Individual Economists

Where Americans Can't Afford Healthcare

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Where Americans Can't Afford Healthcare

If there are two issues that dominate America’s online discourse, they’re the soaring cost of housing and the even steeper price of staying healthy.

The U.S. pours almost $13,000 per person into healthcare, yet average life expectancy is below nearly every other high-income nation.

It’s a study of contrasts.

As Visual Capitalist's Pallavi Rao notes, the country boasts of state of the art facilities and cutting edge research, while nearly 10% of Americans can’t afford healthcare.

This number comes from Centers for Disease Control and Prevention’s Behavioral Risk Factor Surveillance System (BRFSS) data that lists the share of surveyed adults who skipped seeing a doctor in 2023 because it simply cost too much.

In the map and article below we break down the varying trends per state.

ℹ️ Note: Source figures unavailable for Kentucky and Pennsylvania.

Ranked: States Where Americans Skip the Doctor

Texas leads the nation in not being able to afford healthcare. More than 18% of surveyed adults said skipped a doctor’s visit due to cost, far above the 10.6% U.S. median.

Year Top revenue company in the U.S. Annual revenue of the top company (USD, billions) 1955 General Motors $9.8 1956 General Motors $12.4 1957 General Motors $10.8 1958 General Motors $11.0 1959 General Motors $9.5 1960 General Motors $11.2 1961 General Motors $12.7 1962 General Motors $11.4 1963 General Motors $14.6 1964 General Motors $16.5 1965 General Motors $17.0 1966 General Motors $20.7 1967 General Motors $20.2 1968 General Motors $20.0 1969 General Motors $22.8 1970 General Motors $24.3 1971 General Motors $18.8 1972 General Motors $28.3 1973 General Motors $30.4 1974 General Motors $35.8 1975 Exxon Mobil $42.1 1976 Exxon Mobil $44.9 1977 Exxon Mobil $48.6 1978 General Motors $55.0 1979 General Motors $63.2 1980 Exxon Mobil $79.1 1981 Exxon Mobil $103.1 1982 Exxon Mobil $108.1 1983 Exxon Mobil $97.2 1984 Exxon Mobil $88.6 1985 Exxon Mobil $90.9 1986 General Motors $96.4 1987 General Motors $102.8 1988 General Motors $101.8 1989 General Motors $121.1 1990 General Motors $127.0 1991 General Motors $125.1 1992 General Motors $123.8 1993 General Motors $132.8 1994 General Motors $133.6 1995 General Motors $155.0 1996 General Motors $168.8 1997 General Motors $168.4 1998 General Motors $178.2 1999 General Motors $161.3 2000 General Motors $189.1 2001 Exxon Mobil $210.4 2002 Walmart $219.8 2003 Walmart $246.5 2004 Walmart $258.7 2005 Walmart $288.2 2006 Exxon Mobil $339.9 2007 Walmart $351.1 2008 Walmart $378.8 2009 Exxon Mobil $442.9 2010 Walmart $408.2 2011 Walmart $421.8 2012 Exxon Mobil $452.9 2013 Walmart $469.2 2014 Walmart $476.3 2015 Walmart $485.7 2016 Walmart $482.1 2017 Walmart $485.9 2018 Walmart $500.3 2019 Walmart $514.4 2020 Walmart $524.0 2021 Walmart $559.2 2022 Walmart $572.8 2023 Walmart $611.3 2024 Walmart $648.1 2025 Walmart $681.0

Closely following are the U.S. Virgin Islands (17.2%), Georgia (15.6%), and Nevada (15.2%).

However the map shows a clear clustering of the worst rates.

Eight of the top 10 jurisdictions with the highest cost-related avoidance are in the South. This underlines how lower average incomes and higher uninsured rates compound affordability challenges.

ℹ️ Related: See the most recent data for average incomes by state.

Policymakers in these states have also been slower to expand Medicaid, a factor that researchers link to higher out-of-pocket burdens for residents.

For example, Texas has one of the strictest Medicaid eligibility requirements. Adults under 65 who aren’t disabled or raising a child are ineligible for Medicaid regardless of how low their income is, per Healthinsurance.org.

Even parents can only qualify if their household income is extremely low. This would make it impossible for parents to hold even part-time jobs, as they will lose health coverage if their earnings rise above the threshold.

ℹ️ Related: Texas has a 13% poverty rate, 11th-highest in the country.

Where Fewer Americans Skip the Doctor

At the other end of the spectrum, Hawaii (6.7%), Vermont (7.0%), and Massachusetts (7.1%) report the lowest shares of adults dodging care for financial reasons.

In Massachusetts’ case, a legacy of near-universal coverage dating back to its 2006 healthcare reform was a model for the Affordable Care Act.

Interestingly, high-cost-of-living states like New York and California sit close to the national median, suggesting that robust insurance networks can offset other cost pressures.

ℹ️ Related: Californians and New Yorkers have the lowest purchasing power in the U.S.

With the federal Medicaid continuous-coverage provision now expired, analysts expect affordability gaps to widen unless state safety nets expand.

If you enjoyed today’s post, check out How Often People Go to the Doctor, by Country on Voronoi, the new app from Visual Capitalist.

Tyler Durden Fri, 10/10/2025 - 22:10

Paper Chase: A Global Industry Fuels Scientific Fraud In The U.S.

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Paper Chase: A Global Industry Fuels Scientific Fraud In The U.S.

Authored by Vince Bielski via RealClearInvestigations,

In southern India, a new enterprise called Peer Publicon Consultancy offers a full suite of services to scientific researchers. It will not only write a scholarly paper for a fee but also guarantee publishing the fraudulent work in a respected journal.   

It is one of many “paper mills” that have emerged across Asia and Eastern Europe over the last two decades. Paper mills are having remarkable success peddling tens of thousands of bogus academic journal papers and authorships to university and medical researchers seeking to pad their resumes in highly competitive fields. 

These sophisticated outfits also engage in trickery to get papers published, infiltrating journals with their own editors and reviewers and even resorting to bribery, according to investigators and a white paper from Wiley, a New Jersey-based publisher. The scale of the fraud is eye-popping: One Wiley subsidiary, Hindawi, retracted more than 8,000 articles two years ago for suspected paper mill involvement. 

U.S. universities and regulators have been able to brush off the threat of paper mills because they have mostly sold their services in China, where research integrity standards are rarely enforced, according to experts. But these rogue operators are building on their success in Asia and expanding to the U.S. and Western Europe, where the prize is the prestige of naming an author on an article from a famous university. 

Paper mills have become a huge business,” said Jennifer Byrne, professor of molecular oncology at the University of Sydney, who studies the enterprises. “If some journals are pushing back on papers from China, and they probably are, it makes sense that paper mills will try to diversify their clientele and start working with people in different countries.” 

As paper mills expand from the fringe to the center of research, placing professional-looking articles in high-impact journals owned by major publishers like Springer Nature, experts worry about the potential harm to scientific discovery. Researchers willing to break the rules in a Darwinian world of ‘publish or perish’ may mislead other scientists who incorporate their false findings into their own work. “We know little about the actual impact of paper mills on research,” Byrne says. “But if scientists are building on bad information, they are wasting resources and not making progress in their fields.”

Paper Mills Spread to the West

Paper mills appear to be expanding at a rapid clip, aided by AI that enables them to overwhelm journals with dozens of papers in a short period of time, adding to the challenge of detecting fakes. A study by the Committee on Publishing Ethics (COPE) revealed that, on average, journals suspected about 2% of submitted papers came from mills about five years ago. After journals published fake papers, however, the paper mills saw the opening and pounced, accounting for nearly half of new submissions. 

In a corrupt echo of Moore’s Law, a 2024 study concluded that the number of suspected paper mill articles has been doubling every 18 months, “far outpacing that of legitimate science.” 

Researchers in the West appear to be a small but important part of the expansion. Journals have retracted more than 140 papers that name a U.S. co-author because of evidence of organized fraud, and almost 200 retracted papers name a co-author from Western Europe, according to data collected by watchdog group Retraction Watch and analyzed by Cristina Candal Pedreira, an assistant professor at the University of Santiago de Compostela in Spain. Scholars at many leading U.S. universities, including the University of California, Emory University, Georgia Tech, and the University of Texas, have co-authored papers linked to paper mills in recent years. 

The retraction notice for a 2022 paper co-authored by computer scientist Yanhui Guo, a rising star in the field of AI at the University of Illinois Springfield, is typical. Wiley said its investigation of Guo’s paper “uncovered evidence of systematic manipulation of the publication and peer-review process. We cannot, therefore, vouch for the reliability or integrity of this article.”

It's difficult to know what role, if any, the U.S. researchers had in collaborating with a paper mill. Assuming the paper is a fake, a U.S. co-author could have purchased it or secured an authorship position on it, or they may have been unaware that a paper mill was involved.

Guo’s retracted article illustrates the different possibilities. It has six authors from five countries – a wide geographical spread that’s common on articles from paper mills, which sell authorship slots worldwide, says Elisabeth Bik, a California microbiologist who investigates scientific misconduct. Indeed, Guo could be unaware that another co-coauthor was collaborating with a paper mill, if that occurred. 

It should be up to universities to answer ethical questions about their faculty. But misconduct investigations are cloaked in secrecy. Asked if the university is investigating why two of Guo’s papers were retracted, a spokesperson said, “UIS is following standard protocols and cannot comment further.” Guo didn’t respond to several requests for comment from RealClearInvestigations.

Many U.S. researchers who co-authored suspect papers were born in another country and came to the U.S. as young scholars to make their names. Mohammed Ali Al-Garadi obtained his Ph.D. in computer science in Malaysia before joining Emory University in Atlanta as a postdoctoral researcher in 2019, according to his IEEE profile. While at Emory, he was one of nine authors from seven countries on a 2021 paper that three years later was retracted by a Wiley journal because of “indicators of systematic manipulation of the publication process.” 

In 2022, Al-Garadi landed a plum job at highly ranked Vanderbilt University, where he’s a research assistant professor in biomedical informatics. Al-Garadi and Vanderbilt didn’t respond to questions about the retracted paper, one of two of his articles yanked from a journal.

When more prominent U.S. researchers are named on alleged paper mill articles, experts say “name theft” might be involved. A scholar such as Jonathan Koomey, who has taught at Stanford University and has written more than 200 articles and reports and 10 books, would have no apparent motive to conspire with a paper mill. The mill, however, would have a motive to put his name on a paper without his knowledge to give it more credibility with a publisher. 

Koomey says he had no idea that his name and prestigious affiliation – Stanford – appeared on a retracted paper by a Sage journal until RCI recently asked him about it. Koomey’s name was listed with four scholars from China on a paper about an English oral evaluation algorithm. Koomey’s specialty is another field altogether: energy and climate change. 

This is a paper to which I never contributed and have no idea who these authors are,” said Koomey. “They just stuck my name on the paper without my knowledge.”

When U.C. Berkeley retired senior researcher Xiao-Yun Lu recently discovered that he was also a victim of name theft on two retracted papers linked to paper mills, he was alarmed. “I must stop this from happening immediately,” he told RCI.

Lu believed the lead author of the papers, Yi He, a former post-doctoral student at Berkeley, was responsible. So Lu emailed He, who now works at Wuhan University of Technology in China, and told him to follow proper scientific methods in his work and to stop putting his name on papers.

The research approaches, data and results all need to be scientific and objective,” Lu wrote to He in a September email shared with RCI.

He responded, defending the retracted papers as “original achievements” and assured Lu that he won’t use his name on papers in the future. “I apologize for the trouble caused to you,” He wrote.

How Paper Mills Operate

Wiley, a major academic publisher with 1,600 journals, has warned that its industry faces a “deepening crisis” from paper mills. They first appeared about 15 years ago, and many have evolved into sophisticated businesses, producing complex papers with all the trappings of science. Mills appear to hire scientists, perhaps drawing from the surplus of Ph.Ds., and include lab facilities in their sales pitch. 

The basic business model is selling authorship slots, if not the entire paper, to scholars on a wide variety of topics, from cancer research to economics to education, according to the COPE report. Paper mills write the articles, create charts based on online or fabricated data, respond to queries from editors, and guarantee publication in journals indexed to essential platforms like the Web of Science. It’s a wall-to-wall scam so convincing that journal editors, who are typically unpaid and have limited time for vetting papers, are easily deceived.

Researchers pay more for papers published in high-impact journals and for being the first listed author. While getting named on a low-profile conference paper might cost only $100, the price might jump to $1,200 for the first position in an influential journal, said a source in the academic publishing industry who asked to remain anonymous. “The highest fee I have heard of is $8,500.”

Paper mills operate with a remarkable degree of transparency, advertising their illicit services online to attract customers, with little concern that they will be shut down. They also offer legitimate services that can serve as camouflage for illegitimate ones. 

The website of India’s Peer Publicon Consultancy, for instance, leads off with an offer to correct the grammar and spelling on medical-related papers. That’s fine. Then comes the offer of help in every facet of writing and publishing a literature review article for about $300. Dig deeper to find this suspect offer: “You can join as a co-author for the review articles we prepare for publication in indexed journals.”

RCI reached out to Professor P. Mutha Prasanna, a managing director of a group that oversees Peer Publicon. He is also a co-author of a highly cited paper that is full of plagiarized text, according to Elisabeth Bik, the integrity consultant. Prasanna told RCI that the paper “was drafted mainly by another author” and that Peer Publicon “was recently launched and it has nothing to do with that paper.” He didn’t answer questions about Peer Publicon’s activities. 

In Russia, a paper mill called International Publisher says it operates in a glassy tower in central Moscow and claims to have published more than 4,000 papers, some in high-impact journals. “We can help teach authors how to write articles that will be accepted into international journals,” according to its website. “We can also handle any aspects of the work ourselves.” That includes enhancing the “scientific value of the article (improving the research, updating the relevance and analysis, logically organizing the content, strengthening the conclusion).” The pricing is laid out in a chart: Writing or revising a paper costs $2,400, and getting it published in a top-ranked journal is an additional $4,200.

Anna Abalkina, a research fellow at the Institute for East European Studies of the Free University of Berlin, brought unwanted scrutiny to the paper mill with her 2023 study. International Publisher had listed on its website the titles of papers with co-authorship slots for sale. Abalkina matched the titles with those that were later published, identifying at least 451 papers co-authored by more than 800 scholars over a three-year period. International Publisher didn’t respond to a request for comment. 

The Russian paper mill has extended its reach into the United States. A student at an East Coast university put her name on two published papers with titles that first appeared, almost word for word, on articles for sale on International Publisher’s website. The Russian company also publicizes a long list of U.S. universities that it claims provide “reviewers” for its articles. 

After Abalkina’s study was published, she says the paper mill tried to cover its tracks. It published thousands of abstracts of legitimate papers on its website, claiming it had helped to get them published. “Some of the legit authors complained to a prosecutor,” she said. “But the paper mill continues to operate.”

Secretly Infiltrating Journals

Producing fraudulent articles is only part of the paper mill contagion. They have also infiltrated journals to get them published. 

Journal editors commonly ask authors to recommend scientists who can peer review their work, which theoretically should provide a shield against publishing fake research. But when a mill produces the article, it sometimes recommends its own reviewers who then provide positive feedback to editors about a bogus article, according to the COPE report. In 2021, a SAGE journal pulled 122 published papers because of “clear indications that the submission and/or peer review process … was manipulated.”

When publishers seek outside editors for special issues, a popular practice, paper mills have also taken advantage of the opportunity to fill the temporary role. These “guest editors” then fill the special issues with rubbish articles and fabricated authors. A Chinese paper mill boasted about bribing a guest editor with a thousand dollars per paper for a special issue by publisher Hindawi, according to a report in For Better Science. The widespread infiltration of Hindawi’s special issues led to the mass retractions and the closing of the Hindawi brand by Wiley.

Journals that focus on human gene research appear to be a favorite target of paper mills, partly because experimental results are simple to fabricate, according to Sydney’s Byrne. Her research shows that paper mills, which in the past appeared to focus on marginal journals because they may be easier to penetrate, have moved up the food chain, presenting a greater threat to cancer research. 

Byrne and other researchers found that two top-rated high-impact cancer journals from Springer Nature, Molecular Cancer, and Oncogene, have published a significant number of papers with wrongly identified nucleotide sequences that suggest foul play in many cases. Over a span of years ending in 2020, 18% of the Molecular Cancer papers examined in the study contained errors, as did 40% of the 2020 Oncogene papers. 

“Although we can’t be sure that all of these papers with nucleotide sequence errors came from paper mills, at least some of these papers seem likely to have been produced with paper mill support,” Byrne said. 

As paper mills penetrate more influential journals, they may also be collaborating with a significant number of Western researchers who seek such top-shelf exposure. While most of the co-authors of the problematic papers in Molecular Cancer are in China, 8% are in the U.S., and 11% are in Western Europe.

Battle Against Paper Mills

Despite the work of scientists like Bik, Abalkina, and Byrne to expose paper mills, there’s not much getting in the way of their expansion. In the U.S., much of the responsibility rests with universities and their research integrity officers. But they face institutional hurdles, from researchers afraid to blow the whistle on colleagues to pressure from university leaders to slow-walk investigations that could taint an academic institution’s reputation. 

University officials may not even know that a faculty member has been subjected to a retraction. A North Carolina State University computer science professor still posts his paper on the school’s website without noting that it was retracted by a Sage journal in 2023 due to concerns that could include “unauthorized third party involvement” and “unverifiable authors and reviewers.” The researcher didn’t respond to a request for comment. 

In response to the onslaught of fraudulent scholarship, journals are bolstering their efforts against paper mills. A Wiley spokesperson told RCI it has developed AI-powered detection systems to intercept suspect papers before they reach peer review while also scaling up its internal integrity teams. Some publishers, such as Taylor & Francis, are combating authorship sales by making it harder for mills to add and remove names from papers.

Considering the rapid growth in the number of indexed published papers, topping 2.8 million in 2022, publishers don’t vet every paper for every type of wrongdoing. They tend to find and reject the submissions that are clearly fraudulent.

“It’s the people who are lazy or not very good at faking it who probably get caught,” the publishing source said. “But if a paper mill doesn’t put anything in a paper that's obviously fake and they are not too greedy in terms of numbers of authors, they can definitely get it published.”

Byrne agrees that publishers are still routinely fooled by sophisticated fakes. She was recently asked to peer review a cancer paper submitted to a journal at one of the big five publishers. As a leading expert in the field, Byrne found serious flaws in the complicated paper, which wrongly described the behavior of cancel cells. It was a typical paper mill product – a fancy piece of rubbish.

Byrne’s peer review report to the editor was blunt: “This paper must not be published. It’s absolutely not true,” she said. “But they didn’t listen to me.” Instead, the editor asked the authors to make revisions on the paper that’s now headed for publication. 

“Honestly, this drives me nuts,” Byrne said. “And this is happening at scale all around the world.”

Tyler Durden Fri, 10/10/2025 - 21:45

Pfizer Left COVID-19 Vaccine Data Out Of Submissions To FDA, Documents Show

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Pfizer Left COVID-19 Vaccine Data Out Of Submissions To FDA, Documents Show

Data on how parts of a Pfizer-BioNTech COVID-19 vaccine spread in the bodies of mice were withheld from regulatory submissions to the U.S. Food and Drug Administration, according to a new comparison of those submissions and similar documents sent to Japanese regulators.

Byram Bridle, who has a PhD in immunology and is an associate professor of immunology and virology at the University of Guelph in Canada, authored the comparison. It was dated Aug. 13 and released on Oct. 4 by Dr. Robert Malone, a vaccine adviser to the U.S. government.

“The findings of this report raise serious questions about the integrity of the health regulatory process during the declared COVID-19 pandemic,” Bridle said in his conclusions.

During a September meeting, under questioning by Malone, a Pfizer representative said that its studies of the spread of vaccine elements, known as biodistribution, were done in consultation with the FDA.

“Pfizer does not have a further comment other than we did our work in close consultation with the FDA on all our of biodistribution studies that were approved for our licensed product,” the representative said.

As Zachary Stieber details below, Malone told The Epoch Times that the images in the submissions appear to have been manipulated “to hide the fact that the biodistribution was much broader than the initial narrative that was promoted, which is that it stays at the site of injection and draining lymph nodes.”

He added: “That was clearly a lie, and it was a lie that we now know was supported by editing data that were presented to the FDA. And, according to what the Pfizer representative stated, that editing of data was done in cooperation and consultation between Pfizer and the FDA. That is completely unacceptable.”

Pfizer, BioNTech, and the FDA did not respond to requests for comment.

Edited Data

Pfizer and Moderna did not carry out human biodistribution studies before the FDA cleared their messenger ribonucleic acid (mRNA) vaccines in late 2020. They tested the spread of mRNA in animals.

Pfizer and BioNTech tested a surrogate product containing modified RNA, or modRNA, and luciferase, a bioluminescent enzyme found in fireflies, in mice and rats. The distribution was tracked over nine days, according to documents released by the FDA in 2022 under court order.

“Highest signal was detected at the first time points after immunization at the injection site and the signal declined slowly over time until day 9,” the BioNTech report on the mice study stated. The testing “showed limited drainage to the liver,” but no signal was detected 48 hours after immunization, according to the report.

Dr. Robert Malone, a member of the Advisory Committee on Immunization Practices, in Atlanta, Ga., on June 25, 2025. Elijah Nouvelage/Getty Images

A single picture from imaging of the mice was included in that section of the report, which was sent to the FDA in 2020. Additional images, with more of the mice bodies included, were provided in filings to Japanese regulators. The images showed that the mRNA spread to the rodents’ kidneys and adrenal glands, Bridle said in his analysis. He also said the luminescence was toned down in the FDA document.

“The image in the FDA’s version of the common technical document appears to be a version of the image from the Japanese document that was manipulated in numerous ways, potentially to discourage discovery that they are one and the same,” Bridle stated. “It was then cropped to hide clear evidence of systemic biodistribution of the modRNA vaccine.”

All of the images sent to American and Japanese regulators cut off at least 25 percent of the mice bodies, including their heads, which prevented any conclusions being made about potential spread to the brain, Bridle said.

Unredacted Image

The BioNTech report stated that after 9 days, the luminescence signal had dropped to background levels.

BioNTech included a graph to support the statement. The lower portion of the graph, representing mice that received a buffer control, was unredacted by the FDA. The rest of the graph, showing levels in mice that received the modRNA product, was redacted.

The same graph was included without redaction in documents released by Japanese regulators. The full graph showed that the levels in vaccine recipients started high and did not reach background levels after 9 days, Bridle said.

“Based on the data from the Japanese document, the claim in the FDA’s report that ‘After 9 d, the reporter expression dropped to background levels’ appears to be a bald-faced lie that was facilitated by redacting data to avoid scrutiny and then hoping nobody would realize that non-redacted data had previously been released by Japan’s Pharmaceuticals and Medical Devices Agency,” Bridle wrote.

He also said that it appeared that the experiments were preliminary and rushed, due to the graph missing typical information, such as error bars.

The regulatory scientist(s) that reviewed these data should have requested that the study be repeated with an extended timeline and with sufficient experimental replicates until proper statistical analyses revealed a timepoint at which the luciferase signal in the immunized group was no longer statistically different from the background signal in the sham-treated control group,” he said.

The Moderna campus in Norwood, Mass., on Dec. 2, 2020. Joseph Prezioso/AFP via Getty Images

Moderna’s Biodistribution Testing

Moderna also tested the spread of mRNA in animals.

Testing in rats detected the mRNA in multiple organs, such as the liver and spleen, and heart and brain tissue, according to a description of the testing included in a European Medicines Agency document made public in 2021.

Darin Edwards, an executive at Moderna, told the advisory panel on which Malone sits, the Advisory Committee on Immunization Practices, in September that testing showed the mRNA and another part of the vaccine, spike protein, “does primarily localize to the injection site and the draining lymph node.”

While there was some detection in other tissues and organs, “that does clear vary rapidly post-injection, with no detection after 14 days in those studies” provided to the FDA, he added.

As with Pfizer, Moderna used a surrogate product in biodistribution testing, rather than the vaccine that the FDA ultimately cleared.

“A biodistribution study was not performed with mRNA-1273 vaccine. Results from the biodistribution study of a different vaccine ... were submitted,” FDA reviewers stated in a 2022 document recommending approval of Moderna’s Spikevax, or mRNA-1273.

Edwards said the product used in the animal testing was “commercially representative material” that uses the same mRNA that is part of Spikevax.

Malone said the FDA document showed the answer was not truthful.

Asked for a response, a Moderna spokesperson pointed The Epoch Times to a company webpage, which does not address the differences between the products.

More Recent Biodistribution Data

The Centers for Disease Control and Prevention, the U.S. public health agency, said for years that after receipt of a Pfizer or Moderna vaccine, “our cells break down mRNA from these vaccines and get rid of it within a few days after vaccination” and the spike protein within a few weeks. The CDC still maintains that after the mRNA delivers instructions to the body on how to make spike protein copies, “our cells break down the mRNA and remove it.”

More recent biodistribution data from humans, though, show mRNA and spike protein spread to various parts of the body and stay there for much longer than stated. That includes spike protein being present in people’s cerebral arteries up to 17 months following Moderna and Pfizer vaccination, Japanese researchers reported in the Journal of Clinical Neuroscience in April.

Charlotte Kuperwasser, who has a PhD in molecular and cellular biology and is a professor of developmental, molecular, and chemical biology at Tufts University School of Medicine, told The Epoch Times in an email that the FDA should have made the companies use the vaccines they wanted cleared in the preclinical testing.

“Given what was reported in the preclinical biodistribution study, and what we’ve learned about biodistribution in humans, I think there needs to be careful reevaluation of these products in general but most importantly in the reproductive setting,” she said, noting that none of the animals tested by the companies were pregnant.

Kuperwasser pointed to a paper published in February that described how Taiwanese researchers who administered Moderna’s vaccine to pregnant mice found the mRNA rapidly circulated and within one hour crossed the placenta to spread in the fetus.

The researchers said that the vaccine “did not pose discernible safety issues in pregnant mice and their pups” but that “the proof of transplacental mRNA-1273 transmission with enduring mRNA retention in the offspring’s liver or spleen inevitably aroused an interest in the genotoxic effects of mRNA vaccines on the developing fetus.” They added later, “the risk of long-term genotoxicity in the offspring born to mRNA-vaccinated mothers cannot be overlooked.”

Malformed ribs were found in the offspring of rats injected with the Moderna and Pfizer vaccines, the companies have said. They said that was not an issue since the wavy ribs are known to resolve on their own. They also say the vaccines are safe and effective for pregnant women, primarily based on observational data from humans.

Updated COVID-19 Vaccine Recommendations

Following orders from Health Secretary Robert F. Kennedy, the CDC in May stopped recommending the COVID-19 vaccines to healthy children and pregnant women.

Kennedy said in a directive that COVID-19 vaccination “pose[s] potential risks to the mother and developing baby.”

Health Secretary Robert F. Kennedy Jr. testifies before the Senate Committee on Finance on Capitol Hill in Washington on Sept. 4, 2025. Madalina Kilroy/The Epoch Times

The changes were made without consulting the Advisory Committee on Immunization Practices, the CDC’s vaccine advisory panel.

The FDA in August revoked emergency authorization for the vaccines. In updated approvals, the shots were cleared for people aged 65 and older as well as younger people with risk factors, one of which is being pregnant.

In memorandums explaining the decisions, FDA official Dr. Vinay Prasad wrote that “there is growing clinical evidence that spike protein, which is generated as a result of or in the course of vaccination, may persist for some time in a subset of individuals” and that the persistence may be linked to so-called long COVID.

Clinical trials that the companies have pledged to carry out in younger, healthier people may provide answers on the persistence and possible link, according to Prasad.

The CDC’s vaccine advisers met in September to consider, in light of the FDA’s actions, to whom the CDC should recommend the vaccines.

Kuperwasser presented the advisers with emerging data on biodistribution and immune changes following vaccination.

“Studies in humans have confirmed that vaccine mRNA can be detected in multiple tissues, including lymph nodes, the heart, the central nervous system, and blood,” she told them. “Finally, persistence is not just short-term. In some reports, mRNA has been detected for weeks to months, and in certain cases, as long as 706 days post-vaccination.”

Members of the panel said they were concerned about COVID-19 vaccine data, including newer studies on biodistribution and residual DNA. They voted to advise the CDC to tell people they should consult with health care professionals before being vaccinated. Jim O'Neill, the CDC’s acting director, accepted the advice on Oct. 6.

Tyler Durden Fri, 10/10/2025 - 18:50

Zelensky Says He'll Push For Trump To Receive 2026 Nobel If Ukraine Gets Tomahawk Missiles

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Zelensky Says He'll Push For Trump To Receive 2026 Nobel If Ukraine Gets Tomahawk Missiles

Authored by Dave DeCamp via AntiWar.com,

Ukrainian President Volodymyr Zelensky said on Thursday that Ukraine would nominate President Trump for a Nobel Peace Prize if he provides the country with Tomahawk missiles, a step that would mark a significant escalation of the proxy war and risk a major response from Russia. There's already anticipation for the 2026 prize.

Zelensky told reporters that he and Trump discussed the possibility of the US supplying Ukraine with Tomahawks, which are nuclear-capable and have a range of over 1,000 miles, during their recent meeting on the sidelines of the UN General Assembly in New York.

Image via Zelensky’s office

"During our most recent meeting, I didn’t hear a ‘no.’ What I did hear was that work will continue at the technical level and that this possibility will be considered," Zelensky said, according to POLITICO.

"The plan for ending the war won’t be easy, but it is certainly the way forward. And if Trump gives the world — above all, the Ukrainian people — the chance for such a ceasefire, then yes, he should be nominated for the Nobel Peace Prize. We will nominate him on behalf of Ukraine," he added.

Vice President JD Vance recently confirmed that the Trump administration is considering supplying Ukraine with Tomahawks by selling them to European countries, though it remains unclear if it’s a realistic option since the Ukrainian military lacks a way to fire them.

Tomahawks are designed to be fired by US Navy warships and submarines, and the US has only recently developed and deployed ground-based launchers after withdrawing from the Intermediate-Range Nuclear Forces (INF) Treaty in 2019.

Russia has issued strong warnings against the US supplying Ukraine with Tomahawk missiles, saying that it will be detrimental to US-Russia relations.

Below: Nobel Committee was not interested in Zelensky's opinion while choosing Peace Prize winner — Putin on Zelensky's 'RIDICULOUS' Tomahawks-for-Nobel suggestion for Trump...

Russian Foreign Ministry spokeswoman Maria Zakharova said on Wednesday that if the US sends Tomahawks to Ukraine, it will "not just send the confrontation into a downward spiral, but also do irreparable damage to Russian-US relations, which have just begun to display certain elements indicating the resumption of a bilateral dialogue."

Tyler Durden Fri, 10/10/2025 - 17:40

Trump's Gaza Peace Spillover: Investors Foresee End Of Red Sea Shipping Crisis

Zero Hedge -

Trump's Gaza Peace Spillover: Investors Foresee End Of Red Sea Shipping Crisis

The Iran-linked Houthis of Yemen appear to have halted their missile and drone attacks on Israel as the US-backed Gaza ceasefire has gone into effect Friday.

There have not been any recent observable attacks since both sides agreed to accept Trump's 20-point peace plan, with the Houthis now saying they are 'monitoring' the ceasefire and Israel's compliance, suggesting no more attacks while it is pending. Maritime industry sources in Europe are signaling optimism after a vital global transit route has been effectively blocked for much of the last two years.

Illustrative from 2024, Flexport/Microsoft

Leader of the Houthis, Abdul-Malik al-Houthi, declared Thursday, "We must be at the highest levels of caution and readiness, and continue the massive popular momentum with the Palestinian people, until we determine whether the agreement will be achieved, or whether we will continue our path of support and assistance to the Palestinian people."

"We will remain vigilant, prepared, and monitor the progress of the agreement. Will it lead to an end to the aggression on the Gaza Strip and the entry of aid, food, medicine, and humanitarian needs to the Palestinian people? Will the Americans and Israelis stop their genocide against the Palestinian people and commit to a ceasefire? This is what we hope for, and it was our goal in the support operations and confronting the attack on the Palestinian people and the nation in general," al-Houthi added.

While last spring President Trump declared a bilateral US-Houthi ceasefire and withdrew US naval forces from the Red Sea, the Shia group's war on Israeli shipping and also foreign vessels headed to Israeli ports continued, and even ramped up. But Trump successfully ended America's direct involvement in the anti-Houthi campaign.

But if the new ceasefire holds - which took official effect Friday - and if the Houthis permanently halt their attacks in turn, this means the Trump deal will have resolved the long-running crisis of global shipping through the Red Sea and the Suez Canal. According to Reuters:

Shares of Danish shipping giant Maersk fell two percent in Copenhagen on Thursday, reflecting investor expectations that safer passage through the Red Sea could eventually restore capacity and reduce freight rates. Analysts cautioned, however, that shipping companies would likely wait months for assurances that attacks would not resume.

Diplomats and analysts said the ceasefire in Gaza could have broader geopolitical implications, potentially easing tensions in the region and fostering conditions for the eventual normalization of maritime security in the Red Sea corridor.

However industry insider and maritime shipping monitor TradeWinds offers a more cautious assessment

War risks rates for shipping in the Red Sea have remained steady following the Middle East ceasefire deal as underwriters seek to claw back losses from the deadly Houthi campaign, according to market sources.

Underwriters will wait for evidence that the ceasefire between Israel and Hamas will hold before easing rates for ships travelling through high-risk areas in the Red Sea and Gulf of Aden, said one source.

Insurers are preparing for the return of Greek tanker owners to the region as tensions decline. Longer-term war-risk rates are also likely to fall, with new insurers preparing to join the market.

Since 2023, literally hundreds of missile and drone attacks on commercial vessels have occurred in the Red Sea and the Gulf of Aden. The Houthis have also downed several MQ-9 Reaper drones operated by the Pentagon.

Below: A reminder of the kinds of major attacks and explosions which have been occurring in waters off Yemen over the last two years...

It was the Biden administration which first put together an international naval coalition patrolling regional waters, and led by the United States. But after several waves of airstrikes on Yemen, it did nothing to lessen Houthi resolve.

Could Trump's big Gaza peace plan have the spillover effect of solving the Houthi and Red Sea shipping crisis as well? Time will soon tell.

Tyler Durden Fri, 10/10/2025 - 17:20

Trump Signs Proclamation Reinstating Columbus Day

Zero Hedge -

Trump Signs Proclamation Reinstating Columbus Day

President Donald Trump signed a proclamation on Oct. 9 recognizing Oct. 13 as Columbus Day in honor of Italian explorer Christopher Columbus.

“Columbus Day, we’re back, Italians. We love the Italians,” Trump said after signing the proclamation at the White House.

As The Epoch Times' Aldgra Fredly reports, this marks a departure from President Joe Biden’s practice since 2021 of issuing dual proclamations that observed both Columbus Day and Indigenous Peoples’ Day on Oct. 13.

In his proclamation, Trump hailed Columbus—whose 1492 expedition from Spain reached the Caribbean and marked the beginning of sustained European exploration and colonization of the Americas—as “the original American hero” and “a giant of Western civilization.”

“As we celebrate his legacy, we also acknowledge the contributions of the countless Italian-Americans who, like him, have endlessly contributed to our culture and our way of life,” the president stated in his proclamation.

Trump denounced who he called “left-wing radicals” who attempted to “erase our history” and “attack our heritage” by toppling Columbus statues and tarnishing the explorer’s character.

“Under my leadership, those days are finally over—and our Nation will now abide by a simple truth: Christopher Columbus was a true American hero, and every citizen is eternally indebted to his relentless determination,” he stated.

Trump called on U.S. citizens to observe Columbus Day with “appropriate ceremonies and activities,” and directed that the U.S. flag be displayed on all public buildings on that day.

The proclamation follows Trump’s earlier post on social media in which he vowed to commemorate Columbus Day “under the same rules, dates, and locations, as it has had for all of the many decades before.”

Columbus Day is a federal holiday in the United States, which is celebrated on the second Monday of October to honor Italian Americans and Christopher Columbus.

The federal holiday was still known as Columbus Day during Biden’s term, but also as Indigenous Peoples’ Day. Activists had long wanted to shift the focus from commemorating Columbus’s navigation to the Americas to his and his successors’ exploitation of the indigenous people he encountered there.

Biden’s 2021 Columbus Day proclamation acknowledged “the painful history of wrongs and atrocities that many European explorers inflicted on Tribal Nations and Indigenous communities.”

During his first term, Trump stated in a 2020 proclamation that “radical activists have sought to undermine Christopher Columbus’s legacy,” amid reports of vandalism targeting statues of the Italian explorer in some states. In October 2019, vandals threw red paint and sprayed graffiti on two Columbus statues in Rhode Island and California.

Tyler Durden Fri, 10/10/2025 - 16:40

All-In For Civil War 2.0 As Democratic Party Grift-Machine Blows Up

Zero Hedge -

All-In For Civil War 2.0 As Democratic Party Grift-Machine Blows Up

Authored by James Howard Kunstler,

What Is Power For?

“Ordinary judicial proceedings become impracticable when the people paid to execute federal law coordinate to prevent its execution.”

- EKO on “X”

Now, try to imagine Illinois Gov. JB Pritzker (Jabba the Pritzker) as a Confederate general, his juddering bulk astride a panting war-horse, as he gallops into battle against federal positions in Millennium Park, Chicago. . . . Yeah, in the immortal words of Homey D. Clown, I don’t think so. Yet these seem to be the fantasies typically entertained in our times by the Big Dawgs of the Democratic Party: a confederacy of dweebs.

While Mr. Trump uses presidential power to bring the Gaza War to resolution, officials in the Party of Chaos, distributed through the federal bureaucracy, and down into the state and city ranks, maneuver to ignite Civil War 2.0 in our country.

They seem to be mighty pissed-off about something, but what could it really be?

Surely not just the removal by deportation of countless border jumpers they ushered in during the baleful term of “Joe Biden” to beef-up their voter rolls.

No, what galls them is the sheer hemorrhaging of their power.

The people of this land increasingly reject them and their insane claims and are walking away from the party, at the same time that Mr. Trump seeks to methodically disassemble the scaffold of all their roguery because it is bent on wrecking the republic.

What was their power for? I will tell you: nothing more than maintaining that scaffold, which was a colossal racketeering operation, a matrix of money-flows at every level from the cash payments to their sniveling nose-ring foot-soldiers marshaled outside the ICE buildings, to the many thousands employed by Woke foundations, think tanks, and NGOs, to the grifters of the teachers’ union, to the mayors, governors, and bureaucratic myrmidons of “sanctuary” cities and states, to the federal agency goldbricks and “Trump resisters,” to the zillion-dollar stock portfolios of their avatars such as Nancy Pelosi, AOC, Ilhan Omar, Sheldon Whitehouse, and Adam Schiff, to the accounts receivable of the Lawfare firms run by Norm Eisen and Marc Elias, to the bonuses of worker bees in foundering news orgs such as The New York Times (Michael Schmidt) and MSNBC (Nicolle Wallace).

That is the beginning and end of their power-seeking: one big moneygrubbing racket. The Party existed solely for the sustenance of the Party, a political tautology in living color. Everything else — their idiotic “policies,” their gender madness, their race hustles, even the mutual admiration of Stephen Colbert and Jimmy Kimmel — was noise, sturm and drang, gaslight, pretend. . . finally vectoring toward treason. The sedition it underwrote had a single purpose: to destroy the one figure seeking to end the rackets, the duly-elected Mr. Trump. Their great frustration in failing to accomplish that, and his terrifying return to the Oval Office in 2025 after monumental efforts to banish, ruin, imprison, and kill him, has driven them batshit crazy. So, now they’re all-in for Civil War 2.0.

The Democratic Party grift machine was kind of the modern reincarnation of the old “Spoils System” of government from the late 19th century (“To the victor go the spoils”). But back then, it was strictly government jobs for the connected. There was no giant asteroid belt of subversive service orgs, no NGOs or think tanks that flourish today around Washington. Of course, the Spoils System blossomed after the terrible ordeal of Civil War 1.0, and the last thing the grifters aimed to do was undermine the golden goose of government. They just wanted them golden eggs. Anyway, the whole wicked business got the kibosh when Congress passed the Pendleton Civil Service Reform Act of 1883.

But as things will in history — which rhymes, as you know — the Spoils System was reincarnated in a new-and-improved guise by the Democratic Party under Barack Obama and finally burgeoned into a gigantic, demonic, criminal enterprise under Mr. Obama’s stand-in, “Joe B,” himself a connoisseur of bribery and money-laundering.

So, the Democratic Party appears now to be moving into overt insurrection, for the very purpose of goading Mr. Trump into declaring insurrection, in order to put down the insurrection they are ginning up around the country.

And that way, they get to label him “a tyrant” so as to persuade the voters to keep the party of Chaos in office to “fight for our democracy” — meaning, to keep all their rackets going.

I doubt that Mr. Trump will shrink from the challenge, certainly not because a gang of sycophant federal judges issue injunctions against his exercise of constitutional power — that is, the power to preserve, protect, and defend the reasons for our existence as a nation.

Tyler Durden Fri, 10/10/2025 - 16:20

MiB: Jurrien Timmer, Director of Global Macro at Fidelity Investments

The Big Picture -



 

 

This week, I speak with Jurrien Timmer, Director of Global Macro at Fidelity Investments. The firm oversees $16 trillion on its platform for 20 million clients, of which $6.4 trillion in discretionary assets. Timmer is a Chartered Market Technician (CMT), Part of Fidelity’s Global Asset Allocation (GAA) group and a specialist in asset allocation and global macro strategy. Has been at Fidelity for 30 years and has 40+ years of experience
Previously, Co-managed Fidelity Global Strategies Fund from 2007 to 2014, and was a VP at Fixed Income at ABN AMRO.

We discuss his career and the current state of markets. He explains why he is bullish on equities and why gold might still have further to run.

A list of his favorite books is here; A transcript of our conversation is available here Tuesday.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, SpotifyYouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business next week with Liz Ann Sonders, Chief Investment Strategist, Charles Schwab & Co.

 

Favorite Books

 

 

 

 

 

The post MiB: Jurrien Timmer, Director of Global Macro at Fidelity Investments appeared first on The Big Picture.

Musk's Data Center Power Math: "Would Double U.S. Electrical Energy Output Per Year"

Zero Hedge -

Musk's Data Center Power Math: "Would Double U.S. Electrical Energy Output Per Year"

Whether you read institutional commentary from the desks at Goldman, UBS, Bank of America, Morgan Stanley, or others, all indications are that the growing power demand from AI chips in server racks has rendered air cooling obsolete, with liquid cooling now the premier choice. But the broader concern is that soaring power loads from data centers are straining already fragile grids, tightening supply, driving up electricity prices, and raising the risk of blackouts.

With nuclear power restarts and new buildouts years away. We pointed out on Thursday night, "Each 1GW of AI computing capacity costs $50bn to deploy in today's prices, according to OpenAI execs. By 2028, Morgan Stanley projects at least 65 GW of new data center demand. Do the math..." 

We were referring to our previous X post about power blackout risks due to the surging new power demand from AI data centers and those that will be brought online in the near-term, colliding with a fragile grid with limited spare capacity.

"There is no way the current US grid can support this," we mentioned on X, commenting on our report for ZeroHedge Pro Subs, titled "Behind The $500 Billion Data Center Boom: Here's Who Makes All The Key Components." 

Last night, Elon Musk commented on our data center power X post, explaining how large-scale industrial batteries, such as the one Tesla offers, can be a winning solution to stabilize the grid. 

"Batteries. US grid is capable of 1TW steady state, but average usage is ~0.5TW. Run the power plants at night to charge up the packs and then discharge packs during the day to power AI," Musk said, adding, "That would double US electrical energy output per year." 

With nuclear power still years away, and with Goldman already warning of "price spikes and power blackouts", the federal government or power grid operators must figure out a cost-effective, scalable energy solution to ensure power prices don't continue spiraling out of control and proper grid stabilization occurs to ensure grid stability amid the AI arms race with China. Also, Goldman labeled the "vulnerable link" at the center of energy security as power grids.

We cited Morgan Stanley's Adam Jonas in June of 2024... 

And batteries it is?

Tyler Durden Fri, 10/10/2025 - 15:20

BLS To Publish Next CPI Report On Oct 24 Despite Shutdown, Just Days Before Fed Decision

Zero Hedge -

BLS To Publish Next CPI Report On Oct 24 Despite Shutdown, Just Days Before Fed Decision

The data drought is about to end (with some footnotes).

The Bureau of Labor Statistics, which we reminded our followers some time ago is not just behind the monthly jobs report but also the various inflation updates...

... said it will publish the September consumer price index on Oct. 24, marking a rare exception to release data during the government shutdown.

The report will come out that day at 8:30 a.m. in Washington, compared to the original publication date of Oct. 15, the agency said Friday.

“No other releases will be rescheduled or produced until the resumption of regular government services,” BLS said in a statement. “This release allows the Social Security Administration to meet statutory deadlines necessary to ensure the accurate and timely payment of benefits.”

Yesterday, Bloomberg News reported that the agency had recalled staff to prepare the report by the end of the month. The government uses third-quarter CPI data to determine the annual cost-of-living adjustment for Social Security recipients for the following year. The COLA announcement is typically made shortly after the BLS releases the September CPI. A BLS spokesman said that the SSA will make the COLA announcement on Oct. 24 as well. 

So why Oct 24? because the next FOMC decision is on Oct 29, which means Trump is working overtime to assure another cut, and maybe even going for a jump. It also means that the CPI report will be "nudged" just enough to come (notably) below Wall Street estimates.

Fed Governor Christopher Waller said in an interview earlier Friday that having the CPI report for that meeting will help “a lot.” However, he’s more concerned about the labor market, and the BLS still hasn’t released the September employment report that was due Oct. 3.

The BLS had suspended all operations, including data collection and the production of economic statistics, as a result of the government shutdown. In its latest contingency plan, the Labor Department said scheduled BLS releases wouldn’t come out during a shutdown, nor would the agency’s website be updated. Out of the BLS’s roughly 2,000 employees, the plan only prescribed the commissioner to work during a lapse in funding.

It also said that a delay of the CPI report released in October “might have an impact” on the COLA announcement.
The recalled staff have only been tasked with preparing the September CPI, according to Friday’s notice. That suggests staff are not collecting data for the October CPI due next month, nor are they working on the jobs report that was scheduled to be released last week.

When the government reopens, agencies like the BLS, as well as the Census Bureau and Bureau of Economic Analysis, will typically put out an updated schedule of publication dates for key economic reports.

For the September CPI report, which was originally scheduled for Oct 15, estimates are for a 0.3% MoM increase in headline CPI and 0.4% MoM increase in Core CPI, translating into 3.1% YoY increase for both metrics. 

The BLS collects prices for the CPI throughout the entire reference month, meaning all data collection for the September report would have been complete by the time the government shut down on Oct. 1. Once the data is collected, it usually takes about eight to 10 business days to produce the report. Dozens of economists and IT specialists are typically involved in preparing and disseminating it.

Tyler Durden Fri, 10/10/2025 - 14:40

'Substantial' Government Layoffs Have Begun: Vought

Zero Hedge -

'Substantial' Government Layoffs Have Begun: Vought

The White House has begun laying off a "substantial" number of government employees, OMB Director Russ Vought announced Friday on X. 

Russell VoughtPhotographer: Jim Lo Scalzo/EPA/Bloomberg

"The RIFs have begun," Vought wrote, referring to reduction-in-force plans. 

"Can confirm RIFs have begun and they are substantial," an OMB spokesperson told POLITICO, adding "These are RIFs not furloughs." 

The news comes on the 10th day of the government shutdown after Senate Democrats insisted on maintaining Obama-era benefits that include illegal immigrants, and both sides of the aisle have repeatedly failed to pass subsequent packages to fund the government. 

According to the report, the layoffs have hit agencies including: Interior, Homeland Security, Treasury, EPA, Commerce, Education, Energy, HHS and HUD.

On Thursday, Trump said his administration would target programs backed by Democrats - saying during a cabinet meeting: "We’re only cutting Democrat programs, I hate to tell you, but we are cutting Democrat programs," adding "We will be cutting some very popular Democrat programs that aren’t popular with Republicans, frankly."

The move follows an OMB memo leaked two weeks ago which ordered Trump administration officials to prepare to carry out reduction-in-force (RIF) plans during the shutdown, targeting employees that aren't legally required - OR, those which conflict with Trump's priorities. 

Democrats are of course freaking out.

"We believe that they are not only unethical and immoral but illegal for him to be RIFing people in a shutdown," said Rep. Sarah Elfreth (D-MD) on Friday. 

The cuts also come hours ahead of a court deadline for the DOJ to file a report detailing any plans to terminate workers during the shutdown - ahead of an Oct. 16 hearing on a request by federal worker unions to block layoffs.

Over 2/3 of civilian federal employees have remained on the job during the shutdown, between essential workers or jobs that receive longer-term funding. The vast majority of employees are going without pay. 

*  *  * Got Lithium? Also contains: B6, B12, 5-HTP, C3 Curcumin (learn more about low-dose lithium here)

Tyler Durden Fri, 10/10/2025 - 14:00

Stocks Slammed, VIX Spikes As Trump Threatens "Massive Increase" In Tariffs On Chinese Goods

Zero Hedge -

Stocks Slammed, VIX Spikes As Trump Threatens "Massive Increase" In Tariffs On Chinese Goods

US equity markets are tumbling following comments from President Trump threatening “a massive increase of tariffs on Chinese products” being imported into the US, accusing China of becoming “hostile” due to their export controls

Additionally, Trump said he saw “no reason” to meet Chinese President Xi Jinping

This immediately prompted a wave of selling pressure across all equity indices with Nasdaq down over 2%...

But, US rare earth companies popped...

Treasuries are bid...

VIX spiked above 21...

Trump took to social media and penned a lengthy, angry note (emphasis ours):

Some very strange things are happening in China! They are becoming very hostile, and sending letters to Countries throughout the World, that they want to impose Export Controls on each and every element of production having to do with Rare Earths, and virtually anything else they can think of, even if it’s not manufactured in China. Nobody has ever seen anything like this but, essentially, it would “clog” the Markets, and make life difficult for virtually every Country in the World, especially for China.

We have been contacted by other Countries who are extremely angry at this great Trade hostility, which came out of nowhere. Our relationship with China over the past six months has been a very good one, thereby making this move on Trade an even more surprising one. I have always felt that they’ve been lying in wait, and now, as usual, I have been proven right!

There is no way that China should be allowed to hold the World “captive,” but that seems to have been their plan for quite some time, starting with the “Magnets” and, other Elements that they have quietly amassed into somewhat of a Monopoly position, a rather sinister and hostile move, to say the least.

But the U.S. has Monopoly positions also, much stronger and more far reaching than China’s. I have just not chosen to use them, there was never a reason for me to do so — UNTIL NOW! The letter they sent is many pages long, and details, with great specificity, each and every Element that they want to withhold from other Nations. Things that were routine are no longer routine at all.

I have not spoken to President Xi because there was no reason to do so. This was a real surprise, not only to me, but to all the Leaders of the Free World.

I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so.

The Chinese letters were especially inappropriate in that this was the Day that, after three thousand years of bedlam and fighting, there is PEACE IN THE MIDDLE EAST. I wonder if that timing was coincidental? Dependent on what China says about the hostile “order” that they have just put out, I will be forced, as President of the United States of America, to financially counter their move. For every Element that they have been able to monopolize, we have two. I never thought it would come to this but perhaps, as with all things, the time has come.

Ultimately, though potentially painful, it will be a very good thing, in the end, for the U.S.A.

One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America. There are many other countermeasures that are, likewise, under serious consideration. Thank you for your attention to this matter!

Trump's comments come after China slapped new port fees on US ships and started an antitrust investigation into Qualcomm, following fresh moves to restrict the flow of rare earths needed for numerous consumer products.

How long before the TACO trade kicks in?

Tyler Durden Fri, 10/10/2025 - 13:55

Look Out Below

Zero Hedge -

Look Out Below

Authored by Charles Hugh Smith via OfTwoMinds blog,

As I often note, making Plans B and C is free.

The stock market is always looking past "bad news" to front-run "good news." Once it became clear that the Titanic was indeed going to sink, the stock market would rally on the prospect of sharp growth in lifeboat shares. In other words, never mind the bad news, let's look beyond that and find some reason to rally.

This is a pattern that's easily visible in the past two decades. When it became clear that Covid was becoming a global pandemic, the US stock market rallied for weeks, something that struck sober analysts as completely disconnected from reality. Eventually reality intruded and the market crashed.

The same dynamic was also apparent in the run-up to the 2000 dot-com implosion--stocks rallied right up to March 6, 2000, before starting a two-year long controlled demolition--and the 2008-09 stock market crash, when shares of visible doomed General Motors and Fannie Mae both maintained lofty valuations that were completely disconnected from a painfully visible reality. (Fannie Mae shares went to near-zero in the subsequent crash.)

And so here we are again. The stock market is rallying despite overwhelming evidence that the US economy and global economy are heading for a deep recession. The justifications are either 1) the AI boom is changing everything or 2) the Federal Reserve will continue lowering interest rates and flood the market with liquidity, i.e. "The Fed Put" will save the stock market, just as its done for the past 25 years.

This assumption is completely detached from the painfully visible reality that the Fed and other central banks have finally awakened to the perverse consequences of "The Fed Put" (i.e. the policy of unleashing trillions in financial stimulus whenever the stock market swoons) and they are now responding to rallies based on front-running the (now viewed as guaranteed) Fed "save" of the stock market by reiterating their new policy which is to keep interest rates (bond yields) higher for longer. In other words, they are explicitly stating that they won't "save" the stock market because of 1) inflation and 2) the need to destroy the moral hazard created by "The Fed Put."

In the heady front-running rally prior to the crash, all seems well. Employment is strong, consumers are spending, etc.

The problem with this euphoric confidence is there are lag times between sharp increases in the cost of capital and goods and services and employment and spending. Notice how credit card balances have exploded higher. In previous recessions, reliance on credit cards to juice spending soared right up until the stock market began its free-fall. Then spending fell sharply.

The lag time is also visible in yield-curve inversions--long counted as a surefire precursor to recession. (When the 2-year Treasury bonds pays a higher yield than the long-term 30-year bond, this inverts the normal market in which longer-term bonds pay higher yields than short-term bonds.)

Many other indicators repeat the same message: we're at the cusp of a recession and market decline.

Many commentators note how tightening financial conditions take months to work through the economy, eventually affecting consumer spending, commercial borrowing, housing valuations, tax receipts, etc.

Globally, the forces pushing costs higher (i.e. inflation) cannot be reversed. Consider this chart of labor costs in China. As labor costs skyrocket, higher costs must be passed on to consumers.

There are also less easily measured trends at work. One factor that is not tracked and therefore poorly understood is how close to the edge many small businesses are. Those that survived the Covid lockdown have had to raise prices just to cover the sharp increases in their own costs. Small business isn't making big margins; rather, they're absorbing costs to keep the doors open. As some costs decline, they won't drop prices, as they need to finally make a profit.

Many owners are hovering on the edge of burnout, having compensated for higher costs by working longer hours themselves.

Any decline in consumer spending will push many of these business owners to finally give up. As for selling the business to new owners: few young people have the capital, appetite for risk and willingness to work long hours for uncertain returns to buy a small business. So the businesses close and there are no replacements: those enterprises, commercial spaces, employment and taxes paid all disappear, and they won't come back.

Those who operate small businesses themselves know that small business owners are viewed by local government as tax donkeys: they're business owners so they're doing well, let's jack up business license fees, etc.

Another factor is the change in speculative psychology once "investors" (i.e. gamblers) finally accept that the Titanic is in fact going to sink, that is, the Fed is not going to bail out the stock market with newly issued trillions. We can anticipate the stair-step down as confidence slips to denial, then anger, then grief and finally, acceptance.

As I often note, making Plans B and C is free. Making plans for how you'll respond to recession and/or a protracted stock market decline takes nothing but time. It's very difficult to act decisively before the herd turns and panics, which is why so few manage to do so.

We cannot anticipate every impact a recession and stock market free-fall will have on our household, but we can anticipate the possibility our income and wealth will be negatively affected and belt-tightening may be prudent. If the happy-crowd is right and there is no recession, having a plan didn't cost anything. But if the happy-crowd is wrong, those without a plan to act decisively before the herd panics will suffer more than those who had a plan and acted on it.

*  *  *

Check out my new book Ultra-Processed Life and my updated Books and Films.

Become a $3/month patron of my work via patreon.com

Subscribe to my Substack for free

Tyler Durden Fri, 10/10/2025 - 13:40

Nadler Cries Antisemitism Over RFK Circumcision Remark, Gets Harsh Reality Check

Zero Hedge -

Nadler Cries Antisemitism Over RFK Circumcision Remark, Gets Harsh Reality Check

Rep. Jerry Nadler (D-NY) - the guy who said Antifa violence is a "myth," just humpty-dumptied himself into social media oblivion after both brain cells managed to produce yet another retarded comment. 

In response to RFK Jr. suggesting that circumcised children have double the rate of autism - likely due to the use of Tylenol to manage the pain, Nadler cried antisemitism. 

"This is an antisemitic remark. I call on all my colleagues on both sides of the aisle to clearly denounce it," Nadler wrote on X.

He was met with a blistering Community Note - pointing out that 60-80% of US males are circumcised, while Jews are roughly 2% of the population. 

He also got a harsh ratio (more comments vs. likes):

The replies were also hilarious. 

Typical Jerry... 

*  *  * 

Tyler Durden Fri, 10/10/2025 - 13:20

Deadly Blast At Tennessee Military Explosives Plant Leaves 19 Unaccounted For, Rattles Homes Miles Away

Zero Hedge -

Deadly Blast At Tennessee Military Explosives Plant Leaves 19 Unaccounted For, Rattles Homes Miles Away

At least 19 people are unaccounted for (probably dead) after a massive explosion at a Tennessee explosives plant on Friday, while secondary blasts forced rescuers to keep their distance. 

Photo by: WTVF

The blast took place at Accurate Energetic Systems near Bucksnort - approximately 60 miles southwest of Nashville. The company specializes in the development, manufacture, handling and storage of explosives and other products for military, aerospace, and commercial demolition markets. 

According to WKOW, the blast occurred during a regular shift change, so there may have been more people coming and going. 

"We do have several people at this time unaccounted for. We are trying to be mindful of families and that situation," said Humphreys County Sheriff Chris Davis, adding "We do have some that are deceased."

WTVF-TV

Video from the scene shows flames and heavy smoke rising from a debris field, while residents from miles away reported feeling the explosion

Residents in Lobelville, a 20-minute drive from the scene, said they felt their homes shake and some people captured the loud boom of the explosion on their home cameras. -WaPo

"I thought the house had collapsed with me inside of it," said resident Gentry Stover, adding "I live very close to Accurate and I realized about 30 seconds after I woke up that it had to have been that."

Hickman County Advanced EMT David Stewart told the Washington Post that emergency crews were initially unable to enter what was left of the plant due to continuing detonations. 

Tyler Durden Fri, 10/10/2025 - 13:00

Bessent Narrows Fed Chair List Down To Five

Zero Hedge -

Bessent Narrows Fed Chair List Down To Five

After weeks of intensive interviews - some running two hours, Treasury Secretary Scott Bessent has narrowed the field for the next Federal Reserve chair down to five candidates from an initial 11, according to CNBC, citing senior Treasury officials. The group includes two current Fed policymakers, Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller; former Fed Governor Kevin Warsh; National Economic Council Director Kevin Hassett; and Rick Rieder, BlackRock’s chief investment officer for fixed income.

Bessent plans a fresh round of interviews is planned in the coming weeks and months, however given next week’s World Bank and IMF meetings in Washington, officials said the process could slip until after Thanksgiving.

The current plan under discussion would have the president first nominate the chosen candidate to the Fed’s Board of Governors and then elevate that person to chair at a later date. One consideration, officials said, is the remaining term attached to specific board seats. Outgoing Chair Jerome Powell’s seat carries roughly two years left on its 14-year term, while the seat formerly held by Adriana Kugler, now occupied by Stephen Miran, expires in January and could provide a full term for a prospective chair. Officials emphasized that the sequencing and seat choice remain fluid.

Trump has already publicly named Warsh, Hassett and Waller as finalists, making Bowman and Rieder the newest additions to the White House’s short list. The administration has adopted a more open vetting process than recent predecessors, periodically announcing names as the field has grown - and now, narrowed.

According to Polymarket, Hassett is the current favorite to be Powell's replacement...

The search unfolds amid unusually direct criticism of Fed policy from the White House. The president has repeatedly urged sharp rate cuts and previously threatened to remove Powell. He also fired Fed Governor Lisa Cook over alleged mortgage fraud - allegations she denies. Lower courts have blocked Ms. Cook’s removal, and the Supreme Court is set to hear the case in January. Those moves have intensified concern about political pressure on the central bank and raised the stakes around the chair selection.

Waller appeared on CNBC Friday morning, where he suggested more rate cuts. 

"I want to move towards cutting rates, but you’re not going to do it aggressively and fast, in case you make a big mistake on which way that things go," he said. 

He also suggested that "Job growth has probably been negative the last few months. it doesn't look like it's doing much better. I don't hear anybody with big hiring plans."

Full interview: 

Bessent’s Criteria - and Rieder’s Appeal

Treasury officials offered the clearest view yet of what Mr. Bessent is seeking in a nominee. He wants a central banker open to fresh thinking on monetary strategy and the Fed’s institutional design, with demonstrated experience across economics, monetary policy, bank regulation and management.

Bessent recently authored an essay sharply critical of the central bank’s trajectory, calling for reviews of its policy tools, structure and mission. He has argued the Fed has grown too large and strayed beyond its core mandate, signaling a preference for scaling back its footprint and curbing reliance on extraordinary tools - particularly when it comes to quantitative easing.

No single candidate is viewed as a front-runner, officials said. Still, they acknowledged that Mr. Rieder has left a strong impression. A fixture on Wall Street and a frequent television commentator, Mr. Rieder oversees one of the industry’s largest fixed-income platforms and is known for closely tracked analysis of the bond market and the Fed. CNBC suggests that his outsider status - he is the only finalist who has never served at the central bank - could be a selling point for an administration signaling it wants change.

What It Means for Policy and Markets

Investors will parse the shortlist for clues about the central bank’s policy tilt and appetite for institutional reform. Bowman and Waller bring continuity and recent policy experience; Messrs. Warsh and Hassett would be viewed as policy veterans aligned with a more muscular critique of post-crisis Fed activism; Rieder would represent a market-savvy outsider with management scale and a data-driven reputation.

Tyler Durden Fri, 10/10/2025 - 12:35

Corporate Profits: A Reading Without Rose-Tinted Glasses

Zero Hedge -

Corporate Profits: A Reading Without Rose-Tinted Glasses

Authored by Lance Roberts via RealInvestmentAdvice.com,

If you want to understand where we are in the cycle, skip the noise and follow profits. Corporate profits are the lifeblood of investment, hiring, and market returns. Crucially, linkage to the real economy is very tight. In the national accounts (NIPA), the BEA’s “profits from current production” (with inventory valuation and capital consumption adjustments) rose in Q2-2025, but only modestly: up $6.8 billion from Q1, and notably revised down by $58.7 billion from the prior estimate. That’s not the surge you’d expect if we were entering a new, powerful profit upswing. The correlation is unsurprising, given that economic activity generates the revenue to obtain corporate profits.

While the revision to the third estimate of real Q2 GDP growth increased to 3.8% annualized, all was not what it seemed. The reversal of the import surge in Q1 to get ahead of tariffs did the heavy lifting in Q2. More notably, consumer spending, the main driver of economic activity, showed continued weakness. Again, the linkage between PCE and corporate profits is critical, given that spending generates corporate revenues.

The point for investors is that while the economic growth number “looks” hot, the profits revision tells a quieter story about corporate income momentum. In other words, output accelerated, but profit growth didn’t follow in lockstep. That divergence matters for equity investors who ultimately get paid in earnings, not GDP. On a level basis, after-tax corporate profits (CPATAX) stood at roughly $3.26 trillion SAAR in Q2-2025, near the high end of the post-pandemic range but not breaking decisively higher. However, net profit margins have come under pressure, and economic growth has slowed. That “plateau with wiggles” profile of the last two years remains intact, and while margins remain elevated, when margins flatten as price multiples rise, future return math tends to get harder.

Zoom in on the listed companies, and you get a similar nuance. FactSet’s S&P 500 Q2-2025 dashboard shows blended earnings growth accelerating year-over-year with net profit margins around 12.3%, still above long-run norms and reflecting solid breadth of beats. Good news, but the market had already priced a lot of good news. However, the rest of the economy is not seeing the same growth. The deviation between large public and small private net operating surpluses is quite dramatic.

Regular readers of our work at RealInvestmentAdvice will remember we’ve been writing for years that profits and the economy move together over complete cycles, and that revenue and profits don’t levitate indefinitely above economic capacity. The thread through my prior pieces, specifically on Kalecki’s profit identity, is the detachment of markets from fundamentals. The earnings-economy linkage, fiscal impulses, savings behavior, and trade balances can push profits temporarily above trend, but gravity eventually reasserts itself.

That lens is still helpful in 2025.

Profits, Prices, and Pay: How Inflation Filters Into Margins

The revival of an old debate followed the pandemic and its aftermath. Are corporate margins the cause of inflation, or the result of it? As discussed in Corporate Greed Is Not The Cause Of Inflation, corporations are victims of inflation, not the cause.

“One simply has to reason through the claim to uncover the absurdity. If corporations can willy-nilly raise prices and enjoy “excessive” profits, why don’t they do it all the time? Did corporations suddenly get greedy in 2021? And why did the Federal Reserve spend a decade fretting about inflation being ‘too low’ as it struggled to hit its 2% target? Was there not enough corporate greed before coronavirus?” – Michael Maharrey

The European Central Bank (ECB) was one of several studies confirming our previous thesis. “Profit-led inflation” can emerge when factors constrain supply but demand remains high. Fed Chair Jerome Powell also noted such:

“The ongoing episode of high inflation initially emerged from a collision between very strong demand and pandemic-constrained supply. By the time the Federal Open Market Committee raised the policy rate in March 2022, it was clear that bringing down inflation would depend on both the unwinding of the unprecedented pandemic-related demand and supply distortions and on our tightening of monetary policy, which would slow the growth of aggregate demand, allowing supply time to catch up.”

In other words, basic economics states that if the supply/demand curve shifts, inflation will be the consequence if supply constricts.

While the “greedflation” narrative resonated with media pundits, corporations struggled with a supply shortage amid a stimulus-driven demand surge. However, that tailwind for profit margins is now gone. As the San Francisco Fed noted, markup fluctuations have not driven U.S. inflation in the post-pandemic disinflation phase. As supply chains healed and demand normalized, the contribution from markups cooled. Inflation’s path has increasingly reflected costs and supply/demand rebalancing rather than persistent profit-push. The nuance matters as it tells you whether margins will keep inflating prices, or mean-revert as costs and demand fluctuate.

With inflation moderating, but still somewhat sticky in services, maintaining profit margins is becoming more difficult. If the economy slows as demand slows, that difficulty will increase. Crucially, unit labor costs, the most essential recurring input, increased by just 1.0% in Q2. When price growth slows while labor-cost pressures ease, margins can hold up, but only if top-line growth remains decent. That’s the narrow path corporate America is walking today, as shown in a recent analysis by Albert Edwards at Societe Generale.

“Unit labour cost inflation, which economists regard as the key source of cost push inflation, has slowed to below 1%, suggesting that the sharp fall in NFCB (non-financial corporate business) inflation is not anomalous.”

Let’s pull the macro and micro together. Corporate profit margins are still very elevated versus history. While Q2 earnings did fine, slowing economic growth is a risk. Furthermore, as inflation gravitates toward the Fed’s target range and productivity rebounds, the “easy” boost to margins from price hikes fades. Profits depend more on real demand growth, productivity gains, fiscal impulse, and mix, not just pricing power. That’s consistent with the Kalecki framework. Government “dis-saving” (deficits), household saving behavior, net investment, and trade flows explain the macro profit pool.

“The Kalecki Profit Equation clearly explains that while debts and deficits erode economic growth and are deflationary through the diversion of capital from productive investment, a reversal of deficit spending suggests risk for investors. Valuations are high, partly because investors assume elevated profit margins will persist. However, the cumulative change of the inflation-adjusted price of the market significantly exceeds the profits being generated. Previous such deviations have not ended well for investors, which is what the Kalecki equation suggests.”

If deficits shrink and households retrench, profit margins become harder to defend, no matter how clever the pricing strategy.

Valuations, Sentiment, and Profits

Now to the uncomfortable bit. Valuations and sentiment have been running ahead of the actual improvement in the profit base. As discussed in the “Bull vs Bear Case,” valuations are already elevated. Forward P/E for the S&P 500 sits at 22.5x earnings with trailing earnings at 25x. UBS notes that such readings are among the top 5% since 1985.

Furthermore, high valuations mean expectations are high and reflect investor sentiment. The risk, of course, is that if earnings disappoint, then forward valuations (expectations) must be recalculated, and currently, the margin for error is slim at best. Notably, given that earnings are derived from actual economic activity, the current gap between the annual change in earnings and GDP is notable. The long historical correlation between the two suggests that a higher risk to investors may be present more than realized.

Sentiment says the same thing. Investor sentiment readings have spent much of Q2 and Q3 above their long-term average, and “greed” metrics have frequently leaned hot, even as breadth narrows to a handful of mega-caps. When optimism, narrow leadership, and premium valuations line up, the market becomes more dependent on flawless execution from profits. Revisions don’t need to be disastrous to cause price air pockets; they only need to be less great.”

Notably, some of this cycle’s EPS strength is still financial engineering rather than organic profit growth. Corporate buybacks remain enormous, and on pace to exceed $1 trillion in 2025. While they reduce share counts to lift per-share earnings, it also depletes capital that could have been used for more productive purposes. That’s not a moral judgment; it’s simple arithmetic. But it does mean EPS can look stronger than underlying profits, which matters when investors pay a premium multiple for that EPS.

This is why, at RIA, we’ve kept hammering on the detachment theme in 2025. When markets run far ahead of the profits-GDP complex, future returns compress, and the margin for error shrinks. That doesn’t mean an imminent crash, as bulls don’t die of old age, but it does mean risk-adjusted returns deteriorate when price outruns earnings power.

Conclusion: The Investor’s Risk Map From Here

Here are the four take aways for investors from this discussion.

  • Profits are fine, not fabulous. The national accounts show profits rising slightly but being revised lower; S&P 500 margins remain high but not accelerating. That constellation is “good enough” for a range-bound market, but fragile if growth cools or if a sector with heavy index weight wobbles.

  • The inflation tailwind for margins is fading. Disinflation plus a downshift in unit labor cost growth is constructive for margins, but it also takes away the easy price-pass-through that boosted 2021–22 profitability. From here, real demand and productivity have to carry the baton. Revenue growth will test today’s margins if consumer spending slows, because of resumed student loan payments, tighter credit, or slower job gains.

  • Valuation risk is no longer theoretical. With forward P/E north of ~22× and sentiment often leaning greedy, the market is paying for growth, durability, and AI-era productivity gains to materialize broadly. That can work if the profits/GDP engine follows through. But it also means negative EPS revisions, narrower breadth, or even “less great” guidance can trigger outsized drawdowns.

  • Financial engineering can’t do all the lifting. Buybacks will keep underpinning EPS, but they don’t expand the economy-wide profit pie. When insiders sell aggressively into repurchase programs, the optics (EPS) can look better than the underlying economics (aggregate profits), especially if the fiscal impulse fades in 2026. That’s a classic setup for multiple compression even without a profit recession.

The economy is growing, profits are okay, but risk is ahead as inflation cools, and labor-cost pressure eases. That mix can support near-term stability, but not complacency. If you’ve benefited from this year’s rally, think in terms of risk-budgeting: where are your exposures most tethered to unchallenged margin assumptions, optimistic revisions, and valuation premia? That’s where small disappointments can have a significant price impact. The playbook that’s worked for us all year remains intact: trim extensions, add on weakness, keep duration and factor exposures diversified, and let the data lead.

In markets, corporate profits write the checks. Make sure your portfolio is aligned with the part of the story that’s actually funding the narrative.

Tyler Durden Fri, 10/10/2025 - 12:20

Maduro Secretly Offered US Vast Resources To Avoid War, But Nobel Winner Maria Machado Vows To Go Bigger

Zero Hedge -

Maduro Secretly Offered US Vast Resources To Avoid War, But Nobel Winner Maria Machado Vows To Go Bigger

Venezuelan President Nicolas Maduro has condemned Washington placing Caracas in its crosshairs for a newly resurrected 'war on drugs' - which Maduro has said is really all about pursuing regime change.

At a moment of the Pentagon's largest build-up of forces ever off Venezuela's coast, Maduro is calling for an emergency UN Security Council meeting to convene, in order to condemn these "mounting threats" from the United States. This has resulted in diplomats indicating that a meeting is indeed set to take place Friday afternoon in New York.

Venezuela's foreign ministry has said that the US military build-up, and recent strikes against at least four alleged drug-smuggling boats, endangers "peace, security and international and regional stability."

Maduro wants the security council to hold a formal debate on the crisis and "make recommendations to curb any plans of aggression" on Washington's part.

So far, there have been at least 21 deaths reported from the US military intervention in the southern Caribbean, and interestingly Colombia has said at least one of the boats was operated by its own traffickers.

The UN council is likely to pay special attention to the fact that President Trump informed Congress last week in a letter that the US is currently in "armed conflict" with the drug cartels.

The Trump administration has said that in reality Maduro is the de facto leader of these cartels, and so he's not the legitimate leader of resource-rich Venezuela. On this point, the NY Times is out with the following bombshell on Friday:

Venezuelan officials, hoping to end their country’s clash with the United States, offered the Trump administration a dominant stake in Venezuela’s oil and other mineral wealth in discussions that lasted for months, according to multiple people close to the talks.

The far-reaching offer remained on the table as the Trump administration called the government of President Nicolás Maduro of Venezuela a “narco-terror cartel,” amassed warships in the Caribbean and began blowing up boats that American officials say were carrying drugs from Venezuela.

Under a deal discussed between a senior U.S. official and Mr. Maduro’s top aides, the Venezuelan strongman offered to open up all existing and future oil and gold projects to American companies, give preferential contracts to American businesses, reverse the flow of Venezuelan oil exports from China to the United States, and slash his country’s energy and mining contracts with Chinese, Iranian and Russian firms.

However, the report says that President Trump still rebuffed this offer. The consensus is that Secretary of State Marco Rubio's hard anti-Maduro line has prevailed, also in favor of oppositive activist and leader María Corina Machado, who was just awarded the Nobel Peace Price on Friday. The Nobel was awarded, supposedly, as she has kept "the flame of democracy burning".

"Behind the scenes, however, Venezuela’s senior officials, with Mr. Maduro’s blessing, have offered Washington far-reaching concessions that would essentially eliminate the vestiges of resource nationalism at the core of Mr. Chávez’s movement," NY Times continues.

Apparently the US administration is currently more enticed by her own economic pitch. She has argued that only democracy, rule of law, and openness to the international community can truly allow foreign access to Venezuela's resources, and that Maduro will not deliver:

"She argued that even greater economic wealth — $1.7 trillion in 15 years — awaited U.S. companies in Venezuela if her movement launched a political transition. (Ms. Machado was awarded the Nobel Peace Prize on Friday for what the Norwegian Nobel Committee described as “her tireless work promoting democratic rights for the people of Venezuela.”)

It is indeed curious that the Nobel Committee while denying Trump, has chosen to award a person potentially at the center of US regime change policies in Venezuela.

Celebrating "Peace" regime change according to Norway's Nobel committee...

Machado's economic adviser, Sary Levy, argued to the Trump White House that "What Maduro offers investors is not stability, it's control — control maintained through terror." She told the Times, "The Trump Administration has shown a clear intention to not fall for these offers of easy solutions."

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Tyler Durden Fri, 10/10/2025 - 12:00

German Mayor Tortured For Hours In Basement By Her Own Adopted Daughter, Leaked Police Docs Show

Zero Hedge -

German Mayor Tortured For Hours In Basement By Her Own Adopted Daughter, Leaked Police Docs Show

Via Remix News,

The story of the Social Democrat (SPD) mayor from Herdecke, Iris Stalzer, has taken yet another incredible turn.

New information now reveals that her 17-year-old adopted daughter reportedly tortured Stalzer for hours, nearly killing her own mother. Despite these details, the daughter still has not been arrested.

Stalzer has spoken to the police about what transpired during her ordeal, and now, the details have been leaked to Bild newspaper.

On Oct. 7, at 12:05 p.m., Stalzer’s daughter called emergency services saying her mother had been attacked by several men, was severely injured and was barely conscious.

A witness off the street found the politician bleeding in her armchair in the living room. Later, the adopted daughter told police that was also how she found her mother.

However, despite claims of “several men” torturing the mother, it turns out this was reportedly an orchestrated lie to cover up the horror that had occurred inside the house. Police have since learned that the mother was subjected to grueling torture for hours in the basement of the house.

The suspect attacked Stalzer with deodorant spray and a lighter, trying to set her hair and clothes on fire. The adopted daughter said she wanted revenge; however, it is still remains unclear what she wanted to take revenge for.

The adopted daughter also had two kitchen knives, which she used to stab and slice the politician’s body. Stazler faced critical injuries, including 13 stab wounds.

One of the bloody knives was also found in the 15-year-old adopted son’s backpack, along with bloody clothing from the daughter. The other knife was also found in his room.

Police investigators also found that large traces of blood were scrubbed from the scene, which were later revealed by the police forensics team.

Stalzer nearly lost her life and was transported to a hospital in Bochum via rescue helicopter.

Bild wrote that police sources believe the mother was sitting in her armchair for a long time, bleeding out, while the two alleged suspects cleaned the house of crime scene evidence.

Numerous German media outlets, including Spiegel, also reported that police were called to the house not so long before this latest attack during the summer. In that case, the daughter was accused of domestic violence and threatening the mother with a knife.

The case is not only unbelievable due to the details, but also due to the prosecutor’s response to the entire affair.

Instead of an attempted murder charge or charges for evidence tampering or even torture, which is also illegal in Germany, there is no arrest warrant being issued at all.

The prosecutor alleges that because the daughter called the police, it is clear that she did not want to commit murder. Instead, they are only investigating the case as “bodily harm.”

As Remix News detailed yesterday, this claim raises several doubts, including the fact that the daughter attempted to mislead police about who was responsible for the crime, as well as the fact that the two allegedly scrubbed the crime scene of blood traces. Those are clearly not the actions of actors who were attempting to save their mother’s life, but instead the actions of two suspects attempting to mislead investigators, which is also a crime in and of itself.

As Remix News reported yesterday, the public prosecutor in the case offered numerous excuses as to why the two teens are not being charged despite the severity of the crime.

Across X, commentators, influencers, and users are speculating about the case, pointing out the extreme double standard in modern Germany. Austrian right-wing political activist Martin Sellner wrote that Germans are being imprisoned for memes, while the daughter in this case will never appear before a court for her alleged heinous crimes. He wrote that it is clearly a case of “two-tier” justice.

The daughter and the son were transferred to the Youth Welfare Office instead of prison. When asked why the two suspects were not being transferred to the father, the prosecutor remarkably said that the father has also been the victim of violence by the daughter in the past. In other words, this is a pattern, and presumably even more reason to charge her for the hours-long torture of her mother.

Is there a cover-up going on? Is the prosecutor trying to make the entire case go away? It remains unclear and speculation is running rife, but the details of the case are extraordinary, and the public prosecutor’s reaction to one of the most gruesome cases of attempted murder and torture in Germany is also astonishing.

Read more here...

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Tyler Durden Fri, 10/10/2025 - 11:45

Iraq Inks Major Oil Development Deal With ExxonMobil

Zero Hedge -

Iraq Inks Major Oil Development Deal With ExxonMobil

Via The Cradle

Iraq will sign an agreement with Texas oil major, ExxonMobil, to manage, develop, and operate the Majnoon oil field in the country’s south, three Iraqi officials familiar with the matter told Reuters on Thursday.

The deal will also cover upgrades to Iraq’s oil export infrastructure in the south and include a profit-sharing arrangement for crude and refined products. Iraq's State Organization for Marketing of Oil (SOMO) is expected to formalize the agreement alongside ExxonMobil and the state-owned Basra Oil Company.

Via Reuters

According to Bloomberg, the US-based energy giant has reached a non-binding heads of agreement with Baghdad to re-enter Iraq two years after its withdrawal.

Iraqi Prime Minister Mohammed Shia al-Sudani confirmed the preliminary deal but did not disclose details. An Exxon spokesperson told Reuters, “We are pleased to have signed an HoA with the Iraqi Oil Ministry to evaluate exploration, development, and oil marketing opportunities in Iraq.”

The Majnoon field, located around 60 kilometers from Basra, is among the largest in the world with an estimated 38 billion barrels of oil in place. The agreement is meant to secure storage capacity in Asian markets, potentially through Exxon’s facilities in Singapore.

Former Basra Oil Company operations manager and analyst Muwafaq Abbas said the deal reflects Iraq’s push to modernize its energy sector and recalibrate ties with Washington. 

“The deals carry political weight, signalling Baghdad’s intent to rebalance regional ties and deepen its integration with western markets,” he said.

ExxonMobil was one of the first western companies to return to Iraq after the 2003 US invasion, but exited the West Qurna-1 project in 2024, citing unsatisfactory returns and political complications. The agreement coincides with a surge of Chinese-led projects reshaping Iraq’s southern oil hub. 

In September, China Petroleum Pipeline Engineering (CPP) signed a $2.5-billion deal to build a 950-kilometer seawater distribution system supplying Majnoon and other fields, designed to sustain production by maintaining reservoir pressure. 

In July, PowerChina secured a $4 billion contract for Iraq’s first major seawater desalination plant in Basra, a project that will feed industrial and energy operations across the region.

At the same time, Chinese private oil companies plan to double their collective output in Iraq to 500,000 barrels per day (bpd) by 2030, reflecting Beijing’s expanding control of mid and downstream infrastructure.

Iraq, which holds some of the world’s largest oil and gas reserves, aims to raise production from around 4 million bpd to more than 6 million by 2029.

Tyler Durden Fri, 10/10/2025 - 11:40

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