XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
FROM MY no 4 SON STEPHEN //THROUGH AI: ENJOY
EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,671.500000000 USD
INTENT DATE: 09/19/2025 DELIVERY DATE: 09/23/2025
FIRM ORG FIRM NAME ISSUED STOPPED
686 C STONEX FINANCIAL INC 21 5
732 C RBC CAP MARKETS 12
737 C ADVANTAGE FUTURES 1
880 C CITIGROUP 3
905 C ADM 2
TOTAL: 22 22
MONTH TO DATE: 6,128
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2025: 22 CONTRACTs NOTICES FOR 2200 OZ or 0.0684 TONNES
total notices so far: 6128 contracts for 612,800 OR 19.060 tonnes)
SILVER NOTICES: 40 NOTICE(S) FILED FOR 0.200 MILLION OZ/
total number of notices filed so far this month : 13,228 CONTRACTS (NOTICES) for 66.140 million oz
INVENTORY RESTS AT 994.56 TONNES
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 34.500 MILLION OZ.(QUITE SMALL)
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.195 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING) PLUS 3.0 MILLION OZ EX FOR RISK = 71.195 MILLION OZ. THIS IS THE FIRST ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES ANND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
AND NOW SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.2830 TONNES PLUS 0.000 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 20.096//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 39.533 TONNES!!
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STILL SMALL TO FAIR
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 83.032 TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A HUMONGOUS SIZED 2069 CONTRACTS OI TO 163,203 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 310 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 310 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 640 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 2215 CONTRACTS AND ADD TO THE 310 E.FP. ISSUED
WE OBTAIN A MEGA HUMONGOUS SIZED GAIN OF 2379 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.89 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 11.895 MILLION PAPER OZ
OCCURRED WITH OUR GAIN $0.89 IN PRICE.
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS MONDAY MORNING:
SHANGHAI CLOSED UP 8.49 PTS OR 0.22%
//Hang Seng CLOSED DOWN 200.96 PTS OR 0.76%
// Nikkei CLOSED UP 2447.95 OR 0.99% //Australia’s all ordinaries CLOSED UP .45%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1124 OFFSHORE CLOSED DOWN AT 7.1151/ Oil DOWN TO 62.15 dollars per barrel for WTI and BRENT DOWN TO 66.15 Stocks in Europe OPENED MOSTLY ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.1124 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1151 AGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 6694 CONTRACTS TO 522,306 OI WITH OUR GAIN IN PRICE OF $26.70 WITH RESPECT TO FRIDAY’S // TRADING COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT HUGE PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1050). WE HAD ZERO T.A.S. LIQUIDATION AS WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 7744 CONTRACTS (OR 61.312 TONNES).THEN WE WERE NOTIFIED, THAT WE HAD 0 CONTRACTS EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0.0 TONNES OF GOLD
A LITTLE HISTORY ON OUR EXCHANGE FOR RISK ISSUANCES:
HERE IS A CLOSER LOOK AT EXCHANGE FOR RISK ISSUANCES FOR THESE PAST 3 MONTHS;
(TOTAL EXCHANGE FOR RISK LAST 3 MONTHS 68.542 TONNES//BANK OF ENGLAND TOTAL RESERVES 310 TONNES.)
JULY:
SUMMARY: EXCHANGE FOR RISK ISSUANCE IN JULY/2025: 2 ISSUANCES//3.75 TONNES
ON WEDNESDAY MORNING,JULY 23, MUCH TO MY SHOCK, AFTER A TWO MONTH HIATUS,THE CME ANNOUNCED A 500 EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 50,000 OZ OR 1.555 TONNES. THEN JULY 30 THE CME ANNOUNCED (ISSUED) MUCH TO MY HORROR ITS SECOND EXCHANGE FOR RISK FOR 706 CONTRACTS OR 70,600 OZ (2.195 TONNES) AS THE BANK OF ENGLAND WAS NOT SATISFIED AND NEEDS MORE GOLD TO COVER ITS LEASES TO BULLION BANKS. ( IT WAS NOT THE FRBNY WHO ALSO OWES GOLD TO THE BIS AND THEY NEED TO COVER BADLY AS YOU WILL SEE).THE TOTAL EXCHANGE FOR RISK FOR THE MONTH OF JULY WAS RECORDED AT 3.750 TONNES OF GOLD WHICH WAS ADDED TO OUR REGULAR DELIVERY TO GIVE US OUR FINAL TOTALS FOR JULY!
AUGUST:
SUMMARY EXCHANGE FOR RISK ISSUANCE IN AUGUST; 7 ISSUANCES//44.696 TONNES
AUGUST: 7 ISSUANCES FOR A MONTHLY MONSTER 14,370 CONTRACTS OR 1,437,000 OZ ( 44.696) TONNES). EARLY IN THE MONTH THE CME ISSUED THE 2ND HIGHEST EVER MONTHLY RECORDED ISSUANCE OF 2924 CONTRACTS AND THIS IS FOLLOWED BY THURSDAY’S HUGE ISSUANCE OF 2226 CONTRACTS THUS BECOMING THE 4TH HIGHEST EVER RECORDED BY THE CME, SLIGHTLY BELOW AN ISSUANCE OF 2924 CONTRACTS. THE HUGE NUMBERS OF EXCHANGE FOR RISK SUGGEST THAT A MAJOR CENTRAL BANK IS DEMANDING ITS GOLD BACK.
AND NOW:
SEPT:
SEPTEMBER: SIX ISSUANCES SO FAR TOTALLING 6,461 CONTRACTS OR 646,100 OZ OR 20.096 TONNES.
THESE ISSUANCES WILL OF COURSE BE ADDED TO OUR NORMAL DELIVERIES TO GIVE US OUR TOTAL SEPT STANDING FOR GOLD.
HISTORY: LAST 8 MONTH’S EXCHANGE FOR RISK
IN FEBRUARY:
WE HAD A HUGE FIVE EXCHANGE FOR RISKS ISSUANCES FOR GOLD, TOTALLING 18.4527 TONNES!.
IN MARCH:
THE TOTAL NO. OF EXCHANGE FOR RISK ISSUANCE FOR THE MONTH OF MARCH (3 NOTICES) EQUALED: 7.6179 TONNES OF GOLD WHICH WAS ADDED TO OUR MARCH DELIVERY TOTALS.
IN APRIL:
WE CONCLUDED APRIL WITH 7 ISSUANCE OF EXCHANGE FOR RISK FOR A TOTAL TONNAGE OF 8.3571 TONNES.
IN MAY:
MAY: 3 EX. FOR RISK ISSUED SO FAR FOR 3025 CONTRACTS OR 302,500 OZ OR 9.4054 TONNES. THIS WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US TOTAL STANDING FOR MAY!THIS IS THE 6TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK//NEW TOTAL EX FOR RISK IS 9.4054 TONNES FOR THE 3 ISSUANCE!
IN JUNE
JUNE: ZERO ISSUED
jULY: 2 OCCASIONS LATE IN JULY: 1206 CONTRACTS FOR 120,600 OZ OR 3.750 TONNES/ISSUED JULY 23/2025 AND JULY 30/2025
AUGUST: 7 ISSUANCES FOR A MONTHLY MONSTER 14,370 CONTRACTS OR 1,437,000 OZ ( 44.696) TONNES).AT THE BEGINNING OF THE MONTH THE CME ISSUED THE 2ND HIGHEST EVER MONTHLY RECORDED ISSUANCE OF 2924 CONTRACTS AND THIS IS FOLLOWED BY THURSDAY’S HUGE ISSUANCE OF 2226 CONTRACTS THUS BECOMING THE 4TH HIGHEST EVER RECORDED BY THE CME, SLIGHTLY BELOW PREVIOUS DAY’S ISSUANCE OF 2924 CONTRACTS. THE HUGE NUMBERS OF EXCHANGE FOR RISK SUGGEST THAT A MAJOR CENTRAL BANK IS DEMANDING ITS GOLD BACK.
SEPTEMBER: SIX ISSUANCES FOR 6461 CONTRACTS SO FAR FOR 646,100 OZ OR 20.096 TONNES OF GOLD!!
AS I EXPLAINED ABOVE,:THE RECIPIENT OF EXCHANGE FOR RISK IS THE BANK OF ENGLAND
here are the only possible candidates who must bring back loaned gold
- THE BANK OF ENGLAND WHO CONTINUES TO LEASE OUT MUCH ITS GOLD TO BULLION BANKS AND :(EX FOR RISK 9 MONTH TOTALS 113 TONNES)//TOTAL RESERVES OF BOE EQUALS 310 TONNES)
- THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED GOLD FROM THE BIS).THE FED STILL REFUSES TO BRING BACK MUCH OF ITS 34 TONNES SHORTFALL. IT BOUGHT BACK ONLY 4 TONNES AND THUS THEIR SHORTFALL TO THE BIS IS 30 TONNES.
HOWEVER, IN OUR CASE, EXCHANGE FOR RISK RECIPIENT IS THE BANK OF ENGLAND. THE COUNTERPARTY TO THE BANK OF ENGLAND EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED. THE BUYER, REPRESENTING THE CENTRAL BANK OF ENGLAND ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 9TH MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!…..(DEC THROUGH SEPT//ONLY MISSING JUNE. TOTAL 9 MONTHS ISSUANCE 113 TONNES)……… THE FACT THAT A CENTRAL BANK TAKES THE RISK OF A DELIVERY IS TOTALLY INSANE. THE VERY FIRST ISSUE OF EXCHANGE FOR RISK CAME IN DECEMBER 2024.
DETAILS ON SEPTEMBER COMEX MONTH//
IN TOTAL WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 611 CONTRACTS DESPITE OUR HUGE GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 5.0% LATELY AS GOLD IN LONDON IS STILL EXTREMELY SCARCE.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH SEPTEMBER CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS HOWEVER A FAIR T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 909 T.A.S CONTRACTS. THESE T.A.S ISSUANCES ARE USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT WAS IN FULL FORCE AGAIN LAST NIGHT DESPERATELY TRYING TO STOP GOLD’S ADVANCE. THIS GENERALLY ENDS IN FAILURE AS FOR THE FIRST TIME EVER, THEY FAILED TO RAID AT MONTH’S END AUGUST COMEX AND OTC/LONDON LBMA EXPIRY!! SO THE CROOKS DECIDED IT WAS NECESSARY TO RAID AROUND THE BIG INTEREST RATE ANNOUNCEMENT SEPT 17-SEPT 18 AND THEY TRIED AGAIN DURING LAST NIGHT WITH MUCH FAILURE!!
THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS (ALONG WITH PREVIOUS AUGUST MONTH- END SPREADERS) IS THE REASON WHY WE ARE HAVING DISTORTED COMEX OPEN INTEREST GAINS AND LOSSES IN OI BUT THIS IS COUPLED WITH MEGA HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WITH FIRST DAY NOTICE TOTALS WITH GOLD TONNES STANDING FOR THE FOLLOWING MONTHS:
FOR APRIL AT 209 + TONNES INCLUDING MANY MASSIVE QUEUE JUMPS AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.
IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
AND NOW INITIAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.2833 TONNES QUEUE JUMP TO GO ALONG WITH THE 0.000. TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 20.096 TONNES//NEW TOTALS STANDING ADVANCES TO 39.533 TONNES OF GOLD!!!
THE FED IS THE OTHER MAJOR SHORT OF AROUND 30+ TONNES OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES NOW THAT THEY MUST BECOME COMPLIANT TO BASEL III RULES JULY 1/2023 AS OUTLINED IN ANDREW MAGUIRE’S LATEST LIVE FROM THE VAULT 231 TO 241 EPISODES AS HE TACKLES THIS IMPORTANT TOPIC. THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST THREE MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY!IT SURE DOES NOT LOOK LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS THEIR OUTSTANDING LOAN REMAINS ON THE BOOKS OF THE BIS. TRUMP WILL PROBABLY BE FURIOUS WITH THE FED IF HE FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS. THE FRBNY IS NOW NON COMPLIANT WITH RESPECT TO BASEL III BUT IT IS NOT NECESSARY FOR THEM TO BE COMPLIANT ONLY COMMERCIAL BANKERS MUST BE.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST ( COMEX) IS NOW COMPLIANT EFFECTIVE JULY 1//2025.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH INCLUDING FIRST DAY NOTICE OF GOLD TONNAGE STANDING.
SUMMARY AUGUST: TOTAL QUEUE JUMPING AND TOTAL EXCHANGE FOR RISKS ISSUANCE FOR THE MONTH OF AUGUST;
WE HAD A HUGE 60.547 TONNES OF INITIAL GOLD STANDING FOR AUGUST, FIRST DAY NOTICE FOLLOWED BY THE MONTHS HUGE TOTAL OF 47.2312 TONNES OF QUEUE JUMPS TO WHICH WE ADD AUGUST 7TH,S HUGE 5.443 TONNES EXCHANGE FOR RISK ISSUANCE +LAST SATURDAY’S/MONDAY AUG 10 HUGE 776 CONTRACT EXCHANGE FOR RISK FOR 2.413 TONNES THEN AUGUST 12: 2.637 TONNES: AND NOW AUG 25: 9.107 TONNES ISSUANCE MONDAY’S MASSIVE 9.1016 TONNES ISSUANCE/AUGUST 25, AUGUST 26 9.0699 TONNES , YESTERDAYDAY’S (AUGUST 27) 9.0699 TONNES AND FINALLY TODAY’S TODAL OF 6.923 TONNESS/NEW STANDING ADVANCES TO 152.208 TONNES.
AND NOW SEPTEMBER:
SUMMARY SO FAR SEPT: 8.093 TONNES INITIALLY STANDING FOR GOLD COUPLED WITH TODAY;S 0.2830 TONNES QUEUE JUMP AND 0.0000 TONNES EXCHANGE FOR RISK TODAY// NEW TOTALS OF 20.096 TONNES OF EXCHANGE FOR RISK ISSUANCE/ SEPT MONTH:
THAT IS;
A) 0.0000 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY // =//TOTAL FOR MONTH EX FOPR RISK: 20.096 TONNES EX FOR RISK!!
B) 0.2830 TONNES TODAY QUEUE JUMP
TOTALS: 39.533 TONNES INITIALLY STANDING FOR GOLD/SEPT.
EXCHANGE FOR PHYSICAL ISSUANCE/SEPTEMBER
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A FAIR SIZED 1050 EFP CONTRACT WAS ISSUED: : /DEC 1050 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1050 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE OCC HEADQUARTERED IN BOTH LONDON AND WASHINGTON.
WE HAD :
- ZERO LIQUIDATION OF OUR T.A.S. SPREADERS//FRIDAY WITH NO EFFECT ON OUR TOTAL OPEN INTEREST!!
- MONTH END SPREADERS HAVE NOW BEEN FINALIZED AS OF AUGUST 29 AND THEY FOR THE FIRST TIME CAUSED NO DAMAGE TO OUR GOLD PRICE. IT IS QUITE POSSIBLE THAT THEY USED MONTHLY SEPT SPREADERS IN OUR TWO DAYS OF RAIDS SEPT 17-18.
T.A.S.SPREADER ISSUANCE//SEPT.
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT/SATURDAY MORNING WAS A SMALL SIZED SIZED 909 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE LAST MONTH ON OPTIONS EXPIRY WEEK ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS TRADING; (AND MONTH END SPREADERS)
THROUGHOUT THE FEW YEARS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE..
THAT SET UP YESTERDAY’S GAIN IN PRICE IN GOLD AND A CORRESPONDING GAIN OF COMEX OI AND A FAIR EXCHANGE FOR PHYSICAL ISSUANCE.. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 3 MONTHS ESPECIALLY WITH THE FOLLOWING;
- WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
- AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
3) TO BE FOLLOWED BY SEPTEMBER’S 6 ISSUANCES FOR EXCHANGE FOR RISK FOR 20.096 TONNES.
GOLD STANDING AT THE COMEX FOR GOLD LAST 8 MONTHS OF 2025:
YEAR 2025:
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES FOLLOWED TO TODAY’S QUEUE JUMP OF 0.5816TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
AND NOW SEPT:
SEPT: 19.122 TONNES OF GOLD (INCLUDES TODAY’S QUEUE JUMP) +0.0000 TONNES EX FOR RISK TODAY//
TOTAL EX FOR RISK// FOR MONTH = 20.096//NEW TOTALS FOR GOLD STANDING SEPT = 39.533 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD TRADING BEGINNING SEPTEMBER CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A STRONG $26.70./ /) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A HUGE SIZED GAIN IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD ZERO T.A.S. SPREADER LIQUIDATION FRIDAY. MUCH OF THAT GAIN IN OI FOR OUR TWO EXCHANGES WAS DUE TO SPECULATIVE LONGS PILING INTO COMEX GOLD TRADING /// THE BANKERS ARE QUITE NERVOUS ABOUT BASEL III WITH ITS IMPLEMENTATION COMMENCING JULY 1. THEY ARE VERY CONCERNED WITH THEIR HIGH AMOUNT OF DERIVATIVES LOSSES ON THEIR BOOKS. THUS THE REASON THEY NEEDED THESE T.A.S. ISSUANCES (WHICH ARE JOINED BY OUR MONTHLY SPREADERS IN ORDER TO FORMALIZE RAIDS LIKE ON THURSDAY AGAINST OUR PRECIOUS METALS).
SATURDAY MORNING//FRIDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL FRIDAY EVENING/ SATURDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
ANALYSIS SEPT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// SEPT COMEX CONTRACT
WE HAVE A STRONG SIZED GAIN TOTAL OF 24.087 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR SEPTEMBER AT 8.093 TONNES. WE HAD THE FOLLOWING QUEUE JUMP OF 0.2830 TONNES OF GOLD ALONG WITH 0.0000 TOTAL TONNES OF EXCHANGE FOR RISK TODAY/// TOTAL FOR MONTH TOTALS EX FOR RISK// MONTH = 20.096//NEW TOTAL STANDING FOR GOLD IN SEPT ADVANCES TO: 39.533 TONNES.
ALL OF THIS HUGE STANDING FOR SEPTEMBER WAS ACCOMPLISHED WITH OUR HUGE GAIN IN PRICE TO THE TUNE OF $26.70
WE HAD A MAMMOTH 11,968 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET GAIN ON THE TWO EXCHANGES 7744 CONTRACTS OR 774,400 0Z (24.087 TONNES)
confirmed volume FRIDAY 207,987 contracts// poor//
speculators have left the gold arena
INITIAL GOLD COMEX
SEPT CONTRACT MONTH
SEPT 22 /2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0entries . |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 4 ENTRIES i) INTO ASAHI 96,610.309 oz (3005 KILOBARS) ii) INTO BRINKS: 32,151.000 OZ (1000 KILOBARS) iii) INTO MALCA: 61,015.960 OZ iv) INTO MANFRA: 27,473.390 OZ total deposit 219,250.654 oz 6.8196 tonnes xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 22 notice(s) 2200 OZ 0.0684 TONNES |
| No of oz to be served (notices) | 121 contracts 12100 OZ 0.3763 TONNES |
| Total monthly oz gold served (contracts) so far this month | 6128 notices 612,800 oz 19.060 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER 4
DEPOSITS/CUSTOMER
4 ENTRIES
i) INTO ASAHI 96,610.309 oz (3005 KILOBARS)
ii) INTO BRINKS: 32,151.000 OZ (1000 KILOBARS)
iii) INTO MALCA: 61,015.960 OZ
iv) INTO MANFRA: 27,473.390 OZ
total deposit 219,250.654 oz
6.8196 tonnes
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
0entries
ADJUSTMENTs 1
a) JPMorgan dealer to customer 289.356 oz or (9 kilobars)
AMOUNT OF GOLD STANDING FOR SEPTEMBER
THE FRONT MONTH OF SEPTEMBER STANDS AT 133 CONTRACTS FOR A GAIN OF 35 CONTRACTS. WE HAD 56 CONTRACTS FILED ON FRIDAY SO WE GAINED 91 CONTRACTS OR 9100 OZ ENTERTAINED A QUEUE JUMP OF 0.2830 TONNES. WE NOW MUST ADD TO OUR INITIAL 8.093 TONNES OF GOLD STANDING TO TODAY’S QUEUE JUMP OF 0.2830 TONNES AND THEN ADD MONTH SEPT// EX FOR RISK = 20.096//(WHICH INCLUDES TODAY’S 0.000 TONNES EX. FOR RISK) THUS NEW TOTAL OF GOLD STANDING ADVANCES TO 39.533 TONNES
OCTOBER LOST 1377 CONTRACTS UP TO 56,938
NOVEMBER GAINED 263 CONTRACTS UP TO 3764 CONTRACTS.
We had 56 contracts filed for today representing 5600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 22 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for SEPTEMBER /2025. contract month, we take the total number of notices filed so far for the month (6128 X 100 oz ) to which we add the difference between the open interest for the front month of SEPT ( 133 CONTRACTS) minus the number of notices served upon today (22 x 100 oz per contract) equals 624,900 OZ OR 19.4370 TONNES OF GOLD TO WHICH WE ADD OUR TOTAL EX FOR RISK/SEPT MONTH OF 20.096 TONNES//NEW TOTAL STANDING ADVANCES TO 39.533 TONNES
thus the INITIAL standings for gold for the SEPTEMBER contract month: No of notices filed so far (6128 x 100 oz +we add the difference for front month of SEPT. (133 OI} minus the number of notices served upon today (22 x 100 oz) which equals 624,900 OZ OR 19.4370 TONNES PLUS 20.096 TONNES EXCHANGE FOR RISK = 39.533 TONNES.
TOTAL COMEX GOLD STANDING FOR SEPT..: 39.533 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY INACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 2,025,185.523 oz 62.991 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 39,463,535.525 oz
TOTAL REGISTERED GOLD 21,511,631.285 or 669.10 tonnes
TOTAL OF ALL ELIGIBLE GOLD 18,171,154.889 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 19,486,446oz ((REG GOLD- PLEDGED GOLD)= 606.10 tonnes // (
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE SEPTEMBER 2025 SILVER CONTRACTS
SEPT 22 2025
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1entries 1) Out of Brinks 350,575.45 oz total withdrawal 350,575.45 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 1 entry i) Into Loomis 685,516.270 oz total deposit 685,516.270 oz |
| No of oz served today (contracts) | 40 CONTRACT(S) (0.200 million OZ |
| No of oz to be served (notices) | 411 contracts (2.085 MILLION oz) |
| Total monthly oz silver served (contracts) | 13,228 Contracts (66.140 million oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
1 DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRIES
i) Into Loomis 685,516.270 oz
total deposit 685,516.270 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
1entries
1) Out of Brinks 350,575.45 oz
total withdrawal 350,575.45 oz
ADJUSTMENTs 0
TOTAL REGISTERED SILVER: 194.327 MILLION OZ//.TOTAL REG + ELIGIBLE. 524.378 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR SEPT.
silver open interest data:
FRONT MONTH OF SEPTEMBER /2025 OI: 451 OPEN INTEREST CONTRACTS FOR A GAIN OF 158 CONTRACTS. WE HAD 60 CONTRACTS SERVED ON FRIDAY SO WE GAINED A HUGE SIZED 218 CONTRACTS OR 1.090 MILLION OZ ENTERTAINED A QUEUE JUMP//NEW STANDING FOR SILVER COMEX INCREASES TO 68.195 MILLION OZ. THEN WE MUST ADD OUR INITIAL ISSUANCE OF 600 CONTRACTS FOR EXCHANGE FOR RISK OR 3.0 MILLION OZ//NEW STANDING ADVANCES TO 71.195 MILLION OZ
STANDING FOR SILVER: 71.195 MILLION OZ
OCTOBER GAINED 36 CONTRACTS TO 2965
NOVEMBER GAINED 66 CONTRACTS UP TO 1932.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 40 or 0.200 MILLION oz
CONFIRMED volume; ON FRIDAY 163,057 mega huge//
AND NOW SEPT. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in SEPTEMBER. we take the total number of notices filed for the month so far at 13,288 X5,000 oz = 66.140 MILLION oz
to which we add the difference between the open interest for the front month of SEPT (451) AND the number of notices served upon today (40 )x (5000 oz)
Thus the standings for silver for the SEPTEMBER 2025 contract month: (13,228) Notices served so far) x 5000 oz + OI for the front month of SEPTEMBER(451) minus number of notices served upon today (640)x 5000 oz equals silver standing for the SEPTEMBER contract month equating to 68.195 MILLION OZ TO WHICH WE ADD OUR INITIAL EXCHANGE FOR RISK SEPT TOTALLING 3.0 MILLION OZ//NEW STANDING ADVANCES TO 71.195 MILLION OZ
New total standing: 71.195 million oz which is HUGE for this active delivery month of SEPT.. THE SILVER COMEX IS NOW UNDER SIEGE!!
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 194.327 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/524.378 million. 40.00%
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44.
Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon
the next big line in the sand for silver is $34.76. After that the moon
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
SEPT 22 WITH GOLD UP $68.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MAMMOTH DEPOSIT OF 14.61 TONNES OF GOLD VAPOUR ENTERED THE GLD. /// ///INVENTORY RESTS AT 994.56 TONNES
SEPT 19 WITH GOLD UP $26.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 4.29 TONNES OF GOLD FROM THE GLD /// ///INVENTORY RESTS AT 979.95 TONNES
SEPT 18 WITH GOLD DOWN $37.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 4.29 TONNES OF GOLD FROM THE GLD /// ///INVENTORY RESTS AT 975.66 TONNES
SEPT 17 WITH GOLD DOWN $8.30 TODAY/NO CHANGES IN GOLD AT THE GLD /// ///INVENTORY RESTS AT 979.95 TONNES
SEPT 16 WITH GOLD UP $8.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.01 TONNES OF GOLD FROM THE GLD:/// ///INVENTORY RESTS AT 979.95 TONNES
SEPT 15 WITH GOLD UP $45.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 3.01 TONNES OF GOLD FROM THE GLD:/// ///INVENTORY RESTS AT 974.80 TONNES/
SEPT 12 WITH GOLD UP $12.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 2.01 TONNES OF GOLD FROM THE GLD:/// ///INVENTORY RESTS AT 977.95 TONNES/
SEPT 11 WITH GOLD DOWN $7.50 TODAY/SMALL CHANGES IN GOLD AT THE GLD A DEPOSIT OF .28 TONNES OF GOLD INTO THE GLD:/// ///INVENTORY RESTS AT 979.96 TONNES//
SEPT 10 WITH GOLD DOWN $1.10 TODAY/NO CHANGES IN GOLD AT THE GLD:/// ///INVENTORY RESTS AT 979.68 TONNES//
SEPT 9 WITH GOLD UP $47.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.29 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 979.68 TONNES//
SEPT 8 WITH GOLD UP $41.40 TODAY/NO CHANGES IN GOLD AT THE GLD// ///INVENTORY RESTS AT 981.97 TONNES//
SEPT 5 WITH GOLD UP $47.10 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A FRAUDULENT WITHDRAWAL OF 2.29 TONNES OF PAPER GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 981.97 TONNES//
SEPT 4 WITH GOLD DOWN $22.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A FRAUDULENT WITHDRAWAL OF 6.30 TONNES OF PAPER GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 984.26 TONNES//
SEPT 3 WITH GOLD UP $43.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 12.88 TONNES OF GOLD VAPOUR INTO THE GLD// ///INVENTORY RESTS AT 990.56 TONNES//FAIRY TALES
SEPT 2 WITH GOLD UP $79.90 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 9.74 TONNES OF GOLD VAPOUR INTO THE GLD// ///INVENTORY RESTS AT 977.68 TONNES
AUGUST 29 WITH GOLD UP $33.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 5.44 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 962.50 TONNES
AUGUST 28 WITH GOLD UP $18.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 2.58 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 962.50 TONNES
AUGUST 27 WITH GOLD UP $12.60 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 1.43 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 959.92 TONNES
AUGUST 26 WITH GOLD UP $12.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 958.49 TONNES
AUGUST 25 WITH GOLD DOWN $1.05 TODAY/NO CHANGES IN GOLD AT THE GLD// ///INVENTORY RESTS AT 956.77 TONNES
AUGUST 22 WITH GOLD UP $35.35 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 956.77 TONNES
AUGUST 21 WITH GOLD DOWN $6.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 958.21 TONNES
AUGUST 20 WITH GOLD UP $29.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 3.16 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 962.21 TONNES
AUGUST 19 WITH GOLD DOWN $16.90 TODAY/NO CHANGES IN GOLD AT THE GLD:/// ///INVENTORY RESTS AT 965. TONNES
AUGUST 18 WITH GOLD DOWN $4.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 4.01 TONNES OF GOLD INTO THE GLD//// ///INVENTORY RESTS AT 961.36 TONNES
AUGUST 15 WITH GOLD DOWN $0.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 2.86 TONNES OF GOLD//// ///INVENTORY RESTS AT 961.36 TONNES
AUGUST 14 WITH GOLD DOWN $20.80 TODAY//NO CHANGES IN GOLD AT THE GLD://// ///INVENTORY RESTS AT 964.22 TONNES
AUGUST 13 WITH GOLD UP $9.65 TODAY//NO CHANGES IN GOLD AT THE GLD://// ///INVENTORY RESTS AT 964.22 TONNES
AUGUST 12 WITH GOLD UP $2.65 TODAY//HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 4.58 TONNES OF GOLD INTO THE GLD/://// ///INVENTORY RESTS AT 964.22 TONNES
AUGUST 11 WITH GOLD DOWN $53.55 TODAY//SMALL CHANGES IN GOLD AT THE GLD A DEPOSIT DEPOSIT OF 0.55 TONNES OF GOLD INTO THE GLD/://// ///INVENTORY RESTS AT 959.64 TONNES
AUGUST 8 WITH GOLD UP $10.00 TODAY//HUGE CHANGES IN GOLD AT THE GLD A HUGE DEPOSIT OF 6.30 TONNES OF GOLD INTO THE GLD/://// ///INVENTORY RESTS AT 959.09 TONNES
GLD INVENTORY: 994.56 TONNES, TONIGHTS TOTAL
SILVER
SEPT 22 WITH SILVER UP $1.16 TODAY/NO CHANGES IN SILVER AT THE SLV: /// ///INVENTORY RESTS AT 488.357 MILLION OZ//
SEPT 19 WITH SILVER UP $0.89 TODAY/HUGE CHANGES IN SILVER A WITHDRAWAL OF 0.908 MILLION OZ OUT OF THE SLV: /// ///INVENTORY RESTS AT 488.357 MILLION OZ//
SEPT 18 WITH SILVER DOWN $0.69 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.908 MILLION OZ OUT OF THE SLV: /// ///INVENTORY RESTS AT 488.357 MILLION OZ//
SEPT 17 WITH SILVER DOWN $0.03 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.088 MILLION OZ INTO THE SLV: /// ///INVENTORY RESTS AT 489.265 MILLION OZ//
SEPT 16 WITH SILVER DOWN $0.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.500 MILLION OZ INTO THE SLV: /// ///INVENTORY RESTS AT 487.177 MILLION OZ//
SEPT 15 WITH SILVER UP $0.28 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 485.677 MILLION OZ//
SEPT 12 WITH SILVER UP $0.46 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 485.677 MILLION OZ//
SEPT 11 WITH SILVER UP $0.46 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 485.677 MILLION OZ//
SEPT 10 WITH SILVER UP $0.28 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 485.677 MILLION OZ //
SEPT 9 WITH SILVER DOWN $0.55/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF 1.816 MILLION OZ OUT OF THE SLV:// ////INVENTORY RESTS AT 486.677 MILLION OZ./
SEPT 8 WITH SILVER UP $0.35/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF 1.181 MILLION OZ OUT OF THE SLV:// ////INVENTORY RESTS AT 488.493 MILLION OZ./
SEPT 5 WITH SILVER UP $0.25/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF 2.735 MILLION OZ OUT OF THE SLV:// ////INVENTORY RESTS AT 489.674 MILLION OZ./
SEPT 4 WITH SILVER DOWN $0.68/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF 2.735 MILLION OZ OUT OF THE SLV:// ////INVENTORY RESTS AT 491.308 MILLION OZ./
SEPT 3 WITH SILVER UP $0.95/ HUGE CHANGES AT THE SLV AT DEPOSIT OF 1,816 MILLION OZ INTO THE SLV:// ////INVENTORY RESTS AT 494.043 MILLION OZ./
SEPT 2 WITH SILVER UP $0.95/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF .727 MILLION OZ FROM THE SLV:// ////INVENTORY RESTS AT 492.227 MILLION OZ./
AUGUST 29 WITH SILVER UP $0.80/ HUGE CHANGES AT THE SLV AT DEPOSIT 0F 1.862 MILLION OZ:// ////INVENTORY RESTS AT 492.954 MILLION OZ./
AUGUST 28 WITH SILVER UP $0.48/ NO CHANGES AT THE SLV:// ////INVENTORY RESTS AT 491.092 MILLION OZ./
AUGUST 27 WITH SILVER UP $0.04/ SMALL CHANGES AT THE SLV: A WITHDRAWAL OF 454,000 OZ FORM THE SLV// ////INVENTORY RESTS AT 491.092 MILLION OZ./
AUGUST 26 WITH SILVER DOWN $0.19/ NO CHANGES AT THE SLV: // ////INVENTORY RESTS AT 491.546 MILLION OZ./
AUGUST 25 WITH SILVER DOWN $0.28/ SMALL CHANGES AT THE SLV: A SMALL DEPOSIT OF 0.363 MILLION OZ OF SILVER LEAVES THE SLV// ////INVENTORY RESTS AT 491.546 MILLION OZ./
AUGUST 22 WITH SILVER UP $0.92/ SMALL CHANGES AT THE SLV: A SMALL WITHDRAWL OF 0.908 MILLION OZ OF SILVER LEAVES THE SLV// ////INVENTORY RESTS AT 491.183 MILLION OZ./
AUGUST 21 WITH SILVER UP $0.29/ SMALL CHANGES AT THE SLV: A SMALL WITHDRAWL OF 1.09 MILLION OZ OF SILVER LEAVES THE SLV// ////INVENTORY RESTS AT 492.091 MILLION OZ.//
AUGUST 20 WITH SILVER UP $0.41/ SMALL CHANGES AT THE SLV: A SMALL WITHDRAWL OF 545,000 OZ OF SILVER LEAVES THE SLV// ////INVENTORY RESTS AT 493.181 MILLION OZ.//
AUGUST 19 WITH SILVER DOWN $0.64/ HUGE CHANGES AT THE SLV: A MAMMOTH DEPOSIT OF 9.173 MILLION OZ OF SILVER VAPOUR ARRIVES AT THE SLV// ////INVENTORY RESTS AT 493.726 MILLION OZ.//
AUGUST 18 WITH SILVER UP $0.06/ NO CHANGES AT THE SLV ////INVENTORY RESTS AT 484.553 MILLION OZ.//
AUGUST 15 WITH SILVER DOWN $0.04/ SMALL CHANGES AT THE SLVA WITHDRAWAL OF .909 MILLION OZ FROM THE SLV//////INVENTORY RESTS AT 484.553 MILLION OZ.//
AUGUST 14 WITH SILVER DOWN $0.52/ NO CHANGES AT THE SLV/////INVENTORY RESTS AT 485.462 MILLION OZ.//
AUGUST 13 WITH SILVER UP $0.62/ HUGE CHANGES AT THE SLV// A DEPOSIT OF 1.317 MILLION OZ INTO THE SLV:.////INVENTORY RESTS AT 485.462 MILLION OZ.//
AUGUST 12 WITH SILVER UP $0.68/ HUGE CHANGES AT THE SLV// A DEPOSIT OF 2.18 MILLION OZ FORM THE SLV:.////INVENTORY RESTS AT 484.145 MILLION OZ.//
AUGUST 11 WITH SILVER DOWN $0.56/ HUGE CHANGES AT THE SLV// A WITHDRAWAL OF 3.905 MILLION OZ FORM THE SLV:.////INVENTORY RESTS AT 481.965 MILLION OZ.//
AUGUST 8 WITH SILVER UP $0.20/ NO CHANGES AT THE SLV//:.////INVENTORY RESTS AT 485.870 MILLION OZ.//
CLOSING INVENTORY 488.857 MILLION OZ//
PHYSICAL GOLD/SILVE
1/PETER SCHIFF
JOHN RUBINO
JAMES RICKARDS
This is what will happen once they introduce stable coins into the USA and Canada
(ITM trading/james Richards)
Vietnam Freezes 86 Million Bank Accounts
by ITM Trading
Friday, Sep 19, 2025 – 20:15
“You’re going to have a financial panic of unprecedented proportions,” warns Jim Rickards, NYT bestselling author. The trigger? Stablecoins and unregulated digital assets baked into the so-called Genius Act. Rickards points to Vietnam’s mandatory biometric IDs and account freezes as the model—a “trial run” for centralized digital control. Once adopted, governments can monitor, freeze, or confiscate funds at will.
When confidence cracks, holders will dump stablecoins, sell Treasuries, and rush for cash. AI will only accelerate the stampede. “The best definition of a crisis is when everybody wants their money back,” Rickards says. This time, the exit doors may slam shut.
Follow Daniela on X: Daniela Cambone
About ITM Trading: ITM Trading has been a trusted leader in precious metals for over 28 years, helping clients protect and grow their wealth with custom gold and silver strategies designed for economic downturns and currency resets.
2. MATHEW PIEPENBERG/VON GREYERZ
MORGAN STANLEY: CALLS FOR A HUGE 20% ALLOCATION IN THEIR PORTFOLIOS
PREMIUM} The Shot Heard ‘Round the Financial World: Morgan Stanley’s CIO Calls for a 20% Gold Allocation, Triggering the Next Rotation Into Gold?
This is the institutional validation we have been waiting for. This is the starting gun for the next gold rush. And it is happening right now.Metals and MinersSep 20∙Preview
READ IN APP
In a move that will be remembered as the beginning of the end for the traditional 60/40 portfolio, Morgan Stanley’s Chief Investment Officer, Mike Wilson, has just sent a seismic shockwave through the financial world. He has officially recommended a revolutionary 60/20/20 portfolio strategy, with a staggering 20% allocation to gold.This is not some fringe analyst or a lone wolf gold bug; this is the CIO of one of the largest and most influential investment banks on the planet telling the world that the old rules no longer apply. The implications are so profound, so far-reaching, and so explosive that it is impossible to overstate their significance.If even a fraction of the institutional world follows this advice, the amount of capital that will flood into the precious metals space will be unlike anything we have ever seen before. This is the institutional validation we have been waiting for. This is the starting gun for the next gold rush. And it is happening right now.The Death of the 60/40 Portfolio: A Paradigm Shift in Real TimeFor decades, the 60/40 portfolio …60% stocks, 40% bonds… has been the bedrock of institutional investing. The theory was simple: stocks provide growth, and bonds provide safety. When stocks go up, you win. When stocks go down, bonds go up, and you still win.It was a seemingly foolproof strategy that worked for generations. But in today’s world of rampant inflation, unsustainable debt, and coordinated central bank money printing, the 60/40 portfolio is not just obsolete; it is a death trap. The TLT is a perfect example of how horribly bad long bonds have performed the last 5 years.
ALASDAIR MACLEOD
Market outlook
US$ yields are rising because of growing currency risk, triggered by the Fed’s interest rate policy, which is abandoning attempts to control inflation in favour of reflation.
| Alasdair MacleodSep 21∙Paid |
When the Fed cut its funds rate on Wednesday, the yield on the 10-year Treasury note fell to 4% before quickly reversing higher. This is shown in the chart below, with the pecked line illustrating the moment of the Fed’s announcement.
The other market reaction which was notable was gold:
Gold was marked down over $55 by early afternoon the following day, before recovering almost all of it by Friday’s close. Notably, silver (not shown) rallied into new multiyear high territory.
What does it all mean?
Firstly, it was clear that markdowns in gold and silver were on the absence of selling. There was some buying at the lower levels. The rest of it appears to reflect a bear squeeze on paper shorts which was more acute in the less liquid silver contract. But it is notable that on balance, no one wanted short positions over the weekend indicating that gold and silver should rally higher in the coming week. This reflects the intensity of the squeeze on paper contracts, best illustrated by the swap’s record short positions in currency terms:
28 swaps are short of $105bn’s worth of contracts, averaging $3.75bn each. Being an average, some shorts will be significantly more exposed than others, suggesting a systemic problem. Presumably, this was why the short position in the non-reported category soared in connection with a covert rescue operation, but most of that has now been unwound, with shorts returning to 25,000 contracts:
This is all short-term stuff. More interesting is the bond market’s reaction to interest rate cuts. And it’s not just US treasuries: the recent rate reduction by the Bank of England led to higher long-term yields, as did the reduction by the Bank of Canada. The common factor is the signal that the fight against inflation has been downgraded in favour of reflation.
It could be a huge error. The dying of the fiat currency era means a collapse in their future purchasing power, which will only be stopped by a return to gold standards. And that won’t happen easily, or soon.
Lower interest rates tend to weaken a currency, notably against gold which is legal money and not credit unlike a currency. With the exception of the Bank of Japan, all G7 central banks are reducing interest rates under political pressure and evidence of stalling economies. Leading the way lower and dragging the others just a few steps behind is the US dollar, whose trade weighted index looks very bearish:
Now that the summer lull appears to be over, I expect all these market relationships to come under greater scrutiny. Higher bond yields and higher gold will eventually burst the credit bubble. And there is nothing the Fed or any other central bank can do to stop it.
3. CHRIS POWELL AND GATA GOLD DISPATCHES/OTHER GOLD RELATED TOPICS
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 241
5. COMMODITY REPORT URANIUM
Don’t Forget Uranium
Its bull market might rival gold’s
| John RubinoSep 20 |
Gold’s epic bull market is, understandably, overshadowing the rest of the commodities complex. But don’t let that blind you to what’s happening in, for instance, uranium, which is well into its own epic run.
Excelsior Prosperity’s Shad Marquitz just posted an update on this sector, complete names and profiles for the must-own miners. Here’s an excerpt:
Uranium Sector Update: URA, URNM, UEC, UUUU, EU, URG, DNN, and NXE
As we have discussed in the past, there truly are a bevy of positive catalysts stacking up for nuclear power and thus increasing uranium demand. There is a global resurgence in interest for more nuclear power by so many nations to meet their carbon-free energy expansion guidelines, along with interest from large tech companies for powering their AI datacenter buildouts. There has also been a steady stream of announcements of new construction or plans for additional reactor builds all over the planet, in addition to reactor restarts and reactor life extensions.
However, what everyone seems to have forgotten in the flurry of the last year’s news cycle and all the constructive headline drops clamoring for future small modular reactor builds and further adoption of larger reactors being built globally, is that uranium was already in a structural supply deficit. Even if we just kept the nuclear fleet exactly the same size it is and if there was no projected growth, then there still aren’t enough pounds of uranium coming onto the market in the next 3-5 years from mine supply to keep up with the current demand; much less meet growing demand.
This US administration has been particularly active this year issuing 4 executive orders to stimulate the nuclear power industry, increase more processing and enrichment domestically and from friendly nations, and more investment into the whole supply chain of the nuclear fuel cycle. Additionally there were parts of the prior administrations ‘Inflation Reduction Act,’ and this administration’s ‘Big Beautiful Bill’ focused on development of strategic minerals infrastructure and expediting permitting, including that for nuclear power and uranium mining.
The good news keeps rolling in for the sector: This week the topic of building a US strategic uranium reserve resurfaced as a policy initiative.
Uranium stocks soar as US plans to boost strategic stockpile
Investing.com – 09-15-2025
“Uranium stocks surged on Monday after U.S. Energy Secretary Chris Wright signaled plans to increase the national strategic uranium stockpile.”
“Energy Fuels Inc. (NYSE:UUUU) extended gains to rise 9%, while Uranium Energy Corp. (NYSE:UEC) climbed 6% and Cameco Corporation (NYSE:CCJ) advanced 7% following Wright’s comments in an interview in Vienna, as reported by Bloomberg.”
US Looks to Boost Uranium Reserves for Nuclear Power
Jonathan Tirone – Bloomberg – September 15, 2025
“The Trump administration’s top energy official said the US should look to boost its strategic uranium reserve to buffer against Russian supplies and increase confidence in the long-term prospects of nuclear power generation.”
“US Energy Secretary Chris Wright’s comments underscore the Trump administration’s plans to promote nuclear energy as the demand for power soars with the electrification of the economy. Russia supplies about a quarter of the enriched uranium needed by America’s fleet of 94 nuclear reactors, which generate about a fifth of US electricity. Turning the tap off too quickly from that source could endanger about 5% of electricity in the absence of alternative suppliers or additional stockpiles.”
Again, this is just one of dozens of positive news developments in the nuclear power sector that we’ve seen over the last year or so, and you can bet that more catalysts will keep coming in. Nuclear power continues to be embraced and the new light being shed on this sector clears away the cobwebs of disinformation about this critical power input. More and more analysts are working their way down the nuclear fuel cycle and waking up to supply/demand mismatch that has been developing for some time with regards to uranium.
There is a supply pinch-point that everyone knows is coming for various utilities in 2026, 2027, 2028, and 2029, whether they are ready to face that reality yet or not… and that was bound to happen even if there were no new reactors being built, no strategic reserves proposed, and before AI data centers were the topic du jour.
And sorry, but NO… NexGen’s Arrow is not going to save the day anytime soon. All those high-grade pounds are not coming to the market anywhere before 2030 at the earliest, but more likely in 2031 or 2032; despite all the rosy pundit projections and utilities’ fever dreams for the last handful of years.
Arrow is undeniably an amazing high-grade deposit, and sure… lots of future supply will come from their deposit, but that’s all at least 5 years off, and that doesn’t help utilities in the slightest that need new pounds of uranium in the next few years of this current cycle.
Read the rest of this (much longer) report here.
END
COAL:
Which Countries Buy The Most US Coal?
Monday, Sep 22, 2025 – 05:45 AM
Coal remains a major U.S. export, even as the domestic energy mix shifts toward natural gas and renewables. In 2024, America exported nearly 100 million tonnes of coal to countries around the world, with a concentration of buyers in Asia.
This visualization, via Visual Capitalist’s Marcus Lu, breaks down the top destinations for U.S. coal exports last year. The data for this graphic comes from the U.S. Energy Information Administration (EIA). It shows 2024 coal export volumes by destination, measured in millions of tonnes.
Asia: The Rising Demand Hub
India led the pack with 23.4% of all U.S. coal exports, followed by China (11.5%) and Japan (8.4%). Combined, these three Asian countries accounted for nearly 43% of all American coal exports.
| Rank | Destination | 2024 (million tonnes) | % of Total |
|---|---|---|---|
| 1 | 🇮🇳 India | 22.9 | 23.4 |
| 2 | 🇨🇳 China | 11.3 | 11.5 |
| 3 | 🇯🇵 Japan | 8.2 | 8.4 |
| 4 | 🇧🇷 Brazil | 7.6 | 7.8 |
| 5 | 🇳🇱 Netherlands | 7.2 | 7.4 |
| 6 | 🇲🇦 Morocco | 5.4 | 5.6 |
| 7 | 🇰🇷 South Korea | 4.3 | 4.4 |
| 8 | 🇪🇬 Egypt | 4.2 | 4.3 |
| 9 | 🇨🇦 Canada | 3.8 | 3.9 |
| 10 | 🇹🇷 Turkey | 2.5 | 2.6 |
| 11 | 🇮🇩 Indonesia | 2.1 | 2.2 |
| 12 | 🇩🇪 Germany | 1.9 | 2.0 |
| 13 | 🇮🇹 Italy | 1.7 | 1.7 |
| 14 | 🇵🇱 Poland | 1.5 | 1.5 |
| 15 | 🇩🇴 Dominican Republic | 1.3 | 1.3 |
| 16 | 🇦🇹 Austria | 1.1 | 1.2 |
| 17 | 🇫🇷 France | 1.1 | 1.1 |
| 18 | 🇸🇬 Singapore | 1.0 | 1.1 |
| 19 | 🇪🇸 Spain | 1.0 | 1.0 |
| 20 | 🇧🇪 Belgium | 0.9 | 1.0 |
| 21 | 🇭🇷 Croatia | 0.9 | 0.9 |
| 22 | 🇦🇷 Argentina | 0.7 | 0.8 |
| 23 | 🇵🇰 Pakistan | 0.7 | 0.7 |
| 24 | 🇫🇮 Finland | 0.6 | 0.7 |
| 25 | 🇸🇪 Sweden | 0.6 | 0.6 |
| 26 | 🇺🇦 Ukraine | 0.5 | 0.5 |
| 27 | 🇲🇾 Malaysia | 0.5 | 0.5 |
| 28 | 🇨🇱 Chile | 0.3 | 0.3 |
| 29 | 🇿🇦 South Africa | 0.2 | 0.2 |
| 30 | 🇹🇭 Thailand | 0.2 | 0.2 |
| 31 | 🇦🇪 UAE | 0.2 | 0.2 |
| 32 | 🇬🇧 UK | 0.2 | 0.2 |
| 33 | 🇬🇹 Guatemala | 0.1 | 0.2 |
| 34 | 🇻🇳 Vietnam | 0.1 | 0.1 |
| 35 | 🇷🇴 Romania | 0.1 | 0.1 |
| 36 | 🇹🇬 Togo | 0.1 | 0.1 |
| 37 | 🇳🇴 Norway | 0.1 | 0.1 |
| 38 | 🇭🇳 Honduras | 0.1 | 0.1 |
| 39 | 🇨🇭 Switzerland | 0.1 | 0.1 |
Since 2017, Asia has eclipsed Europe as the leading destination for U.S. coal.
In 2024, India alone purchased 22.9 million tonnes. India’s high demand for U.S. coal is driven by a combination of energy security needs, domestic production gaps, and infrastructure limitations. Currently, the country relies heavily on coal to generate electricity—over 70% of its electricity comes from coal-fired power plants.
Europe’s Waning Role
While several European countries still import American coal, their overall share has declined. The Netherlands remains a key buyer (7.4%), but other nations like Germany, Italy, and Poland account for smaller volumes. The EU’s push to phase out coal and meet climate targets has sharply reduced demand in the region.
Notably, many European buyers now import U.S. coal primarily for metallurgical (steelmaking) rather than power generation uses.
Emerging and Niche Markets
Beyond Asia and Europe, a number of countries in Latin America, Africa, and the Middle East imported smaller quantities of U.S. coal in 2024. Brazil (7.8%) and Morocco (5.6%) were notable non-Asian buyers.
If you enjoyed today’s post, check out What Powered the World in 2024? on Voronoi, the new app from Visual Capitalist.
END
GOLD
GOLD TRADING/MARKET EAR..
Gold: Another Day, Another ATH…Specs Still Don’t Get It
Monday, Sep 22, 2025 – 7:34
Another day…
…another new ATH in gold. RSI is overbought, but as we all know, overbought can stay overbought for longer than most think possible. Note that RSI actually came down slightly during the mini consolidation at highs.
Source: LSEG Workspace
Trading is easy
One of the early bosses in our junior career: “Trading is easy, be long when things go up, be short when things go down”. Looks like gold specs partly missed this lesson…
Source: LSEG Workspace
Afraid of heights?
We stick to our logic of using options to express gold views, especially for the ones that want/need to chase the shinty metal. Volatility is rather low, offering great call spread setups.
Source: LSEG Workspace
The gap
Gold miners on steroids spilling over to the underlying…
Source: LSEG Workspace
Breaking up?
Chinese official gold holdings rising further… Chart shows reported official gold holdings and gold as a percentage of total foreign exchange reserves.
Source: WC
but some are selling…
Buy low, sell high
Chinese gold ETFs seeing outflows lately…
Source: WC
Busy chasing stocks
Chinese investors ditching gold to chase the equity squeeze…
Source: WC
END
GOLD
Gold Soars To Fresh Record As Inflows Into Gold ETFs Hit 3 Year High
Monday, Sep 22, 2025 – 12:50 PM
Three weeks ago, just as gold finally break out above its recent resistance level, we warned readers that we are about to see a far more powerful thrust higher once gold ETFs – which had been lagging badly – started chasing.
Fast forward to today when that’s precisely what happened, and as Bloomberg writes this morning, gold has powered to a fresh record high “after flows into exchange-traded funds hit a three-year high, with investors betting that the Federal Reserve’s rate-cutting cycle has further to run.” It wasn’t just gold: silver also rose, with year-to-date gains topping 50%.
Gold was last trading at a new all time high of $3,737, building on a run of five weekly gains and extremely overbought, as the Fed cut rates and flagged further easing through to year-end.
On Friday, bullion-backed ETFs surged 0.9%, the most in percentage terms since 2022, according to data compiled by Bloomberg.
Gold – the year’s best performing asset class – has been on a relentless tear higher amid a broad confluence of supportive factors, most notably the Fed’s decision to restart policy easing. Additionally, central banks continuing to bolster their reserve holdings, and lingering geopolitical tensions, have provided a sustained bid for havens. Major banks including Goldman Sachs have flagged their expectations for further gains, with Deutsche Bank most recently lifting its gold forecast to $4000.
“Technicals are looking pretty strong, and expectations are rising for deeper rate cuts,” said Soni Kumari, commodity strategist at ANZ Group Holdings Ltd. In silver, “resistance at $43 an ounce was broken, while gold powered through $3,708 an ounce — suggesting prices will continue to push higher.”
“The gold price was overbought after climbing by more than 10% in the last five weeks,” analysts at Heraeus Precious Metals GmbH & Co KG said on Monday. “That raises the chance of a period of consolidation so the price could trade sideways to lower for a while.” Alas, gold decided it didn’t need to consolidate and has instead moved straight up.
Silver rallied harder than gold on Monday, with some speculating that a gamma squeeze in silver options is starting to fomd. The daily volume of IShares Silver Trust options surged to 1.2 million on Friday – the highest since April 2024, with call options spiking.
In a note published this morning from UBS’ S&T team, they write that “while it was technically New York Platinum week, gold took the gold as New York was flooded with market participants for every corner of the globe and one thing was clear, the bullish sentiment is here to stay. The demand is real and was confirmed when your strategist’s weeklong schedule fills up in a matter of hours and goes right until 17:00 New York on Friday, when in the past nobody wanted to meet on a Friday.”
As UBS’s Christine Gilfillan writes, “consensus is, gold has not seen the highs, proven yet again on Monday. There wasn’t one meeting where someone was willing to short this market. In most meetings, the level of investment has not been reached and many continue to look for a pullback for entry. The majority are looking for $4000.”
The UBS trades goes on to note that “shallow and short-lived pullbacks are frustrating during this climb higher, physical demand is absent and replaced with investor and retail demand while the Wealth Management community is actively exploring vaulting opportunities.” Meanwhile, sellers or light profit-taking that may have been seen post the Fed have taken a step back, now allowing this bull market to march on. As for the white metals, consensus was favorable as well with silver taking the lead even with its recent positive performance.
ASIAN MARKETS THIS MONDAY MORNING:
SHANGHAI CLOSED UP 8.49 PTS OR 0.22%
//Hang Seng CLOSED DOWN 200.96 PTS OR 0.76%
// Nikkei CLOSED UP 2447.95 OR 0.99% //Australia’s all ordinaries CLOSED UP .45%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1124 OFFSHORE CLOSED DOWN AT 7.1151/ Oil DOWN TO 62.15 dollars per barrel for WTI and BRENT DOWN TO 66.15 Stocks in Europe OPENED MOSTLY ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.1124 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1151 AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.1124
OFFSHORE YUAN: DOWN TO 7.1151
HANG SENG CLOSED DOWN 200.96 PTS OR 0.76%
2. Nikkei closed UP 447.75 PTS OR 0.97%
3. Europe stocks SO FAR: MOSTLY ALL RED EXCEPT LONDON
USA dollar INDEX UP TO 97.13 EURO RISES TO 1.1772 UP 34 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.651//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.87…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA. JAPAN 30 YR BOND YIELD: 3.180 UP 2 BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.7320 Italian 10 Yr bond yield DOWN to 3.557 SPAIN 10 YR BOND YIELD DOWN TO 3.286
3i Greek 10 year bond yield DOWN TO 3.411
3j Gold at $3726.10 Silver at: 43.79 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 5 /100 roubles/dollar; ROUBLE AT 83.19
3m oil (WTI) into the 62 dollar handle for WTI and 66 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 147.87/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.661% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.180 UP 2 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7938 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9345 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.126 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.746 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 3..569 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 41.39
10 YR UK BOND YIELD: 4.7020 DOWN 2 PTS BUT STILL ESCALATING RAPIDLY
30 YR UK BOND YIELD: 5.536 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.191 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.737 DOWN 1 BASIS PTS.
2a New York OPENING REPORT
Futures Drop After Friday’s Meltup, Gold Soars To New All-Time High
Monday, Sep 22, 2025 – 08:34 AM
US futures are weaker after all major indexes closed at ATHs on Friday. As of 8:10am, S&P and Nasdaq futures are down 0.3%; the S&P is now notably overbought, but that may not stop the overall uptrend according to bullish analysts, with earnings expectations rising and the market betting on almost two more rate cuts this year. Pre-market, Mag7 names are lower ex-AAPL, TSLA; NVDA is -88bp dragging Semis lower as we start the week with a slight defensive tone. Bond yields are flat with the 10Y trading at ~4.13%; the USD is slightly weaker as gold hit a fresh record high above $3700 at the start of a macro-data light week which will focus on the Fed’s preferred inflation gauge release on Friday. In commodities precious metals are the upside standouts with Gold +1%, Silver +1.5% with crude flat and Ags mostly weaker. Cryptocurrency traders saw more than $1.5 billion in bullish wagers liquidated on Monday, triggering a sharp selloff that hit smaller tokens hardest. This week’s macro data is not expected to be market-moving but there are 16 Fed speakers this week including 4 today. Keep an eye on the yield curve where Jay Barry and team like tactical shorts in the 10Y, which may pressure Equities into quarter-end.
In premarket trading, Mag 7 stocks are under pressure with just TSLA and AAPL green (Tesla +0.8%, Apple +0.4%, Alphabet -0.4%, Amazon -0.3%, Meta Platforms -0.4%, Microsoft -0.6%, Nvidia -0.6%).
- Amer Sports (AS) falls 6% on news that Chinese authorities launched an investigation after a fireworks show in Tibet sponsored by Amer Sport’s Arc’teryx, maker of outdoor gear, sparked a backlash on social media because of concern about the effect on the environment.
- Anywhere Real Estate (HOUS) soars 46% on a pact to merge with Compass Inc. (COMP). Shares of Compass are down 12%.
- Cryptocurrency-exposed stocks including Coinbase (COIN) are falling after traders saw more than $1.5 billion in bullish bets liquidated on Monday. Coinbase is down 2.7%.
- ASML (ASML) ADRs are up 3% after the chip-equipment stock received a third analyst upgrade in a month, with Morgan Stanley seeing a potential cyclical recovery on the horizon.
- Ionis (IONS) rises 2% after announcing that a study of zilganersen in children and adults with Alexander disease met its primary endpoint.
- Kenvue (KVUE) shares are 5% lower after the Washington Post reported that the Trump administration plans to link the drug’s active ingredient to autism. Kenvue said that “independent, sound science” shows the medication does not cause autism.
- MBX Biosciences (MBX) climbs 30% after the company provided topline results from its Phase 2 clinical trial of once-weekly canvuparatide for patients with chronic hypoparathyroidism.
- Metsera (MTSR) is up 59% after Pfizer Inc. agreed to buy the obesity startup for an enterprise value of about $4.9 billion.
- T-Mobile US Inc. (TMUS) slips 1% after saying the company will elevate its chief operating officer, Srini Gopalan, to the chief executive officer spot on Nov. 1, replacing Mike Sievert, who has held the job for nearly six years
In other corporate news, MediaTek is launching a mobile processor more capable of handling agentic AI tasks on devices, positioning to better compete with Qualcomm. BYD shares dropped after CNBC reported that Berkshire Hathaway offloaded its stake in the Chinese EV maker. Samsung Electronics shares jumped after local media reported that it won approval from Nvidia for the use of advanced memory chips.
After the Federal Reserve cut rates for the first time this year, this week’s data calendar looks thin, with Friday’s release of policymakers’ preferred gauge of underlying inflation the main item. With the central bank’s dovish stance largely shaped by a weakening labor market, next week’s payrolls report looms as the bigger catalyst, alongside the start of the earnings season next month.
“This week is overall the calmest week of the month on the macro front and with the earnings season over, markets will likely drift on hearsay and sentiment,” said Panmure Liberum strategist Joachim Klement. “Investors are increasingly bullish on the six-month outlook for US stock markets as the Fed has restarted its cuts, but we think this is a case of collective overconfidence.”
The tech sector will be in focus after Trump’s move to slap a $100,000 application fee on new H1-B visas. The fee is set to push more IT-services work offshore, or spur big price hikes for end-users.
Deutsche Bank’s strategy team wrote that pockets of exuberance are appearing as equity positioning in the US keeps climbing. Goldman’s David Kostin changed his S&P 500 target for the fifth time, raising his three-month projection to 6,800.
Bloomberg Intelligence equity strategists Gillian Wolff and Michael Casper caution that the US is entering an easing cycle “amid a troubling trend.” Inflation is hot and accelerating, a stark contrast to most major economies where consumer prices are falling. This creates a dilemma for the Fed and investors: rate cuts should support stocks but could ultimately backfire by fueling inflation — a risk that tariffs would worsen.
And speaking of easing cycles, gold soared past $3,700 an ounce as ETF inflows hit a three-year high. Silver rose to the highest since 2011. With lower rates typically boosting non-interest bearing precious metals, market bets for almost two more cuts this year — alongside haven demand from geopolitical risks and trade tensions — have fueled a rally of more than 40% in bullion for 2025.
“As the world’s oldest inflation hedge and with the Fed poised to embark on another monetary policy loosening cycle, gold is likely to remain well supported,” said Kathleen Brooks, research director at XTB Ltd.
European stocks opened in the red, pared the decline, and are now lower again. Automobile and banking shares are leading the declines dragged down by a guidance cut from Porsche as it pulls back from its EV strategy; mining and technology stocks are the biggest outperfromers. Here are the biggest movers Monday:
- The Stoxx 600 basic resources sector is the best-performing sub-index on Monday, after copper gained as traders assessed the impact on global supplies from an accident in Indonesia that’s left the world’s second-largest mine suspended for two weeks
- Precious-metals producers in South Africa and Europe rise, after prices for gold climbed to a new record. Flows into gold-backed exchange-traded funds hit a three-year high, with investors betting that the Federal Reserve’s rate-cutting cycle has further to run
- ASML shares rise as much as 3.7% on Monday after the chip-equipment stock received a third analyst upgrade in a month, with Morgan Stanley seeing a potential cyclical recovery on the horizon
- Roche shares climb as much as 2.2% after the Swiss drugmaker said its experimental drug giredestrant helped patients with a form of advanced breast cancer live longer without the disease worsening in an advanced trial
- Porsche AG shares fall as much as 7.4% after the luxury carmaker cut its annual profit forecast late Friday and shelved a future battery-powered luxury SUV
- Tate & Lyle shares tumble as much as 5.8%, to its lowest intraday level since April, after being downgraded by Morgan Stanley, with analysts citing higher risk attached to the ingredients company’s mid-term targets
- Fugro falls as much as 13% to its lowest since 2022 as the Dutch geological data specialist withdraws 2025 guidance, citing project deferrals and cancellations
- OCI shares plunge as much as 19%, slumping to a record low, after Degroof Petercam cut its price target following news Orascom Construction is considering acquiring the Amsterdam-listed provider of fertilizers and chemicals
Earlier in the session, Asian stocks rose, supported by regional tech shares and a rally in Japan, where easing concerns over the Bank of Japan’s unwinding of exchange-traded funds boosted sentiment. The MSCI Asia Pacific Index jumped 0.2%, led by gains in TSMC. Samsung Electronics shares surged the most in nearly two months, leading South Korea’s advance on a report that its chip passed Nvidia’s quality test. Apple Inc.’s suppliers in Asia climbed after the latest iPhone release was met with high shopper turnout. In Japan, traders returned to the market to pare Friday’s losses, focusing on the Bank of Japan’s century-long, very gradual plan to unwind its massive holdings of ETF holdings. Sentiment across the region also got a boost from President Donald Trump touting progress on issues with China after a highly anticipated call with Chinese leader Xi Jinping. China’s CSI 300 Index rose 0.5%.
In FX, the dollar reverses its earlier gain. Norwegian krone and Swedish krona leading G-10 currencies, Canadian dollar the laggard.
In rates, 10Y treasury yields are unchanged at 4.13% while bund yields edge lower; gilts are outperforming in bond markets, with two-year yields down about two basis points. US futures are also lower. Treasury auctions this week include $69 billion 2-year notes Tuesday, $70 billion 5-year notes Wednesday and $44 billion 7-year notes Thursday
In commodities, gold hits another record high, rising by $35 to $3,720/oz as investors bet on an extended Fed rate-cutting cycle and as flows roll into ETFs. Silver is also rising to the highest since 2011. Oil prices gain, with WTI sitting around $63/barrel and Brent just below $67. Cryptocurrencies sink following the liquidation of a series of bullish wagers.
This week’s macro data is not expected to be market-moving but there are 16 Fed speakers this week including 4 today. Friday’s personal consumption expenditures price index, excluding food and energy, is expected to slow down in August, giving the Fed more room to address labor market weakness. Traders will also parse remarks from several Fed officials, including Chair Jerome Powell on Tuesday and new Governor Stephen Miran. The speakers will likely “give their own spin on a complicated FOMC last week where the dots were a little all over the place,” wrote Jim Reid, global head of macro research and thematic strategy at Deutsche Bank AG. “The global flash PMIs tomorrow will be the other main highlight, but it’s not likely to be a major mover with most main economies seemingly fairly stable at the moment.”
Market Snapshot
- S&P 500 mini -0.3%
- Nasdaq 100 mini -0.3%
- Russell 2000 mini -0.1%
- Stoxx Europe 600 -0.2%
- DAX -0.8%
- CAC 40 -0.4%
- 10-year Treasury yield little changed at 4.12%
- VIX +0.8 points at 16.26
- Bloomberg Dollar Index little changed at 1197.86
- euro +0.2% at $1.1764
- WTI crude +0.6% at $63.04/barrel
Top Overnight News
- State Street’s SPDR Gold Shares, the biggest precious-metals ETF, boosted its holdings by 607,540 ounces in the last session — valued at $2.24 billion. The fund’s total holdings surged to the highest in three years. BBG
- Rupert Murdoch reportedly privately told executives working on the TikTok deal that he wanted to own a small stake in the company if an agreement could be reached, and any investment in the TikTok-US deal would come through Fox Corp: WSJ
- Oracle will recreate and provide security for a new US version of TikTok’s algorithm under a planned deal that gives ownership to a consortium of American investors, a White House official said. Trump suggested Fox Chairman Lachlan Murdoch and his father Rupert will also have a role. BBG
- Trump invoked a ‘golden share’ to block US Steel’s (X) plans for an Illinois plant, while Commerce Secretary Lutnick told the company’s CEO the administration would not allow Granite City production to cease, according to WSJ
- Fed Governor Miran on Friday said disinflationary forces are in the works, including lower immigration, via Fox Business. He reiterated that he doesn’t see material inflation from tariffs. Monetary policy is pretty restrictive, and he warned that the longer it stays restrictive, the bigger the risk. He said comparing goods inflation this year to pre-pandemic trends is the wrong comparison. He reiterated that he will be trying to convince other Fed policymakers to cut rates faster. He said, “We are in an easing cycle”. He noted that people have been moving in the direction of thinking tariff inflation is less than previously thought, and added that folks will eventually come around to the view that tariffs will not drive up inflation.
- Schumer said he is ready to meet “anytime” with President Trump to avoid a government shutdown, according to a CNN interview.
- Trump said he will deliver a speech at the UN General Assembly: Fox News interview
- US lawmakers set to meet with Chinese defence minister in Beijing: Pool Report
- Tylenol-maker Kenvue (KVUE -4% pre) fell premarket after a WaPo report that the US plans to link the active ingredient in the OTC pain reliever to autism. Kenvue said “independent, sound science” shows taking acetaminophen does not cause autism
- Republican Senators are reportedly holding early discussions about altering Affordable Care Act (ACA) tax credits to allow for subsidies to be extended beyond the end-2025 expiry, via Axios.
- Pfizer is closing in on a potential $7.3 billion takeover of anti-obesity startup Metsera. Metsera shares surged premarket (MSR +56% premkt) .
- India’s trade chief Piyush Goyal heads to the US today seeking a “mutually beneficial” deal, though talks may be complicated by Russian oil ties and the new H-1B’s visa fee. BBG
- China kept its benchmark lending rates unchanged for the fourth consecutive month in September, in line with market expectations, following the central bank’s decision to hold a main policy rate steady last week. RTRS
- North Korea’s Kim Jong Un said there was no reason to avoid talks with the U.S. if Washington stopped insisting his country give up nuclear weapons, but he would never abandon the nuclear arsenal to end sanctions, state media reported on Monday. RTRS
- Switzerland is offering to buy more American weapons and energy products and make more investments in the US, in a fresh push to persuade the Trump administration to lower its tariffs on Swiss imports. FT
- Venezuelan President Nicolás Maduro wrote directly to Donald Trump this month to call for talks with the US to defuse tensions. In the letter dated Sept. 6, the socialist leader said that his government “has consistently sought direct communication to address and resolve any issue that arises between our two governments.”
Trade/Tariffs
- US House lawmakers made a rare visit to China on Sunday in an effort to stabilise ties, according to Nikkei. “The visit on Sunday was the first House of Representatives delegation to visit China since 2019”.
- US President Trump reportedly withheld approval of over USD 400mln in military aid to Taiwan this summer while seeking a trade deal and possible summit with Chinese President Xi Jinping, according to Washington Post sources.
- US President Trump said “we made progress with China on several important issues” and said “we will not allow anything bad to happen to the TikTok app”.
- China’s Commerce Ministry said its position on the TikTok issue is clear, adding that the government respects the will of enterprises and welcomes companies to conduct business negotiations based on market rules. The ministry said it hopes the US will work together with China to fulfil its commitments earnestly, and provide an open, fair, just, and non-discriminatory business environment for Chinese companies, including TikTok, to continue operating in the US. It added that China hopes the US will work with it to promote stable, healthy, and sustainable development of China-US economic and trade relations, according to Reuters.
- EU is set to block big tech companies from a new financial data sharing system, according to FT.
- South Korean President Lee said South Korea will face a financial crisis if it agrees to US demands on USD 350bln investments, according to comments made to Reuters; South Korea and the US are at odds over the investment. South Korean President Lee aims to resolve the US-South Korea tariff issues as soon as possible. The Hyundai US plant raid will not damage the alliance with the US.
- South Korea, US, and Japan’s leading diplomats plan to meet in New York this week, according to Yonhap.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed after sentiment from Wall Street initially reverberated to the region before dissipating. Chinese markets failed to benefit from the phone call between US President Trump and Chinese President Xi on Friday, with some citing a lack of concrete progress. ASX 200 was lifted by the metals and mining sector, with gold names spearheading the upside following the recent rise in the yellow metal, offsetting underperformance in energy names. Nikkei 225 was boosted at the open amid a softer JPY and as the index digested Friday commentary from BoJ Governor Ueda, with the BoJ’s surprise ETF and J-REIT selling seen as too incremental to impact markets. Focus now turns to the LDP election as the 12-day official campaign period began ahead of the October 4th polls. KOSPI was supported amid Samsung Electronics shares surging ~5% after clearing the NVIDIA hurdle for 12-layer HBM3E supply. Hang Seng and Shanghai Comp initially bucked the trend and failed to benefit from upbeat mood elsewhere, with traders unconvinced despite the “productive” Trump-Xi call, although the mainland later eked mild gains. Meanwhile, US lawmakers made a rare visit to China on Sunday in an effort to stabilise ties. Overnight, the PBoC maintained its LPRs as expected and injected CNY 300bln via 14-day reverse repo after an eight-month hiatus. In Hong Kong, participants brace for a “Super” typhoon with Hong Kong airport weighing a 36-hour closure, according to Bloomberg. Nifty 50 fell at the open with losses attributed to US President Trump’s H-1B visas update. India is said to be the primary beneficiary of H-1B visa which allows US employers to hire foreign workers in “speciality occupations”.
Top Asian News
- Japanese PM candidate Takaichi is the top pick to lead LDP with 28.3%, according to an FNN Poll.
- Japanese PM contender Koizumi said it is important for the government and the BoJ to move in lockstep in achieving price stability and economic growth, according to Reuters.
- Japanese PM contender Hayashi said the BoJ is conducting monetary policy in a way that does not deviate much from government thinking, adding that Japan’s past aversion to a strong JPY has diminished. He said a weak yen, coupled with rising oil costs from the Ukraine war, has caused cost-push inflation. Hayashi said if chosen as prime minister, he will compile an economic package to cushion the blow from rising living costs and provide spending for disaster relief, adding that the size of the package must take into account Japan’s ‘quite small’ output gap and avoid the issuance of deficit-covering debt, according to local media.
- Japanese LDP leadership candidate Takaichi says she won’t rule out cutting sales tax on food as an option.
- Japanese LDP leadership candidate Koizumi says is open to discussing options for sales tax.
- RBA Governor Bullock said since the August meeting, domestic data have been broadly in line with expectations, or slightly stronger. She noted that recent interest rate cuts are expected to support household and business spending. While labour market conditions have eased a little with the unemployment rate rising slightly, some tightness remains, and conditions are close to full employment. Bullock said the economic outlook continues to be clouded by uncertainty, though recovery in household consumption growth is forecast to be sustained as real incomes grow. She warned there is a risk the recent pick-up in domestic activity is not sustained, but monetary policy is well placed to respond if international developments have a material impact. She added there may be more excess demand in the economy and stronger-than-expected labour outcomes. The board will remain attentive to data and evolving risks, and must be alert to changing circumstances and prepared to respond if necessary, according to the RBA. Bullock noted there is scope for rate adjustments if there is a downturn in the global economy, adding she is more confident that inflation will stay within the RBA’s band.
- Indian PM Modi said he will accelerate the country’s growth story with GST reforms, according to his national address.
- Hong Kong’s weather forecaster will issue the No 1 standby signal at 12:20pm local on Monday and consider upgrading it to the No 3 alert later in the evening as Super Typhoon Ragasa moves towards the city at a “relatively high” speed, according to SCMP.
- Hong Kong airport weighs 36-hour closure as super typhoon nears, according to Bloomberg.
- PBoC injected CNY 240.5bln via 7-day reverse repos with the rate maintained at 1.40%; PBoC injected CNY 300bln via 14-day reverse repo following an eight-month hiatus; conducted through fixed-volume, interest-rate bidding with multiple-price allocation.
- PBoC Governor Pan says China has ensured there are no systemic financial risks. Press conference will not involve short term policy adjustment. Domestic financial system is sound. Pledges support for high-quality economic growth. Local government financing platform debt fell over 50% versus 2023 levels. Will strengthen monitoring and early warning of financial risks. Plans to strengthen measures against financial corruption.
- PBoC Governor Pan says China will use various policy tools based on economic situation and will be data driven; Have “appropriately accommodative policy stance”
- China’s Financial Regulator says efforts to prevent risk have seen important results attained. Number of high risk institutions and assets are well off peak levels, this will continue to moderate. Number of high-risk institutions set to decline further. Pledges to establish more transparent foreign exchange management mechanisms. Risks from small banks have been brought under control. Supports resolution of local government debt risks. Notes significant improvement in investor confidence and market expectations.
- China Securities Regulator Head says “will improve mechanisms for stock listing and M&A; will strictly supervise market”.
- Alibaba (BABA/9988 HK) is to offer commission and shipping to brands on Amazon (AMZN), according to Bloomberg.
European bourses (STOXX 600 U/C) opened mostly in the red, and then moved lower soon after the European cash open despite a clear driver, but alongside a broader slip in sentiment across markets. However, that downside has since pared, with some indices managing to climb back into the green. Some traders may focus on the lack of concrete progress between US President Trump and Chinese President Xi, following their call on Friday. European sectors were split down the middle but have followed benchmarks lower, with a very broad breadth to the market thus far. Basic Resources is by far and away the outperformer today, boosted by the continued strength in spot gold, which has made yet another ATH. Mining names such as Fresnillo (+4%), Rio Tinto (+2%) and Anglo American (+1%) all move higher. Tech follows in second place, albeit with gains of a much lesser magnitude. Strength which can be attributed to upside seen in ASML (+2.5%), which has been boosted following a broker upgrade at Morgan Stanley to Overweight from Equal Weight; its PT was also boosted to EUR 950 (prev. EUR 600). Autos is in last place, and by far the clear underperformer today. Pressure in Porsche SE (-5.2%) is driving the downside in the sector after the Co. cut guidance citing EV-launch delays and increased costs due to a revamp to its production lineup; Porsche AG (-6%) and Volkswagen (-6.5%) move lower as a result.
Top European News
- ECB’s Kazaks said there will be plenty of data available at the December meeting, adding that the central bank has achieved its 2% goal and there is no need to hurry the next interest-rate shift, according to Bloomberg.
- ECB’s Simkus said a December rate cut is needed to safely reach 2% inflation, according to Bloomberg.
- France’s sovereign debt rating downgraded to AA by Morningstar DBRS
- Italy’s sovereign debt rating upgraded to BBB+ from BBB at Fitch
- European Commission President von der Leyen said she isn’t considering running in Germany’s 2027 presidential election, according to a newspaper interview published on Sunday.
- Multiple European airports have said a suspected cyber attack has impacted them, according to Sky News.
- Stellantis (STLAM IM/STLAP FP) said they detected unauthorised access to a third-party service provider’s platform that supports North American customer service operations; the company is notifying the appropriate authorities and informing affected customers, according to the company.
- ECB Blog: Consumer expectations and actions during the recent trade tensions; “consumers expect tariffs to adversely affect inflation, household finances and economic growth”. “In response to tariff-related concerns, consumers are altering their spending habits in notable ways. Approximately 26% of respondents reported switching away from US products, while around 16% indicated that they have reduced their overall spending”.
- BoE’s PRA has today announced proposals to reduce regulatory requirements for banks by deleting 37 individual reporting templates.
FX
- DXY has kicked the week off on the back foot after the post-FOMC gains seen in the second half of last week. FOMC officials will come thick and fast at the start of this week with today’s agenda including voters Williams & Musalem, non-voters Hammack & Barkin and dovish-dissenter Miran. DXY briefly eclipsed Friday’s peak at 97.80, topping out at 97.82 before pulling back in early European trade.
- EUR is a touch firmer vs. the USD with incremental macro drivers for the Eurozone lacking since the ECB policy announcement earlier in the month. Over the weekend, ECB’s Kazaks and Simkus gave remarks with the former noting there will be plenty of data available at the December meeting and the latter stating that a December rate cut is needed to safely reach 2% inflation. There has been little follow-through from Morningstar DBRS’s downgrade of France on Friday or Fitch’s upgrade of Italy. EUR/USD briefly dipped below Friday’s trough at 1.1728 before fading downside and moving back above the 1.1750 mark.
- JPY is currently flat vs. the USD after a brief foray above the 148 mark overnight, which saw the pair top out at 148.37; highest level since September 8th. Domestic focus has shifted from the BoJ to the LDP election. The latest poll suggested that dovish Japanese PM candidate Takaichi is the top pick to lead the LDP with 28.3%, according to FNN Poll. Modest JPY weakness was seen before the poll was released to Western wires. Since, Takaichi has remarked that she won’t rule out cutting sales tax on food as an option, whilst second-place Koizumi, who is seen to be more fiscally prudent, says he is open to discussing options for sales tax.
- GBP is attempting to atone for Friday’s selling pressure, which was brought about by the dreadful public sector borrowing data for August. Fresh UK newsflow has been lacking over the weekend, however, markets are awaiting comments from BoE Chief Economist Pill at 1.30pm London time, followed by Governor Bailey at 7pm. Cable briefly breached the 1.35 mark but has been unable to make a meaningful move above the level. Friday’s high is still some way off at 1.3559.
- Antipodeans both are broadly steady vs. the USD. AUD showed little reaction to RBA Governor Bullock’s overall balanced remarks, highlighting increased uncertainty, while she noted scope for rate adjustments if there is a downturn in the global economy. Upticks in the AUD were seen after China pledged tighter controls on steel sector capacity, with iron ore and steel prices also supported.
- PBoC set USD/CNY mid-point at 7.1106 vs exp. 7.1159 (Prev. 7.1128)
Fixed Income
- USTs are marginally firmer, though very much at the low-end of the post-Powell range, which modest support gleaned from the weak start to the European week. However, as sentiment has picked up off worst this morning, fixed income has remained robust and continues to gradually inch higher. USTs are at the upper-end of a 112-22 to 112-27+ band. A slew of Fed speakers are due, including Miran’s formal dissent speech is scheduled to be published today.
- Bunds are steady. Underpressure in APAC trade despite the numerous geopolitical updates and mixed tone, with benchmarks continuing the downward trajectory that has been in play since the latter half of last week post-Powell. Specifics for the bloc thus far a little light. Largely awaiting PMI data later in the week. A few points of note in an ECB bulletin this morning, writing that “consumers who view tariffs as inflationary have adjusted their inflation expectations upward” and consumers are altering spending habits due to tariff concern, pivoting from the US and reducing spending. Bunds marginally firmer in a 128.01 to 128.35 band, taking out last week’s 128.16 base and looking to 127.82 from the last week of August for support. Supply from the EU due shortly, EUR 6bln to be sold across three lines.
- Gilts are firmer by a handful of ticks. Domestic press remains focussed on the deputy contest and the mood music around PM Starmer, as the US state visit moved into the rear view and focus more generally returns to the Autumn Budget. Today, a contained to slightly firmer start which is very much in-fitting with the above peers. Gilts are just about in the green in 90.60 to 90.78 parameters; the low point takes out last week’s 90.65 base and we now look to 90.31 and 90.22 before the 89.36 contract low from the first week of September.
Commodities
- Crude was initially firmer by c. USD 0.60/bbl after a weekend of geopolitical newsflow. More recently, benchmarks have moved into the red and are at the lower end of USD 62.23-63.00/bbl and USD 66.53-67.31/bbl parameters for WTI and Brent respectively. Initially unreactive to the recent bout of USD pressure and slight recovery in the European equity risk tone; however, as the European morning progressed the complex has trimmed notably. Geopolitical focus has been on Estonia triggering NATO Article 4; in the Middle East, Israel is said to be considering annexing the West Bank to some degree.
- Spot gold benefits from the heightened geopolitical environment. Experienced a modest jump in the European morning as the general risk tone deteriorated from the mixed APAC handover. As a reminder, much of the overnight focus was on the Xi-Trump call, described as disappointing by some. Despite the mentioned slight recovery in sentiment, the yellow metal continues to inch higher (similar action seen in Fixed), at a USD 3722.56/oz peak and at yet another ATH.
- Copper was contained in APAC trade with initial modest gains fading as the tone in China deteriorated as the leaders’ call was digested, and into a meeting with Chinese regulators. The readout started with the PBoC Governor saying the briefing would not involve any short term policy adjustment. For the first part of the morning, 3M LME Copper didn’t move significantly from the unchanged mark, however, the slight recovery in the European risk tone/US pre market has been sufficient to lift the base metal back above the USD 10k handle.
- The Iraqi Petroleum Marketing Authority said it has increased its oil exports after a gradual end to voluntary production cuts within the framework of the OPEC Plus deal, according to Iran International.
- NHC said a new tropical storm has formed south of Mexico, which is expected to remain offshore and intensify, according to Reuters.
- Chilean state copper miner Codelco said its biggest mine will take longer to return to full production following a deadly tunnel collapse in July, according to El Mercurio.
- China pledged tighter controls on steel sector capacity and will ban new production capacity in the industry, according to state media CCTV.
Geopolitics: Russia/Ukraine
- On September 21st, Germany’s air force said it sent two fighter jets to track a Russian plane flying over the Baltic Sea, according to Sky News.
- Russian Defence Ministry said Russian fighters did not violate Estonian airspace, according to Reuters.
- The United Nations Security Council (UNSC) will meet on Monday at Estonia’s request to discuss the violation of the Baltic country’s airspace by Russian fighter jets on Friday, according to a statement.
- US President Trump said the US will help defend Poland if Russia continues escalating, according to a Fox Interview. Trump, when asked about Russian jets in Estonia, said “we don’t like it”.
- British Defence Minister said Typhoon aircraft carried out their first air defence missions over Poland, according to a statement on Sunday.
- Ukraine’s President Zelensky said they are closer to finalising the 19th sanctions package and he expects its approval soon. He added that Ukraine will quickly synchronise the package domestically and expressed gratitude that many of Ukraine’s proposals were taken into account in the EU sanctions package. Zelensky also said he now expects strong sanctions steps from the United States on Russia, according to his X post.
- US President Trump urged Europe to “stop buying oil” from Russia ahead of new US economic pressure on Moscow, adding that the US won’t let Europeans buy Russian oil much longer, according to Bloomberg.
- Russian Defence Ministry said a Ukrainian drone attack on a resort area in the Crimean peninsula killed two people and injured 15, according to Reuters.
- A Ukrainian SBU official said Ukrainian drones hit oil pumping stations involved in Russian oil exports via the Novorossiysk port, according to Reuters.
Geopolitics: Middle East
- An Israeli official has told Sky News a full or partial annexation of the West Bank is being considered in response to the UK’s formal recognition of Palestinian statehood. Israeli media reported that the Israeli army is preparing for the possibility of an escalation of the conflict in the West Bank, according to Iran International.
- UK, Canada, Portugal, and Australia recognised Palestine as an independent state, according to the BBC.
- Israel “categorically rejects” the UK and other countries’ unilateral recognition of a Palestinian state, according to the Foreign Ministry.
- Palestinian Authority Foreign Minister said a two-state solution is possible, according to Iran International.
- Israeli military said it killed a Hezbollah member in southern Lebanon, adding that as a result of the attack, a number of citizens were killed. The military said it regrets any harm to civilians and is working as much as possible to minimise harm to them, according to Reuters.
- US President Trump plans to meet with Arab leaders on Tuesday to discuss the Gaza war, according to Axios.
- “The Lebanese newspaper Al-Akhbar quotes senior Egyptian officials as saying that although Egypt has shown indirect readiness for the possibility of a military confrontation with Israel”, via Kan’s Kais on X.
Geopolitics: Other
- South Korean President Lee said South Korea does not believe any concrete discussions are happening between the US and North Korea. Russia-North Korea military cooperation is a significant threat to South Korea and must be addressed with dialogue. He added that dialogue with North Korea will likely be difficult for the time being. South Korea risks being on the frontier of conflict and must find peaceful coexistence with North Korea, Russia, and China.
- North Korea leader Kim Jong Un said the concept of denuclearisation for the country is no longer valid, via KCNA, adding that North Korea will never give up its nuclear force. He added they will never sit down with South Korea, and that he still has good memories of US President Trump, but there is no reason to sit down with the US until it gives up its insistence on denuclearisation.
- US President Trump said that on his orders, the Secretary of War authorised a lethal kinetic strike on a vessel in the USSOUTHCOM area of responsibility. He said intelligence confirmed the vessel was trafficking illicit narcotics, and the strike killed three males. Trump added that no US forces were harmed and that the vessel was in international waters, according to Reuters.
- US President Trump said that if Afghanistan does not give the Bagram airbase back to the US, bad things are going to happen, according to Reuters.
US Event Calendar
- 8:30 am: Aug Chicago Fed Nat Activity Index, est. -0.16, prior -0.19
Fed Speakers
- 9:45 am: Fed’s Williams Speaks on Monetary Policy Panel
- 10:00 am: Fed’s Musalem Speaks of Economic Outlook and Monetary Policy
- 12:00 pm: Fed’s Hammack Speaks on Reserve Banks and the Economy
- 12:00 pm: Fed’s Barkin Speaks at Howard Co Chamber
- 12:00 pm: Fed’s Miran Speaks at The Economic Club of NY
DB’s Jim Reid concludes the overnight wrap
The data highlight this week will be Friday’s US core PCE deflator which should print softer than feared a few weeks ago given the recent inputs from other inflation releases. Perhaps the main events outside of this will be a series of Fed speakers who can give their own spin on a complicated FOMC last week where the dots were a little all over the place. Our economists tried to work out who was who in the latest dot plot here: “Who’s who in the Fed’s latest dot plot?”. The global flash PMIs tomorrow will be the other main highlight but its not likely to be a major mover with most main economies seemingly fairly stable at the moment.
Friday’s personal income (+0.3% DB est. vs. +0.4% last) and consumption (+0.5% vs. +0.5%) data will include the all-important core PCE deflator which DB expects to come in at a relatively tame +0.22% vs. +0.27% last time. Thursday sees the final print on Q2 GDP (3.3% final vs. 3.3% prelim) and will also feature the annual update to the national accounts in which the BEA incorporates more complete and detailed source data covering the prior five years, allowing for revisions. So, another chance for history to be rewritten. Other notable US releases will include tomorrow’s existing home sales; Wednesday’s new home sales; Thursday’s durable goods orders, and the advanced trade balance; and Friday’s University of Michigan consumer sentiment index.
In terms of those Fed speakers this week, we’ll highlight the current voters. Today kicks off with Williams who should mirror the views of Powell last week. Musalem will also give an outlook speech later and new Governor Miran will be on the tapes with his thoughts likely to be fascinating to hear. Tomorrow, Chair Powell will give an outlook speech which will likely be similar to his FOMC rhetoric. Governor Bowman will also speak. Thursday sees Goolsbee, Williams, Governors Bowman and Barr, and Daly who votes next year. Governor Bowman also speaks on Friday. As our economists also point out, the Supreme Court has asked Governor Cook to respond by Thursday to President Trump’s appeal, which seeks to overturn lower court rulings preventing her immediate removal from office. Mr Trump will likely be in the news earlier in the week as he addresses the 80th UN General Assembly in New York tomorrow. We’ll also get a better idea of where we are with US exceptionalism on Friday with the Ryder Cup starting in New York. It will also be interesting to see the reaction from corporate America to Trump’s weekend plans to impose a $100,000 application fee for the widely used H-1B visa for foreign workers in speciality occupations. It’s caused a huge amount of uncertainty over the weekend for those that rely on it.
Outside of the US, Sweden (tomorrow) and Switzerland (Thursday) central banks are meeting with markets pricing in a 30% chance of a cut from the Riksbank, but with only a 4% chance for the SNB. A cut for the Swiss would lead the country back into negative rate territory if it did happen. Staying in Europe, sentiment gauges out include the Ifo survey in Germany on Wednesday as well as consumer confidence across major European economies, including Germany and France on Thursday.
Elsewhere, rounding out notable data releases, highlights include the Tokyo CPI for September in Japan and the July GDP report in Canada both on Friday, as well as the August CPI in Australia on Wednesday. For the Tokyo CPI, our Chief Japan economist sees an acceleration in core inflation ex. fresh food to 2.8% YoY (2.5% in August) and a slowdown in core-core inflation ex. fresh food and energy to 2.9% (3.0%). See his full week ahead here, including the details around the LDP presidential election campaign that has officially kicked off today. See the day-by-day calendar at the end as usual for the full week ahead.
Asian equity markets are largely comfortably higher with China risk the exception. Japanese stocks are seeing a significant recovery after Friday’s post BoJ declines, with the Nikkei (+1.33%) leading the bounce back after the central bank stated its intentions to commence the reduction of its substantial ETF holdings at the end of last week. The KOSPI (+0.43%) is being buoyed by a notable rise in index leader Samsung Electronics, which is currently up around +4.0% after various reports indicated that it had received NVIDIA’s endorsement to provide advanced memory chips to the AI giant. Mainland Chinese markets are fairly flat, while the Hang Seng (-0.95%) is experiencing a decline due to ongoing profit-taking in local technology stocks. S&P 500 (-0.07%) and NASDAQ 100 (-0.04%) futures are a touch lower with 10yr USTs +1.7bps higher at 4.145% as I type and closing back in on the pre-payrolls level of around 4.16%.
Recapping last week now, US equities continued to surge ahead, with the S&P 500 up +1.22% (+0.49% Friday), the Nasdaq up +2.21% (+0.72% Friday), and the Magnificent 7 up +3.57% (+1.24% Friday) reaching new all-time highs. Stocks were buoyed by strong tech performances and renewed Fed easing, with Friday’s rally also supported by President Trump’s statement about meeting Chinese President Xi Jinping at the APEC summit at the end of October. Intel led the week’s tech rally, up +22.84% after Nvidia’s $5 billion investment. Among the Mag-7, Alphabet (+5.78% on the week; +1.07% Friday) became the 4th company to reach a $3trn valuation, while Tesla advanced +7.61% (+2.21% Friday) after Elon Musk purchased around $1bn worth of shares.
Other risk assets also benefitted, with US IG credit spreads ending the week at 72bps, their tightest since 1998. And Gold reached another an all-time high mid-week before closing just below it at $3,685/oz (+1.16% on the week).
Central bank action was in focus with the Fed delivering an expected 25bps cut, with the median dot expecting another 50bp of cuts by year-end. However, Chair Powell characterized the move as a “risk-management cut” and signalled a “meeting-by-meeting situation”, leaving investors less confident on the extent of the renewed easing cycle. Treasury yields moved higher across the curve, with the 2yr yield up +1.5bps (+0.8bps Friday) to 3.57%, while the 10yr was up by a larger +6.1bps (+2.2bps Friday) to 4.13%. Also driving the Treasury sell off were solid US data releases. Retail sales were up +0.6% in August (vs. +0.2% expected) and industrial production rose +0.1% (vs. -0.1% expected). Meanwhile, weekly initial jobless claims fell to 231k (vs. 240k expected), more than reversing the previous week’s sharp jump to 264k.
Over in Europe, the Bank of England kept the policy rate at 4% as expected, maintaining their forward guidance of a “gradual and careful approach” on further easing and voted to slow the pace of QT over the coming year. 10yr gilt yields ended the week +4.4bps higher (+3.9bps Friday). Elsewhere in Europe the 10yr bund yield rose +3.2bps (+2.2bps Friday), while OATs underperformed (+4.8bps on the week) as investors doubted the political prospects of passing a budget. European equities saw a muted week, with the Stoxx 600 (-0.13%) and the DAX (-0.25%) inching lower while the CAC saw a modest gain (+0.36%).
Elsewhere, Bank of Japan kept their policy rate at 0.5%, but the decision saw a split vote with two board members supporting a hike. That led to a large sell-off of Japanese government bonds, where the 2yr yield climbed +4.9bps (+3.3bps Friday) to 0.91%, the highest since 2008, and the 10yr yield was up +5.1bps (+4.1bps Friday) to a post-2008 high of 1.64%.
2b European opening report
US Market Open: US equity futures are broadly lower into a slew of Fed speakers, XAU makes a fresh ATH – Newsquawk US Market Open
Monday, Sep 22, 2025 – 06:12 AM
- US lawmakers face a deadline of September 30th to pass a funding bill to avoid a government shutdown. Members of the Senate are not scheduled to return to Washington until September 29th, and House lawmakers are not due to return until October 7th, according to NBC.
- European and US equity futures are broadly lower; ASML +2.5% boosted after a broker upgrade.
- USD trims post-FOMC upside ahead of a slew of Fed speak; GBP and EUR leads.
- Fixed paper broadly higher as markets await a deluge of Fed speakers.
- Crude initially firmer but has slipped in recent trade; XAU makes a fresh ATH at USD 3,726/oz, with geopols in focus.
- Looking ahead, Canadian Producer Prices (Aug); Speakers include BoE’s Pill, Bailey, Fed’s Williams, Musalem, Barkin, Hammack, BoC’s Kozicki.
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
TRADE/TARIFFS
- US House lawmakers made a rare visit to China on Sunday in an effort to stabilise ties, according to Nikkei. “The visit on Sunday was the first House of Representatives delegation to visit China since 2019”.
- US President Trump reportedly withheld approval of over USD 400mln in military aid to Taiwan this summer while seeking a trade deal and possible summit with Chinese President Xi Jinping, according to Washington Post sources.
- US President Trump said “we made progress with China on several important issues” and said “we will not allow anything bad to happen to the TikTok app”.
- China’s Commerce Ministry said its position on the TikTok issue is clear, adding that the government respects the will of enterprises and welcomes companies to conduct business negotiations based on market rules. The ministry said it hopes the US will work together with China to fulfil its commitments earnestly, and provide an open, fair, just, and non-discriminatory business environment for Chinese companies, including TikTok, to continue operating in the US. It added that China hopes the US will work with it to promote stable, healthy, and sustainable development of China-US economic and trade relations, according to Reuters.
- EU is set to block big tech companies from a new financial data sharing system, according to FT.
- South Korean President Lee said South Korea will face a financial crisis if it agrees to US demands on USD 350bln investments, according to comments made to Reuters; South Korea and the US are at odds over the investment. South Korean President Lee aims to resolve the US-South Korea tariff issues as soon as possible. The Hyundai US plant raid will not damage the alliance with the US.
- South Korea, US, and Japan’s leading diplomats plan to meet in New York this week, according to Yonhap.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 U/C) opened mostly in the red, and then moved lower soon after the European cash open despite a clear driver, but alongside a broader slip in sentiment across markets. However, that downside has since pared, with some indices managing to climb back into the green. Some traders may focus on the lack of concrete progress between US President Trump and Chinese President Xi, following their call on Friday.
- European sectors were split down the middle but have followed benchmarks lower, with a very broad breadth to the market thus far. Basic Resources is by far and away the outperformer today, boosted by the continued strength in spot gold, which has made yet another ATH. Mining names such as Fresnillo (+4%), Rio Tinto (+2%) and Anglo American (+1%) all move higher. Tech follows in second place, albeit with gains of a much lesser magnitude. Strength which can be attributed to upside seen in ASML (+2.5%), which has been boosted following a broker upgrade at Morgan Stanley to Overweight from Equal Weight; its PT was also boosted to EUR 950 (prev. EUR 600). Autos is in last place, and by far the clear underperformer today. Pressure in Porsche SE (-5.2%) is driving the downside in the sector after the Co. cut guidance citing EV-launch delays and increased costs due to a revamp to its production lineup; Porsche AG (-6%) and Volkswagen (-6.5%) move lower as a result.
- US equity futures are broadly marginally lower, with the ES/NQ both posting losses to a slightly larger magnitude than the RTY. Newsflow thus far has been relatively quiet, but will pick up throughout the week, which is packed with Fed/Trump speak and the PCE report.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY has kicked the week off on the back foot after the post-FOMC gains seen in the second half of last week. FOMC officials will come thick and fast at the start of this week with today’s agenda including voters Williams & Musalem, non-voters Hammack & Barkin and dovish-dissenter Miran. DXY briefly eclipsed Friday’s peak at 97.80, topping out at 97.82 before pulling back in early European trade.
- EUR is a touch firmer vs. the USD with incremental macro drivers for the Eurozone lacking since the ECB policy announcement earlier in the month. Over the weekend, ECB’s Kazaks and Simkus gave remarks with the former noting there will be plenty of data available at the December meeting and the latter stating that a December rate cut is needed to safely reach 2% inflation. There has been little follow-through from Morningstar DBRS’s downgrade of France on Friday or Fitch’s upgrade of Italy. EUR/USD briefly dipped below Friday’s trough at 1.1728 before fading downside and moving back above the 1.1750 mark.
- JPY is currently flat vs. the USD after a brief foray above the 148 mark overnight, which saw the pair top out at 148.37; highest level since September 8th. Domestic focus has shifted from the BoJ to the LDP election. The latest poll suggested that dovish Japanese PM candidate Takaichi is the top pick to lead the LDP with 28.3%, according to FNN Poll. Modest JPY weakness was seen before the poll was released to Western wires. Since, Takaichi has remarked that she won’t rule out cutting sales tax on food as an option, whilst second-place Koizumi, who is seen to be more fiscally prudent, says he is open to discussing options for sales tax.
- GBP is attempting to atone for Friday’s selling pressure, which was brought about by the dreadful public sector borrowing data for August. Fresh UK newsflow has been lacking over the weekend, however, markets are awaiting comments from BoE Chief Economist Pill at 1.30pm London time, followed by Governor Bailey at 7pm. Cable briefly breached the 1.35 mark but has been unable to make a meaningful move above the level. Friday’s high is still some way off at 1.3559.
- Antipodeans both are broadly steady vs. the USD. AUD showed little reaction to RBA Governor Bullock’s overall balanced remarks, highlighting increased uncertainty, while she noted scope for rate adjustments if there is a downturn in the global economy. Upticks in the AUD were seen after China pledged tighter controls on steel sector capacity, with iron ore and steel prices also supported.
- PBoC set USD/CNY mid-point at 7.1106 vs exp. 7.1159 (Prev. 7.1128)
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- USTs are marginally firmer, though very much at the low-end of the post-Powell range, which modest support gleaned from the weak start to the European week. However, as sentiment has picked up off worst this morning, fixed income has remained robust and continues to gradually inch higher. USTs are at the upper-end of a 112-22 to 112-27+ band. A slew of Fed speakers are due, including Miran’s formal dissent speech is scheduled to be published today.
- Bunds are steady. Underpressure in APAC trade despite the numerous geopolitical updates and mixed tone, with benchmarks continuing the downward trajectory that has been in play since the latter half of last week post-Powell. Specifics for the bloc thus far a little light. Largely awaiting PMI data later in the week. A few points of note in an ECB bulletin this morning, writing that “consumers who view tariffs as inflationary have adjusted their inflation expectations upward” and consumers are altering spending habits due to tariff concern, pivoting from the US and reducing spending. Bunds marginally firmer in a 128.01 to 128.35 band, taking out last week’s 128.16 base and looking to 127.82 from the last week of August for support. Supply from the EU due shortly, EUR 6bln to be sold across three lines.
- Gilts are firmer by a handful of ticks. Domestic press remains focussed on the deputy contest and the mood music around PM Starmer, as the US state visit moved into the rear view and focus more generally returns to the Autumn Budget. Today, a contained to slightly firmer start which is very much in-fitting with the above peers. Gilts are just about in the green in 90.60 to 90.78 parameters; the low point takes out last week’s 90.65 base and we now look to 90.31 and 90.22 before the 89.36 contract low from the first week of September.
- Click for a detailed summary
COMMODITIES
- Crude was initially firmer by c. USD 0.60/bbl after a weekend of geopolitical newsflow. More recently, benchmarks have moved into the red and are at the lower end of USD 62.23-63.00/bbl and USD 66.53-67.31/bbl parameters for WTI and Brent respectively. Initially unreactive to the recent bout of USD pressure and slight recovery in the European equity risk tone; however, as the European morning progressed the complex has trimmed notably. Geopolitical focus has been on Estonia triggering NATO Article 4; in the Middle East, Israel is said to be considering annexing the West Bank to some degree.
- Spot gold benefits from the heightened geopolitical environment. Experienced a modest jump in the European morning as the general risk tone deteriorated from the mixed APAC handover. As a reminder, much of the overnight focus was on the Xi-Trump call, described as disappointing by some. Despite the mentioned slight recovery in sentiment, the yellow metal continues to inch higher (similar action seen in Fixed), at a USD 3722.56/oz peak and at yet another ATH.
- Copper was contained in APAC trade with initial modest gains fading as the tone in China deteriorated as the leaders’ call was digested, and into a meeting with Chinese regulators. The readout started with the PBoC Governor saying the briefing would not involve any short term policy adjustment. For the first part of the morning, 3M LME Copper didn’t move significantly from the unchanged mark, however, the slight recovery in the European risk tone/US pre market has been sufficient to lift the base metal back above the USD 10k handle.
- The Iraqi Petroleum Marketing Authority said it has increased its oil exports after a gradual end to voluntary production cuts within the framework of the OPEC Plus deal, according to Iran International.
- NHC said a new tropical storm has formed south of Mexico, which is expected to remain offshore and intensify, according to Reuters.
- Chilean state copper miner Codelco said its biggest mine will take longer to return to full production following a deadly tunnel collapse in July, according to El Mercurio.
- China pledged tighter controls on steel sector capacity and will ban new production capacity in the industry, according to state media CCTV.
- Click for a detailed summary
NOTABLE EUROPEAN HEADLINES
- ECB’s Kazaks said there will be plenty of data available at the December meeting, adding that the central bank has achieved its 2% goal and there is no need to hurry the next interest-rate shift, according to Bloomberg.
- ECB’s Simkus said a December rate cut is needed to safely reach 2% inflation, according to Bloomberg.
- France’s sovereign debt rating downgraded to AA by Morningstar DBRS
- Italy’s sovereign debt rating upgraded to BBB+ from BBB at Fitch
- European Commission President von der Leyen said she isn’t considering running in Germany’s 2027 presidential election, according to a newspaper interview published on Sunday.
- Multiple European airports have said a suspected cyber attack has impacted them, according to Sky News.
- Stellantis (STLAM IM/STLAP FP) said they detected unauthorised access to a third-party service provider’s platform that supports North American customer service operations; the company is notifying the appropriate authorities and informing affected customers, according to the company.
- ECB Blog: Consumer expectations and actions during the recent trade tensions; “consumers expect tariffs to adversely affect inflation, household finances and economic growth”. “In response to tariff-related concerns, consumers are altering their spending habits in notable ways. Approximately 26% of respondents reported switching away from US products, while around 16% indicated that they have reduced their overall spending”.
- BoE’s PRA has today announced proposals to reduce regulatory requirements for banks by deleting 37 individual reporting templates.
NOTABLE US HEADLINES
- Fed Governor Miran on Friday said disinflationary forces are in the works, including lower immigration, via Fox Business. He reiterated that he doesn’t see material inflation from tariffs. Monetary policy is pretty restrictive, and he warned that the longer it stays restrictive, the bigger the risk. He said comparing goods inflation this year to pre-pandemic trends is the wrong comparison. He reiterated that he will be trying to convince other Fed policymakers to cut rates faster. He said, “We are in an easing cycle”. He noted that people have been moving in the direction of thinking tariff inflation is less than previously thought, and added that folks will eventually come around to the view that tariffs will not drive up inflation.
- US Senate Minority Leader Schumer said he is ready to meet “anytime” with President Trump to avoid a government shutdown, according to a CNN interview.
- US President Trump said he will deliver a speech at the UN General Assembly, according to a Fox News interview.
- Rupert Murdoch reportedly privately told executives working on the TikTok deal that he wanted to own a small stake in the company if an agreement could be reached, and any investment in the TikTok-US deal would come through Fox Corp, according to WSJ sources.
- US President Trump invoked a ‘golden share’ to block US Steel’s (X) plans for an Illinois plant, while Commerce Secretary Lutnick told the company’s CEO the administration would not allow Granite City production to cease, according to WSJ.
- Trump administration is set to link acetaminophen to autism risk, according to WaPo.
- US lawmakers set to meet with Chinese defence minister in Beijing, according to Pool Report.
- US DoE Secretary Wright says the offshore wind pullbacks are a “one-off exception”, via Axios; adds, “solar will continue to grow”.
- US Republican Senators are reportedly holding early discussions about altering Affordable Care Act (ACA) tax credits to allow for subsidies to be extended beyond the end-2025 expiry, via Axios.
GEOPOLITICS
NATO-RUSSIA
- On September 21st, Germany’s air force said it sent two fighter jets to track a Russian plane flying over the Baltic Sea, according to Sky News.
- Russian Defence Ministry said Russian fighters did not violate Estonian airspace, according to Reuters.
- The United Nations Security Council (UNSC) will meet on Monday at Estonia’s request to discuss the violation of the Baltic country’s airspace by Russian fighter jets on Friday, according to a statement.
- US President Trump said the US will help defend Poland if Russia continues escalating, according to a Fox Interview. Trump, when asked about Russian jets in Estonia, said “we don’t like it”.
- British Defence Minister said Typhoon aircraft carried out their first air defence missions over Poland, according to a statement on Sunday.
RUSSIA-UKRAINE
- Ukraine’s President Zelensky said they are closer to finalising the 19th sanctions package and he expects its approval soon. He added that Ukraine will quickly synchronise the package domestically and expressed gratitude that many of Ukraine’s proposals were taken into account in the EU sanctions package. Zelensky also said he now expects strong sanctions steps from the United States on Russia, according to his X post.
- US President Trump urged Europe to “stop buying oil” from Russia ahead of new US economic pressure on Moscow, adding that the US won’t let Europeans buy Russian oil much longer, according to Bloomberg.
- Russian Defence Ministry said a Ukrainian drone attack on a resort area in the Crimean peninsula killed two people and injured 15, according to Reuters.
- A Ukrainian SBU official said Ukrainian drones hit oil pumping stations involved in Russian oil exports via the Novorossiysk port, according to Reuters.
MIDDLE EAST
- An Israeli official has told Sky News a full or partial annexation of the West Bank is being considered in response to the UK’s formal recognition of Palestinian statehood. Israeli media reported that the Israeli army is preparing for the possibility of an escalation of the conflict in the West Bank, according to Iran International.
- UK, Canada, Portugal, and Australia recognised Palestine as an independent state, according to the BBC.
- Israel “categorically rejects” the UK and other countries’ unilateral recognition of a Palestinian state, according to the Foreign Ministry.
- Palestinian Authority Foreign Minister said a two-state solution is possible, according to Iran International.
- Israeli military said it killed a Hezbollah member in southern Lebanon, adding that as a result of the attack, a number of citizens were killed. The military said it regrets any harm to civilians and is working as much as possible to minimise harm to them, according to Reuters.
- US President Trump plans to meet with Arab leaders on Tuesday to discuss the Gaza war, according to Axios.
- “The Lebanese newspaper Al-Akhbar quotes senior Egyptian officials as saying that although Egypt has shown indirect readiness for the possibility of a military confrontation with Israel”, via Kan’s Kais on X.
OTHERS
- South Korean President Lee said South Korea does not believe any concrete discussions are happening between the US and North Korea. Russia-North Korea military cooperation is a significant threat to South Korea and must be addressed with dialogue. He added that dialogue with North Korea will likely be difficult for the time being. South Korea risks being on the frontier of conflict and must find peaceful coexistence with North Korea, Russia, and China.
- North Korea leader Kim Jong Un said the concept of denuclearisation for the country is no longer valid, via KCNA, adding that North Korea will never give up its nuclear force. He added they will never sit down with South Korea, and that he still has good memories of US President Trump, but there is no reason to sit down with the US until it gives up its insistence on denuclearisation.
- US President Trump said that on his orders, the Secretary of War authorised a lethal kinetic strike on a vessel in the USSOUTHCOM area of responsibility. He said intelligence confirmed the vessel was trafficking illicit narcotics, and the strike killed three males. Trump added that no US forces were harmed and that the vessel was in international waters, according to Reuters.
- US President Trump said that if Afghanistan does not give the Bagram airbase back to the US, bad things are going to happen, according to Reuters.
CRYPTO
- Bitcoin slips towards USD 112k; Ethereum sinks to the USD 4.1k mark. No real driver for the move, but comes amid broader risk-off sentiment.
APAC TRADE
- APAC stocks traded mixed after sentiment from Wall Street initially reverberated to the region before dissipating. Chinese markets failed to benefit from the phone call between US President Trump and Chinese President Xi on Friday, with some citing a lack of concrete progress.
- ASX 200 was lifted by the metals and mining sector, with gold names spearheading the upside following the recent rise in the yellow metal, offsetting underperformance in energy names.
- Nikkei 225 was boosted at the open amid a softer JPY and as the index digested Friday commentary from BoJ Governor Ueda, with the BoJ’s surprise ETF and J-REIT selling seen as too incremental to impact markets. Focus now turns to the LDP election as the 12-day official campaign period began ahead of the October 4th polls.
- KOSPI was supported amid Samsung Electronics shares surging ~5% after clearing the NVIDIA hurdle for 12-layer HBM3E supply.
- Hang Seng and Shanghai Comp initially bucked the trend and failed to benefit from upbeat mood elsewhere, with traders unconvinced despite the “productive” Trump-Xi call, although the mainland later eked mild gains. Meanwhile, US lawmakers made a rare visit to China on Sunday in an effort to stabilise ties. Overnight, the PBoC maintained its LPRs as expected and injected CNY 300bln via 14-day reverse repo after an eight-month hiatus. In Hong Kong, participants brace for a “Super” typhoon with Hong Kong airport weighing a 36-hour closure, according to Bloomberg.
- Nifty 50 fell at the open with losses attributed to US President Trump’s H-1B visas update. India is said to be the primary beneficiary of H-1B visa which allows US employers to hire foreign workers in “speciality occupations”.
NOTABLE ASIA-PAC HEADLINES
- Japanese PM candidate Takaichi is the top pick to lead LDP with 28.3%, according to an FNN Poll.
- Japanese PM contender Koizumi said it is important for the government and the BoJ to move in lockstep in achieving price stability and economic growth, according to Reuters.
- Japanese PM contender Hayashi said the BoJ is conducting monetary policy in a way that does not deviate much from government thinking, adding that Japan’s past aversion to a strong JPY has diminished. He said a weak yen, coupled with rising oil costs from the Ukraine war, has caused cost-push inflation. Hayashi said if chosen as prime minister, he will compile an economic package to cushion the blow from rising living costs and provide spending for disaster relief, adding that the size of the package must take into account Japan’s ‘quite small’ output gap and avoid the issuance of deficit-covering debt, according to local media.
- Japanese LDP leadership candidate Takaichi says she won’t rule out cutting sales tax on food as an option.
- Japanese LDP leadership candidate Koizumi says is open to discussing options for sales tax.
- RBA Governor Bullock said since the August meeting, domestic data have been broadly in line with expectations, or slightly stronger. She noted that recent interest rate cuts are expected to support household and business spending. While labour market conditions have eased a little with the unemployment rate rising slightly, some tightness remains, and conditions are close to full employment. Bullock said the economic outlook continues to be clouded by uncertainty, though recovery in household consumption growth is forecast to be sustained as real incomes grow. She warned there is a risk the recent pick-up in domestic activity is not sustained, but monetary policy is well placed to respond if international developments have a material impact. She added there may be more excess demand in the economy and stronger-than-expected labour outcomes. The board will remain attentive to data and evolving risks, and must be alert to changing circumstances and prepared to respond if necessary, according to the RBA. Bullock noted there is scope for rate adjustments if there is a downturn in the global economy, adding she is more confident that inflation will stay within the RBA’s band.
- Indian PM Modi said he will accelerate the country’s growth story with GST reforms, according to his national address.
- Hong Kong’s weather forecaster will issue the No 1 standby signal at 12:20pm local on Monday and consider upgrading it to the No 3 alert later in the evening as Super Typhoon Ragasa moves towards the city at a “relatively high” speed, according to SCMP.
- Hong Kong airport weighs 36-hour closure as super typhoon nears, according to Bloomberg.
- PBoC injected CNY 240.5bln via 7-day reverse repos with the rate maintained at 1.40%; PBoC injected CNY 300bln via 14-day reverse repo following an eight-month hiatus; conducted through fixed-volume, interest-rate bidding with multiple-price allocation.
- PBoC Governor Pan says China has ensured there are no systemic financial risks. Press conference will not involve short term policy adjustment. Domestic financial system is sound. Pledges support for high-quality economic growth. Local government financing platform debt fell over 50% versus 2023 levels. Will strengthen monitoring and early warning of financial risks. Plans to strengthen measures against financial corruption.
- PBoC Governor Pan says China will use various policy tools based on economic situation and will be data driven; Have “appropriately accommodative policy stance”
- China’s Financial Regulator says efforts to prevent risk have seen important results attained. Number of high risk institutions and assets are well off peak levels, this will continue to moderate. Number of high-risk institutions set to decline further. Pledges to establish more transparent foreign exchange management mechanisms. Risks from small banks have been brought under control. Supports resolution of local government debt risks. Notes significant improvement in investor confidence and market expectations.
- China Securities Regulator Head says “will improve mechanisms for stock listing and M&A; will strictly supervise market”.
- Alibaba (BABA/9988 HK) is to offer commission and shipping to brands on Amazon (AMZN), according to Bloomberg.
DATA RECAP
- Chinese Loan Prime Rate 5Y (Sep) 3.50% vs. Exp. 3.50% (Prev. 3.50%); 1Y (Sep) 3.00% vs. Exp. 3.00% (Prev. 3.00%)
2c) Asian opening report
Mixed trade after the Trump-Xi call, lack of concrete progress cited – Newsquawk Europe Market Open
Monday, Sep 22, 2025 – 01:40 AM
- APAC stocks traded mixed after Chinese markets failed to benefit from the phone call between US President Trump and Chinese President Xi on Friday, with some citing a lack of concrete progress.
- US lawmakers face a deadline of September 30th to pass a funding bill to avoid a government shutdown. Members of the Senate are not scheduled to return to Washington until September 29th, and House lawmakers are not due to return until October 7th, according to NBC.
- Estonia triggered NATO Article 4 after three Russian MiG-31 jets entered its airspace on Friday, while Germany scrambled fighter jets to track a Russian plane over the Baltic Sea over the weekend.
- European equity futures are indicative of an uneventful cash market open with Euro Stoxx 50 futures U/C after the cash market closed flat on Friday.
- Looking ahead, highlights include EZ Consumer Confidence Flash (Sep), Canadian Producer Prices (Aug); Speakers include BoE’s Pill, Bailey, Fed’s Williams, Musalem, Barkin, Hammack, BoC’s Kozicki; Supply from the EU.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US stocks were bid on Friday with SPX hitting fresh record highs while the majority of sectors were green. Upside was led in Tech with the heavy cap stocks outperforming, leading to NDX outperformance, while the Russell pared from its prior day rally.
- SPX +0.49% at 6,664, NDX +0.70% at 24,626, DJI +0.37% at 46,315, RUT -0.77% at 2,449
- Click here for a detailed summary.
NOTABLE US HEADLINES
FED
- Fed Governor Miran on Friday said disinflationary forces are in the works, including lower immigration, via Fox Business. He reiterated that he doesn’t see material inflation from tariffs. Monetary policy is pretty restrictive, and he warned that the longer it stays restrictive, the bigger the risk. He said comparing goods inflation this year to pre-pandemic trends is the wrong comparison. He reiterated that he will be trying to convince other Fed policymakers to cut rates faster. He said, “We are in an easing cycle”. He noted that people have been moving in the direction of thinking tariff inflation is less than previously thought, and added that folks will eventually come around to the view that tariffs will not drive up inflation.
- Fed’s Daly (2027 voter) on Friday said the job market has softened quite a bit over the last year, noting part of this is due to the economic outlook. She said it is challenging to discern how much of the job market is slowing due to AI, and added that the rate cut this week was an effort to support the labour market, according to Reuters.
- Former White House Advisor Steve Bannon thinks Scott Bessent should serve as both US Treasury Secretary and Fed Chair on an interim basis through the midterms; a White House official said the administration is not considering that, according to CNBC.
US GOVERNMENT SHUTDOWN
- On Friday, US Senate rejected a short-term funding bill to keep the federal government funded on a short-term basis, as expected. Lawmakers now face a deadline of September 30th to pass a funding bill to avoid a government shutdown. Members of the Senate are not scheduled to return to Washington until September 29th, and House lawmakers are not due to return until October 7th, according to NBC.
- Senate Minority Leader Schumer said he is ready to meet “anytime” with President Trump to avoid a government shutdown, according to a CNN interview.
OTHERS
- US President Trump said he will deliver a speech at the UN General Assembly, according to a Fox News interview.
- US Secretary of State Rubio is to speak at 16:45 ET/ 21:45 BST on Monday.
NOTABLE US EQUITY HEADLINES
- Oracle (ORCL) is said to be in talks with Meta (META) on a USD 20bln AI cloud computing deal, according to Bloomberg.
- Apple (AAPL) is reportedly rushing to boost production of the cheaper iPhone 17, increasing standard model production by 30–40%. Consumers are favouring the USD 799 iPhone 17 over the pricier Pro models, with the standard iPhone 17’s value and China factors driving strong demand, according to The Information.
- Apple (AAPL) is reportedly planning to release a Mac computer with a touch screen next year, according to Bloomberg.
- Elon Musk denied xAI is raising USD 10bln at a USD 200bln valuation, saying it is fake news and that xAI is not raising any capital right now, according to Reuters.
- The Fed will meet next month with Blackstone (BX), Robinhood (HOOD) CEOs, and Treasury Secretary Bessent to discuss challenges affecting community banks, according to Bloomberg.
- Rupert Murdoch reportedly privately told executives working on the TikTok deal that he wanted to own a small stake in the company if an agreement could be reached, and any investment in the TikTok-US deal would come through Fox Corp, according to WSJ sources.
- US President Trump invoked a ‘golden share’ to block US Steel’s (X) plans for an Illinois plant, while Commerce Secretary Lutnick told the company’s CEO the administration would not allow Granite City production to cease, according to WSJ.
- Trump administration is set to link acetaminophen to autism risk, according to WaPo.
TRADE/TARIFFS
- US House lawmakers made a rare visit to China on Sunday in an effort to stabilise ties, according to Nikkei. “The visit on Sunday was the first House of Representatives delegation to visit China since 2019”.
- US President Trump reportedly withheld approval of over USD 400mln in military aid to Taiwan this summer while seeking a trade deal and possible summit with Chinese President Xi Jinping, according to Washington Post sources.
- US President Trump said “we made progress with China on several important issues” and said “we will not allow anything bad to happen to the TikTok app”.
- China’s Commerce Ministry said its position on the TikTok issue is clear, adding that the government respects the will of enterprises and welcomes companies to conduct business negotiations based on market rules. The ministry said it hopes the US will work together with China to fulfil its commitments earnestly, and provide an open, fair, just, and non-discriminatory business environment for Chinese companies, including TikTok, to continue operating in the US. It added that China hopes the US will work with it to promote stable, healthy, and sustainable development of China-US economic and trade relations, according to Reuters.
- EU is set to block big tech companies from a new financial data sharing system, according to FT.
- US President Trump is set to add a new USD 100k fee for H-1B visas in the latest crackdown, according to Bloomberg. US President Trump said that in some cases, companies are going to pay a lot of money for H-1B visas. An administration aide said Trump will sign a proclamation to raise the visa fee to USD 100k. Commerce Secretary Lutnick added that if companies are going to train someone, they should train Americans, noting that all the big companies are on board and that firms will pay USD 100k per year for H-1B visas, according to Reuters.
- South Korean President Lee said South Korea will face a financial crisis if it agrees to US demands on USD 350bln investments, according to comments made to Reuters; South Korea and the US are at odds over the investment. South Korean President Lee aims to resolve the US-South Korea tariff issues as soon as possible. The Hyundai US plant raid will not damage the alliance with the US.
- South Korea, US, and Japan’s leading diplomats plan to meet in New York this week, according to Yonhap.
APAC TRADE
EQUITIES
- APAC stocks traded mixed after sentiment from Wall Street initially reverberated to the region before dissipating. Chinese markets failed to benefit from the phone call between US President Trump and Chinese President Xi on Friday, with some citing a lack of concrete progress.
- ASX 200 was lifted by the metals and mining sector, with gold names spearheading the upside following the recent rise in the yellow metal, offsetting underperformance in energy names.
- Nikkei 225 was boosted at the open amid a softer JPY and as the index digested Friday commentary from BoJ Governor Ueda, with the BoJ’s surprise ETF and J-REIT selling seen as too incremental to impact markets. Focus now turns to the LDP election as the 12-day official campaign period began ahead of the October 4th polls.
- KOSPI was supported amid Samsung Electronics shares surging ~5% after clearing the NVIDIA hurdle for 12-layer HBM3E supply.
- Hang Seng and Shanghai Comp initially bucked the trend and failed to benefit from upbeat mood elsewhere, with traders unconvinced despite the “productive” Trump-Xi call, although the mainland later eked mild gains. Meanwhile, US lawmakers made a rare visit to China on Sunday in an effort to stabilise ties. Overnight, the PBoC maintained its LPRs as expected and injected CNY 300bln via 14-day reverse repo after an eight-month hiatus. In Hong Kong, participants brace for a “Super” typhoon with Hong Kong airport weighing a 36-hour closure, according to Bloomberg.
- Nifty 50 fell at the open with losses attributed to US President Trump’s H-1B visas update. India is said to be the primary beneficiary of H-1B visa which allows US employers to hire foreign workers in “speciality occupations”.
- US equity futures (ES -0.1%, NQ U/C) resumed trade with a mildly softer bias before edging higher alongside APAC markets, then trimming gains into the Chinese open. Focus remains on Fed commentary after Governor Miran’s dissent on a 50bps cut last week, with his full review due today. Domestic politics are also in focus after the Senate rejected a short-term funding bill, leaving lawmakers until September 30th to avoid a shutdown.
- European equity futures are indicative of an uneventful cash market open with Euro Stoxx 50 futures U/C after the cash market closed flat on Friday.
FX
- DXY was confined to a narrow 97.70–97.825 range amid light overnight newsflow ahead of this week’s US PCE metrics. Focus today is on numerous Fed speakers, including Williams, Musalem, Barkin, Hammack, and Governor Miran’s dissenting speech. Throughout the week, Bloomberg flagged some 17-18 Fed speakers. Attention also remains on efforts to avert a US government shutdown after the Senate rejected a short-term funding bill; lawmakers face a September 30th deadline, though the Senate is not scheduled to return until September 29th and the House until October 7th, according to NBC.
- EUR/USD hovered around Friday’s lows (1.1728) despite uneventful USD trade, while ECB’s Simkus said a December rate cut is needed to safely reach 2% inflation, according to Bloomberg. Geopolitical risks also weighed, as Estonia triggered NATO Article 4 after three Russian MiG-31 jets entered its airspace on Friday, while Germany scrambled fighter jets to track a Russian plane over the Baltic Sea over the weekend, and US President Trump suggested Europe will not be allowed to buy Russian oil much longer.
- GBP/USD was uneventful above 1.3450 amid light UK-specific newsflow, with attention on BoE’s Chief Economist Pill and Governor Bailey’s speeches later today ahead of tomorrow’s Flash PMIs.
- USD/JPY ventured further into 148.00 territory with JPY on a softer footing as domestic focus shifted from the BoJ to the LDP election. The latest poll suggested that dovish Japanese PM candidate Takaichi is the top pick to lead the LDP with 28.3%, according to FNN Poll. Modest JPY weakness was seen before the poll was released to Western wires.
- Antipodeans were subdued despite the broader risk-on mood. AUD showed little reaction to RBA Governor Bullock’s overall balanced remarks, highlighting increased uncertainty, while she noted scope for rate adjustments if there is a downturn in the global economy. Upticks in the AUD were seen after China pledged tighter controls on steel sector capacity, with iron ore and steel prices also supported.
- PBoC set USD/CNY mid-point at 7.1106 vs exp. 7.1159 (Prev. 7.1128)
- Argentina Central Bank on Friday said it sold USD 678mln in the wholesale market; it sold USD 1.11bln in the last three days to curb ARS weakness, according to Reuters.
FIXED INCOME
- 10yr UST futures were flat as they took a breather after last week’s extension of the post-FOMC and strong data downside. This week’s focus turns to the US PCE report, Treasury supply, and a myriad of Fed speakers. On government funding, the House passed a stopgap bill, but it failed in the Senate due to insufficient votes; Politico suggested the next vote will not be until September 29th, ahead of the September 30th deadline.
- Bund futures saw a subdued session amid a lack of pertinent drivers during APAC hours, with EU supply due later ahead of Flash PMIs tomorrow.
- 10yr JGB futures were softer as traders in Asia caught up to Friday’s price action and digested Governor Ueda’s press conference.
COMMODITIES
- Crude futures were firmer amid plentiful weekend geopolitics. Estonia triggered NATO Article 4 after three Russian MiG-31 fighter jets entered its airspace, while Germany scrambled fighter jets to track a Russian plane over the Baltic Sea. US President Trump also suggested Europe will not be allowed to buy Russian oil much longer, according to Bloomberg. In the Middle East, an Israeli official told Sky News that a full or partial annexation of the West Bank is being considered in response to the UK’s recognition of Palestinian statehood.
- Spot gold held a mild upward bias just under USD 3,700/oz as geopolitics underpinned prices ahead of this week’s risk events, including Flash PMIs, numerous Fed speakers, and US PCE data.
- Copper futures were in a tight range, initially posting modest gains amid the positive risk tone across Asia-Pac markets at the time, and following the phone call between US President Trump and Chinese President Xi on Friday, which was framed as “productive”. However, futures were heavy amid underperformance across Chinese markets and look to enter the European session near flat levels.
- Baker Hughes Rig Count: Oil +2 at 418, Natgas unch at 118, Total +3 at 542.
- The Iraqi Petroleum Marketing Authority said it has increased its oil exports after a gradual end to voluntary production cuts within the framework of the OPEC Plus deal, according to Iran International.
- NHC said a new tropical storm has formed south of Mexico, which is expected to remain offshore and intensify, according to Reuters.
- Chilean state copper miner Codelco said its biggest mine will take longer to return to full production following a deadly tunnel collapse in July, according to El Mercurio.
- China pledged tighter controls on steel sector capacity and will ban new production capacity in the industry, according to state media CCTV.
CRYPTO
- Bitcoin eventually fell under the USD 115,000 mark after hovering at the handle throughout the weekend.
- The UK’s FCA has sped up crypto approvals, cutting processing times by two-thirds and raising acceptance rates, amid criticism it was too slow, according to the Financial Times.
NOTABLE ASIA-PAC HEADLINES
- Japanese PM candidate Takaichi is the top pick to lead LDP with 28.3%, according to an FNN Poll.
- Japanese PM contender Koizumi said it is important for the government and the BoJ to move in lockstep in achieving price stability and economic growth, according to Reuters.
- Japanese PM contender Hayashi said the BoJ is conducting monetary policy in a way that does not deviate much from government thinking, adding that Japan’s past aversion to a strong JPY has diminished. He said a weak yen, coupled with rising oil costs from the Ukraine war, has caused cost-push inflation. Hayashi said if chosen as prime minister, he will compile an economic package to cushion the blow from rising living costs and provide spending for disaster relief, adding that the size of the package must take into account Japan’s ‘quite small’ output gap and avoid the issuance of deficit-covering debt, according to local media.
- RBA Governor Bullock said since the August meeting, domestic data have been broadly in line with expectations, or slightly stronger. She noted that recent interest rate cuts are expected to support household and business spending. While labour market conditions have eased a little with the unemployment rate rising slightly, some tightness remains, and conditions are close to full employment. Bullock said the economic outlook continues to be clouded by uncertainty, though recovery in household consumption growth is forecast to be sustained as real incomes grow. She warned there is a risk the recent pick-up in domestic activity is not sustained, but monetary policy is well placed to respond if international developments have a material impact. She added there may be more excess demand in the economy and stronger-than-expected labour outcomes. The board will remain attentive to data and evolving risks, and must be alert to changing circumstances and prepared to respond if necessary, according to the RBA. Bullock noted there is scope for rate adjustments if there is a downturn in the global economy, adding she is more confident that inflation will stay within the RBA’s band.
- Indian PM Modi said he will accelerate the country’s growth story with GST reforms, according to a his national address.
- Hong Kong’s weather forecaster will issue the No 1 standby signal at 12:20pm local on Monday and consider upgrading it to the No 3 alert later in the evening as Super Typhoon Ragasa moves towards the city at a “relatively high” speed, according to SCMP.
- Hong Kong airport weighs 36-hour closure as super typhoon nears, according to Bloomberg.
- PBoC injected CNY 240.5bln via 7-day reverse repos with the rate maintained at 1.40%; PBoC injected CNY 300bln via 14-day reverse repo following an eight-month hiatus; conducted through fixed-volume, interest-rate bidding with multiple-price allocation.
DATA RECAP
- Chinese Loan Prime Rate 5Y (Sep) 3.50% vs. Exp. 3.50% (Prev. 3.50%)
- Chinese Loan Prime Rate 1Y (Sep) 3.00% vs. Exp. 3.00% (Prev. 3.00%)
GEOPOLITICS
NATO-RUSSIA
- On September 21st, Germany’s air force said it sent two fighter jets to track a Russian plane flying over the Baltic Sea, according to Sky News.
- On September 19th, three Russian MiG-31 fighter jets entered Estonian airspace near Vaindloo Island in the Gulf of Finland for 12 minutes.
- Russian Defence Ministry said Russian fighters did not violate Estonian airspace, according to Reuters.
- NATO said the North Atlantic Council (NAC) will convene early this week to discuss the Russian violation of Estonian airspace, according to Reuters.
- The United Nations Security Council (UNSC) will meet on Monday at Estonia’s request to discuss the violation of the Baltic country’s airspace by Russian fighter jets on Friday, according to a statement.
- Estonian PM has decided to request NATO Article 4 consultations over Russian jets entering its airspace, according to X.
- US President Trump said the US will help defend Poland if Russia continues escalating, according to a Fox Interview. Trump, when asked about Russian jets in Estonia, said “we don’t like it”.
- German Foreign Minister said the violation of Estonian airspace by Russia is unacceptable, adding that by intercepting Russian planes immediately, they are showing NATO is always ready to defend itself, according to Reuters.
- EU’s Costa said EU leaders will address a “collective response” to Russian violations of airspace at a meeting on October 1st, according to X.
- British Defence Minister said Typhoon aircraft carried out their first air defence missions over Poland, according to a statement on Sunday.
RUSSIA-UKRAINE
- Ukrainian President Zelensky said Ukraine will present a strategy for “guided” weapons exports in two weeks, identifying the US, European, and other countries as potential buyers of Ukrainian weapons, while stressing that reliable controls should be put in place, according to Reuters.
- European Commission President von der Leyen, on the 19th package of sanctions against Russia, said the EU is banning imports of Russian LNG into European markets. To strengthen enforcement, she said the EU is sanctioning 118 additional vessels from the shadow fleet, bringing the total to more than 560 vessels now listed under EU sanctions. She added that major energy trading companies Rosneft and Gazpromneft will now be on a full transaction ban, according to the EU.
- Ukraine’s President Zelensky said they are closer to finalising the 19th sanctions package and he expects its approval soon. He added that Ukraine will quickly synchronise the package domestically and expressed gratitude that many of Ukraine’s proposals were taken into account in the EU sanctions package. Zelensky also said he now expects strong sanctions steps from the United States on Russia, according to his X post.
- US President Trump urged Europe to “stop buying oil” from Russia ahead of new US economic pressure on Moscow, adding that the US won’t let Europeans buy Russian oil much longer, according to Bloomberg.
- Russian Defence Ministry said a Ukrainian drone attack on a resort area in the Crimean peninsula killed two people and injured 15, according to Reuters.
- A Ukrainian SBU official said Ukrainian drones hit oil pumping stations involved in Russian oil exports via the Novorossiysk port, according to Reuters.
MIDDLE EAST
- An Israeli official has told Sky News a full or partial annexation of the West Bank is being considered in response to the UK’s formal recognition of Palestinian statehood. Israeli media reported that the Israeli army is preparing for the possibility of an escalation of the conflict in the West Bank, according to Iran International.
- The US is planning USD 6bln in new arms sales to Israel, including a USD 3.8bln deal for 30 AH-64 Apache helicopters that would almost double Israel’s current fleet, and a USD 1.9bln deal for 3,250 infantry assault vehicles for the Israeli army, according to the WSJ.
- UK, Canada, Portugal, and Australia recognised Palestine as an independent state, according to the BBC.
- Israel “categorically rejects” the UK and other countries’ unilateral recognition of a Palestinian state, according to the Foreign Ministry.
- Palestinian Authority Foreign Minister said a two-state solution is possible, according to Iran International.
- Israeli military said it killed a Hezbollah member in southern Lebanon, adding that as a result of the attack, a number of citizens were killed. The military said it regrets any harm to civilians and is working as much as possible to minimise harm to them, according to Reuters.
- US President Trump plans to meet with Arab leaders on Tuesday to discuss the Gaza war, according to Axios.
OTHERS
- South Korean President Lee said South Korea does not believe any concrete discussions are happening between the US and North Korea. Russia-North Korea military cooperation is a significant threat to South Korea and must be addressed with dialogue. He added that dialogue with North Korea will likely be difficult for the time being. South Korea risks being on the frontier of conflict and must find peaceful coexistence with North Korea, Russia, and China.
- North Korea leader Kim Jong Un said the concept of denuclearisation for the country is no longer valid, via KCNA, adding that North Korea will never give up its nuclear force. He added they will never sit down with South Korea, and that he still has good memories of US President Trump, but there is no reason to sit down with the US until it gives up its insistence on denuclearisation.
- US President Trump will host Turkish President Erdogan on Sept. 25th at the White House, working on many trade and military deals, including a large-scale purchase of Boeing (BA) aircraft, a major F-16 deal (LMT), and a continuation of F-35 talks (LMT), according to Truth Social.
- US President Trump said that on his orders, the Secretary of War authorised a lethal kinetic strike on a vessel in the USSOUTHCOM area of responsibility. He said intelligence confirmed the vessel was trafficking illicit narcotics, and the strike killed three males. Trump added that no US forces were harmed and that the vessel was in international waters, according to Reuters.
- US President Trump said that if Afghanistan does not give the Bagram airbase back to the US, bad things are going to happen, according to Reuters.
EU/UK
NOTABLE HEADLINES
- ECB’s Kazaks said there will be plenty of data available at the December meeting, adding that the central bank has achieved its 2% goal and there is no need to hurry the next interest-rate shift, according to Bloomberg.
- ECB’s Simkus said a December rate cut is needed to safely reach 2% inflation, according to Bloomberg.
- France’s sovereign debt rating downgraded to AA by Morningstar DBRS
- Italy’s sovereign debt rating upgraded to BBB+ from BBB at Fitch
- European Commission President von der Leyen said she isn’t considering running in Germany’s 2027 presidential election, according to a newspaper interview published on Sunday.
- Multiple European airports have said a suspected cyber attack has impacted them, according to Sky News.
- Stellantis (STLAM IM/STLAP FP) said they detected unauthorised access to a third-party service provider’s platform that supports North American customer service operations; the company is notifying the appropriate authorities and informing affected customers, according to the company.
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN
3C CHINA
CHINA/USA
THIS IS GOOD FOR CHINA AND MAY BE BAD FOR US!
THE RACE IS ON FOR CLEAN ENERGY!
China
THvia The Epoch Times (emphasis ours),
China has spent up to $13 billion developing fusion energy since 2023 and could commercially replicate star power to generate electricity by 2030, becoming the first nation to master what’s commonly dubbed “the holy grail of energy solutions.”
Doing so would give the Chinese Communist Party (CCP) “the potential to reshape global geopolitics” and “dominate a new energy era,” Massachusetts Institute of Technology physicists warn.
This cannot happen, said Rep. Randy Weber (R-Texas), who chairs the House Science, Space, and Technology Committee’s Energy Subcommittee.
“Fusion energy technologies must be developed and deployed by nations that uphold democratic values, transparency, and international cooperation—not by authoritarian regimes that might exploit energy dominance as a weapon,” he said in opening remarks of a Sept. 18 hearing on the nation’s fusion programs.
“The U.S. must prioritize fusion energy development to outpace the CCP’s aggressive timelines,” Weber added, or China will dominate “the most consequential breakthrough of the century.”
Four fusion experts told the subcommittee during the two-hour hearing that the CCP doesn’t have to win what they see as an existential race, calling on the Trump administration to boost funding to match China’s investment, coordinate research and development with allies, and establish fusion demonstration programs using the same “playbook” that spearheaded breakthroughs in other technologies.
Unlike fission, nuclear fusion replicates the reaction produced by firing atoms, which is the power emitted by stars, and has the potential to provide limitless, clean energy. It is often referred to as “the holy grail of energy solutions.”
Fusion has been researched by academic institutions and government laboratories since the 1950s, with significant breakthroughs in 2022—including Lawrence Livermore National Laboratory’s National Ignition Facility completing a nuclear fusion reaction that produced more energy than used to power the experiment—spurring rapid, exponential advancements since.
“This is our ‘Kitty Hawk’ moment, ushering in a new era of virtually unlimited fusion power,” Commonwealth Fusion Systems Co-Founder/CEO Bob Mumgaard said, calling for a $10 billion one-time “kick” in Department of Energy (DOE) funding.
‘Decisive Moment Is Upon Us’
Mumgaard, whose company aims to build a small fusion power plant with an ARC tokamak design by the early 2030s, said the nation’s fusion industry has grown from 23 companies that raised $1.78 billion in private capital in 2021 to 53 companies that raised $10.6 billion in 2024.
But now these burgeoning enterprises need to test experimental fusion reactors in a limited-risk environment, which is where DOE and federal funding could make the difference, he said.
Mumgaard said in his testimony that a fusion demonstration program similar to DOE’s advanced fission reactor program would “accelerate deployment of at least three different fusion power plant approaches, with construction starting by the end of 2028 and entering operation by the early 2030s.”
He called for “milestone-based, cost-shared funding that awards only those who show substantial progress toward the goal” with “selection of participants based not just on scientific merit, but also by requiring a clear path to commercial and business success.”
“I agree this $10 billion injection would go a long way to setting us on the course,” Oak Ridge National Laboratory Fusion Energy Division Director Troy Carter concurred.
“The decisive moment is upon us,” he testified. “With deliberate action now—by supporting new facilities, public-private partnerships, and sustained innovation—we can ensure the U.S. leads in bringing fusion energy from scientific promise to commercial reality.”
“The U.S. fusion industry is on the cusp of commercialization,” Pacific Fusion founder and President Will Regan said in his testimony. “America wrote the playbook on investing in fundamental scientific breakthroughs and then scaling their industrial application through the private sector. Fusion is no different, and today we’re at the last mile of solving key scientific challenges to enabling commercial deployment.”
Rep. Zoe Lofgren (D-Calif.) said, while “very much opposed overall” to the fiscal year 2026 (FY26) budget crafted by President Donald Trump, “I would like to say when it comes to his specific request for fusion, it’s moving in the right direction, and I am glad for that.”
DOE’s FY26 budget request provides $7.1 billion for the Office of Science, which includes fusion research and explicitly directs Congress to allocate in a way that “maintains U.S. competitiveness in priority areas such as fusion.”
“I’m hoping we’ll continue to work on a bipartisan basis to get to where we need to go,” Lofgren said. “Like Wayne Gretzky said, ‘You need to skate to where the hockey puck is going to be.’”
“In a world increasingly concerned with how to address rapidly growing energy needs, as well as geopolitical tensions arising from access to energy and energy resources, fusion energy gives us hope,” University of Wisconsin assistant professor Stephanie Diem testified. “We have achieved remarkable scientific advances; now we need robust support to build a thriving fusion energy ecosystem.”
*** free shipping on all meat this week ***
4. European affairs and NATO
FRANCE
Strikes And Protests Threaten France’s New Prime Minister Already
Saturday, Sep 20, 2025 – 08:10 AM
Authored by Mike Shedlock via MishTalk.com,
Macron has had 3 prime ministers this year. How long with this one last?
Background
The crisis revolves around Eurozone fiscal rules. The EU never enforced its Growth and Stability Pact or Maastricht Treaty rules. But now it wants to.
French President Emmanuel Macron is struggling to find a Prime Minister who can lead a three-way fractured political environment in which no group has a majority.
In France, the prime minister is appointed by the president and is responsible for leading domestic legislation including the budget.
On September 8, I noted French Government Collapses in No-Confidence Vote, What’s Next?
Bye Bye Bayrou [Macron’s last Prime Minister]. An amusing “Let’s block everything movement” takes hold.
On September 9, Macron appointed Prime Minister Sébastien Lecornu as his third prime minister in a year.
It’s not going well.
Strikes Roil France
The AP reports Strikes and protests roil France, pitting the streets against Macron and his new prime minister
The day of upheaval for the European Union’s second-largest economy aimed to turn up the heat on new Prime Minister Sébastien Lecornu and his boss, Macron. They’re engaged in an intensifying battle both in parliament and on the streets about how to plug holes in France’s finances, with opponents fighting proposals to cut spending on public services that underpin the French way of life.
Protesters’ anger at budget cuts
Macron’s opponents complain that taxpayer-funded public services — free schools and public hospitals, subsidized health care, unemployment benefits and other safety nets that are cherished in France — are being eroded by his governments that have lurched from crisis to crisis since he dissolved parliament in 2024, triggering a legislative election that stacked Parliament’s lower house with critics of the president.
Placards at the Paris demonstration read: “Tax the rich.”
“We need to find money where there’s money,” said Pierre Courois, a 65-year-old retired civil servant. “France’s deficit is an issue, but it’s not by cutting on public services that you fix it.”
“Our pay is stuck, colleagues are leaving, and wards are closing beds,” said 34-year-old public hospital nurse Stephane Lambert. “For us it’s the same story: less money in our pockets, fewer hands to help, more pressure every day.”
Lecornu’s baptism of fire
As he seeks support for belt-tightening, Lecornu has trimmed lifetime benefits for former government ministers — a largely symbolic first step that won’t generate huge savings — and scrapped wildly unpopular proposals to eliminate two public holidays, a measure intended to spur revenue. He has been meeting opposition leaders and labor unions to try to build consensus for a budget, but his close relationship with Macron puts him in the firing line, too.
“Bringing in Lecornu doesn’t change anything — he’s just another man in a suit who will follow Macron’s line,” said 22-year-old student Juliette Martin.
On his first day in office last week, anti-government protests saw streets choked with smoke, barricades in flames and volleys of tear gas as demonstrators denounced budget cuts and political turmoil. That “Block Everything” campaign became a prelude for Thursday’s even larger demonstrations.
Scattered violence
The first whiffs of police tear gas came before daybreak, with scuffles between riot officers and protesters in Paris. The collapse of successive governments — brought down by votes in parliament — that sought to push through savings has given Macron’s critics a sense of momentum. The “Block Everything” campaign that developed online before taking to the streets also added to the climate of crisis.
As it did last week, the government said it was again deploying police in exceptionally large numbers — about 80,000 in all — to keep order on Thursday. Police were ordered to break up blockades and other efforts to prevent people who weren’t protesting from going about their business.
The Interior Ministry reported 181 arrests nationwide as the afternoon ended and more than 450,000 demonstrators outside Paris, with protests in big cities and small towns. Paris police said that another 55,000 people marched in the capital. Participation estimates from the CGT, among unions that called the strikes and demonstrations, were double those of police, reporting more than 1 million strikers and protesters nationwide.
French Unions Pressure Macron
Reuters reports French unions strike against austerity, pressuring Macron
Hundreds of thousands took part in anti-austerity protests across France on Thursday, urging President Emmanuel Macron and his new Prime Minister Sebastien Lecornu to acknowledge their anger and scrap looming budget cuts.
Teachers, train drivers, pharmacists and hospital staff were among those who went on strike as part of the day of protests, while teenagers blocked dozens of high schools for hours.“The anger is immense, and so is the determination. My message to Mr. Lecornu today is this: it’s the streets that must decide the budget,” said Sophie Binet, head of the CGT union.
Lecornu and Macron are under pressure on one side from protesters and left-wing parties opposed to budget cuts and, on the other, from investors concerned about the deficit in the euro zone’s second-largest economy. Parliament is deeply divided and none of its three main groups has a majority.
Budget Compliance Rules
- Deficit rule: a country is compliant if (i) the budget balance of general government is equal or larger than -3% of GDP or, (ii) in case the -3% of GDP threshold is breached, the deviation remains small (max 0.5% of GDP) and limited to one year.
- Debt rule: a country is compliant if the general government debt-to-GDP ratio is below 60% of GDP or if the excess above 60% of GDP has been declining by 1/20 on average over the past three years.
France’s general government gross debt is projected to reach approximately 116.0% of its GDP in 2025.
France Budget Deficit and Debt-to-GDP 2024
Debt-to-GDP courtesy of Trading Economics, Deficit insert from https://countryeconomy.com/deficit/france
France and Italy Noncompliance
- France Debt-to-GDP: 113% vs target 60%
- France Budget Deficit: 5.8% vs target 3%
- Italy Debt-to-GDP: 135.3% vs target 60%
- Italy Budget Deficit: 3.4% vs target 3%
France is Ungovernable
There is no chance of any political party addressing the debt and deficit rules.
So, why would anyone want to govern?
The only answer is arrogance, but arrogance will not fix any problems.
The EU Has a Big Problem With Military Spending and Trump’s Definition
In case you missed it, please see my September 4, 2025 post The EU Has a Big Problem With Military Spending and Trump’s Definition
France currently spends 2.1 percent of GDP on defense. Italy spends 1.5 percent.
Trump demands 3.5 percent. See above link for details.
Currency Crisis Awaits
Nothing has been solved because nothing can be solved. It’s politically impossible.
I keep repeating the idea “a currency crisis awaits”.
However, things are so screwed up globally that a crisis can start anywhere. The EU, US, China, and Japan are all possibilities.
There is no fiscal sanity anywhere.
END
FRANCE:
in a mess!!
Far-Left Protesters Will Not Be Satisfied Until France Collapses
Monday, Sep 22, 2025 – 02:45 AM
Paris is crippled this week by constant protests designed to throttle traffic and shit down basic services, and the majority of the mob is comprised of far left activists including Antifa.
The Paris actions are coupled with nationwide demonstrations that saw sporadic clashes with police who fired volleys of tear gas. Activists argue that eight years of leadership by France’s “business-friendly president” Emmanuel Macron have benefited too few people and hurt too many.
The protests ignited in response to austerity measures issued by the struggling government, including cuts to socialist programs and an increase in the national retirement age.
Macron’s opponents complain that taxpayer-funded public services – free schools and public hospitals, subsidized health care, unemployment benefits and other safety nets that are cherished in France – are being eroded. France has crawled from one crisis to another since he dissolved parliament in 2024, triggering a legislative election that stacked Parliament’s lower house with critics of the president.
Left-wing parties and their supporters want higher taxes for the wealthy and businesses to pay more to help rein in France’s debts, rather than see public spending cuts that they contend will hit low-paid and middle-class workers. France’s national debt was reported at $3.6 trillion US by the end of 2024, growing by nearly $1 trillion since 2023. This is over 100% of the country’s annual GDP.
Placards at the Paris demonstration read: “Tax the rich.”
However, similar taxation efforts have been tried across the EU and in the UK, causing companies and business owners to simply close up shop and leave. In 2024, the UK lost 25% of its billionaires and 16,500 millionaires due to increasing taxation. This has led to a black hole effect in the economy, with an acceleration in job losses and slowing investment.
The current tax rate for top earners in France is 45% of income over €180,471 ($211,000). High-income earners also face additional surtaxes and social charges that significantly increase the total tax rate. As is common in any country or US state that targets high earners with socialist tax measures, the people with the money walk away and go where they are better appreciated.
Leftists protesters indicate that they are not interested in fair taxation, but rather, wealth redistribution.
Activists argue that French President Emmanuel Macron is “far right wing” and compared him to Donald Trump while espousing a laundry list of communist demands. Macron is a previous member of the socialist party now described as a “centrist liberal”. He has angered leftists with his shift to center and his increasing support for border controls. In other words, being “centrist” is “far right wing” in the minds of Antifa activists.
The riots seem to be motivated more by typical Antifa goals, including the “Free Palestine” movement and the destruction of “nationalism”.
France’s conservative and anti-mass immigration movements have been growing exponentially along with similar movements across Europe. Leftists may be trying to flex their numbers as a way to frighten political leaders from seeking to appease these movements with tighter borders and fiscal responsibility.
Ultimately, Antifa activists want a the collapse of the current government and a reformation. What the reformation would look like is hard to say, given that many of the protesters don’t seem to know. Of course, if the Bolshevik campaigns of the early 20th Century are any indication, then the end game will not be pleasant for the vast majority of people.
end
GERMANY
KOLBE
also in a financial mess!
(Kolbe)
Germany’s Moment Of Fiscal Failure – Record €503BN Budget Passed
Saturday, Sep 20, 2025 – 07:00 AM
Submitted by Thomas Kolbe
The Bundestag on Thursday passed the 2025 budget with the votes of the CDU, CSU, and SPD. The bottom line: record-breaking debt, serving only one purpose—patching the ever-widening fiscal holes.
With historic delay—blame the fractured “traffic light” chaos coalition—the Bundestag on Thursday passed the budget for the current year, now valid for little more than three months. Business had been running on autopilot until now. Yet this does not change the fact that with a spending volume of €503 billion, a new record has been set. The federal government is spending freely, cushioned by (still) growing tax revenues and ever-new debt.
Looking Ahead to Next Year’s Finances
Chancellor Friedrich Merz and Finance Minister Lars Klingbeil of the Social Democrats give the impression that they intend to further accelerate the spending pace next year. After a roughly four percent increase in this year’s budget, next year’s growth rate is expected to be even higher: around €530 billion in planned spending. At the same time, additional transfers to social funds are likely to rise due to weak economic growth—the state is already deep in a debt spiral.
Against the backdrop of this dramatic growth in public-sector spending, which increasingly crowds out the private sector and has expanded the state’s share of the economy from 45 to 50 percent over the past five years, one must speak of total political failure. Since the lockdowns, federal spending has risen by over 41 percent, while the overall economy stagnated. This enormous imbalance shows that the ratio between productive forces and purely consumptive forces in the country has reached an irresponsible disequilibrium.
The state is expanding—elbowing its way forward. We are witnessing the accelerated construction of a socialist collective.
Uncontrolled New Debt
Chancellor Merz—who, some will recall, campaigned on fiscal discipline—will go down in history as the chancellor who fiscally ruined Germany. This year, cleverly hidden from public view in so-called special funds, new debt of €140 billion is planned. Germany thus violates all Maastricht criteria with new borrowing of around 3.3 percent and a final total debt of over 65 percent.
In doing so, Germany is gradually losing its role as a credit anchor for its equally indebted Eurozone partners.
And this concerns only federal debt. States and municipalities are facing their own Waterloo: with the economy still weak, municipal budgets could see a combined deficit of €36 billion this year—the crisis hits hard.
Yet reform is nowhere in sight. The chancellor’s ambitious „citizen income“ (Bürgergeld/ social assistance) initiative was abandoned by the Social Democrats, and naturally, there will be no structural reforms. Debates about immigration into the German social system are simply covered with new credit, citing the temporary slowdown in illegal immigration—a clear seasonal fluctuation.
This government has built its entire policy on a house of cards of lies and self-deception. In fiscal policy, this is reflected in special funds: here, new federal loans hide, either to finance a wartime economy or to plug social fund gaps. Ultimately, the taxpayer pays the price—through higher taxes or later through inflation when the central bank monetizes the added debt.
The debate about tax increases has long entered the public sphere—in the form of envy-driven discussions over higher inheritance taxes. That is where this journey is heading.
Reforms Are Torpedoed
The reason why fiscal policy has become a symbol of Germany’s economic and societal failure is evident in two striking phenomena. First, the iron silence of the economic elites when it comes to the causes of Germany’s decline. High energy costs, grotesque regulation, and crushing taxation are acknowledged, yet no one dares tackle the ideological green transformation at its root.
The same applies to necessary social reforms: even the smallest attempt, such as introducing strict sanctions for work refusal under citizen income, is immediately torpedoed by numerous left-wing parties in the Bundestag and societal actors like the German Trade Union Confederation.
Spending Spree and Big Government
The union opposed stricter sanctions for citizen income and immediately positioned itself in fundamental opposition. Naturally, CDU attempts at social reform are little more than media shadowboxing.
It is clear: since the ideological restructuring under Merkel, the Union has long been converted into another party within the left spectrum of Germany’s political landscape. The internal coalition climate is likely more harmonious than it appears. Essentially, there is agreement: they want the big state—convinced that only massive state activity, supported by a European Commission also indulging in a spending spree, can lead Germany out of its misery.
Looking Ahead
Where does this lead? Take a brief look at neighboring France. With a public debt of 114 percent and a state share of 57 percent, France is years ahead in the evolution of this drama. Reform-incompetent and politically stuck, it cannot enact necessary changes. A collision with market reality is inevitable.
Broadly speaking, EU member states suffer from the same disease: deep-rooted statism, the belief in a big state, ultimately intended to solve society’s problems as a welfare entity and economic actor. History shows this is a fatal misconception. Germany’s economic collapse is already a product of an overextended state apparatus that not only paralyzes productive forces but actively destroys them with agenda-driven politics.
Fiscal indiscipline inevitably leads to collision with an iceberg in bond markets—no matter how much a central bank tries to cushion the blow. The moment a state—regardless of its debt ratio—can no longer roll over existing debt is the moment of truth.
Then either a politician steps in with fiscal chainsaws, or the political structure freezes into a command state, where even basic societal problems—like the migration crisis or emerging socialism—cannot be criticized.
Julia Ruhs sends her regards.
* * *
About the author: Thomas Kolbe, a graduate economist, has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
END
HUNGARY,SERBIA SLOVAKIA
Brussels wants a regime change on the 3 countries that are good and not leftists!
(Korbyko)
Hungary Warned About Brussels’ Three Regime-Change Plots In Central Europe
Sunday, Sep 21, 2025 – 08:10 AM
Authored by Andrew Korybko via Substack,
Hungarian Foreign Minister Peter Szijjarto warned in a Facebook post last month after talks with his Slovak and Serbian counterparts that Brussels is plotting regime change against them. This comes after Russia’s Foreign Intelligence Service (SVR) reported that the EU and Ukraine are backing the Hungarian opposition ahead of next spring’s parliamentary elections. The larger context is that they’ve all defied EU pressure to cut ties with Russia and are considering the creation of a new regional integration platform.
From the EU’s hegemonic perspective, those three’s current governments do indeed pose “an increasingly serious obstacle to a ‘united Europe’” as SVR described Hungary as being vis-à-vis Brussels, with that country being the main one followed by Slovakia and then Serbia to a much lesser extent. Long-serving Prime Minister Viktor Orban is a populist-nationalist icon on the continent, while his Slovak counterpart Robert Fico only recently returned to office but immediately followed in Orban’s footsteps.
Serbian President Aleksandar Vucic is an altogether different story, however, since he presents himself as a populist-nationalist but in many ways behaves as a liberal-globalist. For instance, SVR recently accused his government of indirectly arming Ukraine, which followed its votes against Russia at the UNGA. He also claims that recurring protests against his rule are a Color Revolution, which Russia has thus far agreed with, yet there’s also no denying that some bonafide populist-nationalists fiercely oppose him.
That’s because of his aforesaid anti-Russian moves, his concessions to the NATO-occupied Autonomous Province of Kosovo and Metohija, and his obsequious attitude towards the EU. At the same time, he also hasn’t fully capitulated to all of the West’s demands either, ergo why some of its ruling liberal-globalists want to depose him. Therefore, while it’s dishonest to describe him as a populist-nationalist in the same vein as Orban or Fico, it’s still true that all three don’t fully tow the EU’s line on Russia.
Circling back to Szijjarto’s recent post after clarifying the situation with Vucic, the EU’s regime change plots against all three are being advanced through a combination of information warfare and support for anti-government (Brussels-organized) “NGOs” (BONGOs). The purpose is to turn voters against the ruling parties (or whichever presidential candidate they endorse like in Vucic’s case after he said that he won’t amend the constitution to run again) so that their leaders can later be “democratically” deposed.
Prior to the next elections as well as in the scenario that this plot fails, infowars and BONGO protests are weaponized to discredit these figures as the pretext for justifying more direct EU pressure against them and their countries. Regardless of whatever form this takes, the end goal of regime change remains the same. It’s simply unacceptable from the EU’s hegemonic perspective for them to oppose Brussels on such important issues as Russia even in non-member Serbia’s case since this undermines its authority.
Looking forward, all eyes will be on Hungary’s spring elections, which will be the first chance for the EU to “democratically depose” one of these three leaders unless Serbia holds early elections before then.
In Serbia’s case, whoever Vucic endorses might take his pro-Western pivot to its conclusion, so it might not matter whether they or the opposition win.
It’s more difficult to predict what’ll happen in Hungary’s case, however, but the ruling party’s loss would be a powerful blow to populist-nationalists in Europe.
END
NETHERLANDS//HUNGARY
a good start!!
Netherlands, Hungary Push To Designate Antifa As Terrorist Organization
Monday, Sep 22, 2025 – 03:30 AM
Authored by Naveen Athrappully via The Epoch Times (emphasis ours),
Political leaders in the Netherlands and Hungary are backing proposals to designate Antifa as a terrorist group after U.S. President Donald Trump suggested he would take such an action in the United States.
“Dutch Parliament votes in favour of my party’s proposition to declare Antifa a terrorist organization,” Thierry Baudet, founder of the Forum voor Democratie (FvD) party, said in a Sept. 19 X post.
“Enough is enough! The violent and criminal terrorist organisation that is Antifa, with chapters all over the world, will finally be OUTLAWED in the Netherlands. This is just the beginning.”
In a Sept. 19 X post, Member of the House of Representatives of the Netherlands, Geert Wilders, posted a request that was filed at the Netherlands’ House of Representatives to designate Antifa as a terror outfit in the country.
The request said the United States has already decided on such a designation and warned the group’s cells “are also active in our country, which regularly engage in bad language, make threats, intimidate city dwellers and journalists, and do not shy away from using violence.”
Zoltan Kovacs, Hungary’s State Secretary for International Communication and Relations, on Sept. 19 posted a video clip on X featuring the country’s Prime Minister Viktor Orban saying he wants Antifa to be designated as a terror group.
“I was pleased with the U.S. president’s decision and I will take the initiative to do the same here in Hungary,” Orban said. “Antifa is a terrorist organization. They have come to Hungary, beaten peaceful people in the streets, beaten some half to death, and then gone to become MEPs, and from there they lecture Hungary on the rule of law.” MEP refers to a Member of the European Parliament. He did not explicitly identify any MEP’s Antifa affiliation in the video.
“The time has also come in Hungary for organizations like Antifa to be classified as terrorist organizations, following the American example,” Orban said.
During a White House news conference on Sept. 15, Trump was asked about U.S. conservative commentator Charlie Kirk’s assassination and whether he would designate Antifa as a terror outfit.
“It’s something I would do, yeah, if I have support from the people back here,” Trump said, referring to officials standing behind him, including Attorney General Pam Bondi. “I would do that 100 percent,” he said, adding that “Antifa is terrible.”
Tyler Robinson, the suspect in the assassination, is said to have followed leftist ideologies during recent years, according to Utah Gov. Spencer Cox and FBI Director Kash Patel.
In a Sept. 18 Truth Social post, Trump doubled down on his stance.
“I am pleased to inform our many U.S.A. Patriots that I am designating Antifa, a sick, dangerous, radical left disaster, as a major terrorist organization. I will also be strongly recommending that those funding Antifa be thoroughly investigated in accordance with the highest legal standards and practices,” the president wrote, partially in capital letters.
When Trump met with Britain’s royal family at Windsor Castle on Sept. 17, Antifa members gathered outside the castle, chanting “Charlie’s in a box.”
Meanwhile, Democratic lawmakers announced plans to introduce the No Political Enemies (NOPE) Act to counter what they alleged was the administration’s attack on free speech, according to a Sept. 18 statement from Rep. Chrissy Houlahan’s (D-Pa.) office.
“The announcement follows threats from President Trump, Vice President JD Vance, Attorney General Pam Bondi, and White House Senior Deputy Chief of Staff Stephen Miller to use the tragic shooting of Charlie Kirk as justification to weaponize the federal government to go after left-leaning individuals and organizations that don’t align with Trump’s political agenda,” said the statement.
“This bill would reaffirm the constitutionally protected right to free speech and establish clear and enforceable protections to deter abuse, empower individuals and organizations to defend themselves, and create meaningful accountability.”
In January, Rep. Marjorie Taylor Greene (R-Ga.) introduced a House Resolution aiming to designate Antifa as a domestic terrorist organization.
The bill calls on the Department of Justice to “use all available tools and resources” to combat the spread of domestic terrorism committed by Antifa. The measure has been referred to the House Committee on the Judiciary.
Trump had previously raised the idea of categorizing Antifa as a terror outfit back in 2020. According to former Attorney General William Barr, Antifa was present in some of the violent protests that followed the death of George Floyd.
Historically, Antifa began as a part of the Soviet Union’s front operations to bring about communist dictatorship in Germany.
One of the distinctive operational modes of the organization, then, as now, has been to label all rival parties as “fascist.”
The group works in a decentralized and covert format, often advocating extreme violence and anarchy.
end
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 48 HRS:
ISRAEL VS HAMAS SUNDAY
Two rockets fired at Ashdod; IDF says ‘many’ Hamas fighters killed in Gaza City push
IDF kills sniper it says was Shifa Hospital chief’s brother; Hamas-run health ministry says 75 more killed; 10 soldiers lightly injured when vehicle flips
By Emanuel Fabian, Follow
Agencies and ToI StaffToday, 2:32 pm
A trail of smoke is seen over Ashdod during a rocket attack on September 21, 2025. (screen capture/X; used in accordance with Clause 27a of the Copyright Law)
Two rockets were launched from the northern Gaza Strip at the southern Israeli port city of Ashdod on Sunday, a rare barrage that came as the Israel Defense Forces advanced in its offensive in Gaza City.
One rocket was intercepted by air defenses, while the second struck an open area, according to the IDF, the first time Ashdod experienced an attack since April 6. There were no reported injuries or major damage, and no immediate claim of responsibility for the rockets.
Rocket fire from Gaza was once an intermittent fact of life for southern Israel. But such salvos, especially long-range attacks with multiple projectiles, have become increasingly rare as the war has progressed, with terror groups’ launching capabilities hindered by the IDF’s ground offensive.
On Sunday, shortly after the missiles were intercepted, the IDF claimed to have killed “many” terror operatives over the past day who were planning to carry out attacks on troops during operations in Gaza City, currently the main theater of the nearly two-year war.
The Hamas fatalities came via airstrikes and ground operations in the Israeli offensive in the city, which began earlier this month. The government has depicted the city in the north of the Strip as Hamas’s last stronghold, and has ordered the estimated 1 million civilians there to evacuate to a humanitarian zone in the south.
Hamas-linked local officials have reported dozens killed daily, as Israel says around half of the residents have fled. Those evacuating describe an arduous journey, while Israel accuses Hamas of firing at aid workers and preventing the opening of an evacuation route out of the city.
One of the more notable recent Hamas casualties came Saturday when, the IDF said, it killed one of the terror group’s snipers, whose brother is the director of Gaza’s Shifa Hospital. According to the military, Majed Abu Salmiya was killed in an airstrike in Gaza City’s Shati camp, as he was set to carry out an “imminent” attack on Israeli forces in the area.
The IDF said it took steps to mitigate civilian harm in the strike, “as much as possible,” including by using a precision munition, aerial surveillance, and other intelligence.
Dr. Mohammed Abu Salmiya, his brother, is the Shifa Hospital director who was detained by Israel in November 2023 on suspicion of having allowed Hamas to use the Gaza City hospital as a center of operations, before being released in July 2024.
Abu Salmiya said he had been working in the emergency department on Saturday when his brother and sister-in-law’s bodies were brought in. He told AFP he rejected the military’s accusation regarding his brother as “a lie, slander and an unacceptable justification for targeting civilians with direct missile strikes.”
“My brother is a 57-year-old man who suffers from several illnesses such as high blood pressure and diabetes, and he has severe vision impairment — and they claim he was a sniper? This is pure fabrication,” he told AFP, noting his brother’s family had been displaced several times since the outbreak of the Gaza war in October 2023.
Israeli troops operate in the Gaza Strip in a handout photo dated September 21, 2025 (Israel Defense Forces)
In addition, over the past day, according to the military, troops of the 98th Division spotted a cell of armed operatives near Israeli forces and directed an airstrike against them. In another incident in the area, the IDF said several operatives and weapons were identified at a site, which was then struck from the air.
The IDF said the 162nd Division, which is also operating in Gaza City, killed several more operatives and destroyed Hamas infrastructure, including booby traps. The Navy’s 916th Patrol Squadron likewise killed an operative who “posed a threat to the ground troops,” the military said.
Meanwhile, the IDF said the 99th Division, operating elsewhere in northern Gaza, struck several buildings used by Hamas, along with operatives. And the Gaza Division, operating in the Strip’s south, located a Hamas surveillance command center, which was targeted in a drone strike, killing the operatives inside.
The military estimates it has demolished up to 20 Gaza City tower blocks over the past two weeks. Hamas estimates that since August 11, Israel’s military has destroyed or damaged more than 1,800 residential buildings in Gaza City, and destroyed more than 13,000 tents housing displaced families.
Smoke rises to the sky following an Israeli military strike in the northern Gaza Strip, as seen from southern Israel, Saturday, Sept. 20, 2025. (AP/Leo Correa)
Over the past day, according to the Hamas-run health ministry in Gaza, 75 Palestinians were killed and more than 300 were wounded by Israeli fire in the Strip. Gaza authorities do not differentiate between civilians and combatants.
The ministry also said that four more people died of malnutrition and starvation in the enclave, raising deaths from such causes to 440 people, including 147 children, since the war started. Israel has disputed claims of widespread famine in Gaza, but has admitted “there are issues of access to food” in some areas.
On Sunday morning, 10 IDF soldiers were lightly injured when a military vehicle they were in overturned during operations in northern Gaza, the military said. The troops were taken to a hospital in Israel for treatment.
The war began with the Hamas-led October 7, 2023, attack on Israel, in which some 1,200 people were killed and 251 hostages were abducted. Forty-eight hostages are still held by terror groups in Gaza, including some 20 thought to be alive.
A makeshift tent camp for displaced Palestinians stretches across an area in Zawaida, in the central Gaza Strip, Saturday, Sept. 20, 2025. (AP/Abdel Kareem Hana)
The Hamas-run Gaza health ministry says more than 65,000 people in the Strip have been killed or are presumed dead in the fighting so far, though the toll cannot be verified and does not differentiate between civilians and fighters. Israel says it has killed over 22,000 combatants in battle as of August and another 1,600 terrorists inside Israel during the October 7 onslaught.
Israel has said it seeks to minimize civilian fatalities and stresses that Hamas uses Gaza’s civilians as human shields, fighting from civilian areas including homes, hospitals, schools, and mosques. Israel’s toll in the ground offensive against Hamas in Gaza and in military operations along the border with the Strip stands at 469.
Israel has continued to urge people to evacuate Gaza City, and says approximately half a million people have left. Hamas disputes this, saying just under 300,000 have left and around 900,000 remain.
Displaced Palestinians flee the northern Gaza Strip, by foot and in vehicles, carrying their belongings along the coastal road, near Wadi Gaza, September 20, 2025. (AP Photo/Abdel Kareem Hana)
The journey has proven difficult for some families. Recently, along the coastal Wadi Gaza route, those too exhausted to continue stopped to catch their breath and give their children a much-needed break from the difficult journey.
“No water, electricity, or internet. People are forced to leave with nothing,” said Seif Abu Oomsan. “They target us with things you wouldn’t imagine, like science fiction. They target us with missiles that we have never heard of.”
“We are headed toward the unknown. Nobody knows where they are going,” said Faris Swafiri.
Aid groups have warned that forcing thousands of people to evacuate will exacerbate the dire humanitarian crisis. COGAT, the Israeli defense agency that oversees aid in the enclave, said earlier that Hamas fired at UN teams on Saturday and prevented the opening of a new humanitarian route in the southern Gaza Strip.
Hamas categorically rejected the claims, saying criminal gangs granted protection by Israeli firepower and air cover are attacking aid trucks, looting and stealing. The UN was not immediately available to comment.
ISRAEL HAMAS/QATAR
Qatar said conditioning resumption of mediating role on Israeli apology for Doha strike
Report says Doha willing to be flexible on wording of apology, will allow Netanyahu to apologize for inadvertently killing Qatari security official rather than for targeting Hamas
By ToI StaffToday, 4:01 am
Damage is seen after an Israeli strike targeted part of a building that hosted Hamas’s leaders in Doha, Qatar, September 10, 2025. (REUTERS/ Ibraheem Abu Mustafa)
Qatar is conditioning its continued role as a mediator in ceasefire and hostage deal talks between Israel and Hamas on a public Israeli apology for the recent strike targeting the leaders of the terror group while they were meeting in Doha, the Axios news outlet reported on Saturday.
Citing sources familiar with the talks, the news outlet reported that the demand, put forward by Qatari emir Tamim bin Hamad Al Thani, was raised during US Secretary of State Marco Rubio’s talks this week in Jerusalem and Doha, as well during US special envoy Steve Witkoff’s meeting in London with Strategic Affairs Minister Ron Dermer.
Although Doha expects Israel to apologize if it wishes to move forward with negotiations, the sources noted that it will be willing to show some flexibility on the wording of the apology, given that the matter is politically sensitive for Prime Minister Benjamin Netanyahu.
Israel’s unprecedented strike on Doha on September 9 had targeted top Hamas officials while they were meeting to discuss a US-sponsored proposal for a hostage release deal and ceasefire in Gaza.
Six people, including a Qatari officer, were killed in the strike, but all of the terror group’s senior leaders were believed to have survived.
Qatar has hosted Hamas’s political leadership since 2012, but is also a key US ally and hosts the largest US military base in the region.
US Secretary of State Marco Rubio, left, meets Qatar’s Emir Sheikh Tamim bin Hamad Al Thani at Amiri Diwan, in Doha, Qatar, Tuesday, Sept. 16, 2025. (Nathan Howard/Pool Photo via AP)
It has been the main mediator — along with the US and Egypt — in long-running negotiations for the release of hostages held by terror groups in Gaza, a ceasefire between Israel and Hamas, and a post-war plan for the Strip.
Israel’s attempt to kill Hamas’ political leaders prompted outrage from Qatar, as well as international condemnation, but a defiant Netanyahu warned Doha to either expel Hamas officials or “bring them to justice, because if you don’t, we will.”
Since then, however, an unnamed senior Israeli official told Axios, Netanyahu has realized that he miscalculated and underestimated the amount of fallout that the strike would cause.
According to the report, Qatar may not require Netanyahu to apologize for Israel striking Hamas leaders, but rather for inadvertently killing a Qatari security officer. Israel would also be expected to commit to not violating Qatar’s sovereignty again in the future, Axios added.
The report comes amid last-ditch efforts to revive the ceasefire and hostage deal negotiations, which were already at an impasse prior to the strike on Hamas officials in Doha.
Ahead of the strike, however, the US had reportedly put forward a proposal involving the release of all hostages on the first day of a truce and, if subsequent talks bear fruit, the end of the war in Gaza. Hamas said they were discussing the offer when the airstrike was carried out.
The terror group said last month, after rejecting previous offers for a phased hostage-truce deal, that it had accepted a US proposal for a partial deal that Israel had sought for several months.
However, the development came after Jerusalem had already changed its position, declaring it would no longer accept a phased deal and would only negotiate for the release of all the hostages at once.
The terror group has said it is willing to end the war, but has not accepted Israel’s conditions, which include the release of the hostages, Hamas’s disarmament, the demilitarization of Gaza and a new government for the Strip that includes neither Hamas nor the Palestinian Authority.
end
ISRAEL HAMAS FRANCE
the most idiotic statement I have heard on this subject in years:
French proposal envisions multinational Gaza force tasked with gradually disarming Hamas
Paris circulating draft, obtained by ToI, aimed at operationalizing internationally-backed NY Declaration to marginalize Hamas; but it’s mum on coordination with Israel
By Jacob Magid FollowToday, 2:03 am
Egyptian army soldiers man an infantry fighting vehicle (IFV) deployed near the Egyptian side of the Rafah Border Crossing with the Gaza Strip on March 23, 2024 (Photo by Khaled DESOUKI / AFP)
France is advancing an initiative aimed at establishing an “International Stabilization Mission” that would replace the IDF in Gaza and work to disarm Hamas after the war ends, according to a draft of the proposal obtained by The Times of Israel.
The proposal aims to operationalize an internationally-backed declaration from July calling for a two-state solution, the disarmament of Hamas and the gradual transfer of internal security in Gaza to the Palestinian Authority.
The proposal envisions several states leading the transitional force and specifically names Egypt, Jordan, Saudi Arabia, the United Arab Emirates and Qatar as preferred candidates.
The draft “outlines a pragmatic pathway to deploy — in a short timeframe — a UN-mandated, regionally-led temporary stabilization mission in Palestine as provided for in the New York Declaration, once the environment is sufficiently permissive.”
The New York Declaration was cosponsored by France and Saudi Arabia in July and was subsequently endorsed by Arab countries, including Qatar and Egypt, before being enshrined in a UN General Assembly resolution earlier this month.
The declaration stated that signatories “support the deployment of a temporary international stabilization mission upon invitation by the Palestinian Authority and under the aegis of the United Nations and in line with UN principles.”
Results are displayed during a General Assembly meeting to vote on the two states solution to the Palestinian question at United Nations headquarters (UN) on September 12, 2025 in New York City. (ANGELA WEISS / AFP)
“This mission, which could evolve depending on the needs, would provide protection to the Palestinian civilian population, support transfer of internal security responsibilities to the Palestinian Authority, provide capacity building support for the Palestinian State and its security forces, and security guarantees for Palestine and Israel, including monitoring of the ceasefire and of a future peace agreement, in full respect of their sovereignty,” the New York Declaration added.
Peacekeeping force vs. multinational mission
The French proposal for the International Stabilization Mission, obtained by The Times of Israel, gets more specific about the mandate and scope of the mission, serving as a potential precursor for a UN Security Council resolution that would establish the force.
The draft states that the force would ideally take the form of a United Nations peacekeeping operation (PKO) or a special political mission (SPM), which would be officially neutral, have more internationally legitimacy and operate under a clear set of principles.
However, establishing a lower-level, ad hoc Multinational Mission led and commanded by specific nations would allow for faster deployment, as it requires fewer approvals, and is more likely to be accepted by the parties on the ground, the proposal states.
UN peacekeepers hold their flag in Blida, a Lebanese border village with Israel in south Lebanon, Jan. 25, 2025. (AP Photo/Mohammed Zaatari)
The mission would be funded by voluntary donors, such as Gulf countries, through a dedicated trust fund, rather than through mandatory contributions, the draft says.
Notably, the proposal suggests that the mission could be deployed before an end to the war in Gaza, but it specifies that securing a ceasefire agreement ahead of time is “most preferable.”
Two-phase deployment
The draft envisions a two-phased deployment, ideally beginning after a ceasefire is reached, with the objectives of the force stated as “ceasefire monitoring, protection to the Palestinian civilian population, gradual disarmament of Hamas and facilitation of humanitarian access and delivery of basic services in coordination with the PA and UN agencies.”
In phase two, which is characterized as medium-to-long-term, the international force will focus on “capacity building support” for a future Palestinian state, drawing lessons from similar UN missions in Kosovo and East Timor.
The force will support the transfer of internal security to the PA, coordinating with existing initiatives to train Palestinian police, the draft says, referencing ongoing programs led by Egypt and Jordan to ready thousands of PA security force members for deployment in Gaza.
The stabilization mission will also assist preparations for Palestinian elections across Gaza and the West Bank and coordinate reconstruction efforts in the Strip.
Palestinians run accross a hill as they try to chase off Israeli settlers in the village of Sinjil, in the occupied West Bank on July 4, 2025. (JOHN WESSELS / AFP)
As for the scope of the force, the French proposal says it will initially be deployed in Gaza only.
“Limiting the mandate of this mission in Gaza in the long term could however lead to a lasting separation between Gaza and the West Bank,” the proposal warns, arguing in favor of eventual extension of the deployment to the latter territory.
However, such a move would be “subject to political agreement and operational feasibility, given sensitive issues such as settler violence and the presence of Israeli forces,” the proposal states.
Potential red flags
The above reference is the only mention of Israel in the two-page proposal. Israel could well be a roadblock to the plan, given that Jerusalem has been adamant in its opposition to a PA role in Gaza, let alone letting an international force operate in the West Bank.
Any international force will likely have to coordinate and deconflict with the IDF, and while the French draft is not final, its omission of details on the international force’s relationship with the Israeli army appeared glaring.
Qatar’s involvement in the security mission could also face pushback from Jerusalem, though officials familiar with the proposal argue Doha’s role will be essential in keeping Hamas at bay.
Troops of the 36th Division are seen operating in Gaza, in a handout photo issued by the IDF on September 21, 2025. (Israel Defense Forces)
Still, its explicit mention of Hamas disarmament appeared to go further than the US-backed plan being crafted by former British prime minister Tony Blair, which was obtained and published last week by The Times of Israel.
The Blair proposal focuses more exclusively on the establishment of a transitional governing authority in Gaza. It does highlight a goal of advancing the “disarmament, demobilization, and reintegration (DDR),” but it doesn’t mention Hamas by name.
The French proposal is also more explicit about the force being a precursor to a two-state solution, which Arab countries have repeatedly asserted is critical for their involvement. Paris appears keen on taking Arab allies’ stances into account in its proposal, while Blair has also been trying to appeal to the US and Israel, who are far less enthusiastic, if not hostile, to the idea of establishing a Palestinian state.
Without US support, the French proposal has no chance of getting through the UN Security Council.
Macron makes the case
French President Emmanuel Macron said in a Sunday interview on CBS’s “Face the Nation” that he has been engaging the US and Blair regarding Paris’s proposal.
He argued that his decision to recognize a Palestinian state in the coming week was critical to getting Arab countries on board to contribute to the security mission needed to disarm Hamas.
Macron offered some additional details on the French plan, saying it will see Israeli vetting of Palestinian troops.
The French president said he is working closely with the UK — which recognized a Palestinian state on Sunday — along with Arab leaders to advance the effort to “offer an international force to be deployed in Gaza, with a UN mandate… to assist and back [Palestinian] policemen and security forces.”
French President Emmanuel Macron participates in a meeting with European leaders in the East Room of the White House in Washington, DC, on August 18, 2025. (ANDREW CABALLERO-REYNOLDS / AFP)
“It would involve Jordan and Egypt, and others are ready to finance. Obviously, it is to be made in close coordination with Israel,” Macron said.
He stressed that the “core element” of the French security plan is the “dismantling of Hamas.”
“There is no other option if you want to fix the situation — disarm Hamas, demobilize [its] fighters and organize… a DDR process… to be sure that Hamas will never be involved in the government, with some key people leav[ing] Gaza and some others de-radicalized,” Macron added.
“In order to do so, you need these international forces to be here,” he said.
The French Mission to the UN did not respond to a request for comment on this story.
end
ISRAEL GAZA
Hamas to tell Trump: We are willing to release half the hostages for 60-day ceasefire
Hamas’s offer has not yet been sent to the president.
Members of the Al-Qassam Brigades, the military wing of Hamas and mourners attend the funeral of Al-Qassam fighters who were killed during the war between Israel and Hamas in the Al-Shati camp, in Gaza City, February 28, 2025.(photo credit: Khalil Kahlout/Flash90)ByAMICHAI STEIN, JERUSALEM POST STAFFSEPTEMBER 22, 2025 16:11Updated: SEPTEMBER 22, 2025 16:55
Hamas will tell US President Donald Trump that it is willing to release half of the remaining 48 hostages in exchange for a 60-day ceasefire guarantee, a source told The Jerusalem Post on Monday.
The letter containing the proposal has not yet been sent to Trump, but was also reported by Fox News’s Chief Foreign Correspondent, Trey Yingst.
The letter reportedly states that as long as negotiations for a permanent end the war continue, the ceasefire will continue.
Yingst reported on the letter citing a senior Trump administration official and a second source directly involved in the negotiations.
Letter to be given to Trump later this week
According to the Fox News correspondent, the letter is currently with the Qataris and is expected to be delivered to Trump later this well.
The Hamas proposal comes as Israel engages in Gideon’s Chariots II, the operation to sieze control of Gaza City, Hamas’s final stronghold in the Gaza Strip. Already, over half of the city’s population of one million has evacuated the area.
It also comes weeks away from the two-year anniversary of the October 7 massacre in 2023, when Hamas and other terrorists, as well as Gazan civilians, invaded southern Israel, killing some 1,200 people and kidnapping hundreds of others.
END
ISRAEL //SYRIA
Netanyahu says Syria talks progressing, peace with northern neighbors possible
Today, 2:45 pm
Prime Minister Benjamin Netanyahu told ministers during a cabinet meeting that Israel had made progress in talks with Syria that could lead to peace agreements with Damascus and Beirut, according to a readout from his office.
“Our victories against Hezbollah opened a window to unimaginable possibilities, that’s the possibility of peace with our neighbors to the north,” he is quoted saying. “We’re conducting contacts and there has been certain progress with the Syrians, but that’s still a vision for the future.”
Netanyahu is set to convene a meeting this evening to discuss an emerging security agreement with Syria, the office of one of the attendees told The Times of Israel on Saturday, with Damascus seeking to secure a halt to Israeli airstrikes and the withdrawal of Israeli troops who have pushed into southern Syria.
END
GREAT BRITAIN, ISRAEL PALESTINE
idiotic!! you never reward terrorism!!
UK’s Starmer set to recognize Palestinian state today despite strong opposition from Israel, US
British PM Keir Starmer is expected to announce recognition of a Palestinian state Sunday, drawing criticism from Israel, Donald Trump, and the UK public ahead of a key UN meeting.
British Prime Minister Keir Starmer, July 28, 2025.(photo credit: REUTERS/EVELYN HOCKSTEIN)ByMATHILDA HELLERSEPTEMBER 21, 2025 13:34
British Prime Minister Keir Starmer is expected to announce the UK’s recognition of a Palestinian State on Sunday afternoon, Deputy Prime Minister David Lammy confirmed to Sky News on Sunday morning.
Lammy also said that “any step to recognize (a Palestinian state) is because we wish to keep alive the prospects of a two-state solution.“
Starmer originally confirmed his intention in a statement in July. At the time, he said he would recognize a Palestinian state before the UN General Assembly in September, unless the Israeli government takes “substantive steps to end the appalling situation in Gaza” such as allowing in more aid.
The UNGA one-day conference on the matter is set to take place tomorrow, Monday, 22. Portugal, France, Canada, and Australia are also set to recognise a Palestinian state.
Israel remains vehemently opposed to the recognition of a Palestinian state, especially as the war against Hamas persists. At the time of Starmer’s announcement in July, Israeli Prime Minister Benjamin Netanyahu said, “Starmer rewards Hamas’s monstrous terrorism & punishes its victims. A jihadist state on Israel’s border TODAY will threaten Britain TOMORROW. Appeasement towards jihadist terrorists always fails. It will fail you, too. It will not happen.”
FILE PHOTO: Britain’s new foreign secretary, David Lammy, is pictured at a meeting in Beirut, Lebanon in January 12, 2024. (credit: REUTERS/MOHAMED AZAKIR/FILE PHOTO)
Almost nine in ten Britons do not back Starmer’s decision
And it is not only Israel that opposes the move: Almost nine in ten Britons do not back Starmer recognizing a Palestinian state without conditions, according to a poll carried out by JL Partners and published by the Telegraph on Saturday.
Just 13 per cent of Britons support Palestine being recognised without any conditions. 51 per cent oppose recognition while Hamas still controls Gaza and has not released any hostages, and 40 per cent believe a condition of statehood should be Hamas agreeing to a ceasefire and releasing hostages.
Another strong opposing force comes in the form of US President Donald Trump, who made a state visit to the UK last week.
During his meeting with his British counterpart, Trump said he did not agree with the plan to recognize a Palestinian state. Following the meeting, reports circulated in British media that the UK is intending to hit Hamas with new sanctions as a way of appeasing Trump.
Dame Priti Patel, the shadow foreign secretary, called it a “feeble last-minute attempt.”
“With the terrorist organisation Hamas still holding hostages in barbaric conditions and glorifying acts of terror, Starmer is sending a dangerous message, where violence and extremism are tolerated and rewarded,” she said on Saturday.
end
ISRAEL HAMAS
Gaza City Takeover To Add $7.5BN To Israel’s Soaring War Costs
Monday, Sep 22, 2025 – 02:05 PM
In the past Israel relied on its weapons superiority to dissuade potential attacks from neighbors, but that gap is obviously narrowing, as the massive Iranian retaliatory missile strikes on Tel Aviv and other cities demonstrated last June. Lessons from Ukraine should also be taken into account, as Israeli armor might not have the same battlefield presence it once did if cheap drones are so effective in destroying vastly more expensive tanks.
While the superior-armed IDF military has clearly been pushing forward in Gaza, as the war is soon to reach the two-year mark, Hamas has all the while released a steady stream of battlefield videos showing its militants engaged in successful ambushes. Large IDF tanks have been blown up often by militants sneaking up and placing IEDs directly on them.
The fact that Israel has since Oct.7 been engaging hostile groups from the Houthis of Yemen, to the Iranians, to Hezbollah in Lebanon – has meant a severe strain on public and government coffers. Israel has also frequently bombed Syria, as it did back in the days of Assad, and is now occupying parts of the country’s south, well beyond the Golan Heights. All of this also requires more manpower, and steady updates regarding weapons tech, parts, and mechanical upkeep.
Now there are new risks and mounting costs involved, as reservists continued to be called up in the thousands, connected to the effort to fully take over Gaza City – the Strip’s most populous location.
New Monday reporting in Bloomberg says that “Israel’s push to take over Gaza City is expected to add 25 billion shekels ($7.5 billion) to the war bill through the end of the year, according to an Israeli government official.”
“The added costs — equivalent to more than 1% of Israel’s gross domestic product — will pile onto the 204-billion-shekel military tally for the almost two-year war in Gaza, which spread to Lebanon, Iran, Syria and Yemen,” the report continues. That’s over $60 billion total.
Additionally the report notes that “Reservists’ salaries, ammunition and missile interceptors make up the bulk of spending, the official said on condition of anonymity to discuss sensitive matters that haven’t been made public.”
There are other indirect factors putting an immense strain on funding the war effort, amid Israel’s increased global isolation, as CNN writes:
Netanyahu, meanwhile, is calling on Israel’s arms makers to step up their readiness. “We will need to strengthen our independent weapons industries so that we have munitions independence, a defense industrial economy, and the industrial capability to produce them,” he said last Monday, speaking at a finance ministry conference.
Israel and its arms makers have long been viewed as producing cutting-edge weapons technology, and those weapons have been sold to countries around the world. But as international criticism of the war in Gaza grows, Israel risks losing its position in some of those markets.
But the ‘special relationship’ with Washington will once again form the basis of bailing Israel out, and the Trump White House is already pushing for Congress to approve a nearly $6 billion arms deal with Israel.
The proposed package includes 30 AH-64 Apache attack helicopters valued at $3.8 billion, which would nearly double Israel’s current fleet, as well as 3,250 infantry fighting vehicles – at $1.9 billion.
Trump is said to be deeply frustrated with Prime Minister Netanyahu over the risky Doha operation targeting Hamas leaders earlier this month, but certainly this public stance doesn’t square with promise of $6 billion more in weapons. It’s yet another example of watch what Trump does and not what he says.
END
ISRAEL WEST BANK’OPINION
Why Israel should annex the West Bank, but doesn’t need to do so yet – opinion
Anyone with even the most superficial understanding of the conflict knows that a Palestinian state has never been further from coming to fruition than today.
THE UN General Assembly adopts a resolution endorsing the ‘New York Declaration on the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution,’ earlier this month(photo credit: Eduardo Munoz/Reuters)ByALIZA PILICHOWSKISEPTEMBER 21, 2025 13:31
The UN General Assembly recently adopted a resolution endorsing the “New York Declaration on the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution.” This adoption came on the heels of France and other countries promising to recognize a Palestinian state at the United Nations General Assembly.
The developments at the United Nations follow recent reports out of Saudi Arabia and the United Arab Emirates that suggest that if Israel advances some of its ministers’ plans to annex Judea and Samaria/the West Bank, expansion of the Abraham Accords, if not the accords themselves, could be at risk. This has caused a flurry of handwringing and worry from many corners of the Pro-Israel world.
If UN resolutions, pro-Palestinian pledges by European countries supposedly friendly to Israel, and Arab nations’ threats weren’t supportive enough for Palestinians and their advocates, the pro-Israel Democratic Majority for Israel, an organization that aims to encourage support of Israel in America’s Democratic Party, recently criticized Israel’s latest development plans:
“We oppose the signed agreement to construct 3,000 housing units in the E1 settlement, effectively bisecting the West Bank, and are deeply concerned by Prime Minister [Benjamin] Netanyahu’s comment that ‘there will be no Palestinian state…’ Expanding settlements and dismissing the Palestinian people’s future aspirations for statehood will only inflame tensions and make our goal of bringing home the hostages, eliminating Hamas, and bringing the conflict to an end much more difficult to foresee.”
Based on the declarations of Israel’s enemies and friends, an outside observer with little familiarity with the Israeli-Palestinian conflict would be confident of Israel’s withdrawal from lands and the establishment of a Palestinian state in the near future.
Of course, anyone with even the most superficial understanding of the conflict, its history, and its current condition knows that a Palestinian state has never been further from coming to fruition than today.
When Israel first captured the West Bank
IN THE 1967 Six Day War, Israel captured a region historically known by its biblical name, Judea and Samaria, from Jordan. While it was illegally occupied by Jordan, the name was changed to the West Bank. Israel immediately offered the land in return to Jordan in exchange for peace, but Jordan turned down the offer. Along with the other Arab states, it pledged to neither recognize nor negotiate with Israel.
Israel held on to Judea and Samaria and offered it to the Jordanians, and then the Palestinians, in exchange for peace. In the ensuing years, Israeli citizens moved on to the land, began communities, and improved the infrastructure of the land. Israel offered the land back in various different plans, made peace with other Arab nations, and eventually even made peace with Jordan.
All the while, Israeli communities grew and Palestinians watched as more and more of the land they were once offered as a state by the United Nations in 1947 was settled and developed by Israeli Jews.
As Israel closes in on 60 years of controlling Judea and Samaria, Israeli ministers and many Israelis are demanding that Israel put an end to the charade of a Palestinian state and annex the heartland of Israel’s homeland. Finance Minister Bezalel Smotrich just advanced a plan for the annexation of 82% of Judea and Samaria. Israel has begun building on lands, like the aforementioned area of E1, that it had never dared to develop before.
After the UAE and Saudi threats to suspend the Abraham Accords, there are some in the pro-Israel community asking those who support Israeli annexation of Judea and Samaria whether they are willing to end the peace agreements with Arab states in exchange for annexation.
The question is essentially a strawman argument that incorrectly assumes there is an “either/or” quandary being presented to Israel. This is a false dichotomy set up by a lack of imagination borne of decades of failed diplomacy, combined with a misunderstanding of Palestinians and their objectives.
This decades-old lack of imagination expresses itself in the claims that annexing Judea and Samaria would create one of three untenable situations: (1) the ethnic cleansing of 3.4 million Arabs in Judea and Samaria; (2) absorbing Palestinians as Israeli citizens; (3) ruling over Palestinians as non-citizens in a close-to-apartheid situation.
These people assume that annexing Judea and Samaria leaves Israel with an essentially binary choice – be a democracy with a minority Jewish population, or, at best, set up Bantustans that make the Palestinian population separate and unequal. And at worst, forcibly expel them, which, they incorrectly claim, borders on genocide.
They incorrectly concluded that this recent war made one thing clear: Israel will never be able to integrate itself fully into the region and enjoy a true peace until there is some type of Palestinian independence – whether it be a country, a confederation with other Arab states, or some other arrangement.
These archaic notions are reminiscent of former US secretary of state John Kerry’s dismissing the notion of normalization with Arab countries without a solution to the Israeli-Palestinian conflict, only to watch President Donald Trump and Jared Kushner establish the Abraham Accords.
Palestinians have demonstrated an incapability to forge peace
EVEN IN their one-dimensional thinking, these people admit most Palestinians’ hate towards Israel and the Jews, as expressed by wars, terrorism, and, of course, the October 7 massacre. They acknowledge that the war demonstrates that Israel must maintain a military force that dominates the Middle East and is capable of quickly defeating any combination of terrorist groups and armies.
These people refuse to consider that the facts that the Palestinians have demonstrated an incapability to forge peace, are corrupt, and don’t deserve a state. These factors preclude any sort of accommodation with the Palestinians until those factors change. They misunderstand Palestinians as anti-Zionists and refuse to recognize that they are antisemites who hate Jews.
Israel should annex Judea and Samaria because it is the historic heartland of the Jewish people. Israel can be confident that the history of Arab Gulf countries, having taken no steps to demonstrate care for Palestinian statehood, demonstrates their support of Palestinians as performative, at best.
Israel can’t give land or grant sovereignty to a people whose population is overwhelmingly hell bent on killing them. Unfortunately, while all Israel has ever wanted is a lasting peace, the Palestinians prefer to try to destroy Israel rather than live alongside it in peace. The refusal of other Arab countries to accept Palestinians in their midst should be a red light for the world.
Israel should, but doesn’t need to, annex Judea and Samaria. Over the past 60 years, Israel has ensured it will forever control its historic homeland, and a Palestinian state will never be established. By acting strategically and having an enemy as foolish, shortsighted, and violent as the Palestinians, Israel has ensured it will never need to give up its land.
Whether it annexes Judea and Samaria today, next year, or in a decade, it has already established the land as its own. If the UN, European and Arab countries, and pro-Israel organizations want to do more than issue performative statements, they should recognize this reality.
The writer is a certified interfaith hospice chaplain in Jerusalem and the mayor of Mitzpe Yericho, where she enjoys spending time with her family
END
HOUTHIS
RUSSIA VS UKRAINE//USA ET AL
Putin Offers US A Temporary Nuclear Control Deal “To Prevent New Arms Race”
Monday, Sep 22, 2025 – 09:05 AM
Russian President Vladimir Putin on Monday has offered President Trump a temporary nuclear arms control deal that would extend the status quo by one year, at a moment the future of the New Strategic Arms Reduction Treaty, or New START, is hanging by a thread.
During a meeting with permanent members of the Russian Security Council, Putin said he was ready to extend by one year the last arms control treaty between Washington and Moscow, Reuters reports. This would allow time to negotiate its further extension, likely by another five years. This would be “if the US reciprocates, to prevent a new arms race,” Putin stipulated.
He painted a dire picture of strategic security in the world. “Unfortunately, it continues to degrade, which is caused by the combined impact of a number of factors, including negative ones, provoking the aggravation of existing and the emergence of new strategic risks,” Putin said.
He described that central to the problem is that multiple Cold War era arms agreements had steadily eroded and then been dropped between the US and Russia, while only New START remains.
“Step by step, the system of Soviet-American and Russian-American agreements on control over nuclear missiles and strategic defensive weapons was almost completely dismantled,” the Russian leader said.
“We associate the multiple problems that have accumulated in the strategic sphere since the beginning of the twenty-first century with the destructive actions of the West.”
Putin further asserted that no one should have doubt that Russia will be ready for any threat. “Our plans to strengthen the country’s defense capability are being developed taking into account the changing global situation and are being implemented in full and in a timely manner,” he underscored, before saying:
“I emphasize, and no one should have any doubt about this, that Russia is able to respond to any existing and newly emerging threats.”
But the fact that Putin is offering a year-long extension to New START while its renewal is negotiated is a major positive sign, showing advancement in trust related to Trump’s efforts to have bilateral talks even as the Ukraine war rages.
New START will expire in February 2026 unless a half-decade extension can be reached. Both leaders have shown willingness to reach a breakthrough on this issue. Putin on Monday…
Putin says ‘Removal of such limitations would not be a reasonable step’ Adds that Russia is offering a one-year EXTENSION of limits if the US reciprocates — to prevent a new arms race.
The treaty is intended to limit and reduce nuclear arms on either side, setting a limit of no more than 1,550 deployed warheads and 700 missiles. START I began in 1991, with New START signed under the Obama and Medvedev administrations in 2010 as a successor agreement.
In August 2023 the US accused Russia of violating the treaty in disallowing US on-site inspections under its stipulations. In response, Washington halted Russian inspectors’ ability to do the same on American soil.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
DIRECT link to autism with women taking Tylenol (acetominophen) during pregnancy
(zerohedge)
Kenvue Stock Falls on Trump’s Plan To Link Tylenol Use In Pregnancy To Autism
Monday, Sep 22, 2025 – 07:45 AM
President Trump revealed at Charlie Kirk’s memorial at State Farm Stadium outside Phoenix, Arizona, on Sunday afternoon that the “biggest medical announcement in U.S. history” will be announced on Monday, adding, “I think we’ve found an answer to autism.”
Hours later, The Washington Post reports that Trump administration officials, including Health Secretary Robert F. Kennedy Jr., plan a press conference later today to warn pregnant women against using acetaminophen, the active ingredient in Tylenol, over alleged links to autism.
The new guidance from HHS follows a series of lawsuits alleging that Tylenol use during pregnancy caused autism. A federal judge rejected these claims in 2023, citing flawed science, and a 2024 Swedish study of 2.5 million siblings found no increased autism risk tied to prenatal acetaminophen use.
Tylenol-maker Kenvue disputed the Trump administration’s new guidance, citing a decade of independent research and global health regulators that found no concrete evidence of such a link.
Kenvue told Bloomberg on Sunday that “independent, sound science” shows taking acetaminophen does not cause autism.
“We strongly disagree with any suggestion otherwise and are deeply concerned with the health risk this poses for expecting mothers,” the company said in a statement, adding, “The facts are that over a decade of rigorous research, endorsed by leading medical professionals and global health regulators, confirms there is no credible evidence linking acetaminophen to autism.”
Shares of Kenvue were down 4% in premarket trading on the news.
Goldman analyst Esah Hayat told clients earlier, “Trump administration plans to link the active ingredient in Tylenol to autism today according to the Washington Post. Some have suggested that there could be knock-on effects to paracetamol usage outside of the US among pregnant women, noting that a lot of agencies tend to be led by FDA recommendations. That said, there have been a lot of studies on this topic in the past and no causal link has been found to date. Not a hugely worrying headline as we’re (unfortunately) used to this new baseline of regulatory vol but could see some consumer health weakness through the day.”
At the start of the month, the Wall Street Journal reported that RFK. Jr. would soon release a report connecting the painkiller acetaminophen during pregnancy to autism.
WSJ also noted that the Trump administration will suggest other potential causes of autism and suggest further study. It’s not yet certain whether certain vaccines will be mentioned later today.
END
Major Study Confirms Covid ‘Vaccines’ Destroy Nervous System
September 18, 2025 – 12:57 pm
– Advertisement –
A major new study has confirmed that Covid mRNA “vaccines” are now linked to dozens more devastating side effects that are causing catastrophic destruction to the human central nervous system.
The study found that mRNA shots disrupt the blood–brain barrier to unleash alarming neurological side effects, including meningitis, encephalitis, brain abscesses, and even prion diseases resembling “mad cow” in humans.
The peer-reviewed paper is titled “COVID-19 mRNA Vaccination: Implications for the Central Nervous System.”
The study was conducted by a team of leading American researchers led by Dr. James Thorp, Dr. Steven Hatfill, and Dr. Peter McCullough.
– Advertisement –
The findings of the study have just been published on Zenodo.
During the study, the team analyzed safety data from the U.S. Centers for Disease Control and Prevention’s (CDC) Vaccine Adverse Event Reporting System (VAERS) database spanning January 1990 through November 2024.
The researchers compared adverse events following Covid mRNA injections against those following flu shots and all other vaccines combined.
The results are shocking.
The findings were broken down by McCullough Foundation epidemiologist Nicolas Hulscher:
The team identified 63 serious safety signals involving the brain and spinal cord.
– Advertisement –
Each of those signals far surpasses CDC and FDA thresholds that should have triggered immediate investigation.
Key Findings: Catastrophic Risks to the Brain
• Meningitis was 34 times more likely after COVID shots than after flu vaccines.
• Autoimmune encephalitis was 79 times more likely.
• Limbic encephalitis, a rare but severe brain inflammation, was 146 times more likely.
• Herpesvirus reactivations in the brain skyrocketed, with one form of herpes zoster meningitis appearing 1,260 times more likely after the jab.
– Advertisement –
• Brain abscesses — pus-filled pockets inside the brain — were over 120 times more likely.
• Creutzfeldt–Jakob disease (CJD), a fatal prion disorder often likened to “mad cow disease,” showed an 847-fold increase in association.
GLOBAL ISSUES
Antifa Is A Very Real And Organized Terror Threat
Sunday, Sep 21, 2025 – 09:35 PM
In the aftermath of the Charlie Kirk assassination as well as the confirmation that alleged killer Tyler Robinson is a far-left ideologue and gay man living with a transgender partner, the public’s attention has once again turned to the issue of Antifa, an activist network that shares many similar political beliefs with the shooter.
Federal authorities are currently investigating the Discord sever groups used by Robinson in the lead up to the attack to find any potential co-conspirators. Discord has been identified as a common forum used by Antifa for organizing members for specific events while pretending as if their protests are random and “grassroots”.
In the meantime, the corporate media is once again running interference for Antifa, claiming that the group is nothing more than a gaggle of disconnected people without no affiliation other than they “agree to oppose fascists”.
Of course, simply declaring yourself the “good guys” does not necessarily make it so.
The Antifa of pre-war and post-war Europe used a similar tactic, claiming that they were a loose collection of concerned citizens seeking to fight fascism and participate in civil discourse. In reality, they were being directly funded by the Soviet Union and their ultimate goal was the downfall of the western world to make way for a communist “Utopia”.
One expert on Antifa, Andy Ngo, says that the claim that Antifa is nothing more than a disorganized protest ideal is a lie. He notes that the decentralized cell structure of Antifa is similar to structures used by Islamic terror groups.
Ngo is deeply acquainted with the operations of Antifa; he has tracked hundreds of violent incidents involving member of the group over the years. He was also attacked and nearly killed by a mob of Antifa activists in Portland, Oregon after they recognized him in the street.
Portland authorities failed to arrest and prosecute the attackers despite some of them being identified on video footage. In a subsequent civil trial, Antifa intimidated the jury into returning a verdict which favored the assailants.
Andy Ngo and many other investigators into Antifa activities note that the group enjoys a number of protections, including legal protections and funding for operations. Financial aid comes from crowdfunding pages, but also from NGOs and even government agencies feeding cash into adjacent activism groups.
This helps to explain why Antifa protesters often have the same signs, the same tents, the same riot shields, access to safe houses, etc. Many activists travel from outside of the locations that they protest in, which means funding for gas, food, lodging, etc. Considering the average full-time protester isn’t able to maintain a job to pay for these excursions, the money has to come from somewhere. NGOs and state government funds are the primary sources.
Antifa and related leftist groups exploit various civil and political conflicts, hijack these causes and then use them as a means to further their own goals. Recent examples include the mass deportation debate and the protests over Gaza. It’s important to understand that leftist militants do not necessarily care about immigrants or Palestinians, they only see their “plight” as a useful tool for radicalizing activists into using violent tactics.
The problems of the world become the justifications for Antifa terror, melding gay, trans, migrant and Islamic grievances under a single communist umbrella.
The end game, though, is always the same. Burn the west to the ground. Burn free markets to the ground. Destroy as many conservatives and nationalists as possible in the process until there is no one left to oppose them.
END
DR PAUL ALEXANDER
We are in a dream alter universe now, we are being told about all aspects on vaccine and autism & MAHA stuff yet all efforts to bullshit the nation on Malone Bourla Pfizer Moderna mRNA vaccine & death
pure bullshit, cons, misdirection…coming from all sides on us. God I hope POTUS Trump wakes up and realizes that HHS, NIH, FDA, CDC are all phucking him AGAIN as they did term one! fire them all!
| Dr. Paul AlexanderSep 22 |
I have no regard for anything they are doing in our health agencies, it is a pure con game, to misdirect us into not focusing in on the fact that mRNA vaccine is here to stay (did you notice SPIKEVAX in 6 month olds still there, ssshhhh) and will be here in 3.5 years at next election…ssshhhh, they, the appointed ones, are to play games in a way to make you feel they doing shit in the health agencies NIH, FDA etc. when they are just there to block for RFK Jr. and RFK Jr. to block for POTUS Trump….
what a bunch of drivel now about autism and everything BUT vaccines…link…RFK Jr. will continue to lose credibility if he continues that madness. That bull. The evidence has been clear for decades now that vaccines, especially infant and children vaccines, harm and kill and contribute to many illnesses, even the ones they are supposed to mitigate.
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
ssshhhh, gggeeezzzeeee, did Dr. Paul Alexander just say that? yes because Paul cups no stones…washes no one’s balls for a NIH or HHS or CDC job.
POTUS Trump was terribly lied to and misled in the fraud PCR created fake non-pandemic COVID and he fall for the lies, he approved operation warp speed (OWS) lockdowns and Malone Bancel Moncef Pfizer et al. mRNA death shots. OWS lockdowns and Malone mRNA vaccines killed, and saved NOT ONE life, not one POTUS Trump. Stop saying that for it is false! You must admit your terrible mistake trusting these beelzebub devils in your Term one Task Force and HHS and NIH and Pfizer etc. and work with us to get justice and punish them for the lives they took.
___
You must not wait for another catastrophic crisis (at times manufactured but we are prevented from making our own basic personal decisions or accessing needed drugs and response tools) to catch you off-guard. We must take charge and be prepared today so that we can enjoy peace of mind tomorrow.
Enter the Wellness Company as a solution and a willing participant in the health care conversation. The Wellness Company, launched in 2022, offers health care, prescriptions, and supplements, all backed by research
The Wellness Company isn’t chasing profits — it’s trying to help people recover. While the government continues pushing vaccines, The Wellness Company is focusing on real solutions.
From telemedicine, prescriptions, memberships, and supplements, TWC is leading America with alternative choices to the traditional health care model.
Please consider support of a good PATRIOT company (in this PATRIOT economy) Drs. McCullough, Risch, Thorp, myself support (they are our sponsors), The Wellness Company; see the emergency preparation kit (key component being antibiotics you were denied by doctors, pharmacists, governments during the fraud COVID), first aid kit, travel emergency kit, contagion control kit etc. Please consider the SPIKE SUPPORT (spike protein DETOX dissolving spike from mRNA vaccine, this is critical to remove spike form the mRNA vaccine/and DNA viral vector) formula with NATTOKINASE as well as the triple formula (SPIKE SUPPORT, BROMELAIN, CIRCUMIN)
MARK CRISPIN MILLER
In 2025 alone, 238 politicians worldwide “died suddenly,” while another 42 were hit with crippling illness, or just collapsed
A follow-up to our compilation of “sudden deaths” and incapacitating illnesses in Congress since 2020. This one includes U.S. state and local legislators along with politicians the world over
| Mark Crispin MillerSep 20 |
Mississippi Lt. Gov. Delbert Hosemann collapses during Senate session:
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Fatal (238):
AUSTRALIA (3)
Disgraced former Queensland Labor minister Gordon Nuttall dies aged 71. In 2023, he was diagnosed with stage four kidney cancer
May 9, 2025
Tributes flow at council meeting [to Cr Christine Walker, “died suddenly” died August 1]
September 1, 2025
No age or cause of death reported.
City of Newcastle mourns sudden death of councillor [40]
June 24, 2025
No cause of death reported.
AUSTRIA (10)
The district’s first FPÖ mayor [68] has died unexpectedly
June 16, 2025
No cause of death reported.
Longtime trade unionist and district councilor Zellhofer [64] has passed away
September 2, 2025
No cause of death reported.
[Mayor] Martin Hohenegg died unexpectedly on Wednesday at the age of just 57
July 17, 2025
No cause of death reported.
PRO-GE Union Mourns Rainer Wimmer [69, “short serious illness”]
June 25, 2025
No cause of death reported.
ÖVP Local Party Chairman [67] Dies Suddenly
June 23, 2025
No cause of death reported.
The district’s first FPÖ mayor has died unexpectedly. Willibald Ebner [68] was a veteran of Breitenau’s municipal politics
June 16, 2025
No cause of death reported.
Styrian SPÖ mourns Detlef Gruber [72]
June 16, 2025
No cause of death reported.
Irnfritz’s mayor, Karl Weiß, passed away unexpectedly on June 11 at the age of 58 [pulmonary embolism]
June 12, 2025
Region mourns the death of Marchegg city councillor and school principal. Two weeks after her 56th birthday, Barbara Steinau died suddenly and unexpectedly after a short illness
May 20, 2025
No cause of death reported.
Ex-FPÖ representative Johannes Hübner dies after a serious illness [69, “serious illness”]
February 3, 2025
BELGIUM (3)
Saint-Ghislain: Walloon MP Pascal Baurain (Les Engagés) has died at the age of 55 [cancer]
September 4, 2025
Politician Jef Maes [70] unexpectedly passed away
January 24, 2025
No cause of death reported.
[Municipal councilor] Ludovic Bechet, 40 [probably suicide]
April 22, 2025
No cause of death reported.
BOLIVIA
Bolivian Labor Minister Dies, Arce Government Orders Investigation.
The circumstances surrounding the official’s sudden death are unknown.
June 21, 2025
No age or cause of death reported.
BOTSWANA
Tributes pour in for Member of Parliament Dr Micus Chimbombi [64, short illness at home]
July 28, 2025
No cause of death reported.
BRAZIL (4)
Councilman Nilo Silva (MDB) dies at 47 in Guaratinguetá, SP [heart attack]
August 31, 2025
President of the Rio Grande do Norte Health Council dies four days after suffering a stroke during a session at the Legislative Assembly
August 17, 2025
No age reported.
President of the City Council [52] dies after suffering a heart attack during a session of the council in the West of SC.
July 8, 2025
Founder of the Afro Council of Fernandópolis, Evandro Inácio, dies after suffering a heart attack
March 25, 2025
No age reported.
CANADA (3)
The Honourable Gail Shea, 66 [former MP]
August 20, 2025
No cause of death reported.
Drumheller councillor passes away after battle with cancer
May 6, 2025
No age reported.
Elmwood–East Kildonan Councillor Jason Schreyer Dies [57, unexpectedly]
April 30, 2025
No cause of death reported.
CHAD
[Ambassador] Aziza Baroud, a life of service to Chad and international diplomacy [59, illness]
June 19, 2025
No cause of death reported.
CHILE (2)
Former Undersecretary Javiera Montes [51], daughter of Housing Minister Carlos Montes, dies
February 13, 2025
No cause of death reported.
Felipe Delpin [66], former mayor of La Granja and former president of the DC, dies
NEWS ADDICTS
| LATEST REPORTS FOR NEWS JUNKIES |
| Watch: Vance Honors Charlie Kirk in Powerful Memorial SpeechVice President JD Vance delivered an emotional tribute to Charlie Kirk at his memorial service Sunday.Speaking to a packed State Farm Stadium, Vance urged Americans to honor Kirk’s legacy by turning toward Jesus Christ.A Personal ReflectionVance said Kirk inspired him to speak more openly about his faith.“I have talked more about Jesus Christ in the past two weeks than in …READ THE FULL REPORT |
| Woman Who Mocked Kirk’s Assassination Faces Consequences of Her ActionsCalifornia influencer Megan Farina is facing heavy backlash after mocking Charlie Kirk’s assassination in a TikTok video.Her husband’s electrical business has been flooded with negative reviews and shut down its website.The VideoFarina posted a video to her 600,000 TikTok followers earlier this week.Megan FarinaShe sarcastically invited viewers to “bow our heads in thoughts and prayers for Charlie Kirk.”She then danced …READ THE FULL REPORT |
| NJ Governor’s Race: Jack Ciattarelli Leads Sherrill by 1 PointRepublican Jack Ciattarelli released an internal poll Sunday showing him leading Democrat Mikie Sherrill by one point.The poll found Ciattarelli at 46% and Sherrill at 45% among likely voters.Poll DetailsThe survey was conducted by National Research, a GOP-aligned firm.It polled 600 likely voters from September 16 to 18.The poll found Ciattarelli with a 21-point lead among independents.Jack CiattarelliIt is the …READ THE FULL REPORT |
| Watch: High School Football Player Fractures Rival’s Spine in Senseless AttackA Michigan high school football player is out for the season after suffering a fractured spine during a junior varsity game.The injury occurred when an opposing lineman launched himself onto the 15-year-old after a play had ended.The IncidentThe violent hit took place during the third quarter of a Lakeshore vs. Kalamazoo Central game.Video shows the Lakeshore defender lying prone on …READ THE FULL REPORT |
| BREAKING NEWS: Armed Man Arrested at State Farm Stadium in Arizona Ahead of Charlie Kirk Memorial ServiceAuthorities detained a man at State Farm Stadium in Glendale, Arizona, on Friday evening after he attempted to enter the venue while armed with a tactical knife, at least one firearm, and inactive law enforcement credentials. The stadium is scheduled to host the memorial service for assassinated conservative icon Charlie Kirk on Sunday morning. The massive memorial service is expected …READ THE FULL REPORT |
NEWSWIZE
EVOL NEWS
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA/USA
Trump is going after the narco terrorists. Let us hope he destroys Maduro!
Maduro Complains Of ‘Undeclared War’ After Trump Ordered Another Deadly Boat Strike
Sunday, Sep 21, 2025 – 01:25 PM
President Trump has announced in a somewhat vague Truth Social post that US forces have conducted yet another “lethal kinetic strike” on a vessel involved in drug trafficking in the southern Caribbean, related to Venezuela enforcement currently being conducted by the American military.
The attack resulted in the deaths of three men he described as “narcoterrorists” – after he authorized the operation upon US intelligence confirming the vessel was smuggling drugs, according to the post.
It reportedly happened in international waters within the jurisdiction of US Southern Command, which oversees operations in much of South America and the Caribbean, and marks the third such operation targeting suspected drug-smuggling boats in recent weeks.
Prior strikes had already killed 14 individuals, allegedly linked to vessels originating from Venezuela, though serious questions remain – including what appears to be extrajudicial killings. This possibility or likelihood has been raised by many observers as there have not appeared to be efforts to warn or halt the moving vessels before it was bombs away (reportedly from drones). One example of such pushback comes from Human Rights Watch:
Sarah Yager, Washington director at Human Rights Watch, said “US officials cannot summarily kill people they accuse of smuggling drugs.”
“The problem of narcotics entering the United States is not an armed conflict, and US officials cannot circumvent their human rights obligations by pretending otherwise,” Yager said.
“Intelligence confirmed the vessel was trafficking illicit narcotics, and was transiting along a known narcotrafficking passage en route to poison Americans,” Trump said in the late Friday evening post. It was accompanied by minute-long aerial footage showing side-by-side videos of a vessel getting struck by a missile.
“No U.S. Forces were harmed in this strike. STOP SELLING FENTANYL, NARCOTICS, AND ILLEGAL DRUGS IN AMERICA, AND COMMITTING VIOLENCE AND TERRORISM AGAINST AMERICANS!!!” – the post added.
This comes as Venezuelan President Nicolás Maduro said his country will defend itself against US “aggression”. His defense minister also called it “an undeclared war”.
“It is an undeclared war, and you can already see how people, whether or not they are drug traffickers, have been executed in the Caribbean Sea,” Venezuelan Defense Minister Vladimir Padrino Lopez said Friday while overseeing a military exercise.
He then pointed out the victims have been “executed without the right to a defense” or without warning or attempt to intercept. The Maduro government has further accused the Trump White House of seeking to implement “violent regime change in Venezuela and in all of Latin America.“
* * *
Over the weekend, President Trump has been on a Truth Social rage fest on a variety of topics, including an interesting message to on Pam Bondi…
And a Washington D.C. crime and protection status update…
Trump has been pushing for American forces to reoccupy Afghanistan’s sprawling Bagram air base, and he issued another threat of ‘bad things’ if the Taliban doesn’t comply…
…among several other Truth Social posts this weekend including the simple words JUSTICE MUST BE SERVED, NOW!!!
end
ARGENTINA
USA supports Argentina as provides a lifeline to it
(zerohedge0
Argentine Assets Soar As Bessent Offers Milei A Lifeline
Monday, Sep 22, 2025 – 10:01 AM
Following President Javier Milei’s comments on Friday that the market was in “panic mode“, US Treasury Secretary Scott Bessent has said “all options” are on the table for the Trump administration to support Argentina through this bout of severe market volatility.
The country has already spent more than $1 billion to defend the peso out of its scarce international reserves.
The two countries are in talks this week – Milei and US President Donald Trump will meet Tuesday – and Treasury Secretary Scott Bessent posted on social media earlier that the US is ready to do whatever it takes to support Argentina.
That includes direct currency purchases as well as swap lines and purchases of dollar-denominated government debt.
Bessent called the South American country “a systemically important US ally in Latin America,” adding that the US Treasury “stands ready to do what is needed within its mandate to support Argentina. All options for stabilization are on the table.”
He said that options for a support package “may include, but are not limited to, swap lines, direct currency purchases, and purchases of US dollar-denominated government debt from Treasury’s Exchange Stabilization Fund”.
The comments sent Argentine stocks soaring…
…and the peso ripped…
Argentina’s dollar bonds due in 2029 and 2035 rallied by 5 to 6 cents in the dollar to 70 and 53 cents respectively after Bessent’s comments.
As Bloomberg reports, it’s not impossible he can recover from here, especially with the support of the US and International Monetary Fund, but the key test will be next month’s midterm elections.
The possibility of a defeat for his cost-cutting government in October is what has spooked the market. Argentina’s friends can help it prop up the currency, but they can’t help Milei keep the support of voters.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1772 UP 0.0034 PTS OR 34 BASIS POINTS
USA/ YEN 147.87 UP 0.0346 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN OCT 2024/Bank of Japan raises rates by .15% to 1.15..UEDA ENDS HIKING RATES AND NOW CARRY TRADES RE INVENTS ITSELF//JAPAN IN TROUBLE WITH RISING RATES
GBP/USA 1.3496 UP .0030 OR 30 BASIS PTS
USA/CAN DOLLAR: 1.3806 UP 0.0034 (CDN DOLLAR DOWN 34 BASIS PTS)
Last night Shanghai COMPOSITE UP 8.49 PTS OR 0.22%
Hang Seng CLOSED DOWN 200.96 PTS OR 0.76%
AUSTRALIA CLOSED UP 0.45%
// EUROPEAN BOURSE: MOSTLY ALL RED EXCEPT LONDON
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL RED EXCEPT LONDON
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 200.96 PTS OR 0.70%
/SHANGHAI CLOSED UP 8.49 PTS OR 0.22%
AUSTRALIA BOURSE CLOSED UP .45 %
(Nikkei (Japan) CLOSED UP 447.85 PTS OR 0.76%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3726.55
silver:$43.73
USA dollar index early MONDAY morning: 97.13 DOWN 14 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.156% DOWN 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.651% UP 2 FULL POINTS AND 40/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.180 UP 4 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.292 DOWN 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.560 UP 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.7382UP 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1783 UP 0.0042 OR 42 basis points
USA/Japan: 147.77 DOWN 0.074 OR YEN IS UP 7 BASIS PTS//
Great Britain 10 YR RATE 4.7010 DOWN 2 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.530 DOWN 3 BASIS POINTS.
Canadian dollar UP .00026 OR 26 BASIS pts to 1.3796
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN AT 7.1124 CNY ON SHORE ..
THE USA/YUAN OFFSHORE DOWN TO 7.1148
TURKISH LIRA: 41.38 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.661 UP 2 basis pts
THE 30 YR JAPANESE BOND YIELD: 3.180 UP 3 basis pts
Your closing 10 yr US bond yield DOWN 1 in basis points from FRIDAY at 4.127% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.760 UP 1 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.574 DOWN 1 BASIS PTS.
GOLD AT 11;00 AM 3722.80
SILVER AT 11;00: 43.48
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 11/44 PTS OR 0.12%
GERMAN DAX: DOWN 35.12 pts or 0.15%
FRANCE: CLOSED DOWN 1.02 pts or 0.01%
Spain IBEX CLOSED UP 85.30pts or 0.56%
Italian MIB: CLOSED UP 4.47or 0.01%
WTI Oil price 61.98 11.00 EST/
Brent Oil: 65.97 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 84.04 ROUBLE DOWN 0 AND 55/ 100
CDN 10 YEAR RATE: 3.183 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 2.724 DOWN 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1798 UP 0.0062 OR 62 BASIS POINTS//
British Pound: 1.3516 UP .0010 OR 10 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.7050 DOWN 2 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.538 DOWN 1 ( DANGEROUS LEVELS FOR GILTS)
JAPAN 10 YR YIELD: 1.655 UP 2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.176 UP 2 AND VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 147.95 DOWN 0.010 BASIS PTS
USA dollar vs Canadian dollar: 1.3823 UP 0.0052 PTS// CDN DOLLAR DOWN 52 BASIS PTS
West Texas intermediate oil: 62.54
Brent OIL: 66.54
USA 10 yr bond yield UP 1 BASIS pts to 4.147
USA 30 yr bond yield UP 1 PTS to 4.765%
USA 2 YR BOND: UP 2 PTS AT 3.615%
CDN 10 YR RATE 3.190 DOWN 1 BASIS PTS
CDN 5 YEAR RATE: 2.730 DOWN 2 BASIS PTS
USA dollar index: 96.97 DOWN 30 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 41.36 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 83.39 UP 0 AND 10/100 roubles //
GOLD $3743.00 . (3:30 PM)
SILVER: 44.06 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 66.58 OR 0.14%
NASDAQ 100 UP 133.58 PTS OR 0.54%
VOLATILITY INDEX 16.84 UP 0.59 PTS OR 3.82%
GLD: $ 345.05 UP 587 PTS OR 1.73%
SLV/ $40.04 UP 1.00 PTS OR OR 2.86%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 201.48 PTS OR 0.68%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Gold Surges To New Record Highs As Bitcoin Dips & Big-Tech Rips
WRAP UP FOR THE DAY:
NVDA-OpenAI deal leads stocks higher ahead of Powell – Newsquawk US Market Wrap
Monday, Sep 22, 2025 – 03:47 PM
- SNAPSHOT: Equities up, Treasuries flat, Crude flat, Dollar down
- REAR VIEW: Fed’s Bostic sees no further cuts due to inflation concerns; Fed’s Musalem sees limited room for further easing; Fed’s Hammack on the high end of forecasts for neutral; Fed’s Miran issues detailed picture on his dissent last week; Trump to give a major speech tomorrow; PBoC holds 1- & 5-yr LPRs as expected; EZ Consumer Confidence surprises on the upside; NVDA to invest up to USD 100bln in OpenAI.
- COMING UP: Data: Australia/EZ/UK/US Flash PMIs (Sep), US Richmond Fed Index. Events: Riksbank Announcement; NBH Policy Announcement. Speakers: BoE’s Pill; Fed’s Powell, Bostic, Bowman; ECB’s Cipollone; BoC’s Macklem. Supply: Australia, Netherlands, UK, Germany, US. Earnings: Micron, Kingfisher.
- WEEK AHEAD: Highlights include US PCE, SNB, Flash PMIs, Aussie and Tokyo CPI. Click here for the full report.
- CENTRAL BANK WEEKLY: Previewing SNB, PBoC LPR/MLF, Riksbank, Banxico; Reviewing FOMC, BoE, BoJ, BoC, Norges, BCB. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES: Earnings continue to be light with MU headlining. Click here for the full report.
More Newsquawk in 2 steps:
- 1. Subscribe to the free premarket movers reports
- 2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
US stocks closed higher on Monday, owing a large part of the gains to a strategic partnership announced between NVIDIA and OpenAI. The deal is to see NVDA invest up to USD 100bln in OpenAI, deploying 10GW of AI centres, first to deploy in 2026. NVDA (+3.9%) saw upside on the news alongside a boost to the semiconductors and the tech sector, as well as equity indices. Meanwhile, Communications was the clear laggard amid lacklustre trade in Alphabet (GOOGL, -0.9%) and Meta (META, -1.7%). Macro updates were largely contained to central bank speakers. At the Fed, caution was argued from Musalem (2025 voter) and Bostic (2027 voter), the latter citing concerns over inflation. Meanwhile, Hammack (2026 voter) revealed herself as being in the upper end of estimates for neutral. Governor Miran further explained his dissent, reiterating his softer outlook on inflation amid immigration and fiscal policies. In FX, the DXY traded lower due to strength in the GBP and EUR. Despite the numerous Fed speakers on the calendar, moves in the FX and Treasuries were muted in the wake of the remarks. T-Notes settled marginally lower ahead of the 2-year supply on Tuesday and S&P Global’s Flash PMI (Sept). Fed Chair Powell will be the key event on Tuesday, where he’s to speak on the economic outlook; Bowman (voter, dove) and Bostic (2027 voter, Hawk) will speak. Separately, crude prices were little changed following light newsflow. Energy developments included reports that Iraq is to sign a deal with oil firms to resume Kurdish exports, likely bringing back 230k BPD to international markets. Elsewhere, gold prices benefitted from the softer dollar, continuing its ascent to new record highs, now trading a touch below USD 3,750/oz. In EMs, the ARS surged after US Treasury Secretary Bessent announced “all options are on the table” for the US to support Argentina’s government.
FED
MIRAN: Fed Governor Miran (voter), in his remarks explaining his dissent at last week’s FOMC (where he voted for a larger 50bps rate reduction), said he sees policy as ‘considerably restrictive’ and a threat to momentum, and he favours a quicker move to neutral. He argued that it was better to vote for what he believes in, rather than trying to support consensus, adding that unless something changes, he will continue to press for rate cuts, and is willing to dissent again. He believes the appropriate funds rate is mid-2%, and that restrictive rates would risk layoffs and higher unemployment. Miran said his focus was on lowering inflation and supporting the labour market; he remains committed to 2% inflation and anticipates rent inflation falling from 3.5% to 1.5% by 2027. Miran argues forecasters have underappreciated the impact of immigration policy on rent inflation and notes that net zero immigration would imply 1ppt lower rent inflation per year.
FED’s MUSALEM: The 2025 voter said he supported the 25bps cut in September as a precautionary move to help the labour market, but he does see limited room for further easing. Musalem also cited loose financial conditions and other factors behind his reasoning as to why the Fed should move cautiously on further easing. That said, he would support further cuts if more signs of labour market weakness emerge, provided risks of persistent inflation and rising inflation expectations have not increased. Musalem argued that the labour market is near full employment, and the recent rate cut should help maintain that. On inflation, he said that tariffs are adding to it, among many things, but the impact on prices has not yet been fully felt. Musalem expects the impact of tariffs on inflation to fade after two or three quarters. The St. Louis Fed President highlights that bankers are saying that conditions are going well right now.
FED’S HAMMACK: Fed’s Hammack (2026 voter) said last week’s rate cut reflected a changing balance of risks. She warned the Fed should be cautious in removing policy restrictions, noting her estimate of the neutral rate is relatively high vs the rest of the Committee, and she thinks that current policy is only modestly restrictive. Hammack cautioned that easing too quickly could fuel inflation and risk overheating the economy. On inflation, Hammack expects pressures to persist, driven by both goods and services. On the labour market, she said headline payrolls show some softening, but unemployment at 4.3% remains healthy. Hiring is cautious, with businesses reluctant to expand, but indicators such as the openings-to-unemployed ratio suggest a robust market. She expects unemployment to rise slightly, but is not seeing significant layoffs.
FED’S BOSTIC: The 2027 voter confirmed to WSJ his position on the September 2025 dot plot, seeing no further rate cuts as of now, a view he has held for some time (he previously argued for one cut this year). Bostic cited inflation concerns behind his hesitation to support further easing in October, even though economic risks have shifted in recent months toward greater worries about employment. However, Bostic said the dot plot submissions were filled out “with a very light pencil”, highlighting Chair Powell’s remarks post-FOMC last week, that the projections don’t indicate a set path for rates, but a lens of probabilities. The Atlanta Fed President named the current moment as “one of the most difficult” periods for policymakers because “both risks are rising”. Bostic does not believe that “he labour market is in crisis right now. “It’s an open question about exactly how weak it is”. Ahead, he sees core inflation at 3.1% by year-end (prev. said 2.9% in July) and the unemployment rate at 4.5%. He doesn’t expect inflation to return ot the 2% goal until 2027. On tariffs, Bostic said tariff-driven cost increases have been more muted than initially projected in part because businesses have used various strategies that are spreading out or delaying the pass-through to consumers. “Those buffers could be exhausted over the coming months”. In that case, the economy might avoid a much-feared immediate run-up in prices but instead endure a longer period of moderate price pressures. Bostic estimates that workforce supply constraints explain around one-third of the recent slowdown in hiring. He expects those pressures to increase because of an approximately one-year lag starting from when people immigrate and when they receive work permits. This means immigrants who legally entered the country last year could still be moving into the workforce. “The supply challenge is going to get more acute.”
FED’S BARKIN: The 2027 voter said a modest amount of tariff costs is paid by the consumer. Barkin highlights that economic uncertainty is starting to lift, but firms remain cautious about investing. The Richmond Fed President sees workforce growth this year close to flat, expecting the current low-hiring, low-firing labour market to continue, but it could break in either direction. Barkin said low unemployment rate, wage gains and stock prices are all supporting consumer spending.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 1+ TICK LOWER AT 112-22+
T-notes little changed amid a deluge of Fed speak. At settlement, 2-year +1.7bps at 3.599%, 3-year +1.3bps at 3.580%, 5-year +0.3bps at 3.694%, 7-year +0.4bps at 3.890%, 10-year +0.2bps at 4.141%, 20-year +0.5bps at 4.726%, 30-year +0.3bps at 4.759%.
INFLATION BREAKEVENS: 1-year BEI +0.1bps at 3.223%, 3-year BEI +0.1bps at 2.714%, 5-year BEI -1.5bps at 2.449%, 10-year BEI -1.4bps at 2.357%, 30-year BEI -0.9bps at 2.263%.
THE DAY: US Treasuries were little changed after last week’s Fed rate cut, with the complex trading mixed throughout the session as traders continue to digest the rate reduction, amid heavy Fed commentary. The intraday range was narrow at 112-21+ to 112-28+. Fed’s Miran (voter), explaining his dissent, said he sees policy as ‘considerably restrictive’ and a threat to momentum, favouring a quicker move to neutral; he argued that it was better to vote for what he believes in, rather than trying to support consensus, adding that unless something changes he will continue to press for rate cuts, and is willing to dissent again. Fed’s Hammack (2025 voter) said last week’s rate cut reflected a changing balance of risks, but warned that the Fed should be cautious in removing policy restrictions, noting her estimate of the neutral rate is relatively high vs the rest of the Committee, and she thinks that current policy is only modestly restrictive; she cautioned that easing too quickly could fuel inflation and risk overheating the economy. Elsewhere, Fed’s Barkin (2027 voter) didn’t give much by way of new policy remarks; he said that business confidence has improved slightly and the labour market remains tight, while inflation pressures are easing, with wage growth slowing. Finally, Fed’s Bostic (2027 voter) signalled caution on further rate cuts in October, citing elevated inflation risks and rising employment uncertainties; he describes the current period as unusually challenging for policymakers and does not expect inflation to reach the 2% target before 2028. On the corporate supply front, Broadcom (AVGO) and Dell (DELL) announced plans to issue debt; Bloomberg reports that dealers are anticipating approximately USD 30bln in fresh US IG debt issuance this week. Focus for tomorrow will be on the 2-year note auction, where the US is to sell USD 69bln. Additionally, S&P’s Global Flash PMI is due for September, alongside more Fed speakers (Powell, Bostic, Bowman) and the Richmond Fed Index (Sep).
SUPPLY
Bills
- US sells USD 73bln of 6-month bills at a high rate of 3.705%, B/C 3.01x; sells USD 82bln of 3-month bills at a high rate of 3.86%, B/C 3.33x
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Oct 22.44bps (prev. 23bps), Dec 42bps (prev. 44bps), January 54bps (prev. 56.5bps).
- NY Fed RRP op demand at USD 14bln (prev. 11bln) across 15 counterparties (prev. 13).
- EFFR at 4.08% (prev. 4.08%), volumes at USD 95bln (prev. 92bln) on September 19th.
- SOFR at 4.14% (prev. 4.14%), volumes at USD 2.881tln (prev. 2.894tln) on September 19th
CRUDE
WTI (X5) SETTLED USD 0.12 LOWER AT USD 62.28/BBL; BRENT (X5) SETTLED USD 0.11 LOWER AT USD 66.57/BBL
The crude complex settled little changed amid a generally cautious tone. Key developments included Iraq and oil firms to sign a deal to resume Kurdish exports; the deal would likely bring back 230k BPD to international markets. Reuters reported that the procedures to restart exports will begin on Thursday, with flows to Turkey expected within 48 hours. In Kuwait, the oil minister said global oil demand is recovering, and on the most recent OPEC+ decision to raise output due to market developments, that could be paused/reversed. Geopolitical updates saw Russia’s President Putin say they are ready to stick to the New Start Arms Treaty a year after expiry if the US does the same. That said, all of the above had little effect on crude’s price action throughout the day. Senior VP of trading at BoK Financial writes that “traders are back to focusing on a possibly over-supplied global oil market, which is soon to come, unless the US and EU can agree on harsher tariffs on countries that purchase Russian crude”. WTI and Brent traded within ranges of USD 61.61-63.00/bbl and USD 65.94-67.31/bbl, respectively.
EQUITIES
CLOSES: SPX +0.44% at 6,694, NDX +0.55% at 24,761, DJI +0.14% at 46,382, RUT +0.59% at 2,463.
SECTORS: Communication Services -0.92%, Consumer Staples -0.89%, Consumer Discretionary -0.43%, Energy -0.18%, Financials -0.14%, Health -0.04%, Materials unch, Real Estate +0.32%, Industrials +0.37%, Utilities +0.92%, Technology +1.74%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.30% at 5,442, Dax 40 -0.49% at 23,530, FTSE 100 +0.07% at 9,223, CAC 40 -0.30% at 7,830, FTSE MIB +0.22% at 42,404, IBEX 35 -1.55% at 15,077, PSI +0.19% at 7,719, SMI +0.00% at 12,122, AEX +0.07% at 931
STOCK SPECIFICS
- OpenAI and NVIDIA (NVDA) announced a strategic partnership to deploy 10 gigawatts of NVIDIA systems; NVIDIA to invest up to USD 100bln in OpenAI. OpenAI to deploy 10 gigawatts of AI data centres with Nvidia. First gigawatt of Nvidia systems to deploy in 2026. FT reported that NVIDIA’s investment will be made in cash. Meanwhile, Reuters reported that the investment does not confer controlling rights; OpenAI’s non-profit parent retains majority control.
- Oracle (ORCL): Named two new CEOs; reaffirmed guidance.
- Metsera (MTSR): Pfizer (PFE) to acquire MTSR for USD 4.9bln.
- Quantum Computing (QUBT): Announced a ~26.87mln common stock offering.
- Fox (FOX): Trump said Murdoch is involved in the TikTok US-China deal.
- T-Mobile (TMUS): CEO to switch roles.
- Norfolk Southern (NSC): Trump offered support for Union Pacific’s (UNP) proposed acquisition of NSC.
- Tesla (TSLA): Won approval to begin testing AVs in Arizona.
- Genuine Parts Company (GPC): Weighing a breakup of its auto parts business.
- IREN (IREN): Aims for over USD 500mln AI cloud ARR by Q1 2026; Doubled AI cloud capacity to 32k GPUs.
- Anywhere Real Estate (HOUS): Compass (COMP) to acquire HOUS for USD 1.6bln.
- Kenvue (KVUE): The Trump administration is set to link acetaminophen to autism risk.
- Keurig Dr Pepper (KDP): Downgraded at BNPP Exane to “Underperform’ from ‘Neutral’.
- Sasol Limited (SSL): Downgraded to ‘Equal Weight’ from ‘Overweight’ at Morgan Stanley.
- Sarepta Therapeutics (SRPT): Upgraded at BMO Capital to ‘Outperform’ from ‘Market Perform’.
- Kenvue’s (KVUE) Board is meeting this week and will have talks on increasing shareholder value, according to CNBC’s Faber.
- Greenlight Capital sent a letter to the board of Brighthouse Financial (BHF) encouraging engagement with the reported suitor. Greenlight believes that going private is in the best interests of Brighthouse shareholders.
- Meta Platforms (META) – Said today, they’re introducing a dating assistant and Meet Cute, 2 new Facebook dating features; the dating assistant will begin rolling out gradually in the US and Canada. Grindr (GRND), Bumble (BMBL), and Match (MTCH) all saw downside on the news.
FX
The Dollar started the week on the back foot as newsflow was light to start the week. Tier 1 releases were absent, but will resume on Tuesday with S&P Global Flash estimates for PMIs for September due. Beyond, GDP (Q2) Final and PCE will be watched later in the week. The day centred around Fed speakers, where Bostic (2027 voter) stuck to his view of one 25bps rate cut this year, namely no more easing this year due to concerns over inflation. Musalem (2025 voter) voiced a similar caution, forecasting limited room for further easing. Hamamck kept to her hawkish tone, confirming she’s on the higher end of estimates on the neutral rate, calling policy modestly restive amid concerns over inflation rising. On the flip side, Governor Miran (voter, dovish dissenter) gave his detailed review of his dissent, believing the appropriate Fed funds rate is in the mid-2% area. Miran cites the reduction in population growth rate from immigration, fiscal policies, and loan/loan guarantees from East Asian nations (that increase credit supply) as the factors contributing to a lower neutral rate. DXY now trades at ~97.35 from earlier highs of 97.285.
G10 FX strength was led by the GBP and EUR, while the CAD pared its outperformance on Friday. For the Euro, ECB’s Kazaks and Simkus spoke on the weekend, with the former noting there will be plenty of data available at the December meeting and the latter stating that a December rate cut is needed to safely reach 2% inflation. EZ data showed a bigger-than-expected jump in the flash reading of consumer confidence in September, -14.9 (exp. -15.3, -rev. -15.5). Elsewhere, JPY briefly came under some modest pressure from the latest FNN poll, indicating that dovish Japanese PM candidate Takaichi is the top pick to lead the LDP with 28.3%. Now, USD/JPY trades modestly lower at ~147.70 from earlier highs of 148.37.
EMFX: ARS surged against USD after US Treasury Secretary Bessent announced “all options are on the table” for the US to support Argentina’s government. Options may include, but are not limited to, swap lines, direct currency purchases and purchases of USD-denominated government debt from the Treasury’s exchange stabilisation fund. Bessent described the incoming action as “large and forceful”, with US President Trump and Argentine PM Miley to meet on Tuesday. The announcement also resulted in a stock rally. Elsewhere, the PBoC, as widely expected, held the 1- and 5yr LPRs at 3.00% and 3.5%, respectively. Meanwhile, the PBoC set the USD/CNY mid-point at 7.1106 vs exp. 7.1159 (prev. 7.1128), a move that sparked downside in the pair before reversing.
USA DATA RELEASES
USA ECONOMIC COMMENTARIES
this is terrific!!
Trump To Designate More Leftist Groups As Terrorists
Monday, Sep 22, 2025 – 06:30 AM
Authored by Steve Watson via Modernity.news,
President Trump has announced plans to designate not only Antifa but also other radical left-wing groups as terrorist organizations, signaling a renewed commitment to combating what he described as a “vast domestic terror movement” threatening American safety.
Trump made the announcement during an Oval office briefing in front of the press.
“We have others we’re going to designate too, but we’re going to look at the people that FUNDED Antifa, see who they are, where they came from and why they did it,” he urged.
This move comes just days after the tragic assassination of conservative activist Charlie Kirk, at the hands, it appears, of a suspect linked to left-wing extremism, and builds directly on Trump’s long-standing warnings about Antifa’s role in fomenting chaos.
Trump declared, “Antifa and their radical allies have crossed every line—it’s time to call them what they are: terrorists. We’re designating Antifa as a major terrorist organization, and we’ll go after every group funding or supporting this sick, dangerous radical left disaster.”
He further emphasized the breadth of the initiative, adding, “This isn’t just about one group; it’s about the entire network of left-wing extremists who’ve turned our streets into battlegrounds.”
“We’ll root them out to protect every American,” he added.
These words, delivered with the gravitas of a leader under siege, underscore Trump’s determination to wield executive authority against domestic threats, echoing his 2020 pledge that never fully materialized due to bureaucratic hurdles.
This latest announcement harks back to the midst of nationwide riots following the death of George Floyd, when Trump first sounded the alarm on Antifa’s destructive potential.
In a now-iconic tweet, he stated unequivocally, “The United States of America will be designating ANTIFA as a Terrorist Organization.”
Addressing reporters at the time, Trump also lambasted “professional anarchists” for exploiting protests, vowing, “These are not merely trespassers and looters. These are terrorists, and those who defend or promote them are aiding and abetting terrorists.”
Yesterday’s expansion to “other groups” aligns with reports from Trump’s advisers, who have previewed a broader crackdown on far-left entities, including loosely affiliated activist networks that have clashed with law enforcement at rallies and protests.
While specifics on named organizations remain forthcoming—potentially including groups like those involved in the Kirk shooting—Trump’s rhetoric paints a picture of a coordinated ideological assault.
A Necessary Response to Left-Wing Violence
Trump’s actions in this matter represent a vital, overdue reaction to the escalating tide of violence from the radical left. Over the past five years, incidents of Antifa-linked aggression have surged—from firebombings at federal courthouses in Portland to coordinated assaults on police, and now the brazen murder of Charlie Kirk.
Data from the Department of Homeland Security shows a 300% increase in attacks on law enforcement attributed to far-left extremists since 2020, with Antifa’s decentralized cells often at the epicenter.
Kirk’s killing, allegedly by Tyler Robinson—a figure tied to anti-fascist circles—exposes the deadly consequences of unchecked radicalism, where ideological fervor morphs into targeted assassinations.
Designating these groups as terrorists equips federal agencies with tools like asset freezes, surveillance, and RICO prosecutions to dismantle their operations, much like the successful takedowns of organized crime syndicates.
Trump is intent on restoring law and order in a nation weary of masked mobs torching businesses and intimidating citizens. By treating Antifa and its allies as the threats they are, Trump is attempting to safeguard communities, prevent further bloodshed, and uphold the rule of law that underpins American freedom.
Without such measures, the slippery slope of tolerated violence threatens to erode the very fabric of the republic.
Democrats’ Defiance: Prioritizing Chaos Over Safety
Compounding this crisis is the Democratic Party’s apparent reluctance—or outright opposition—to confront these threats head-on. Leaders like Senate Majority Leader Chuck Schumer have downplayed Antifa’s role in violence, with Schumer tweeting in 2020 that designating it a terrorist group would be “a dangerous overreach that chills free speech.”
More recently, following the Kirk assassination, Democrats have pivoted to blaming “right-wing rhetoric” while calling for investigations into Trump’s “divisive language,” effectively shielding the perpetrators.
This pattern reveals a deeper affinity: Democrats seem content to let groups like Antifa prosper, viewing them as bulwarks against conservatism rather than the arsonists and assassins they really are.
Recall how, during the 2020 riots, then-candidate Joe Biden condemned “violence on both sides” but rarely singled out Antifa by name, even as billions in damages mounted.
Today, with far left lawmakers like Alexandria Ocasio-Cortez decrying Trump’s designations as “authoritarian,” the party appears more invested in cultural warfare than public safety.
Their resistance isn’t just passive; it’s enabling, allowing these extremists to regroup, fundraise, and strike again under the guise of “activism.”
In contrast, Trump’s proactive stance—offers a beacon of accountability.
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.
END
ON DOMINION VOTING MACHINES:
ROBERT H
JDBYD on X: “https://t.co/qFhvXyxaWX” / X
The military is the only solution with military courts and not civilian ones.
Military justice is needed when such evidence is provided. And it is clear that if such activity has taken place much more has been done that hurts everyone.
We would do well to comprehend that whether one is fan of Trump or not, fair and honest votes in society give the public the reality the public wants. As opposed to the balderdash imposed by those who believe in the subversive overthrow of the public vote and choice.
All truly democratic nations are supported by a free and honest count of the public voice. If the voice is lost then all democratic societies become no different then what is seen in China. And it is unlikely that the majority of people really wants the same kind of rule that exists there.
If and only if truth finds justice in America can we all in WEST breathe a sigh of relief that the freedom and belief in public expression is the real freedom we all seek. Even in places like Canada freedom is fleeting as the Trucker’s Protest and fallout has shown.
If America can find itself again it may get back to being a brother’s brother instead of a brother’s keeper which is happening on many countries. We may have not much longer to find out.
CALIFORNIA
they are totally nuts!
(zerohedge)
California Bans Most Law Enforcement, Including Federal Agents, From Wearing Masks
Monday, Sep 22, 2025 – 08:05 AM
Authored by Joseph Lord via The Epoch Times,
California Gov. Gavin Newsom on Saturday signed a bill that would prohibit most law enforcement officers—including federal agents—from wearing masks during official operations in the state.
The first-of-its-kind law, which would go into effect in January 2026, was immediately criticized by Trump administration officials, who have instructed federal agents to ignore it. That sets the stage for a showdown in court.
Immigration and Customs Enforcement (ICE) agents—who are most involved in carrying out President Donald Trump’s deportation operations—have taken to wearing masks while carrying out their jobs.
During the Sept. 20 bill-signing event, Newsom said the state was “pushing back against the authoritarian tendencies in action this administration.”
“The impact of these policies all across this city, our state, and nation are terrifying,” Newsom said.
“It’s like a dystopian sci-fi movie. Unmarked cars, people in masks, people quite literally disappearing. No due process, no rights in a democracy where we have rights.”
The administration has defended the use of masking by federal agents, who officials say are facing increased threats and violence related to their work.
The bill signed by Newsom was passed by the California Legislature on Thursday, despite questions about whether the state would be able to enforce it on federal agents.
The California law bars local and federal officers, including ICE agents, from wearing neck gaiters, ski masks, and other facial coverings.
It makes exceptions for medical masks, including N95 respirators, and tactical gear. State police are exempted from the law entirely.
Newsom said that the bill was designed to hold federal agents to the same standards to which local law enforcement officials are held.
“ICE, unmask. What are you afraid of?” Newsom said. “You’re gonna go out, you’re gonna do enforcement—provide an ID, tell us which agency you represent, provide basic information that all local enforcement is required to provide.”
Officials in the Trump administration quickly denounced the law, challenging California’s authority to enforce such rules on federal agents.
Acting U.S. Attorney for Southern California Bill Essayli said in a post on X, “The State of California has no jurisdiction over the federal government. If Newsom wants to regulate our agents, he must go through Congress.”
Essayli said he had informed federal agencies in his jurisdiction that “the law signed today has no effect on our operations. Our agents will continue to protect their identities.”
Harmeet Dhillon, the assistant attorney general for civil rights at the Department of Justice, said the California law was “silly and futile.”
“The state has no jurisdiction over the attire of federal law enforcement officials,” Dhillon wrote in a post on X.
Department of Homeland Security Assistant Secretary for Public Affairs Tricia McLaughlin, said the California law is a “despicable and a flagrant attempt to endanger our officers.”
“While our federal law enforcement officers are being assaulted by rioters and having rocks and Molotov cocktails thrown at them, a sanctuary politician is trying to outlaw officers wearing masks to protect themselves from being doxxed and targeted by known and suspected terrorist sympathizers,” she said.
The issue is likely to end up in federal courts, as it deals with constitutional questions about the lines between state and federal authority.
Precedent broadly favors federal law’s supremacy over state law, which could make it difficult for California to uphold the ban.
ROBERT H…..
Asset backed Securities or are they Asset bullshit securities?
Let’s play a game of chicken little. With this one simple fact leveraged debt compounds speed on a downside slide. Simply because each new dollar of debt requires more interest while interest on old debt is paid with new debt since there is no offsetting revenue inflows to sufficient to offset. And you wonder why the Federal Reserve dollar is declining?
On July 2, 2025, the US National Debt was $36.2 Trillion. Yesterday, September 19, it had risen to $37.5 Trillion. Up $1.3 Trillion in 79 Days.
Prior to this three month period, the US National Debt rose $1 Trillion in the 90 Days prior to that. Before that, the US National Debt rose $1 Trillion in 113 days. See the pattern? 113 Days, then 90 days, now 79 Days. That’s the fastest debt spiral in history, and it’s only accelerating. And it will continue to increase in amount and speed. It simply cannot escape the trap.
The other day Morgan Stanley told their clients to put 20% of their holdings into gold. Ask why? One might imagine they see a light and it is a wall of collapsing debt that causes what is known as contagion.
Now let’s flip to an obscure company called TRICOLOR in America who just filed for Chapter 7 which is liquidation. This bright minded vehicle leasing company was leasing and selling to immigrants and people with no credit scores. Really? What could go wrong did go wrong.
They bundled these debts into Asset backed securities and sold them to banks. As of this morning the wiz bang banks whose names you will recognize as household names are reported a 20 billion loss. Yes, it appears that 2008 is about to happen all over again. However this time the US debt bomb is accelerating month to month.
Buckle up because whatever is coming, this storm is gathering speed and is an unknown to most people.
Whatever happens in America will affect everyone because the US debt is declining in value in concert with the actual dollar decline as purchasing power erodes. This means goods will continue to rise while actual economic activity will stagnant causing Stagflation. And this is not limited to America.
END
DHS Warns California, New York, Illinois To Cooperate With ICE Deportations
Monday, Sep 22, 2025 – 01:45 PM
Authored by Victoria Friedman via The Epoch Times,
The Department of Homeland Security (DHS) said in a Sept. 20 statement that it warned California, Illinois, and New York state to cooperate with the federal government on deporting illegal immigrants.
The DHS said it was, via Immigration and Customs Enforcement (ICE), following up on letters sent to the three states’ attorneys general on Sept. 10 to confirm whether they would notify ICE when illegal immigrants are set to be released from jail or prison so they can be transferred into the agency’s custody.
DHS said that ICE had received responses from Illinois and New York, which affirmed their refusal to comply, and had not received a response from California.
According to the statement, ICE said in its Sept. 19 correspondence that while it would prefer to work in cooperation with state officials, it will “engage with the Department of Justice and other Federal partners to pursue all appropriate measures to end their inadvisable and irresponsible obstruction of the apprehension and removal of criminal illegal aliens.”
Homeland Security said that despite the rejection of cooperation from these and other states, the department had arrested more than 400,000 illegal immigrants, 70 percent of whom have criminal convictions or have been charged with crimes.
The statement went on to list several criminal illegal immigrants who had been released back onto American streets after committing crimes, including those with an alleged history of rape, battery, drug, and weapons offences. Some were also identified as belonging to gangs, including Tren De Aragua and Latin Kings.
The Epoch Times contacted the three attorneys general for comment, but their offices did not respond by publication time.
“These dangerous sanctuary policies, often combined with cashless bail for serious crimes, allow criminal illegal aliens to be released back into American communities — threatening the American people’s lives and wellbeing,” DHS Assistant Secretary Tricia McLaughlin said.
“ICE detainers ask for something very simple: To notify ICE when criminal illegal aliens are released from jail or prison, to ensure that they go into ICE custody before they are released back onto our streets. These sanctuary state politicians should do the right thing and side with law-abiding Americans over criminal illegal aliens.”
Since President Donald Trump returned to office for his second term in January 2025, he has launched a tough immigration enforcement campaign, reinforcing the southern border and pledging to deport millions of illegal immigrants.
Additional funding for these border security measures comes from the Trump administration’s One Big Beautiful Bill Act, which the president signed into law in July.
END
THE INFAMOUS HILARY CLINTON:
Hillary Clinton & The Loss Of Shame In American Politics
Monday, Sep 22, 2025 – 03:05 PM
Charlotte Bronte once wrote “I believe that creature is a changeling: she is a perfect cabinet of oddities.”
No quote better captured the chilling curiosity that is Hillary Clinton.
This week, Clinton (without any sign of shame or self-awareness) attacked others for seeking censorship and blacklisting political opponents through government and corporate collaboration. Clinton is one of the most anti-free speech figures in the United States and actively campaigned for the censorship of opponents. Today, my column in the Hill discusses the hypocrisy of many on the left this week after the suspension of late-night host Jimmy Kimmel. However, there is simply no one in the same class as Clinton in hitting hypocrisy’s rock bottom.
This week, Clinton declared: “I think this is a very clear example of using the power of the state to suppress speech. It is a direct government action to try to intimidate employers, organizations, corporations, much of which we’ve already seen, to remove an opponent, even though it’s a comic.”
For many in the free speech community, the statement led us to spit out our morning coffee.
Clinton and her allies have long shown contempt for the intelligence of the voters, often denying facts or flipping positions while denying any inconsistencies. It was a record that produced not only polling as one of the least popular American politicians but also record lows in the public’s view of trustworthiness and authenticity. Clinton’s campaign routinely lied about major issues, including denying to the media that it funded the infamous Steele dossier.
For the record, I have repeatedly criticized Administration statements from recently on free speech and some of the actions taken against critics as threatening to our core values of free speech. This has included threats to prosecute hate speech and flag burning despite countervailing precedent. However, the last person any of us in the free speech community wants to see in this fight is Hillary Clinton.
As I have previously written, Clinton heralded the growing anti-free speech movement and noted that “there are people who are championing it, but it’s been a long and difficult road to getting anything done.”
In my book, I discuss the challenge for anti-free speech champions like Clinton is that it is not easy to convince a free people to give up their freedom.
That is why figures like Clinton are going “old school” and turning to government or corporations to crack down on citizens. One of the lowest moments came after Elon Musk acquired Twitter, promising to restore free speech protections. Clinton called upon European officials to force Elon Musk to censor American citizens under the infamous Digital Services Act (DSA). This is a former democratic presidential nominee calling upon Europeans to push the censorship of Americans.
Clinton praised the anti-free speech efforts in California and New York and called for the rest of the country to replicate the approach of those states.
Clinton added a particularly illuminating line that said the quiet part out loud. This is all about power and the fear that she and others will “lose control” over speech:
“Whether it’s Facebook or Twitter or X or Instagram or TikTok, whatever they are, if they don’t moderate and monitor the content, we lose total control and it’s not just the social and psychological effects it’s real harm, it’s child porn and threats of violence, things that are terribly dangerous.”
Clinton continues to offer a textbook example of the anti-free speech narrative. While seeking sweeping censorship for anything deemed disinformation, Clinton cites specific examples that are already barred under federal law like child porn.
Not surprisingly, when I spoke in Berlin on free speech, Hillary Clinton also spoke to call for greater speech limits to a highly appreciative European audience. She has been a major voice in fostering the government-corporate alliance that carried out massive censorship of political opponents.
As Bronte noted, this “creature is a changeling: she is a perfect cabinet of oddities.” Fortunately, the public has never been deceived by the changeling. They have always seen her opportunistic attacks as a sign of contempt for them as a bunch of chumps. Both Clinton and the media have learned in prior elections that these narratives are falling flat with most Americans outside of the core Democratic base.
There has to be some lingering residue of shame left; some modicum of decency in refraining from such raw hypocrisy at these moments. Yet, we seem to be living in an era of post-shame politics. The only thing missing is lawyer Joseph Welch:
https://www.youtube.com/embed/h7x8RkdG6I0
VICTOR DAVIS HANSON
KING NEWS
| The King Report September 22, 2025 Issue 7581 | Independent View of the News |
| House Republicans Introduce Bill to Change Federal Reserve’s Dual Mandate House Republicans, led by House Committee on Financial Services Chairman French Hill (R-Ark.), introduced the Price Stability Act of 2025, a bill that would end the twin mandate, ensuring the Federal Reserve concentrates primarily on containing inflation. “For too long, the Federal Reserve has been stretched between competing objectives. It’s time to return to a clear, singular focus: protecting the wallets of American families by keeping inflation in check,” Hill said in a statement…. Earlier this month, Treasury Secretary Scott Bessent penned an essay titled “The Fed’s New ‘Gain-of-Function’ Monetary Policy.” The piece was a sharp critique of how the Federal Reserve has evolved since the 2008 global financial crisis. Bessent, who has been a frequent critic of the century-old entity over the past year, stated that the Fed has engineered new powers, pointing to, for example, quantitative easing—an unconventional monetary policy tool that consists of creating ultra-low interest rates, buying government bonds, and injecting liquidity into the U.S. financial system. According to Bessent, the Fed has distorted financial markets, diminished independence, and manufactured adverse consequences for the economy… https://www.zerohedge.com/political/house-republicans-introduce-bill-change-federal-reserves-dual-mandate Sales of heavy trucks are falling like the U.S. is headed for a recession Heavy truck sales have experienced a significant decline in August 2025, dropping 16% year-over-year (YoY) to 422,000 units, according to the latest data. This decrease follows a 10% YoY drop in July and a 14% YoY decline in August 2024, suggesting a broader trend of softening sales. Year-to-date (YTD) sales are down 8.4%, indicating a continued downward trajectory… https://unusualwhales.com/news/sales-of-heavy-trucks-are-falling-like-the-u-s-is-headed-for-a-recession BOJ Unveils ETF Sales Plan, Keeps Door Open for October Hike – BBG … at a pace if about ¥620 billion per year… Sales of ETF holdings could begin early next year… The snail-pace of ETF liquidation implies the BOJ fears tanking the Nikkei! ESZs traded moderately higher in early Nikkei trading on Friday. After the BoJ ETF liquidation announcement, ESZs stair stepped down to a daily low of 6679.50 (-14.00) at 3:06 ET. Traders eagerly bought the dip on the European opening. ESZs then rallied for the expected buying on the NYSE opening to replace expiry September equity futures. ESZs hit a daily high of 6712.50 (+19.00) at 9:25 ET. The dump began early; ESZs fell to 6696.75 at 9:34 ET. NYSE opening dip buying pushed ESZs to 6711.25 at 9:48 ET. ESZs slid to 6687.50 at the 11:30 ET European close. The post-European close contra move conflated with the Noon Balloon and propelled ESZs to 6712.25 at 12:48 ET. After a modest retreat, SPZs went inert. A minor new high of 6713.00 appeared at 13:33 ET. ESZs then traded sideways until the illegal late ESZ manipulation commenced near 15:00 ET. ESZs hit a daily high of 6731.50 at 15:52 ET. ESZs slid to 6720.25 at 16:00 ET. Trump: I agreed with President Xi that we would meet at the APEC summit in South Korea, that I would go to China in the early part of next year, and that President Xi would likewise come to the United States at an appropriate time... https://x.com/TrumpWarRoom/status/1969060252243935600/photo/1 @onlyyoontv: China readout in Xinhua of Xi-@realDonaldTrump phone call. State media emphasizing that Xi said “the United States should refrain from taking unilateral trade restrictive measures” in call. The two discussed TikTok. Not much on @tiktok_us framework, in-person Xi-Trump meeting, broader deal. https://x.com/onlyyoontv/status/1969060351691100586/photo/1 House passes stopgap spending bill to avert government shutdown, measure now goes to Senate The vote on Friday was 217-212 – Just the News Trump-approved plan to avert government shutdown scuttled by Senate (9/30 govt shutdown looms) While the proposal easily glided through the House with little drama, it hit a brick wall in the Senate and failed 44-48. Only one lawmaker, Sen. John Fetterman, D-Pa., crossed the aisle to support the Republican plan. Sens. Rand Paul, R-Ky., and Lisa Murkowski, R-Alaska, also voted against the bill… https://www.foxnews.com/politics/trump-approved-plan-avert-government-shutdown-scuttled-senate US lawmakers to introduce bipartisan bill to exempt coffee from tariffs as prices soar https://trib.al/mzdBXQM Positive aspects of previous session The DJIA and the S&P 500 rallied moderately; Fangs rallied smartly on expiry-related manipulation. The S&P 500, Nasdaq 100, and the DJIA closed at record highs. Negative aspects of previous session USZs declined as much as 19/32 and were -11/32 at the NYSE close. Bonds are breaking down! Precious metals rallied smartly. The DJTA declined 1.63. Ambiguous aspects of previous session Has a new down leg for bonds commenced? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6655.50 Previous session S&P 500 Index High/Low: 6671.82; 6630.31 @SpeakerJohnson: Washington Democrats are now officially threatening a government shutdown unless they get: Reinstatement of FREE health insurance for ILLEGAL ALIENS $500 million for LIBERAL news outlets and other partisan priorities Totaling a massive $1.5 TRILLION spending HIKE tacked onto a simple CR CDC vaccine panel unanimously votes to end universal COVID shot recommendation https://justthenews.com/politics-policy/health/cdc-vaccine-panel-unanimously-votes-end-universal-covid-shot-recommendation Bureau of Labor Statistics postpones key inflation data report with no reason cited — Axios The BLS said on Friday that the annual release of consumer expenditures data — initially set for Tuesday — would be “rescheduled to a later date.”… https://www.axios.com/2025/09/19/bls-cpi-report-inflation Today – Traders will play for the Monday Rally. But selling could appear in the afternoon Sell Rosh Hashanah – Buy Yom Kippur Trading Strategy We backtested the cash index of S&P 500 from 1928 until today… Total return is 39%; CAGR is 0.34%; Time spent in the market is 2.52%; Risk adjusted return is 13.49%; Win rate is 53.12%; Average return is 0.39%… https://www.quantifiedstrategies.com/sell-rosh-hashanah-buy-yom-kippur-strategy/ Carefully monitor bonds! The US 30-year yield hit 4.752% on Friday. Strong resistance appears near 5.1%. A significant breakout above 5.1% (5.112% high on 10/19/23) would be very, very troubling. ESUs are -.50; NQUs are +4.25; Dec AU is +19.10; and USZs are +1/32 at 20:15 ET. Fed Speakers: NY Pres Williams 9:45 ET, St. Louis Pres Musalem 10 ET, Cleveland Pres Hammack, Richmond Pres Barkin, and Gov. Miran 12:00 ET S&P Index 50-day MA: 6422; 100-day MA: 6185; 150-day MA: 5998; 200-day MA: 6000 DJIA 50-day MA: 44,957; 100-day MA: 43,748; 150-day MA: 43,026; 200-day MA: 43,211 (Green is positive slope; Red is negative slope) S&P 500 Index (6664.36 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5447.29 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6320.67 triggers a sell signal Daily: Trender and MACD are positive – a close below 6534.76 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6616.50 triggers a sell signal Kirk Show producer @AndrewKolvet: Something important that’s being missed with the Jimmy Kimmel saga… By spreading the vile lie that Charlie was assassinated by MAGA, the implicit message from Kimmel was clear: If you kill a conservative, we will cover for you. We will whitewash the murder because we don’t think conservatives deserve to live. Kill more. Assassinate more. We have your back… Executives at ABC rightly received a deluge of complaints from affiliates. They asked Kimmel to apologize for lying and he refused, instead vowing to double down. Only then did he get canned. Networks like ABC, NBC, and CBS enjoy massive taxpayer supported privileges and advantages because they are supposed to contribute to the “public good.” Those privileges come with a responsibility to not knowingly spread harmful lies like the one Kimmel was spreading. Jimmy Kimmel is not a victim. He’s a liar. Jimmy Kimmel is not a martyr. Charlie is… @WallStreetMav: LateNighter reported that “Jimmy Kimmel Live,” as well as CBS’s “The Late Show” and NBC’s “The Tonight Show” have seen viewership declines of 70% to 80% since 2015. Advertising revenue had declined by about 50% since 2018. ABC’s ‘Jimmy Kimmel Live!’ hemorrhaged viewers over past decade, lost 72% among key demo The decline is even more significant among the advertiser-coveted demographic of adults, ages 25-54. “Jimmy Kimmel Live” averaged nearly 1 million viewers among the critical demo in 2015 but plummeted to only 261,000 in 2025… https://www.foxnews.com/media/abcs-jimmy-kimmel-live-hemorrhaged-viewers-over-past-decade-lost-72-among-key-demo Kimmel Was Reportedly About to Give Controversial Monologue When He Was Suspended “If Jimmy went on the air, there would have been no way back from that monologue for Jimmy,” the source said. “We didn’t want that. Everyone deeply values him and wants him to come back. But he has to take down the temperature.”… https://www.yahoo.com/entertainment/tv/articles/kimmel-reportedly-controversial-monologue-suspended-233431127.html @ByronYork: WSJ reports Jimmy Kimmel planned to address the controversy had he gone on air Wednesday night. But Kimmel planned to blame MAGA, and Disney execs feared he would just make things worse https://x.com/ByronYork/status/1968838569507574268 How Jimmy Kimmel’s Suspension Went Down: Sponsor Panic, a Defiant Host and a Painful Call https://www.yahoo.com/entertainment/tv/articles/jimmy-kimmel-suspension-went-down-203112318.html @LizMacDonaldFOX: Disney’s CEO Bob Iger and co-chair Dana Walden made the decision to suspend Jimmy Kimmel’s show after he planned to double down and go on camera to defend his lie that MAGA voters killed Charlie Kirk rather than “kowtow” to the outrage, Hollywood Reporter reports. They yanked him because they “thought that would fan the flames” as Nexstar and Sinclair affiliates dropped him. “The advertiser calls began to roll in and then the big affiliate conglomerates, Nexstar and Sinclair, threatened to preempt the show.” This is market reaction, and not tied to FCC chair Brendan Carr’s actions. Kimmel even planned to double down and not apologize after “Disney employees saw their emails doxxed…some even received death threats.” When “66 of the roughly 200 affiliate stations had said they would” drop him, that’s when Iger and Walden pulled the plug. Georgetown Law Professor @RandyEBarnett: If Disney lawyers knew Kimmel’s false claim was not actionable by the FCC, they could have contested any charge before there was a vote of the commission. There would be due process. But with its affiliates in a lather, and Kimmel unwilling to retract & apologize, they cut him. @FoxNews: ‘THAT’S WRONG’: Liberal comedian Bill Maher slammed Hollywood for ignoring Charlie Kirk’s murder at the Emmys, saying, “If a left-wing person were assassinated that week, the whole show would have been about it.” https://t.co/iuZHWivL5W @CollinRugg: Socialist Rep. Alexandria Ocasio-Cortez says the resolution to honor Charlie Kirk’s life brings “great pain” to millions of Americans. She and 57 other House Democrats voted against the simple resolution to honor Kirk’s life. Despicable. https://x.com/CollinRugg/status/1969061984466346253 (38 Dem Reps voted ‘present’, list at link) https://x.com/greg_price11/status/1969055990768193928 AOC on Kirk: “His rhetoric and beliefs were ignorant, uneducated and sort to disenfranchise millions of Americans…” https://x.com/OliLondonTV/status/1969073278036660282 ‘How democracy dies’: Tim Walz goes full apocalypse over Jimmy Kimmel getting yanked off air “This is it. If you ever wondered how democracy dies, you’re witnessing it … This is North Korea-style stuff,”… https://alphanews.org/how-democracy-dies-tim-walz-goes-full-apocalypse-over-jimmy-kimmel-getting-yanked-off-air/ @libsoftiktok: The Democrat Party Booth at the Ashland County, Ohio Fair was just KICKED OUT after displaying buttons with “8647” and “is he dead yet” in reference to kiIIing Trump. Democrats just can’t help themselves. They constantly promote violence… https://t.co/lCne2viGgy CNN’s @ScottJenningsKY: I don’t think we are talking enough about how the Democratic nominee for president, Kamala Harris, is openly admitting to discriminating against someone because he was gay (Mayor Pete). https://x.com/ScottJenningsKY/status/1969075110469374231 Joe Rogan Podcast News@joeroganhq: Joe Rogan: “Lyme disease turns out was man made. Turns out there’s a lot of real evidence that Lyme disease was weaponized, and that it leaked out of a lab called Plum Island.” https://x.com/joeroganhq/status/1968457441806626959 Attempted Kavanaugh Assassin Identifies as Transgender Woman, Legal Filings Show The man who attempted to kill Supreme Court Justice Kavanaugh identifies as a transgender woman and was deeply mentally ill and suicidal, according to documents first obtained by The Daily Wire… https://www.dailywire.com/news/exclusive-attempted-kavanaugh-assassin-identifies-as-transgender-woman-legal-filings-show Roseanne Barr Claps Back at Obama Over 2018 Firing Claim After Kimmel Suspension @BarackObama: After years of complaining about cancel culture, the current administration has taken it to a new and dangerous level by routinely threatening regulatory action against media companies unless they muzzle or fire reporters and commentators it doesn’t like. Roseanne Barr @therealroseanne: Remember when you and your wife called Bob Iger to have me fired? https://www.yahoo.com/entertainment/celebrity/articles/roseanne-barr-claps-back-obama-143656153.html Jimmy Kimmel praises ABC for canceling ‘Roseanne’ — ‘You’re not going to believe this but she tweeted something outrageous’ https://www.nydailynews.com/2018/05/30/jimmy-kimmel-praises-abc-for-canceling-roseanne-youre-not-going-to-believe-this-but-she-tweeted-something-outrageous/ @KeenanPeachy: Disney CEO Bob Iger’s wife runs a multi-million dollar “charity” supporting nonbinary journalists. He is 100% politically aligned with Kimmel — which is why Kimmel has been the “face” of Disney for years as the longtime Oscars host. Governor Newsom Press Office @GovPressOffice on Saturday: Kristi Noem is going to have a bad day today. You’re welcome, America. @USAttyEssayli: We have zero tolerance for direct or implicit threats against government officials. I’ve referred this matter to @SecretService and requested a full threat assessment. Democratic congresswoman accuses Charlie Kirk of ‘advocating for a Christian nationalist government’ https://t.co/UIwDGT4O2q After every assault on Trump, GOP figures, etc., the media and Dems call for peace and unity – and within a day or two issue their usual venomous and incendiary rhetoric. “You can look it up!” @CollinRugg: The man who shot up the ABC affiliate in Sacramento following the suspension of Jimmy Kimmel, has been identified as Anibal Hernandez-Santana. An X account that appears to belong to Hernandez-Santana is full of anti-Trump posts, as reported by Variety. The man, 64, previously worked as a legislative director for the California Federation of Teachers, the outlet reported. “The authoritarian oligarchy is now complete. CBS+ caving, big law firms in DC, the subservient FBI and AG, university presidents stepping down, fan boys SCOTUS, public radio, ICE goons. We are going to have to ‘fight like hell’…” the account that appears to belong to him posted in July. Hernandez-Santana was arrested on charges of assault with a deadly weapon, negligent discharge of a firearm, and shooting into an occupied building. https://x.com/CollinRugg/status/1969498664625455276 @ZavalaA: Authorities confirm the suspect accused of shooting into the lobby of the ABC affiliate in Sacramento has been released from jail after posting bond. Law enforcement officials are not releasing his mug shot. (Then you know it’s a protected Dem constituency) @MrAndyNgo: A man who shouted “Free Palestine” while carrying out a deadly shooting in Nashua, N.H. has been arrested. Hunter Nadeau has been charged with murder. The killing is among a string of deadly attacks in the U.S. in which Palestine and/or Gaza were invoked. @DerrickEvans4WV: Left wing extremists in NYC are doing a sit-in & blocking roads for the “Make Billionaires Pay” protest: https://t.co/A1T1b9yseQ @nicksortor: IT’S CONFIRMED: Ilhan Omar MARRIED HER BROTHER, per marital records obtained by @scrowder. THIS IS IMMIGRATION FRAUD. DOJ needs to start the process of revoking Omar’s citizenship IMMEDIATELY. https://x.com/nicksortor/status/1969121931547844884 Happy Rosh Hashanah! | |
SWAMP STORIES FOR YOU TONIGHT
Top Biden Aide Releases Kraken On Autopen, Hunter’s Role In Pardongate, And Joe’s Malfunctioning Brain
Saturday, Sep 20, 2025 – 12:15 PM
One of former President Joe Biden’s top aides – Jeff Zients, told the House Oversight Committee on Thursday that an aide with his email credentials was green lighting some of the most controversial ‘autopen’ pardons, that Hunter Biden – who received an insane pardon himself – was involved in the pardon discussions, and that Joe Biden’s brain was pea soup.
According to Axios, Zients – one of the highest ranking officials from the Biden White House – confirmed that Joe Biden had difficulty remembering dates and names, and often required extra briefings to make decisions during the final years of his presidency.
- Instead of having three meetings before making a decision, for example, Biden would want four.
- Zients said Biden had long had trouble with names and dates, but acknowledged to investigators that the president’s memory of such facts got worse in the final years of his term.
Jill Biden, meanwhile, spoke with Zients about ‘managing Joe’ as Zients was readying himself to take on the role of Chief of Staff in early 2023 – urging him to adjust Biden’s schedule so he could get more rest and return to the White House residence earlier in the evening.
Longtime Biden aide and deputy CoS Annie Tomasini also spoke with Zients about limiting Biden’s schedule and shortening distances and stairs.
According to Fox News, Zients “admitted that President Biden’s speech stumbles increased as he aged,” adding “He also noted that the president’s difficulty remembering dates and names worsened over time, including during the administration.”
Pardon Me
Also interesting – Zients told investigators that Hunter Biden was involved in discussions about presidential pardons towards the end of Biden’s term, which included the blanket pardons of several members of the Biden family issued during Joe’s final 24 hours in office. It had been previously reported by NBC News that Hunter was sitting in on White House meetings following the former president’s horrible performance during a June 2024 debate against Donald Trump.
Hunter received a “full and unconditional” pardon for his crimes in early December, just under two months before Joe left office.
Biden approved nearly 2,500 commutations on Jan. 17, days before leaving the White House, (and issued over 4,200 in total over his term) – the most of any US president, and the most ever in a single day.
Zients also said that he did not personally send the email authorizing the use of the autopen, and that instead “he had an aide with access to his email account send the authorization on his behalf for some of the most controversial pardons in recent history.”
The interview was part of an investigation by House Oversight Chair James Comer (R-KY) into Biden’s use of the autopen, and whether Biden’s top aides covered up his mental decline as part of their use of the autopen.
END
Adam Schiff, Tim Kaine Introduce Bill To Protect Caribbean Drug Traffickers From Trump Strikes
Sunday, Sep 21, 2025 – 09:00 PM
Authored by Chase Smith via The Epoch Times (emphasis ours),
Sens. Adam Schiff (D-Calif.) and Tim Kaine (D-Va.) introduced a resolution on Friday aimed at halting U.S. military strikes on drug trafficking operations in the Caribbean, saying the actions were launched without congressional approval.
The measure, filed under the War Powers Act, would prohibit use of the military against non-state groups involved in drug trafficking unless Congress authorizes it. War powers resolutions are privileged, meaning the Senate must take up the measure for debate and a vote.
The move follows two recent military strikes in the Southern Caribbean Sea—on Sept. 2 and Sept. 15—that targeted vessels that were carrying narcotics. Democratic lawmakers say they have not received key details about the incidents, including who was on board, the cargo, and the legal basis for lethal force.
President Donald Trump has said the vessels belonged to “extraordinarily violent drug trafficking cartels and narcoterrorists” operating out of Venezuela. He said the boats were carrying narcotics bound for the United States, calling them a direct threat to U.S. national security and vital interests.
“If you are transporting drugs that can kill Americans, we are hunting you,” Trump said after the Sept. 15 operation, which killed three people. He added there was “recorded evidence” that drugs were on board, including large bags of cocaine and fentanyl scattered in the water after the strike.
“Congress alone holds the power to declare war,” Schiff said in announcing the resolution. “And while we share with the executive branch the imperative of preventing and deterring drugs from reaching our shores, blowing up boats without any legal justification risks dragging the United States into another war and provoking unjustified hostilities against our own citizens.”
Kaine alleged the Trump administration had failed to explain why standard interdiction methods were not used.
“President Trump has no legal authority to launch strikes or use military force in the Caribbean or elsewhere in the Western Hemisphere,” Kaine said, adding that “Congress simply cannot let itself be stiff-armed as this administration continues to flout the law.”
The White House has said the earlier strike on Sept. 2 targeted the operations of Tren de Aragua, a Venezuelan transnational gang designated as a foreign terrorist organization, and that it was conducted in defense of U.S. national interests.
Defense Secretary Pete Hegseth said at the time the mission was part of a broader effort to protect the United States and the Western Hemisphere from drug cartels. “Anyone else trafficking in those waters who we know is a designated narco-terrorist will face the same fate,” Hegseth said.
The Democrat resolution argues that drug trafficking does not constitute an armed attack or an imminent threat justifying military action, and that designating an organization as a foreign terrorist group does not authorize use of force.
It directs the president to remove U.S. forces from hostilities against such groups unless explicitly authorized by Congress, while clarifying that the United States retains the right to act in self-defense against an armed attack.
Schiff and Kaine said that Congress supports efforts to stop narcotics from reaching the United States, but said intelligence, law enforcement, and diplomatic tools should be prioritized.
Jackson Richman contributed to this report.
END
Another Leftist Shooter Attacks Country Club Wedding In New Hampshire
by Tyler Durden
Sunday, Sep 21, 2025 – 02:35 PM
America is suffering from leftist fatigue. Three left wing shooters in the span of a week, from the murder of Charlie Kirk to an attack on an ABC affiliate station in Sacramento to the most recent event – A shooting at a country club wedding in Nashua, New Hampshire.
This is, of course, not counting the transgender killer who murdered 2 children and wounded 18 others at a catholic school in Minneapolis the week before the Charlie Kirk assassination. In every case there has been clear intent of politically motivated violence. Democrats and woke activists continue to deny they have any culpability, but after a decade of demonizing everyone who disagrees with them as “fascists and Nazis”, isn’t this the end result they always wanted?
The suspect, identified as 23-year-old Hunter Nadeau, was arrested and charged with one count of second-degree murder. Witnesses heard the man scream “The children are safe, free Palestine!” as he started shooting, killing one person and wounding two others before he was hit in the head with a chair by a female party member and ran away with his head bleeding.
Tom Bartelson of Pepperell, Massachusetts, told reporters that he was at Sky Meadow Country Club for his nephew’s wedding when he heard the individual say, “The children are safe,” and, “Free Palestine.” The slogan is commonly chanted at left wing rallies and protests, an attempt to absorb Islamic fundamentalist movements under the woke intersectional umbrella.
“Getting together for a dance for the bride and groom and then all chaos went off,” he said. “We heard about six shots and everybody ducked for cover and next thing you know we’re rushed into safe spots and things like that.”
Authorities said there is no known connection between Nadaeu and the victims.
Interestingly, multiple left leaning media outlets did not mention that the shooter attacked a wedding, nor did they mention him yelling “free Palestine” in their initial reports. Is this yet another example of the media trying to manipulate the optics of a left wing terror event?
The political left clearly smells blood in the water and they see this moment as their opportunity to commit the kind of violence they have openly advocated so often for over the years. It is likely that these attacks will continue on a regular basis for the foreseeable future.
END
GREG HUNTER INTERVIEWING
Great Tribulation Volcanos, Earthquakes & Tsunamis – Steve Quayle
By Greg Hunter On September 20, 2025 In Market Analysis, Political Analysis58 Comments
Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Renowned radio host, filmmaker, book author and archeological dig expert Steve Quayle is back warning about intensifying earthquakes, volcanos and tsunamis all over the world that governments and media are covering up. Add this to the political violence, possible financial breakdown, multiple wars intensifying at the same time, battles over catastrophic climate destroying geoengineering in Congress and you are witnessing a time like the world has never seen before. This is starting to look like what Jesus was talking about in Matthew 24:21 when he said, “For then there will be a great tribulation, such as has not occurred since the beginning of the world until now, nor ever will again.”
Let’s start with the increasing numbers of volcanos becoming active such as the world-famous Mt. Kilauea in Hawaii shooting molten lava 500 feet into the air happening now. Quayle says, “The Kilauea volcano on the big island of Hawaii has record lava plumes going off. Fountains is a more correct term. In the last week to 10 days, and this affects what is going on in Hawaii, we have watched the Kamchatka Peninsula with an 8.8 earthquake. Then we watched a 7.7, but what is not being talked about is the ring of fire with the volcanic activity with a ring around the Pacific Ocean. . .. I want people to understand the volcanos, earthquakes and tsunamis effect everything and everyone.”
Quayle has been predicting a huge quake coming in the Pacific Northwest for a few years now, and he also points out the Hilina Slope in Hawaii could set off “a 500-foot-tall tsunami that could destroy the west coast of America.” Quayle says, “These are the mega events that are happening all over the world. There are earthquakes taking place on Mount Rainier. I am watching the quakes taking place on Mount Hood and Mount Saint Helens. . .. People have to recognize, and this is an easy call, that our lives are going to change dramatically. . .. This will affect the whole country in terms of food and transportation, and it will also affect power throughout the electrical grid.”
Quayle says his sources are telling him that we are close to a mega financial event. This is similar to what financial expert Ed Dowd said on USAW recently. What’s going to happen in the markets? Quayle says, “50% down and a cascading amount of failure in everything from banking to housing, emergency proclamations and even to the point of martial law. That is going to take place because the Blue states are getting ready to go to war with the Red states.”
Some people are hoping the US will stay out of the NATO war shaping up with Russia over Ukraine. Quayle says the US will get pulled in and says, “It’s not they are going to drag us in, they have drug us in. You can’t say you want peace with Russia and then send weapons to Ukraine. . .. You don’t steal $300 billion from Russia; that is what the West has done . . . and used it to buy weapons to make war on them.”
Gold hit a record high on Friday, and silver is at levels not seen in years. Quayle says, “There is 750 ounces of fake paper gold for every ounce of real physical gold. . .. Whales, mega liquid investors, when they decide to go into the gold and silver markets, they can buy all deliverable gold in under three hours. . .. When you want your gold in hand, there will be no delivery. This is not a scare tactic. It’s the reality of what is going on behind the scenes.”
There is more in the 66-minute interview.
There is an 8-minute video to explain how easy it is to ride out any terror attack or extreme storm. You can get more information on Starlink at Starlink123.com and Sat phones at Sat123.com and BeReady123.com. You can also call 855-980-5830 and talk to a real human. Same goes for EscapeZone.com. where you can get Faraday bags big and small. You can also talk to a real human at EscapeZone.com by calling 702-825-0005.
Join Greg Hunter of USAWatchdog.com as he goes one-on-one with Steve Quayle warning you to prepare for a huge increase in earthquakes, volcanos, financial and violent political meltdowns coming for 9.20.25.
After the Interview:
END
ABSOLUTE NONSENSE
Kimmel Gets Show Back After Disney Has ‘Thoughtful Conversations’
by Tyler Durden
Monday, Sep 22, 2025 – 03:47 PM
Hours after 400 artists signed an ACLU letter in response to Jimmy Kimmel’s firing, the late-night host’s ‘indefinite termination’ for propaganda surrounding the Charlie Kirk assassination has been turned into a week’s vacation.
According to Variety, Disney and ABC are bringing the comedian back to its schedule Tuesday night.
“Last Wednesday, we made the decision to suspend production on the show to avoid further inflaming a tense situation at an emotional moment for our country. It is a decision we made because we felt some of the comments were ill-timed and thus insensitive,” the company said in a statement. “We have spent the last days having thoughtful conversations with Jimmy, and after those conversations, we reached the decision to return the show on Tuesday.”
Kimmel’s show was pulled last Wednesday after the host said that Charlie Kirk assassination suspect Tyler Robinson was ‘MAGA’ – when he’s very clearly not based on what we know. In response, FCC Chair Brendan Carr threatened to revoke ABC affiliate licenses over the comments, which he described in a podcast interview with host Benny Johnson as “the sickest conduct possible.”
Does Roseanne Barr get her show back too now?
Developing…
You can get more information at Sat123.com, BeReady123.com and Starlink123.com. You can also call 855-980-5830.
SEE YOU TOMMORROW
TO ALL OUR JEWISH FRIENDS OUT THERE: A HAPPY, SAFE SWEET, AND PROSPEROUS NEW YEAR
harveyorganblog.com 
