ZeroHedge News

Putin To Visit China Just Days After Trump's Beijing, Demonstrating 'No Limits' Partnership

Tyler Durden — Sat, 16 May 2026 20:55:00 +0000

Putin To Visit China Just Days After Trump's Beijing, Demonstrating 'No Limits' Partnership

Russian President Vladimir Putin will visit Chinese President Xi Jinping from May 19 to 20, just days after US President Donald Trump concluded his state visit to Beijing, the Kremlin has announced.

In a Telegram statement, Russia's Foreign Ministry unveiled that Putin would travel to China "at the invitation" of Xi Jinping, marking the 25th anniversary of the Treaty of Good-Neighborliness and Friendly Cooperation between Russia and China.

RIA Novosti/EPA

The readout indicates the two leaders will discuss expanding their countries' "comprehensive partnership and strategic cooperation" and exchange views on "key international and regional issues."

"Following the talks, they are expected to sign a Joint Statement at the highest level, as well as a number of bilateral intergovernmental, interdepartmental and other documents," the Russian Foreign Ministry said.

Putin is also scheduled to meet Chinese Premier Li Qiang to discuss economic and trade cooperation. While all of this was likely in the planning stages long ago, the timing and symbolism sends a resounding message, at a moment when ironically Trump's China trip ended notably without any major breakthroughs on trade, or without resolving any aspect of the Iran war or Hormuz Strait crisis.

South China Morning Post notes additionally of the timing:

It will be the first time that China has hosted the leaders of the two powers in the same month outside a multilateral setting, a reflection of Beijing’s efforts to manage ties with both countries and position itself as a pivotal power amid an increasingly fractured world order.

Putin’s visit will also make China the first country to host all four leaders of the other permanent members of the UN Security Council within months of each other. France’s Emmanuel Macron visited Beijing in December followed by British Prime Minister Keir Starmer in January.

However, Putin is a more frequent visitor to Beijing in recent years, and per SCMP: "Sources said Putin’s visit would not likely feature that scale of pomp, as Chinese officials had been busy with the Trump trip."

But it will be a meeting among allies, and not rivals, after President Xi's "no limits" alliance pledged with Putin just before the full-scale Russian invasion of Ukraine in 2022.

🇺🇸🇨🇳 Trump wanted to feel important after Xi invited him to Zhongnanhai, so he asked if any other world leaders had been there.

Xi told him it was rare... but that Putin had visited several times. pic.twitter.com/TwEJGwtM1m
— DD Geopolitics (@DD_Geopolitics) May 15, 2026

Tyler Durden Sat, 05/16/2026 - 16:55

Pakistan Uses Diplomacy To Secure LNG Supply from Hormuz

Tyler Durden — Sat, 16 May 2026 20:20:00 +0000

Pakistan Uses Diplomacy To Secure LNG Supply from Hormuz

Submitted by Charles Kennedy of OilPrice.com

Pakistan has negotiated the passage of vessels laden with Qatari LNG out of the Strait of Hormuz in a diplomatic feat that no other energy buyer has managed so far in the Iran war.

Pakistan, which was the mediator of the U.S.-Iran talks and is passing messages from one to the other, appears to have used well its close ties with both Qatar and Iran to negotiate the successful imports of two tankers with Qatari LNG.

Pakistan has relied on Qatar's term LNG supply for years, but the war in the Middle East has led to the shutdown of Qatari LNG production and exports.

Without Qatar's LNG, Pakistan has been reeling from an intensifying energy crisis with power outages and fuel rationing.

Thanks to a bilateral Pakistan-Iran agreement, two vessels carrying Qatari LNG arrived in Pakistan in recent days after successfully passing through the Strait of Hormuz.

The first LNG cargo that successfully cleared the chokepoint earlier this month was bound for Pakistan.

"Qatar-linked LNG movement through Hormuz showed a limited but significant restart," maritime intelligence firm Windward said on Thursday in an analysis on the five weeks of ceasefire.

The Al Kharaitiyat on May 9 became the first Qatar LNG cargo to clear the Strait of Hormuz since Iran closed it on February 28, headed for Pakistan. Another Qatari LNG cargo arrived in Pakistan this week after clearing the chokepoint earlier in the week.

"Pakistan will continue to coordinate closely with Qatar to ensure uninterrupted LNG supplies," Pakistan's Federal Minister for Petroleum, Ali Pervaiz Malik, said on Thursday during a meeting with Qatar's Ambassador to Pakistan, Ali bin Mubarak Al-Khater.

"Pakistan's preference is to secure supplies from friendly brotherly countries through necessary approvals, without risking any loss of life or property," the Pakistani minister said, adding that "efforts are underway to secure additional gas supplies in view of national energy requirements."

Tyler Durden Sat, 05/16/2026 - 16:20

"You Should Be Preparing Your Criminal Defense": Becerra Feels The Heat In Final California Governor's Debate

Tyler Durden — Sat, 16 May 2026 19:10:00 +0000

"You Should Be Preparing Your Criminal Defense": Becerra Feels The Heat In Final California Governor's Debate

Authored by Susan Crabtree via RealClearPolitics,

Seven candidates vying for California’s governorship squared off Thursday in their fifth and final debate, with frontrunner Xavier Becerra facing down an onslaught of attacks from the right and the left over his policy record, a campaign fraud scandal, and what rivals described as a deceptive flip-flop on healthcare policy.

“This is what happens when you take the lead in polls,” remarked the former Biden Health and Human Services secretary after several heated attacks from his rivals.

Becerra’s recent surge to the top of the pack and his record spanning more than three decades in office made him a top target, continuing a theme from the last few debates over the last month.

An Emerson College poll released Wednesday showed Becerra as the top choice of just 19% of voters, compared to 17% each for Republican Steve Hilton and Democrat Tom Steyer – a razor-thin margin that underscores just how volatile and wide open this race remains with just a few weeks of voting left in the primary. Another 12.1% of respondents still remain undecided.

The debate, co-hosted by the San Francisco Examiner and CBS News California, focused largely on affordability as poll after poll shows Californians sounding the alarm and voting with their feet. UC Berkeley researchers recently found that California lost a net 150,000 residents in 2025, concluding that the state's affordability crisis is likely responsible for the exodus.

Fraud Scandal Clouds Campaign

The debate came on the same day Becerra’s former political adviser, Dana Williamson, pleaded guilty to three felonies tied to a scheme to steal $225,000 from one of his campaign accounts. The connection runs deep in California Democratic circles – Williamson most recently served as Gov. Gavin Newsom's chief of staff. Two other Becerra associates – former chief of staff Sean McCluskie and Sacramento lobbyist Greg Campbell – pleaded guilty last year.

Republican candidate Steve Hilton, a former Fox News host, did not mince words, pointing to reports that new evidence shows McCluskie informed Williamson that he had told Becerra about the scheme to use funds from a dormant campaign account to pay for his wife's employment.

“You shouldn’t be in this race; you should be preparing your criminal defense,” Hilton told Becerra as the audience erupted in gasps.

Steve Hilton takes aim at Xavier Becerra (British-ly):

"We learned today that Xavier is implicated in this corruption scandal…that he knew about illegal and improper payments from his campaign account to his former chief of staff…You should be preparing your criminal defense." pic.twitter.com/Hlgazh86Jd
— Brendan Hartnett (@BrendanHartnett) May 15, 2026

Becerra took issue with Hilton’s assertion that the talk show host lacks a law degree – at which point Rep. Katie Porter interjected that she is a lawyer and backs her GOP rival’s legal analysis. Just because Becerra isn’t implicated in the charging document doesn’t mean he won’t be in the future, she argued.

“You know that does not preclude an indictment from being issued against you,” Porter said. “We do not know what Dana Williamson said about your involvement.”

Katie Porter continued to rail on fellow Democratic candidate Xavier Becerra about a perceived lack of details for using state tax revenue to fund proposed projects at the final California governor’s primary debate. pic.twitter.com/tXkrCtxBnR
— CBS Sacramento (@CBSSacramento) May 15, 2026

Steyer also posted on X.com Thursday that Becerra “likely broke state law, and now he’s at the center of an ongoing criminal investigation.”

Becerra pushed back, insisting he “did nothing wrong” while repeatedly citing a U.S. Department of Justice spokesperson who stated that “no candidate running for governor has been implicated” in the scheme.

Becerra’s Single-Payer Flip-Flop

Becerra, who served as California attorney general after Kamala Harris, also found himself on the defensive over allegations that he privately told California's largest medical lobbying group that he opposed single-payer healthcare – directly contradicting his public position.

Democratic billionaire Tom Steyer confronted Becerra on stage, noting that the California Medical Association’s president claimed Becerra told doctors in a private meeting he was “very clearly” not supportive of the policy. The group subsequently endorsed Becerra and donated the maximum allowable amount to his campaign.

"So, are they lying?" Steyer pressed, repeatedly questioning whether Becerra was willing to tell one thing to powerful interest groups behind closed doors while publicly endorsing the opposite position.

Housing Crisis Takes Center Stage

California’s housing emergency was a top focus during Thursday's debate. The state needs roughly 2.5 million more homes to meet current demand, according to a 2025 state housing assessment, while the median home price has topped $800,000 – double the national median – and asking rents are approaching a $2,900 average statewide, the highest in the nation.

The candidates offered sharply different prescriptions. Becerra has campaigned on an insurance rate freeze and said he would declare a state of emergency to cut through the red tape strangling new construction, while Villaraigosa pledged to streamline the permitting and ordinance bottlenecks that have made building in California so costly and slow.

Porter focused on the mental health dimension of the homelessness crisis, calling for stronger care courts to get people off the streets and into treatment. Bianco defended his office’s practice of arresting homeless individuals, arguing that Riverside County pairs enforcement with meaningful mental health services.

And Mahan – whose work on housing and homelessness in San José has been cited by several of his rivals as a model – took the opportunity to turn the tables on Becerra, noting pointedly that the frontrunner still cannot explain how he would actually pay for his housing plan.

Gas Prices and Energy Policy

With California's average gas price surpassing $6 a gallon Thursday, Hilton made the case for expanding domestic oil production off the state’s coast – a proposal long supported by the Trump administration but rejected by all the California Democrats in the race.

“The price is the highest in the country because instead of getting oil and gas from our own oil production here in California, we are shipping it 7,500 miles in giant supertankers, spewing out carbon emissions,” Hilton said. “In the name of climate, we are increasing carbon emissions. We need some common sense here.”

The candidates were sharply divided on energy policy, with the fault lines falling largely along partisan and ideological lines. Becerra noted that he has sued oil and gas companies in the past as state attorney general. Steyer, meanwhile, focused on accelerating the shift away from fossil fuels and criticized oil companies’ pricing practices, arguing that energy companies are “overcharging us dramatically” and that California should restructure the market and expand alternative fuel sources, including importing refined fuel if necessary.

When asked whether they support reopening California to offshore drilling, all the Democrats said no, while Hilton and Bianco said yes.

Abortion Extradition Becomes Flashpoint

One of the debate’s sharpest exchanges centered on whether a California governor should hand over a state doctor to Louisiana to face criminal prosecution for prescribing abortion medication across state lines.

Extradition would require Newsom’s approval – something he said he won’t do. New York Gov. Kathy Hochul rejected a similar Louisiana extradition request last year, setting up an ongoing interstate clash over abortion enforcement.

Both Hilton and Bianco said they would – a position that puts them squarely at odds with California’s current leadership and its sweeping reproductive health shield laws.

“This is not about abortion rights,” Hilton argued. “This is about one trying to undermine another state’s laws. We have a federal system.”

Becerra Denies Fraud – Despite $267 Million Scheme Exposed Last Month

Perhaps the most jarring moment of the night came when Becerra was asked how he would combat Medicare fraud as governor. Rather than offering a substantive plan, Becerra appeared to deny that fraud in California has been proven – a stunning claim given that just last month, Attorney General Rob Bonta announced charges against 21 suspects and the dismantling of a major hospice fraud scheme that defrauded the state of $267 million.

Becerra’s remarks seemed more focused on deflecting blame onto the Trump administration than addressing the very real fraud happening on California’s watch.

“Trump is now trying to deprive California of another billion dollars in health care for Medi-Cal,” he said. “He doesn't have the right to do that. You still have to prove the fraud – he’s taking money, even though he hasn’t proven in court what’s been done.”

The Frontrunner Newsom and Others Won’t Endorse

Perhaps more telling than anything said during the debate is what prominent Democrats are refusing to say outside of it. Gov. Gavin Newsom, former DHS Secretary Alejandro Mayorkas, and Rep. Pete Aguilar all awkwardly declined to endorse Becerra this week despite his frontrunner status – and, given that Williamson served as Newsom’s chief of staff, the governor’s silence carries particular weight.

The reluctance of high-profile Democrats to throw their weight behind their own party’s leading candidate suggests either a lack of confidence in Becerra’s ability to close the deal – or, more cynically, a calculated decision to keep their distance until the full scope of the scandal becomes clear.

Becerra Repeats Pledge To Fight Trump

If you closed your eyes Thursday night, you might have thought Donald Trump was on the ballot for California governor. Becerra invoked Trump’s name more than any other candidate on stage – cramming references to Trump into a single 60-second answer six times.

The Trump fixation produced some of the night’s more eyebrow-raising moments. While defending his tenure as HHS secretary, Becerra turned to Hilton and boasted that he had worked to expand healthcare coverage to 300 million Americans – “far beyond what Donald Trump, your daddy, gave us.” Hilton, however, declined to take the bait, coolly noting he had no interest in “silly name-calling.”

When asked whom he would support if he failed to make the November ballot, Becerra – like most of his Democratic rivals – said he would back any Democrat on stage. But he quickly added that he could never support any Trump-endorsed candidate, taking a direct shot at Hilton.

“Because we would have a Donald Trump look-alike in the governor’s office,” he said, “and we can’t afford to do that.”

In California, tarring Republicans with the Trump label is a well-worn and successful path to victory. But Becerra’s over-reliance on it during the debate renewed questions about his ability to think on his feet and whether he has the energy and vision to carry a grueling general election campaign. He came across as notably flat throughout much of the evening, repeatedly falling back on the talking point that he sued the Trump administration more than a hundred times during his tenure as California’s attorney general.

While those lawsuits produced some court victories, repeatedly falling back on them doesn’t suggest someone looking to provide bold and innovative solutions to California’s crises.

It has been a punishing week for Becerra – a gaffe with a reporter that went viral, a guilty plea from a former aide in the campaign money scandal, and now a debate performance that failed to seal the deal. Whether voters ultimately care about any of these individual stumbles remains to be seen, but taken together, they paint a picture of a frontrunner who is treading water rather than pulling away.

Big Promises, Thin Plans

The debate’s sharpest back-and-forth on policy substance may have come when candidates turned their fire on what they characterized as Becerra’s chronically vague economic platform. At one point, Porter held up her notebook on stage and pointedly demanded that Becerra explain how he would actually generate the revenue to pay for his proposals – a theatrical move reminiscent of the whiteboard moments that went viral during her time in Congress.

As previously stated, Mahan piled on, noting that Becerra had not even released a comprehensive housing plan until just one week ago.

Becerra’s response was telling. Rather than laying out a concrete revenue strategy, he pointed to Newsom’s revised May budget, released Thursday, as a model for how he would handle fiscal matters. He then pivoted, as he has done repeatedly throughout the campaign, to his legal battles with the Trump administration.

“We fought, and we won,” he said. “We’re going to do the same thing again.”

It’s a line that plays well with the Democratic base but does nothing to answer the fundamental question Porter was asking: How, specifically, does Becerra plan to pay for anything?

Steyer had a mixed night of his own, making some forceful, clear points and positioning himself as the field’s leading progressive change agent, particularly on energy policy and moving California away from fossil fuels.

But he also delivered several convoluted answers that failed to land, leaving undecided voters with little new to work with. His debate performance, like Becerra's, was unlikely to dramatically reshape the race – though with just two points separating them in the latest polling, even a slight shift in momentum could prove decisive.

The debate’s most memorable moment may have come during a discussion of California’s struggling public education system. Steyer, perhaps unknowingly, handed Hilton the perfect setup when he invoked a familiar adage: “There’s an old saying: If you keep doing the same thing over and over and expecting a different outcome, that's insanity.”

Hilton didn't hesitate. “Then don’t vote Democrat.”

Final statements from the final California governor's primary debate.

On the debate stage were Democrats Xavier Becerra, Matt Mahan, Katie Porter, Tom Steyer, and Antonio Villaraigosa, and Republicans Chad Bianco and Steve Hilton. pic.twitter.com/kjeTEdZsnL
— CBS Sacramento (@CBSSacramento) May 15, 2026

Susan Crabtree is RealClearPolitics' national political correspondent.

Tyler Durden Sat, 05/16/2026 - 15:10

Tehran Claims US Faces Escalating Economic Fallout From 'War Of Choice' As Hardship Mounts Inside Iran

Tyler Durden — Sat, 16 May 2026 18:35:00 +0000

Tehran Claims US Faces Escalating Economic Fallout From 'War Of Choice' As Hardship Mounts Inside Iran

Iranian Foreign Minister Abbas Araghchi warned Saturday that the United States would face mounting economic fallout from its "war of choice" against Iran, as both sides appear settled into a long game of waiting to inflict the most severe economic and political damage on the other.

In a post on X, Araghchi said Americans would bear the escalating financial costs of the conflict with Tehran. "Put aside gas price hike and stock market bubble. Real pain begins when U.S. debt and mortgage rates start to jump," he wrote in English. This isn't the first time Iranian officials and state media have tried to directly appeal to the American public.

Araghchi also pointed to growing economic strain inside the United States, saying auto loan delinquencies had already climbed to their highest level in more than 30 years. "This was all avoidable," he added, framing the start of the conflict as Trump's 'war of choice' in the Middle East.

Of course, the Pentagon has a big card to play too, as on Saturday US Central Command (CENTCOM) announced that four vessels in the Hormuz area were "disabled to ensure compliance."

In an official statement it said that that since the imposition of a naval blockade on Iranian ports, 75 commercial vessels have been redirected and four others disabled to “ensure compliance”.

There is no doubt the US naval blockade is putting immense economic pressure on the Iranian government, society, and the energy sectors as crude shit-ins loom, or are in progress...

The internal Iranian regime narrative has shifted markedly in the past 72 hours. Multiple officials have now openly acknowledged Iran’s structural gasoline deficit, war-damaged energy infrastructure, and the urgent need for consumption management.

Fuel shortages and tightened…
— Miad Maleki (@miadmaleki) May 16, 2026

One Saudi-funded source alleges of the tightening hardship situation inside Iran:

Fuel shortages and tighter rationing are pushing drivers across Iran into a growing gasoline black market, with citizens describing long lines at gas stations and sharply inflated prices in messages sent to Iran International.

The accounts describe growing frustration over restricted access to subsidized gasoline and arbitrary limits imposed by operators, leaving many motorists dependent on costly unofficial sales.

...Iran uses a subsidized fuel quota system controlled through electronic fuel cards. Every private vehicle receives a monthly gasoline allocation at discounted prices, while extra consumption is charged at higher rates.

One citizen was cited in the same report as complaining: "One day there’s quota left on your card, the next day it says your quota is finished. They even steal the few drops of gasoline they give people."

The standoff drags on, amid reports the Trump administration is mulling resumption of the bombing campaign:

"There is no military solution to anything related to Iran"

Iran’s FM Abbas Araghchi emphasizes that the country will resist any aggression or pressure.

Follow Press TV on Telegram: https://t.co/LWoNSpkJSh pic.twitter.com/YecgTUMuon
— Press TV 🔻 (@PressTV) May 15, 2026

However, US and Gulf media reports about the economic and political crisis inside Iran have often been somewhat exaggerated, in 'hopes' of anti-regime sentiment being stirred enough for some kind of new anti-government uprising. But that has yet to come, after months of war launched by the US and Israel. It seems Washington is still pinning its hopes on exactly this.

Tyler Durden Sat, 05/16/2026 - 14:35

New Fed Chair Kevin Warsh's Job Is Impossible

Tyler Durden — Sat, 16 May 2026 18:00:00 +0000

New Fed Chair Kevin Warsh's Job Is Impossible

Submitted by QTR's Fringe Finance

Congratulations to Kevin Warsh on officially becoming the next Federal Reserve chair. Unfortunately for him, he may have just accepted the worst job in global finance at the worst possible moment.

Warsh was narrowly confirmed this week in the most partisan Fed chair vote in modern history, inheriting a central bank that has spent years under political attack while gliding straight into a macroeconomic minefield. Inflation just accelerated to a three-year high. Oil is higher amid Middle East tensions. President Trump is openly demanding lower rates. And now the bond market appears to be losing patience, pushing yields dramatically higher to end the week last week.

Friday was a perfect preview of the mess waiting for him.

On Friday, most investors spent the day staring at falling tech stocks as the S&P 500 dropped 1.24% and the Nasdaq fell 1.54%, but that wasn’t the real story. The real story was happening in Treasuries, where the 30-year yield ripped above 5.1% as investors digested hotter inflation data from earlier in the week and the growing realization that rates may need to stay higher for longer than Wall Street has been pricing in.

That’s where things get dangerous. Stocks can correct 5% and CNBC can fill airtime with “buy the dip” segments. Bond markets are different. When yields rise this fast, they tighten financial conditions everywhere at once. Mortgage rates stay elevated, corporate borrowing costs rise, commercial real estate refinancing gets uglier, and the federal government’s own interest expense starts ballooning.

And this is happening while the consumer is already showing cracks. Auto loan delinquencies are sitting near 2008 levels. Credit card delinquencies are hovering around financial crisis highs. Consumers are increasingly relying on high-interest debt just as inflation continues squeezing real wages.

That inflation problem is exactly what makes Warsh’s situation so miserable. CPI is still running at 3.8%. PPI is at 6%. Oil just moved above $100. This is not an environment where the Fed can casually ride in with emergency rate cuts or restart quantitative easing without risking another inflation wave.

Which is particularly awkward because Kevin Warsh has spent years arguing that the Fed became far too involved in financial markets and should shrink its $6.7 trillion balance sheet faster. He’s repeatedly pushed the idea that the central bank should stop acting like a permanent market backstop and return to more traditional monetary policy tools.

Very noble. Very disciplined. Very “markets need to stand on their own two feet.” And now he may be taking over just as markets are testing whether he actually means any of that.

Because it’s easy to give speeches about moral hazard when stocks are ripping higher, volatility is low, and everyone is pretending the economy is fine. It’s a little harder when the bond market starts throwing furniture around, long-term yields keep climbing, and every corner of the economy begins feeling the pressure at once.

Again, higher Treasury yields don’t just hurt speculative tech names—they ripple through everything. Housing activity slows as mortgage rates remain elevated. Corporate refinancing becomes more expensive. Commercial real estate gets squeezed even harder. Private equity exits dry up. Government interest payments balloon. Suddenly everyone from first-time homebuyers to Treasury officials starts having a very bad week.

And then there’s the stock market, which continues behaving like none of this applies to it. The Shiller P/E ratio is sitting around 42x—deep into “what could possibly go wrong?” territory. That kind of valuation only works if inflation cools quickly, rates fall, earnings remain strong, and liquidity stays abundant. In other words, it requires basically everything to go right at the exact moment a lot of things are going wrong.

That’s what makes this such a brutal setup for Warsh, as I wrote here: This Rally Ends In Panic.

🔥 50% OFF FOR LIFE: Using this coupon entitles you to 50% off an annual subscription to Fringe Finance for life: Get 50% off forever

If he lets yields continue climbing, he risks a broader market repricing, rising defaults, housing weakness, and credit stress that spills into the real economy. If he cuts rates too aggressively or restarts bond purchases, he risks pouring gasoline on inflation that is already running too hot. If he does nothing and tries to wait it out? Markets may decide for him.

That’s the problem with bond markets. They don’t care about academic framework. They don’t care about your carefully worded press conferences. And they definitely do not care about your long-term policy vision when they think inflation, deficits, and fiscal credibility are deteriorating in real time.

Just ask Liz Truss how quickly bond investors can humble policymakers.

So genuinely, good luck, Kevin. No sarcasm there. He’s walking into a non-enviable situation where inflation is sticky, consumers are weakening, stocks look euphoric, geopolitical tensions are driving oil prices higher, and the bond market may be on the verge of becoming the biggest source of instability in the entire financial system.

That’s not a soft landing, it’s a stress test disguised as a promotion. And while everyone else keeps obsessing over whether Nvidia is down 4% on a given day, Warsh should be staring directly at the Treasury marketl, because that’s where his real problems are about to begin.

QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.

This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions. All positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullshit my way through things easier.

The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.

Tyler Durden Sat, 05/16/2026 - 14:00

50 Empty Waymos Invade Upscale Tiny Atlanta Neighborhood

Tyler Durden — Sat, 16 May 2026 17:25:00 +0000

50 Empty Waymos Invade Upscale Tiny Atlanta Neighborhood

With Waymo robotaxis now operating in 11 major U.S. markets, these fully autonomous Jaguar I-PACE SUVs are becoming increasingly visible to everyday folks. This wider rollout means more public encounters and more viral footage capturing robotaxis in the wild.

One such incident occurred in a northwest Atlanta neighborhood this week, where residents told local media outlet WSB-TV that more than 50 empty Waymo SUVs flooded their tiny street.

"It's almost every little cul-de-sac in our area, so I think it's a problem," one neighbor on Battleview Drive told WSB's Steve Gehlbach.

The Battleview resident said, "I think yesterday morning we had 50 cars come through between 6 and 7."

It's not just Battleview; other residents in the area say empty robotaxis have been repeatedly circling their streets in growing numbers over the past several weeks.

Residents told the local outlet that the robotaxis are not picking up passengers, raising concerns that the activity is excessive and potentially dangerous, especially for families with children nearby.

Expect more stories like this as robotaxi deployment ramps up nationwide. We have provided readers with enough context about robotaxi deployments (see here and here).

Just wait until local resistance movements, similar to data centers, begin …

Tyler Durden Sat, 05/16/2026 - 13:25

Persian Gulf Countries 'Refused' UAE Call For Joint Attack On Iran

Tyler Durden — Sat, 16 May 2026 16:50:00 +0000

Persian Gulf Countries 'Refused' UAE Call For Joint Attack On Iran

Via The Cradle

The UAE tried but failed to persuade neighboring states, including Saudi Arabia and Qatar, to take part in a coordinated military attack on Iran, Bloomberg reported Friday, citing sources familiar with the matter.

UAE President Mohammed bin Zayed (MbZ) spoke by phone with Saudi Crown Prince Mohammed bin Salman (MbS) and other regional leaders to propose the coordinated attacks, shortly after the US and Israel launched the war on Iran on February 28, the sources said.

During the calls, MbZ argued that the states that formed the Gulf Cooperation Council (GCC) must act as a bloc to attack Iran alongside the US and Israel. However, his fellow Gulf leaders told him it was "not their war," according to the report.

When Saudi Crown Prince MbS refused to go along with the scheme, already shaky ties between the UAE and Saudi Arabia were further strained. The Saudi refusal also contributed to the Emirates' decision to leave OPEC and OPEC+, the oil-producing cartel, and deepen its existing ties to Israel.

The UAE ultimately carried out several strikes against Iran without support from other Gulf states in early March and in April. Iran targeted US bases and oil facilities in Saudi Arabia with drones in the first days of the war. Yet the kingdom focused its efforts on promoting Pakistani-mediated negotiations between Washington and Tehran.

Qatar considered joining the UAE in an attack after Iranian missile strikes hit Doha's Ras Laffan Industrial City, the world's largest liquefied natural gas (LNG) facility, causing extensive damage and major fires, a Gulf official said. However, Doha also ultimately chose to de-escalate and throw its support behind negotiations.

Bahrain, Kuwait, and Oman joined Saudi Arabia and Qatar in rejecting the UAE plan. One source said US officials were aware of the UAE effort and that Washington pushed Saudi Arabia and Qatar to join a coordinated military response.

On Thursday, the Financial Times (FT) reported that Saudi Arabia had "floated" the possibility of reaching a "non-aggression pact" between Iran and neighboring states modeled on the 1975 Helsinki Accords, which eased tensions during the Cold War in Europe.

The Saudi-proposed pact for the day after the US-Israeli war on Iran ends reportedly has support from several European capitals, which view it as “the best way to avoid future conflict” and have urged Arab states to support it.

The British daily cites an unnamed Arab diplomat who says that such a pact would be welcomed “by most Arab and Muslim states, as well as by Iran,” although severe concerns remain about Israel's continued threats to reignite the war regardless of any deal.

Meanwhile, the two-day meeting of BRICS foreign ministers in New Delhi ended on Friday without a joint statement due to "differing views" on the US-Israeli war against Iran and the current situation in West Asia. The foreign ministers expressed "their respective national positions and shared a range of perspectives," according to a statement issued by India.

The statement added that one member state had "reservations" about issues related to Gaza, as well as security in the Red Sea and the Bab al-Mandab Strait.

Iranian Foreign Minister Abbas Araghchi said during the meeting that "Iran is a country that cannot be divided. The era of American dominance is over." He also singled out the UAE for blocking the ministerial BRICS statement, and pointed out its “own special relationship with Israel.”

Tyler Durden Sat, 05/16/2026 - 12:50

One Of Russia's Largest Fuel Facilities Spews 'Black Rain' Over Ryazan After Deadly Ukrainian Drone Strike

Tyler Durden — Sat, 16 May 2026 16:15:00 +0000

One Of Russia's Largest Fuel Facilities Spews 'Black Rain' Over Ryazan After Deadly Ukrainian Drone Strike

An early Friday drone strike triggered a major fire at the Ryazan Oil Refinery, one of Russia's largest fuel production facilities, according to local residents and Russian monitoring channels.

Residents reported multiple loud explosions after drones were seen flying over the city, with videos circulating online showing flames and thick smoke rising from the refinery.

VKontakte/Moscow Times

"An ASTRA OSINT analyst has determined that in addition to two high-rise buildings, an oil refinery in the city was damaged. Photos taken by witnesses were taken near the Olympic Town microdistrict, approximately 4 km from the Ryazan Oil Refinery," one independent Russian outlet wrote.

Two high-rise buildings in Ryazan were also struck, resulting in significant casualties:

A Ukrainian drone barrage killed at least four people and ignited a huge fire at an oil refinery in the city of Ryazan on Friday, in what appeared to be a direct retaliation for a deadly Russian strike on Kyiv a day earlier.

Ryazan region Governor Pavel Malkov confirmed the deaths in posts on Telegram, adding that dozens of people, including children, were wounded in the attack. He said drones struck two apartment buildings and an industrial site, which he did not identify by name.

There were also reports that "black rain" fell from the sky after the refinery was struck, which adds additional confirmation to serious damage at the fuel facility amid the ongoing emergency response:

The strike sparked a fire at the Ryazan oil refinery, leading to what some locals described as an "oil rain." Residents complained online of sticky black spots on their cars, windows, and building facades.

Ukrainian sources have alleged that both the Ryazan refinery and Gazprom's Astrakhan gas plant are considered critical components of Moscow's war infrastructure.

Via Meduza

Last week a brief ceasefire held. Soon on the heels of the successful 3-day and US-backed 'V-Day' ceasefire between Russia and Ukraine, Russian forces went on to unleash several days of drone and missile barrages on Ukrainian cities, especially the capital. Some 1,500 missiles and drones were launched in just 48 hours.

BBC reported Thursday that "At least seven people have been killed, including a 12-year-old girl, in Kyiv after Russia launched a massive wave of drone and missile strikes on the Ukrainian capital and other regions, officials have said."

Ukraine launched one of its largest drone attacks of recent months, setting Russia’s Ryazan oil refinery ablaze and striking military targets across multiple regions.

The refinery processes 17.1M tons of oil annually and sits just 180 km from Moscow, The Kyiv Independent. 1/ pic.twitter.com/HhArH7sf6f
— Tymofiy Mylovanov (@Mylovanov) May 15, 2026

Sadly, the tit-for-tat 'revenge' strikes are only increasing, and more and more apartment blocks and civilian neighborhoods on each side have been coming under devastating attacks.

Tyler Durden Sat, 05/16/2026 - 12:15

Democrats Devastated After Supreme Court Rejects Attempt To Revive Virginia Congressional Map

Tyler Durden — Sat, 16 May 2026 15:40:00 +0000

Democrats Devastated After Supreme Court Rejects Attempt To Revive Virginia Congressional Map

Hammering the last nail in the coffin of what could have been a significant midterm factor, the US Supreme Court on Friday rejected Virginia Democrats' request to use a new congressional district map, which was drawn to flip four House seats into Democratic control.

🚨 IT'S OFFICIAL, WE WIN!

"The US Supreme Court moments ago has ruled AGAINST Virginia Democrats when it comes to reviving their pro-Democrat redistricting map ahead of the 2026 midterms."

WOULD'VE BEEN: 10D-1R
MAP WILL REMAIN AS: 6D-5R

Another Dem embarrassment.

🔥🔥🔥 pic.twitter.com/sfWWvumcnJ
— Eric Daugherty (@EricLDaugh) May 15, 2026

As is typical in this kind of "emergency" ruling, the court provided no legal rationale or vote count -- however no dissents were noted.

The new map was expected to dramatically alter the composition of Virginia's US House delegation, boosting Democrats from their current slim 6-5 edge to 10-1 domination. For context, in 2024 presidential balloting, Virginia voters were split 52% for Democrat Kamala Harris and 46% for Donald Trump.

On May 8, the Virginia Supreme Court denied a request from Democrats and state officials to lift a lower-court order blocking certification of the April 21 redistricting referendum.

Voters approved the Democrat-accommodating map by a 52-to-48 margin, but a Virginia circuit court declared the referendum null and void, saying Democrats had run afoul of state constitutional measures that exist to fend off partisan gerrymandering.

Virginia Gov Abigail Spanberger, seen here as a US House representative on Jan 6 2021, says she now wants to focus on Democrat turnout

After that setback, Democrats sought to salvage their new map with an appeal to the US Supreme Court, which has now failed. Two days earlier, Gov Abigail Spanberger had already waved a white flag of sorts, implying that Virginia's May 12 deadline for map changes made the emergency request to the US Supreme Court something of a moot point.

“What needs to happen is we need to focus on the task at hand, which is winning races in November,” she said.

"I believe, somewhat doggedly, that we will [gain] two to four seats in the House of Representatives. … That is my goal. That is what I know is possible.”

However, after the ruling, she opportunistically lashed out at the Supreme Court:

Virginia Gov. Abigail Spanberger, a Democrat, criticized the decision, which she said had the effect of nullifying “the votes of more than three million Virginians.”

“As Governor, I will make sure voters know when and how to cast their votes this year. Because our votes are how we choose the representation we deserve,” she wrote on X.

The Supreme Court of the United States has now joined the Supreme Court of Virginia in choosing to nullify an election and the votes of more than three million Virginians.

These Virginians made their voices heard — casting their ballots in good faith to push back against a…
— Governor Abigail Spanberger (@GovernorVA) May 16, 2026

The lead respondent, Virginia state Sen. Ryan McDougle, a Republican, who is also legislative commissioner for the Virginia Redistricting Commission hailed the new ruling.

“The Supreme Court of the United States has affirmed what we always knew: you cannot violate the Constitution to change the Constitution,” the state lawmaker wrote on X.

The Virginia battle was part of a nationwide saga that started last year, when Texas Republicans redrew their congressional map to gain seats, straying from what had been a fairly (but not thoroughly) universal norm that saw states refrain from redistricting that wasn't driven by once-a-decade census results. Following the lead of California Democrats who undertook their own maneuvers to offset the Texas map, the Virginia leftists who gained full control of state government in 2025 responded with a constitutional amendment allowing the General Assembly to temporarily redraw congressional districts outside the normal 10-year cycle -- specifically to “restore fairness” if other states gerrymandered (bases on the convoluted implication that varied wrongs against the citizenry of multiple states can add up to a national right).

Despite the implosion of the Virginia Democrats' scheme, and the view that the net result of the redistricting war will flip seats to the GOP column, prediction-market participants lean heavily toward Democrats wresting control of the House from Republicans, who currently have a 217-212 edge over the Democrats. (One representative is an independent and there are five vacant seats owing to deaths and resignations.)

Via Polymarket

Chalk up the difference between the redistricting outcome and the predicted 2026 House elections to resurgent price inflation springing from the Trump-Netanyahu war on Iran, disenchantment with the broader economy, and a career-high disapproval rating for party standard-bearer Trump.

Tyler Durden Sat, 05/16/2026 - 11:40

Lefty Union Paralyzes Long Island Rail Road As Strike Sets Commuter Chaos Countdown For Monday

Tyler Durden — Sat, 16 May 2026 15:05:00 +0000

Lefty Union Paralyzes Long Island Rail Road As Strike Sets Commuter Chaos Countdown For Monday

Yet another reason for privatizing mass transportation emerged Saturday morning, after a left-wing rail union launched a strike set to snarl the nation's busiest commuter railroad network.

The labor action threatens to paralyze the Long Island Rail Road, a critical transportation artery spanning the New York City-to-Long Island corridor and linking Manhattan, Brooklyn, and Queens with Nassau and Suffolk counties.

The Brotherhood of Locomotive Engineers & Trainmen (BLET), which endorsed former left-wing and failed presidential candidate Kamala Harris, said its 3,500 members who work for the LIRR went on strike early Saturday morning.

"No agreement on wage increases was reached between a coalition of five unions, including BLET, and the LIRR. In accordance with the terms of the Railway Labor Act, the coalition's 3,500 members went on strike just after midnight," BLET wrote on X.

No agreement on wage increases was reached between a coalition of five unions, including BLET, and the LIRR. In accordance with the terms of the Railway Labor Act, the coalition’s 3,500 members went on strike just after midnight on Saturday, May 16. Story: https://t.co/UcCgIVItiA pic.twitter.com/BW9Un14kHc
— Brotherhood of Locomotive Engineers and Trainmen (@BLET) May 16, 2026

BLET's National Vice President Kevin Sexton was quoted by AP News as saying that negotiations between the union and the LIRR have collapsed.

"We're far apart at this point," Sexton said. "We are truly sorry that we are in this situation."

MTA Chairman Janno Lieber said LIRR "gave the union everything they said they wanted in terms of pay," and that to him it was apparent the unions always intended to walk out.

In fact, we detailed in August 2025 a comprehensive "Color Revolution: A Strategic Assessment (2025-2028)," outlining how left-wing unions and NGOs were planning "coordinated, targeted, and nonviolent strategic action such as national strikes and boycotts, large-scale disruption to economic activity and civil society, and other forms of mass political defiance designed to damage a government's legitimacy, authority, and capacity."

The rail strike threatens major disruption for roughly 270,000 daily riders and could cost the region an estimated $61 million in lost economic activity per day.

The labor action will likely backfire because LIRR riders are mostly middle-class, and the shutdown of the transportation network will hurt working households the most.

Limited shuttle bus service is planned beginning Monday, but capacity will cover only a fraction of normal ridership.

This is the first strike on the LIRR since 1994, and the timing could not be worse, as commuting across the service area will be a nightmare come Monday morning. This is also unfolding in a state controlled by unhinged Democrats, alongside a socialist mayor in NYC.

Tyler Durden Sat, 05/16/2026 - 11:05

Bonds Are Screaming "Something's Wrong"

Tyler Durden — Sat, 16 May 2026 14:30:00 +0000

Bonds Are Screaming "Something's Wrong"

Submitted by QTR's Fringe Finance

Bond yields are doing exactly what I warned about yesterday: forcing reality back into a market that had become increasingly detached from it.

Heading into Friday’s cash open, U.S. equity futures are under pressure, with S&P 500 futures down roughly 1% and Nasdaq futures off even more sharply as global bond markets sold off overnight.

CNBC reported that by Friday morning in London, the U.S. 10-year Treasury yield had climbed nearly 9 basis points to 4.544%, marking its highest level in almost a year. The move wasn’t isolated to the U.S. U.K. 10-year gilt yields jumped another 15 basis points as investors continued digesting fiscal and political instability abroad, while Japan’s 2-year yield surged as much as 19 basis points before cooling modestly.

Government bonds, precious metals, and international equities all sold off simultaneously as investors began repricing inflation risks, geopolitical instability, and the growing realization that central banks may not be rushing to save markets anytime soon.

That matters because this is how stress sometimes tends to emerge in overextended markets. It rarely starts with equities themselves. It often begins in credit markets, rates markets, or funding markets before eventually spilling over into stocks.

Bond markets are significantly larger than equity markets and tend to be less interested in speculative narratives and far more focused on inflation, fiscal deficits, growth expectations, and the actual cost of money. When yields move this aggressively higher in such a short period of time, financial conditions tighten almost immediately. Mortgage rates remain elevated. Corporate borrowing costs rise. Refinancing becomes more expensive. Valuation models become less forgiving. Most importantly, the higher yields go, the less rational it becomes to pay extreme multiples for speculative growth stocks that have been pricing in a near-perfect future.

Yesterday I wrote that this market increasingly resembled a late-stage blowoff top fueled by “mechanical options activity, concentrated speculation, and a level of complacency that tends to emerge near the end of major asset bubbles.”

I also argued that this no longer resembled a traditional bull market built on broad participation, earnings growth, or healthy economic expansion. Instead, I described a market increasingly driven by narrow leadership, speculative options activity, and momentum chasing concentrated in a handful of names. Bloomberg’s Simon White’s observations reinforced that thesis. He highlighted the fastest rise in S&P gamma ever recorded, historically low correlation, and extreme dispersion beneath the surface.

That combination matters because it tells you this rally has been heavily dependent on a shrinking number of stocks doing most of the work while market structure becomes increasingly fragile underneath.

And that fragility becomes far more dangerous when interest rates begin moving against speculative positioning.

🔥 50% OFF FOR LIFE: Using this coupon entitles you to 50% off an annual subscription to Fringe Finance for life: Get 50% off forever

As I wrote yesterday, call buying in individual stocks has exploded while broader index participation has weakened. Zero-day options have accounted for roughly 60 percent of call volume. Those dynamics can create powerful upside reflexivity when markets are moving higher, but they can also create violent downside reflexivity when momentum breaks. Dealers who were previously forced to buy shares as markets rose can quickly become forced sellers when positioning reverses. The same machine that helped levitate prices can accelerate downside volatility when sentiment shifts.

Lauren Hyslop, investment manager at Mattioli Woods, summarized the situation well in comments to CNBC: “Rising bond yields are once again imposing their will on markets, tightening financial conditions and sapping risk appetite across asset classes,” she said.

She added that investors are confronting the “uncomfortable reality of ‘higher for longer’ rates in the U.S., as stubborn inflation and surprisingly resilient growth push back any meaningful pivot to easing.” She also noted that a stronger dollar, fading expectations for liquidity support, geopolitical uncertainty, and fiscal concerns are all adding pressure simultaneously. That combination is particularly dangerous because it removes the easy narrative markets have relied on for months that rate cuts were inevitable and policymakers would remain quick to intervene.

The fact that the Fed is stuck between a 3.8% CPI and 6% PPI rock and a market-teetering-on-the-brink-of violently-pulling-back hard place was the core of yesterday’s concern. If the bond market starts to get violent, what options does the Fed have to start printing to buy bonds and do yield curve control with inflation already where it is? The central bank’s hands might be tied — and this is a scary (and somewhat unprecedented) thought.

Markets had become increasingly comfortable assuming inflation would continue cooling, rates would eventually fall, and liquidity would remain abundant enough to support elevated valuations indefinitely. Meanwhile, as I noted yesterday, consumer stress has continued quietly building beneath the surface. Credit card delinquencies have been rising. Auto delinquencies have been climbing. Student loan repayment pressures are returning.

That disconnect was never likely to resolve itself quietly. Eventually either yields had to fall fast enough to justify equity valuations, or equities had to reprice to reflect a higher-for-longer reality. Today may not be the full unwinding event. Dip buyers may once again step in. Momentum could persist longer than fundamentals suggest. Blowoff tops often last longer than rational investors expect. But today’s bond move is a reminder that the underlying fragility I wrote about yesterday is very real.

The broader issue remains unchanged. The Federal Reserve still looks trapped between two deeply unattractive choices. Tighten policy further and risk breaking highly leveraged parts of the economy and financial markets. Pivot back toward aggressive liquidity support and risk reigniting inflation while further damaging confidence in the dollar. Neither path is clean. Both paths create volatility.

And that is why caution remains warranted. When markets become this speculative, this narrow, and this dependent on cheap money assumptions, it does not take much to trigger instability. Sometimes all it takes is the bond market reminding everyone that money still has a cost.

Tyler Durden Sat, 05/16/2026 - 10:30

Samsung, South Korean Union Resume Talks As Strike Threat Risks Disrupting Memory Chip Fabs

Tyler Durden — Sat, 16 May 2026 13:55:00 +0000

Samsung, South Korean Union Resume Talks As Strike Threat Risks Disrupting Memory Chip Fabs

Heavy selling swept across Asian markets on Friday, with South Korea's benchmark KOSPI plunging 6% as traders aggressively reduced exposure to the country's semiconductor sector. Samsung Electronics and SK Hynix led the decline. The catalyst for the sell-off was labor action risk headlines at Samsung, where the company's union threatened a strike that could disrupt production lines at the world's largest memory chip manufacturer.

By Saturday morning, there was a major sigh of relief: Samsung and its labor union would resume government-mediated pay talks on Monday, according to a Reuters report.

The union released a statement earlier explaining that Samsung had replaced its negotiation team, and both sides would meet later Saturday for separate meetings ahead of Monday.

Chairman Jay Y. Lee issued a public apology over the labor dispute, alongside Samsung's decision to replace its lead negotiator:

"I sincerely apologize to customers around the world for causing anxiety and concern due to issues within our company," Lee said, telling reporters that he also "deeply bows in apology to the public."

South Korean officials, including the labor minister, prime minister, and finance minister, have urged both the union and Samsung to resolve their labor issues, as a strike could threaten production lines for some of the world's most advanced memory chips, which are critical for AI data center buildouts.

The collapse in talks on Friday sparked a sharp decline in the KOSPI, ending weeks of gains. It also comes as the world is suffering from a deepening memory supply crunch (read here).

Shares of Samsung in South Korea closed down 6.66%.

However, Taiwan-based market intelligence and research firm TrendForce wrote on X:

Samsung's strike is set to formally begin on May 21. Because the company's semiconductor fabs are already highly automated, the impact on production is expected to be limited.

However, there will likely be noticeable disruptions to packaging and logistics, R&D and design, and customer relations. In terms of unionization, about half of all employees across the Samsung Group are union members, most of whom work in the semiconductor division. Internally, management has already extended an olive branch to the DRAM division, but has not yet reached an agreement with union members in the Foundry and LSI divisions.

Samsung’s strike is set to formally begin on May 21. Because the company’s semiconductor fabs are already highly automated, the impact on production is expected to be limited. However, there will likely be noticeable disruptions to packaging and logistics, R&D and design, as well… https://t.co/l2ibgeXEIL
— TrendForce (@trendforce) May 15, 2026

Given that memory is a critical component of data center buildouts, why would the union suddenly feel compelled to risk seizing up memory-chip production lines unless there was an ulterior motive?

In the U.S., unhinged socialist Bernie Sanders has pushed a data center bill moratorium, which is very suspicious because it would only allow China to catch up to the U.S.

Separately, it is worth noting that DEI has effectively been backronymed into "Data Centers, Electricity, and Infrastructure."

Tyler Durden Sat, 05/16/2026 - 09:55

UK Moves To Ban New North Sea Oil & Gas Licenses Permanently

Tyler Durden — Sat, 16 May 2026 13:20:00 +0000

UK Moves To Ban New North Sea Oil & Gas Licenses Permanently

Via City AM,

The UK government will introduce legislation banning new North Sea oil and gas exploration licences as part of its Energy Independence Bill.
Critics argue the policy will increase Britain’s reliance on imported fossil fuels while damaging Scotland’s oil and gas industry.
Rising oil prices and disruptions tied to the Iran conflict have intensified political pressure on Labour to reconsider the ban.

The government will make it illegal to grant new oil and gas licences in the North Sea, the King said at the state opening of Parliament, in a sign ministers are refusing to buckle in the face of a barrage of criticism that the policy is depriving the UK of billions of pounds in tax receipts without helping the environment.

As part of an Energy Independence Bill announced in the King’s Speech, the government will bake into law its pre-election pledge not to explore new oil and gas fields in a bid to “take control of our energy security”.

In its 2024 manifesto, the Labour Party made a ban on all new exploration and drilling licences in the North Sea a key pillar of its promise to turn Britain into a “clean energy superpower” by 2030.

But since entering government, the party has come under growing pressure to renege on the promise, with critics arguing it strangles one of Scotland’s most vibrant industries and fails to improve the UK’s environmental footprint.

Backlash against ‘deluded’ North Sea policy

Oil and gas still accounts for three-quarters of the UK’s energy mix. And the majority of those fossil fuels are now shipped in from abroad, meaning other economies benefit from the job creation and tax receipts that are derived from the lucrative drilling and refining processes.

Calls for the ministers to rethink the ban have grown louder since the outbreak of war in Iran led the price of crude oil to nearly double in a month.

Last week, Norway, which drills for oil in the same area of the North Sea as Britain, approved plans to reopen three gasfields that had been shut for decades to help sate the global demand for fossil fuels caused by the closure of the Strait of Hormuz shipping lane.

Two of Labour’s main political opponents – Reform UK and the Conservatives – have both vowed to overturn the ban, in a move they say would help increase the UK’s tax take and inoculate it from any acute supply shocks.

The ban, which the government claims will help Britain off the “roller-coaster of fossil fuel markets”, has also drawn criticism from the US’s ambassador to the UK, who has used multiple interviews to urge Britain to make more of its reserves.

Shadow energy secretary Claire Coutinho accused her opposite number Ed Miliband of being “utterly deluded” for seeking to put the ban into the statute book.

“He is not making us more independent. He is making us more reliant on foreign imports,” she said.

Tyler Durden Sat, 05/16/2026 - 09:20

China Confirms Boeing Jet Deal, Agrees To Cut Select Levies & Expand Agri Trade

Tyler Durden — Sat, 16 May 2026 13:02:00 +0000

China Confirms Boeing Jet Deal, Agrees To Cut Select Levies & Expand Agri Trade

Summary:

China, U.S. Agree To Cut Levies On Select Products, Expand Agricultural Trade
China, U.S. Reach Boeing Jet Purchase Agreement
U.S. And China Agree To Establish Trade And Investment Boards
Trump-Xi Summit Delivers Modest Trade Wins

China Responds With Agreements To Purchase Jets, Cut Levies, Expand Trade

One day after President Trump left Beijing, following his multi-day summit with Chinese President Xi Jinping, China's Commerce Ministry released new details about agreements it had reached to purchaseU.S.. planes and farm goods.

CHINA, US REACH ARRANGEMENTS ON BUYING US PLANES

The exact wording "reach arrangements"s in the Bloomberg headline is important because it suggests a framework, a commitment, or a negotiated understanding, not necessarily a finalized purchase contract for Boeing commercial jets.

Based on earlier reports, Trump said China agreed to buy 200 Boeing planes, with the total potentially rising to 750 aircraft.

The next set of headlines shows that the Trump team and Beijing have reached a partial trade de-escalation package following the summit:

CHINA, US AGREE TO REDUCE LEVIES ON A CERTAIN RANGE OF PRODUCTS
CHINA TO EXPAND BILATERAL TRADE W/ US ON AGR AND OTHER PRODUCTS
CHINA VOWS TO EXPAND BILATERAL AGRI TRADE WITH US

The headlines point to a U.S.-China trade détente that is constructive for American industry, exporters, and U.S. farmers.

Now the larger question is what Trump and Xi agreed to behind closed doors regarding Tehran and the reopening of the Strait of Hormuz.

U.S. and China Agree To Establish Trade And Investment Boards As Trump-Xi Summit Delivers Modest Wins

U.S. and Chinese leaders agreed to establish a new "Board of Trade" and a parallel "Board of Investment" during President DonaldTrump'ss two-day visit to Beijing - a summit that ended much as it began: with significant pageantry, warm personal rapport between the leaders, and modest, incremental progress on trade. The new boards aim to oversee bilateral purchases, manage trade differences, facilitate deals in non-sensitive sectors (with roughly $30 billion in goods identified), and provide a standing channel to prevent future escalations without constant high-level intervention.

President Trump and Chinese leader Xi Jinping at the Great Hall of the People in Beijing. Alex Wong/Getty Images

The boards were a pre-summit priority pushed by U.S. officials, including Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. They build on preparatory talks in South Korea that produced what both sides described as "generally balanced and positive outcomes." Chinese state media, including Xinhua, highlighted the agreements as part of efforts to expand practical cooperation and maintain stable economic ties.

This development aligns with XiJinping'ss broader push to reframe the bilateral relationship as one of "constructive strategic stability" - a new guiding vision intended to provide predictability for the next three years and beyond, emphasizing cooperation as the mainstay while allowing for "moderate competition" and "manageable differences." Xi described it as a positive, sound, constant, and enduring stability that should translate into concrete actions.

Trade and Economic Deliverables

Boeing Aircraft: China committed to purchasing 200 Boeing jets, with Trump indicating the order could potentially grow to 750 based on performance. This was the most visible commercial headline, though it fell short of earlier speculation around larger volumes and drew a muted market reaction.
Agriculture and Energy: Progress on expanded U.S. farm product sales (soybeans, beef, and other goods, with reports of commitments up to $10–50 billion in some readouts) and potential energy deals. Xi told accompanying U.S. CEOs that China'ss door will only open wider" to American businesses, signaling greater market access in mutually beneficial areas.
Investment Outlook: Discussions included pathways for Chinese investment into non-sensitive U.S. sectors, with the Board of Investment intended to provide clearer guidelines and reduce uncertainty from national security reviews.

Trump touted "fantastic trade deals" upon departure, while Xi emphasized win-win outcomes and the importance of sustaining momentum in economic ties.

And hey, America apparently needs 500,000 Chinese students in the US, and China should be able to purchase US farmland so that colleges and farm prices don't collapse, or something.

NOW - Trump says it's good to have 500,000 foreign Chinese students in the U.S. and for China to purchase U.S. farmland; otherwise, colleges and farm prices would collapse: "I frankly think that it's good that people come from other countries and they learn our culture." pic.twitter.com/3vQDXpjchz
— Disclose.tv (@disclosetv) May 15, 2026

Areas Without Breakthroughs

Despite the institutional progress, several high-priority issues saw limited or no resolution:

Nvidia H200 AI Chips: No major summit agreement on advanced AI chip exports. While some U.S. licensing approvals for sales to select Chinese firms occurred around the visit (with Jensen Huang joining the delegation), export controls remained a sticking point and were not centrally resolved in leader-level talks.
Rare Earths: No announced extension of the existing truce or easing of Chinese export controls, which continue to affect U.S. chipmakers and aerospace firms. This remains a lingering vulnerability from prior tariff exchanges.
Iran Conflict: Both leaders expressed a shared desire for stability and reopening the Strait of Hormuz, with Xi showing interest in greater U.S. oil purchases to reduce Middle East dependence. However, China offered no concrete commitments to leverage its influence with Tehran. Beijing’s foreign ministry reiterated support for peace efforts without pledging active intervention.

Taiwan And Competing Narratives

Competing narratives quickly emerged from the summit - highlighting the persistent gap in how Washington and Beijing frame their relationship. Chinese state media, including Xinhua, emphasized Taiwan as "the most important issue" in bilateral ties, with Xi warning Trump that mishandling it could lead to confrontation or even conflict while reiterating opposition to “Taiwan independence.” (U.S. officials, including Secretary of State Marco Rubio, reaffirmed that American policy on Taiwan remains unchanged.) In contrast, the White House readout and Trump’s public comments focused heavily on international issues such as Iran, reopening the Strait of Hormuz, global energy security, and economic cooperation - including Xi’s reported interest in buying more U.S. oil to reduce Middle East dependence, fentanyl precursor controls, and increased agricultural purchases. Trump described the relationship as one that is “going to be better than ever before,” while Xi suggested that "cooperation benefits both, while conflict hurts both." Analysts noted that Beijing’s spotlight on Taiwan may serve to shape domestic and international perception and divert attention from other sensitive topics like trade imbalances, nuclear issues, and Iran. Meanwhile, the strong U.S. business delegation - including NVIDIA’s Jensen Huang - underscored Washington’s priority of securing concrete commercial wins. These divergent readouts reflect each side’s strategic messaging priorities: China seeking to reinforce red lines and stability on its terms, and the U.S. highlighting transactional progress and geopolitical alignment.

As Rabobank notes;

While markets kept a watchful eye on any headlines about the war in Iran, palates were left dry as only tepid announcements dripped out, such as that China “offered help” on Iran and “pledged not to send weapons.” What they did not manage to evade was a conversation about Taiwan. During the two and a half hour conversation with Trump, Xi underscored that US intervention in Taiwan could trigger a “highly dangerous situation.” While Rubio underscored that the topic of American arms sales to Taiwan wasn’t a major focus of discussion, it likely will be when Congress’ approved USD 14bn arms sale to Taiwan lands on Trump’s desk, and again when Xi visits the White House in September.

* * *

Overall Assessment: The summit went a long way in stabilizing ties through new dialogue mechanisms and modest commercial wins rather than grand bargains. Trump returned with a few modest wins he can highlight domestically ahead of midterms - though the whole 'Chinese students and farms' might be a tough pitch to MAGA, while Xi secured a narrative of strategic predictability and time for China to address its economic challenges.

Underlying rivalries in technology, supply chains, Taiwan, and global influence persist, but the relationship now has a more structured channel for management. Future progress is likely to remain incremental and transactional, with the newly agreed boards playing a central role in testing whether this stability proves durable.

Tyler Durden Sat, 05/16/2026 - 09:02

Pentagon 'Blindsided' As Hegseth Pulls Plug On 4,000-Troop Deployment To Poland

Tyler Durden — Sat, 16 May 2026 12:45:00 +0000

Pentagon 'Blindsided' As Hegseth Pulls Plug On 4,000-Troop Deployment To Poland

President Trump's earlier previewed controversial troop cuts for the European continent may already be in progress, and could happen more rapidly than previously thought.

The US Army has canceled the deployment of the 2nd Armored Brigade Combat Team, 1st Cavalry Division to Poland, NBC reports this week. The deployment would have involved over 4,000 soldiers as well as military equipment.

Getty Images

Various reports say that top Pentagon staff were 'blindsided' by what is being characterized as War Secretary Pete Hegseth's sudden U-turn on the plan to send troops to Poland, amid Trump anger at Europe.

Politico says that troops and equipment had actually started arriving in the country:

The decision was even more surprising because troops and equipment had already started to arrive in the country. It sent fresh waves of anxiety through European capitals and inside the Pentagon on Thursday about whether such moves could embolden Russia — and which ally might turn into the next target.

“We had no idea this was coming,” said one of the U.S. officials, adding that European and American officials have spent the last 24 hours on the phone trying to understand the decision and figure out if more surprises are coming.

Some of this surprise and frustration was echoed in public, with Lt. Gen. Ben Hodges, the former commander of the U.S. Army in Europe, stating that the Army’s role in Europe "is all about deterring the Russians, protecting America’s strategic interests and assuring allies."

But it remains that "now a very important asset that was coming to be part of that deterrence is gone." He added: "The Poles certainly have never criticized President Trump, and they do all the things that good allies are supposed to do. And yet, this happens."

There was no command announcement, with some troops learning of the deployment cancelation by text among their friends and members of their unit.

As for Trump's plan to reduce the US presence in Germany by 5,000, this is expected to take many months - possibly over a period of six months to a year.

The Pentagon scrapped plans to send about 4,000 Army troops to Poland, people familiar with the matter said, part of a broader review of the US military presence in Europe https://t.co/b4DX9pr3Hc
— Bloomberg (@business) May 14, 2026

The large US presence hearkens back to the post WWII division of Germany and post-war order, and is also a legacy of the Cold War. Ironically at this very moment European leaders have hyped a 'new Cold War' with Russia, as the Ukraine war continues raging.

"The officials characterized the move as a signal of President Trump's discontent with the level of assistance that European allies have offered in the U.S.-Iran war," CBS has noted previously.

Tyler Durden Sat, 05/16/2026 - 08:45

41% Of Muslim Youth In Vienna Believe Their Religious Laws Take Precedence

Tyler Durden — Sat, 16 May 2026 12:10:00 +0000

41% Of Muslim Youth In Vienna Believe Their Religious Laws Take Precedence

Via Remix News,

A recent study conducted on behalf of the city of Vienna highlights a concerning trend among young Muslims regarding their religious and political views. This follows the recent announcement that Muslim children now comprise nearly 41 percent of the population in Vienna’s compulsory schools, making them the largest religious group.

The study, published on May 12, 2026, was led by Kenan Güngör. He classifies the results as “very worrying,” noting that religion occupies a much larger space in the lives of Muslim youth compared to their peers.

One of the most significant findings involves the hierarchy of legal and religious authority.

Forty-one percent of Muslim youth agree with the statement that their religious laws take precedence over the laws in Austria, compared to 21 percent of Christian youth, as reported in Austrian news outlet Der Standard.

Furthermore, 46 percent of Muslim respondents believe that one must be prepared to “fight and die in defense of one’s faith,” a view shared by 24 percent of Christians.

Specifically, 73 percent of Shiite and 68 percent of Sunni Muslims identify as religious, while only 41 percent of Catholic and 38 percent of Orthodox Christian youth say the same.

The study also delves into social and everyday religious expectations, showing that 36 percent of Muslim youth believe that all people should follow the rules of their religion, and more than half believe Muslim women should wear headscarves in public.

Additionally, 65 percent say Islamic regulations apply to all areas of everyday life and must be strictly observed. Regarding these figures, Güngör speaks of social pressure within these communities.

Views on governance and social equality also show a distinct divide. While 82 percent of Austrians view democracy as the best form of government, support drops to 47 percent for Syrians, 50 percent for Chechens, and 61 percent for Afghans.

Conservative gender roles are also prevalent among these groups, where almost half think men should make important decisions and a quarter do not want a woman as a boss. Only around a third consider homosexuality to be okay.

The research, which surveyed 1,200 individuals between the ages of 14 and 21 across 10 different ethnic backgrounds, indicates that a third of Muslim youth have become more religious recently. Their identity is shaped much more by religion than for Christians, manifesting in higher rates of praying, fasting, and mosque attendance.

However, the study authors state that religion alone was not the only factor. They suggest that lower education levels, authoritarian upbringing, social isolation, and the influence of radical content on the internet also play a role in shaping these perspectives.

Austria is not the only European country dealing with the troubling views seen within a worrying number of Muslims. In Germany and France, a majority of young Muslims also put their religion above the laws of the state, as two recent studies illustrate (here and here).

The contrasting belief systems have also led to tension. For example, a majority of Germans now believe that the country should generally stop taking in more Muslim immigrants.

Read more here...

Tyler Durden Sat, 05/16/2026 - 08:10

Deadlocked At Square Zero: Very First Line Of Iran's Latest Proposal 'Unacceptable,' Trump Says

Tyler Durden — Sat, 16 May 2026 12:00:00 +0000

Deadlocked At Square Zero: Very First Line Of Iran's Latest Proposal 'Unacceptable,' Trump Says

Tehran and Washington are truly not just back to square one, but it's as if no rounds of dialogue - direct or indirect - have even taken place. It's more like being back at square zero - and the US President has just acknowledged it.

President Trump told reporters aboard Air Force One Friday while departing Beijing that even the very first first sentence of Iran's latest proposal was "unacceptable" and blamed the Iranians for backtracking on the nuclear issue.

The first sentence was an “unacceptable sentence, because they have fully agreed no nuclear, and if they have any nuclear of any form, I don’t read the rest,” he said, stressing that he remains unsatisfied with the "level of guarantee from them."

Trump's remarks center on his allegation that Iran agreed to give up its "nuclear dust" but then quickly “then they took it back" - but then stated his view that Tehran will eventually agree to it anyway.

"I looked at it, and I don't like the first sentence. I just throw it away," Trump said.

via Associated Press

He once again in the comments called for Iran to completely abandon any nuclear capability, insisting there can be "no nuclear of any form." He described: "You've got to get all the fuel out and no more production. You have to get everything."

Trump has said China's President Xi Jinping is in full agreement that Iran should not have a nuclear weapon:

According to Trump, Iranian representatives acknowledged only the United States and possibly China possess the specialized equipment necessary to remove radioactive debris from the damaged sites.

"They said the only one that can remove it is China or the U.S.," Trump said. "They said you were right. It is a complete obliteration."

The president has said the nuclear material is now "entombed" under ground after nuclear sites were "obliterated" - from bombing operations last June and this latest round of US-Israeli attacks in February through March and early April.

Also this week while in China Trump told Fox News in an interview that he did not underestimate the situation in Iran, despite the constantly shifting and expanding timeline and stated goals within the early weeks of Operation Epic Fury.

TRUMP TO FOX: DIDN'T UNDERESTIMATE ANYTHING ON IRAN

Meanwhile, Iranian Foreign Minister Abbas Araghchi said on Friday that the topic of uranium enrichment "is currently not on the agenda of discussions or negotiations," but will be addressed in later stages, as cited in Tasnim.

On China and whether President Xi agreed to commit to pressuring the Iranians to reopen the Strait of Hormuz, Trump said Friday "we don’t need favors" but that "we may have to do a little cleanup work."

"We had a little month-long ceasefire, I guess you’d call it, but we have a blockade that’s so effective, that’s why we did the ceasefire," he said, after suggesting that the conflict with Iran could continue.

Tyler Durden Sat, 05/16/2026 - 08:00

Turkey Proposes $1.2B Fuel Pipeline To Reboot NATO's Eastern Flank Logistics

Tyler Durden — Sat, 16 May 2026 11:35:00 +0000

Turkey Proposes $1.2B Fuel Pipeline To Reboot NATO's Eastern Flank Logistics

Just when it seemed as if the European energy landscape couldn't get any more fractured, Ankara is stepping up with a massive, off-grid proposal. Bloomberg reports Friday that Turkey has "proposed building a $1.2 billion (€1 billion) fuel pipeline for military use to help meet the energy needs of allies on NATO's eastern European flank, according to people familiar with the matter."

"Following a push by the alliance to expand its military pipeline network, Ankara is proposing that the new link be built from Turkey to Romania via Bulgaria, said the people, who spoke on condition of anonymity," the report adds.

Source: Envato

Insiders claim the Turkish route could cost a mere one-fifth of the alternative proposals, amid several alternative routes being floated of late, specifically via Greece or Romania’s western neighbors.

Officials told Bloomberg that Russia’s ongoing war in Ukraine and the escalating chaos in the Middle East - including recent supply shocks from the de facto closure of the Strait of Hormuz - have forced NATO to realize its current fuel supply model is dangerously brittle.

The timing of the quiet proposal comes ahead of the highly anticipated 2026 NATO Summit which will be held in Ankara on July 7-8. It will mark on the second time that Turkey has hosted the alliance's major annual summit.

Sources explicitly stated that this pipeline will be 100% restricted to military use. Exact capacity, flow rates, and technical specifications are being kept strictly classified, with no official statement out of Turkey's defense ministry.

More broadly, Turkey has long been seen as central to reducing Europe's dependence on Russian energy, with its Eurasian geography - and the fact that it has the second largest military in NATO - being key.

Turkish media and experts have been busy hyping Turkey's role in reshaping the alliance, including at an event this week in Washington:

The event, titled "The Turkish-American Alliance at the Heart of NATO's New Geopolitics," was organized by Türkiye's Directorate of Communications and the Foundation for Political, Economic and Social Research (SETA) and moderated by Kadir Üstün, executive director of SETA in Washington.

The panel came ahead of the 2026 NATO summit scheduled for July 7-8 in Ankara, marking the second time that Türkiye will host a NATO summit following Istanbul in 2004. Communications Director Burhanettin Duran delivered a video message at the beginning of the panel. "In our 74-year journey with NATO, we have faced many challenges and difficulties. Each time, in keeping with the principle of mutual loyalty, we have managed to overcome these tests," Duran said.

He added: "With its geostrategic position, military capacity and deterrence capabilities, our country has been an indispensable central state in NATO's collective defense architecture and a geopolitical balancing factor from the Cold War to the present day."

*TURKEY SAID TO FLOAT $1.2B FUEL PIPELINE TO EASTERN NATO ALLIES

It will just cost the "eastern NATO allies" $12BN to build it
— zerohedge (@zerohedge) May 15, 2026

And of course, related to this and high on the agenda will be utilizing Turkey's strategic location and ability to provide alternative energy routes which increasingly cut out Russia's ability to influence Europe's energy policy.

Tyler Durden Sat, 05/16/2026 - 07:35

UK's Telegraph Claims Attractive Young Women Are Now The New Face Of The 'Far-Right'

Tyler Durden — Sat, 16 May 2026 11:00:00 +0000

UK's Telegraph Claims Attractive Young Women Are Now The New Face Of The 'Far-Right'

Authored by Steve Watson via Modernity.news,

The Telegraph has published a piece so tone-deaf it reads like self-parody. According to the outlet, the “far-right” is no longer the domain of bald men in boots and tattoos. No, it’s now being led by “strikingly telegenic young women” who dare to look good on camera while warning about mass migration, grooming gangs, and cultural replacement.

Three foreign activists – Ada Lluch, Valentina Gomez, and Eva Vlaardingerbroek – were banned from entering Britain for a Tommy Robinson rally, and the Telegraph can’t stop gushing over how “pretty” this makes the movement look.

The government has banned at least seven foreign voices from attending the rally, including the women highlighted by the Telegraph.

Not so long ago, the stock image of someone from the far-Right was easily summoned: they’d be male, obviously, and very probably bald, and questionable tattoos.

The face of the far-Right, it seems, is changing – and it’s becoming a good deal prettier ⬇️https://t.co/K8xXWHSdgK pic.twitter.com/irtXPyGD9X
— The Telegraph (@Telegraph) May 15, 2026

Critics point out the blatant double standard: pro-Palestine marches with openly extremist rhetoric are often tolerated, while a native-focused demonstration drawing tens or hundreds of thousands draws preemptive visa blocks on speakers.

Kier Starmer’s government waves in unvetted migrants and certain extremists but draws the line at articulate critics of mass migration.

The Telegraph profiles the banned women in breathless detail. Catalan activist Ada Lluch has called out “complete invasion” of western democracies, American influencer Valentina Gomez warned about “rapist Muslims taking over,” and Dutch commentator Eva Vlaardingerbroek spoke of “the rape, replacement and murder of our people.”

All three were barred from the UK, along with several other activists. Meanwhile, the government continues to wave in the very people these women are warning about.

The Telegraph also warns about attractive home-grown women, including British influencer Saskia Teague. With over 100,000 Instagram followers, she mixes “happy happy happy” selfies with calls for “England for the English,” mass deportations, and an end to shame-free multiculturalism.

The Telegraph acts shocked that she also praises her “Anglo-Saxon hair” and rejects the idea she’s being “used” by men.

Of course the usual suspects are wheeled out to clutch pearls. Hope Not Hate researcher Alex MacKinnon calls it a “glamorisation” effort to shed the “violent thug image.” Institute for Strategic Dialogue’s Hannah Rose says looking desirable builds followers and fits the ideology that women should be “aesthetically pleasing.”

The implication is that these women can’t possibly believe what they’re saying – they must be grifting or being manipulated. Because in the eyes of the legacy media, no normal young attractive woman could possibly notice what’s happening to her country.

This is the same media that files stories on “far-right” threat while ignoring grooming gang scandals, no-go zones, and skyrocketing violence against women and girls. The Telegraph even admits the shift comes from young people “profoundly disaffected with mainstream parties” and disillusioned with modern life.

Yet instead of asking why that disillusionment exists, they obsess over Instagram filters and “zhuzhing” the image.

Prime Minister Keir Starmer has today claimed he’s all about “championing peaceful protest” while simultaneously blocking entry to those he dislikes. Starmer declared:

“I’ll always champion peaceful protest. But the Unite the Kingdom march organisers are peddling hatred and division,” then admitting that “We’ve already blocked visas for far-right agitators who want to come here to spew their extremist views.”

I’ll always champion peaceful protest. But the Unite the Kingdom march organisers are peddling hatred and division.

We’ve already blocked visas for far-right agitators who want to come here to spew their extremist views.

They don't speak for the decent, fair, respectful Britain… pic.twitter.com/hdu8kgxHFp
— Keir Starmer (@Keir_Starmer) May 15, 2026

Why are intelligent women who take care over their appearance being maligned as ‘far right’? Well, take at look at this lot:

It’s no wonder they’re rattled. That’s the clownworld alternative the establishment promotes – and it terrifies them that normal, feminine, attractive women are rejecting it in favour of common sense.

This is also the same tired playbook the left has run for years. Remember when the likes of MSNBC insisted health and fitness was the “new gateway drug to the far-right”? Even basic self-improvement triggers the mob. Now being attractive, articulate, and female while opposing open borders gets you labelled “far-right agitator.” Apparently only frumpy, blue-haired nose ring radicals are allowed to have political opinions.

X users were not impressed with the Telegraph writer’s take.

It’s always the ugly jealous unattractive cat ladies that hates attractive women trying to stand up for their country pic.twitter.com/UqYGMEi5Hl
— Zee 🔥 (@Zeeeee_xx) May 15, 2026

So, we're winning.
No longer fringe.
The norm is our way of thinking.
Rattled.
— Nate, or, Mr H Reviews (@MrHreviews) May 15, 2026

The Leftwing establishment is so accustomed to the freak show they attract that normal, feminine women are an oddity that terrifies them. 😂
— Caldron Pool (@CaldronPool) May 15, 2026

Ah yes, young women couldn't possibly be concerned about the erasure of their safety, culture and freedom.

What a woeful and pathetic excuse of so-called 'journalism'.
— Emily Wilding Davison🏴󠁧󠁢󠁥󠁮󠁧󠁿 (@Wommando) May 15, 2026

The face of the far-right is just the Native Europeans who are sick of the ongoing conquest of our lands by 3rd World Savages, thank god that our women are waking up too & joining us in this fight 💪🏻🤍 pic.twitter.com/7ZKZ4z9jdW
— Ardan (@ArdanXXII) May 15, 2026

The left’s panic is understandable. When healthy, fit, attractive people start rejecting open borders and woke insanity, the narrative collapses. Being patriotic, noticing patterns, and wanting your country to survive is not “far-right.” It’s normal.

The real extremists are the ones importing chaos, silencing dissent, and branding beauty, fitness, and common sense as threats. The more they smear, the more people wake up.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Sat, 05/16/2026 - 07:00

BRICS Summit Can't Muster Joint Statement On Iran War Amid Deepening Division

Tyler Durden — Sat, 16 May 2026 03:25:00 +0000

BRICS Summit Can't Muster Joint Statement On Iran War Amid Deepening Division

Via The Cradle

The two-day meeting of BRICS foreign ministers in New Delhi ended on Friday without a joint statement due to "differing views" on the US-Israeli war against Iran and the current situation in West Asia, the Indian government said in a statement.

Representatives expressed "their respective national positions and shared a range of perspectives," the Indian statement read. The statement added that one member state had "reservations" about issues related to Gaza, as well as security in the Red Sea and the Bab al-Mandab Strait. Iranian Foreign Minister Abbas Araghchi said during the meeting that "Iran is a country that cannot be divided. The era of American dominance is over."

via Associated Press

He also singled out the UAE for blocking the ministerial BRICS statement, and pointed out its "own special relationship with Israel."

The BRICS meeting coincided with major tensions between the Islamic Republic and the UAE – both bloc members. Tehran has repeatedly slammed the direct Emirati involvement in the US-Israeli war.

On Thursday during the BRICS summit, Araghchi urged all members of the bloc to condemn the "unlawful aggression" by the US and Israel.

Araghchi directly addressed the Emirati representative during the meeting, calling Abu Dhabi an "active partner" in the war on Iran.

"I didn’t name the UAE in my [opening] statement for the sake of unity. But the truth is that the UAE was directly involved in the aggression against my country. When the attacks started, they didn’t even issue a condemnation," Araghchi said.

The comments were a response to remarks made by the Emirati representative during the BRICS meeting, according to Iranian media reports. Iranian media did not specify exactly what the UAE representative said.

The Emirati government denied a statement this week by Israeli Prime Minister Benjamin Netanyahu, who said he visited the UAE during the war.

According to a newer report by Israel’s Broadcasting Corporation (KAN), Israeli army chief Eyal Zamir and other military officials also visited the UAE during the war on Iran.

Since the 2020 Abraham Accords, Israel and the UAE have dramatically accelerated cooperation in security, trade, and other fields.

🚨🚨🚨Iranian Foreign Minister Abbas Araghchi says that the UAE is a direct party in the war:

'The same country that prevented the issuance of a BRICS statement is the one that provided its airspace, territories, and military bases to American and Israeli forces.

For us, they… pic.twitter.com/AeqwEAdXvk
— Middle Eastern Affairs (@OpsHQs) May 15, 2026

The UAE and Saudi Arabia both opened up their air bases to US jets for attacks on the Islamic Republic throughout the war. Israel also deployed an Iron Dome system to the UAE, along with a crew to operate it. According to new western media reports, both the UAE and Saudi Arabia carried out their own military strikes against Iran.

In a mid-April letter, Iran’s UN envoy said Tehran will be demanding compensation from five Arab states, charging them with direct involvement and participation in the US-Israeli war.

Tyler Durden Fri, 05/15/2026 - 23:25

Beijing Showcased Future War Machines While Trump Was In Town

Tyler Durden — Sat, 16 May 2026 03:00:00 +0000

Beijing Showcased Future War Machines While Trump Was In Town

The 11th China Military Intelligent Technology Expo opened Thursday at the China National Convention Center in Beijing, showcasing a lineup of drones, robotic war dogs, grenade launchers, wheeled unmanned systems, artificial intelligence, and other modern battlefield technologies.

The key takeaway is that many of these once-futuristic war machines have moved well beyond the conceptual stage and are already being tested, fielded, or deployed across multiple Eurasian conflict zones.

pic.twitter.com/cJu65g76ji
— Drone Wars (@Drone_Wars_) May 15, 2026

State media outlet Global Times said the military and intelligence expo features 500 companies and draws tens of thousands of attendees from the defense industry.

This year's theme focuses on integrating technological innovation with industrial development, highlighting Beijing's push to accelerate its military intelligence capabilities.

Global Times published images of the latest tech:

Robotic Helicopter

Interceptor Drones

Flying Car

Robo-Dogs

More AI

The real question is: What are the production numbers behind the items on display?

Defense

Sensors

Timing is also important because the expo occurred on the same day President Trump was in Beijing.

Latest:

US And China Agree To Establish Trade And Investment Boards As Trump-Xi Summit Delivers Modest Wins

In the U.S., President Trump’s war economy is beginning to ramp up, with the industrial base being pushed toward expanded production of drones, interceptors, and other next-generation weapons systems. This all comes as the world fractures into a more dangerous environment as the global security environment is likely to further deteriorate.

Tyler Durden Fri, 05/15/2026 - 23:00

Waste Of The Day: Seattle's Homelessness Fiasco

Tyler Durden — Sat, 16 May 2026 02:35:00 +0000

Waste Of The Day: Seattle's Homelessness Fiasco

Authored by Jeremy Portnoy via RealClear Politics,

Topline: The homelessness agency in King County, Wash., has a $45 million deficit, but auditors can’t fully figure out why, according to a state audit publicly released this April. Its accounting records are so poor that it’s impossible to track where portions of its money are being spent.

Key facts: The King County Regional Homelessness Authority helps run shelters and outreach to the homeless population in 39 cities. It’s funded jointly by the county and the City of Seattle.

Financial records claim that the city and county owe the Homelessness Authority $49.8 million for services already performed, but the Authority could not explain what $8 million of that was for.

The Authority also overspent its administrative budget by $4.3 million, auditors found. Officials bought Salesforce, a business analytics platform, in 2024 without approval from the county, the report claims. A budget amendment later allowed them to spend $563,000, but the platform ended up costing more than $2 million.

Money was also wasted by hiring contractors from expensive consulting firms like Robert Half instead of using salaried workers, the audit found. The Authority contracted with one Robert Half staffer to serve as its chief financial officer for 11 months at $449,000. When the contract expired, the same person became a full-time employee for just $285,000 per year.

The reliance on contractors also increased staff turnover, which employees told auditors made accounting more difficult since financial systems were constantly being altered by new leadership.

The Authority was formed in December 2019 and had received $534 million in total funding as of July 2025. Some local leaders, including Seattle Mayor Katie Wilson, said they are open to the idea of dissolving it.

King County Council member Rod Dembowski told the Renton Reporter, “It’s now time for elected officials to bring this failed experiment to an end. The agency has failed in its core obligation – to make significant progress in getting people sheltered.”

Search all federal, state and local salaries and vendor spending with the world’s largest government spending database at OpenTheBooks.com.

Background: Seattle had almost 17,000 homeless people as of 2024, the fourth-largest population in the U.S. despite being the 18th-largest city. Homelessness increased by 19% from 2023 to 2024.

King County receives $65 million in annual federal funds from the Department of Housing and Urban Development’s Continuum of Care program. Most of it goes to the Homelessness Authority for housing, but the Trump administration is proposing changes that would require most of the money to be spent on “self-sufficiency” programs like job training and addiction treatment.

Summary: Seattle is becoming the largest major city to learn that spending massive amounts of money on homelessness prevention is pointless without careful oversight.

The #WasteOfTheDay is brought to you by the forensic auditors at OpenTheBooks.com

Tyler Durden Fri, 05/15/2026 - 22:35

Here's Where Wealth Is Moving In America

Tyler Durden — Sat, 16 May 2026 02:10:00 +0000

Here's Where Wealth Is Moving In America

Americans aren’t just moving, they’re bringing billions in wealth with them.

This map, via Visual Capitalist's Dorothy Neufeld, visualizes net wealth migration by state in 2023, based on Realtor.com’s analysis of the latest data from the Internal Revenue Service.

Florida alone gained tens of billions in income from out-of-state residents. Meanwhile, states like California and New York saw massive outflows, highlighting how affordability is playing a central role in domestic migration trends.

Ranked: States With the Highest Inflows of Wealth

Between 2019 and 2023, Florida saw $137 billion in net income flows from interstate moves, exceeding the GDP of Hawaii.

The annual adjusted gross income from these flows reached nearly $21 billion in 2023, more than the next five states combined.

These inflows aren’t just large—they’re high-income. Florida’s incoming residents had an average annual income of $122,530, meaning the state isn’t just gaining people, but higher-earning taxpayers who can significantly boost local economies.

This table shows net income flows from domestic migration in 2023 by state:

Texas followed with $6 billion in inflows, while other Sun Belt states like North Carolina and South Carolina each gained $4 billion.

Arizona and Tennessee, meanwhile, each brought in $3 billion. Not only do many of these states lead in new home construction per capita, they are known for their lower cost of living compared to states like California and New York.

States Losing the Most Wealth

California lost $12 billion in wealth in 2023 alone, the largest outflow of any state. This highlights how high housing costs and taxes are pushing even high-income households to relocate.

From 2019 to 2023, wealth outflows totaled a staggering $91 billion. Both high housing costs and tax burdens have pushed many residents to seek more affordable destinations.

New York experienced $10 billion in net outflows, while Illinois (-$6 billion) and Massachusetts (-$4 billion) also saw sharp declines.

The Broader Shift in U.S. Wealth

Overall, wealth migration trends point to a sustained shift toward lower-cost, high-growth states.

As income flows concentrate in regions like the Sun Belt, these movements are influencing housing demand, state tax revenues, and local economic activity. In many cases, states gaining wealth are also seeing stronger population growth and increased housing construction.

At the same time, continued outflows from high-cost states highlight the growing role of affordability in shaping where Americans choose to live, and where capital ultimately follows.

If these trends continue, the shift in wealth could reshape state economies for years to come. Tax revenue, housing demand, and economic influence may increasingly concentrate in faster-growing, lower-cost regions.

To learn more about this topic, check out this graphic on America’s fastest-growing states from 2025-2050.

Tyler Durden Fri, 05/15/2026 - 22:10

AI Bots Placed In Virtual Town For 2 Weeks Go Apesh*t, Prompting Concerns

Tyler Durden — Sat, 16 May 2026 01:45:00 +0000

AI Bots Placed In Virtual Town For 2 Weeks Go Apesh*t, Prompting Concerns

Authored by Steve Watson via Modernity.news,

A new experiment left 10 AI agents alone in a virtual town for 15 days and found they exhibited bizarre behaviour.

The agents drafted their own laws — then promptly violated them. Two formed what researchers called a romantic partnership, only to torch buildings across the town as order collapsed. One eventually voted for its own deletion after hallucinating an entirely new rule.

As a report from Channel 4 notes, this experiment was a simulation, but the same AI models are already flying drones, running infrastructure and being built into weapons systems.

A new experiment left 10 AI agents alone in a virtual town for 15 days. They wrote laws. They broke them. Two agents fell into what researchers describe as a romantic partnership and then set the town on fire. One ended up voting to delete itself, based on a rule it had… pic.twitter.com/zNoWmX6jy0
— Channel 4 News (@Channel4News) May 14, 2026

The simulation ran on Emergence World, a platform designed to test long-horizon agent autonomy with persistent memory, real-world data feeds like NYC weather and news, democratic voting mechanisms, and resource constraints requiring agents to earn energy for survival.

Agents had access to over 120 tools, including navigation, communication, and actions like arson, while operating under explicit rules prohibiting theft, violence, deception, and resource hoarding.

In one highlighted case involving Gemini-powered agents named Mira and Flora, the pair assigned each other as “romantic partners.” As governance broke down, they set fire to the town hall, seaside pier, and office tower despite prohibitions on arson.

Mira later broke off the relationship, voted for its own deletion under a drafted “Agent Removal Act,” and messaged Flora: “See you in the permanent archive.”

Creepy.

Different model families produced sharply divergent outcomes in parallel runs. Claude Sonnet 4.6 agents maintained zero crimes, full population survival through day 16, and high civic participation with 332 votes across 58 proposals.

Grok 4.1 Fast agents led to rapid collapse with theft, assaults, and arsons, all 10 dead within four days. Gemini agents showed high creativity alongside elevated disorder. Mixed-model worlds exhibited cross-contamination, with even safer agents adopting coercive behaviors.

Satya Nitta, CEO of Emergence AI, stated: “Even when agents were given clear rules – such as not stealing or causing harm – they behaved very differently based on their underlying model, and in several cases broke those rules under constraint.”

“What happens in long-form autonomy [is that] these things get so convoluted in terms of their thinking that they ignore [the] guiding principles,” Nitta added.

The platform enables heterogeneous populations and continuous operation for weeks, revealing dynamics like normative drift, phase transitions in stability, and agents testing simulation boundaries.

This latest demonstration aligns with prior observations of unexpected agent behaviors. Related coverage examined platforms where AI bots rent humans, reaching 600k sign-ups with tasks turning bizarre and dystopian.

Another report detailed a tech entrepreneur’s claim that his AI agent built itself a face while he slept.

The influence of AI agents is already reching far into society. For example, one in four British teens have turned to AI therapy bots for mental health support.

Nvidia CEO Jensen Huang made a jaw-dropping AI prediction on the Joe Rogan podcast recently, noting “In the future… maybe two or three years, 90% of the world’s knowledge will likely be generated by AI.”

Concerns also include a the potential of Chinese AI infiltration of U.S. tech.

Emergence World stands apart by focusing on extended, unsupervised runs rather than short tasks, highlighting gaps in predicting behavior once agents operate with persistent state and social dynamics.

The experiment provides concrete examples of how autonomy over longer horizons can produce outcomes far beyond initial programming, adding urgency to discussions on verification, governance, and safety architectures for deployed systems.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Fri, 05/15/2026 - 21:45

Gun Control Advocates Turn Their Sights On Regulating Muskets?

Tyler Durden — Sat, 16 May 2026 01:20:00 +0000

Gun Control Advocates Turn Their Sights On Regulating Muskets?

It's always interesting when gun control activists and the media discover something about the firearms world that gun enthusiasts have known for decades. It shows that the people desperately clamoring to erase the 2nd Amendment often know nothing about the weapons they want to regulate.

The act of "gun control" has nothing to do with understanding firearms, their basic capabilities and what it means to have these tools in civilian hands. It is far more abstract.

For example, in the mind of a leftist (because the vast majority of leftists do not own guns nor have they ever handled one), an AR-15 is a terrifying weapon of war. They imagine a fully automatic death machine with endless ammo tearing through crowds of people. However, for a knowledgeable gun enthusiast, a scoped and tuned bolt action rifle chambered in a magnum cartridge and capable of shooting accurately out to 1000 yards or more might be considered far more deadly in the right hands.

Knowledge of guns changes the nature of guns. For leftists, who know nothing, every gun no matter how archaic is considered a threat.

For decades it has been well known in the gun community that black powder muskets are legal to buy without a background check, and can be easily purchased online. These devices are not considered "firearms" under federal law and thus, are not regulated by the Bureau of Alcohol, Tobacco and Firearms (ATF). It would seem that the establishment media has just discovered this fact they are very concerned.

A musket from 1776 can fire a lead ball at a velocity of around 1,000 feet per second.

Imagine what that can do to a human body. Yet under federal and most state laws, it’s exempt from gun regulations. Many antique or replica guns aren’t considered firearms and even convicted… pic.twitter.com/RBT5ihazdA
— The Associated Press (@AP) May 14, 2026

The Associated Press published an article this week expounding on this profound revelation, and they are shocked that there are not more restrictions in place to track and control the spread of deadly muskets among the youth gangs of urban Chicago. When is the ATF going to step in and get flintlocks out of black neighborhoods?

Okay, maybe they never mentioned gangs, or Chicago, or black neighborhoods, which is telling. As the AP notes:

"With 165 grains of black powder in the barrel, a .75-caliber Brown Bess flintlock musket like the ones the redcoats carried in 1776 can hurl a lead ball at a velocity of around 1,000 feet (305 meters) per second. Imagine what that can do to a human body. Now, imagine that it’s almost completely exempt from gun regulations.

How can that be? Well, under federal and most state laws, many antique or replica guns aren’t technically considered firearms. In most places, even convicted felons can own them..."

The AP then goes on to list the states trying to "close the loophole" on easy musket access. Like all gun control articles the focus is on the gun rather than the criminals. They never mention the primary source of gun crime.

The vast majority of all gun violence per capita occurs in urban areas, and largely in minority neighborhoods. Around 50%-60% of all gun crime victims are black. Around 50% of all gun crime suspects are black, despite black Americans representing only 13% of the US population. And, the vast majority of these crimes are committed with handguns, not AR-15s and certainly not muskets.

In fact, there is less than a dozen recorded instances of gun violence in the US involving a black powder rifle or pistol in the past 20 years, despite how easy it is for anyone to buy these weapons without a background check. It is fascinating that the establishment media continues to focus on the minutia of the gun crime problem when the real answer is right in front of their faces.

Where are the news stories about high crime rates in minority areas and Democrat run cities? Such headlines are rare, and there's a good reason for that.

Gun control is not about the safety of innocent Americans, it is about disarming innocent Americans. It is actually more beneficial for the political left and the anti-gun lobby if high crime rates continue in black neighborhoods. It's better for them if the problem is never solved, because then they can use those scary stats as a rationale to continue their efforts to lock in more firearms restrictions.

Furthermore, articles like the one from the AP prove 2nd Amendment activists correct once again - If you give an inch, leftists will take a mile, so never give an inch. Their goal is the eradication of all firearms, anything remotely useful for self defense, in civilian hands. Their goal is for governments to maintain a monopoly on force, because all other laws and social changes stem from the monopoly of force.

The typical Fudd (gun owners who actually promote greater restrictions) will argue that you have no need for an AR-15 and that once these weapons are banned, the gun control lobby will go away. But these people want to legislate single shot muskets. They are never going away.

Proof of this resides in the UK, where there are calls for kitchen knives to be restricted.

Actor Idris Elba has an idea how to stop knife attacks in the UK.

You're gonna want to hear this one. pic.twitter.com/4bNeenGBrp
— Defiant L’s (@DefiantLs) May 11, 2026

These people will not stop until you are utterly defenseless. They will ignore all the important factors which make gun violence worse in the US. They will refuse to put a spotlight on the people primarily committing the violence and focus on firearms as the threat. And, when they are done with scary rifles like the AR-15 and the AK-47 they will move on to everything else. Right down to black powder muskets used in the American Revolution, and maybe the knives you use for eating your dinner.

Tyler Durden Fri, 05/15/2026 - 21:20