can be exposed to the bacteria through water mist while showering.

Last summer, a cluster in Central Harlem made 114 people sick and killed seven. That one was also connected to cooling towers.

Tyler Durden Wed, 07/15/2026 - 12:40