Huge thanks to this month’s anonymous sponsor, who wishes me to lead with this splendid quote from “The Sting”: “If you’re playing a poker game and you look around the table and can’t tell who the sucker is, it’s you.” [Paul Newman, playing Henry Gondorff]
“US dollar suffers worst start to year since 1973 [this even has a knock on effect on yours truly, as most of the income from this site is in USD].
“The US dollar had its worst start to the year since 1973, as Donald Trump’s trade and economic policies prompt global investors to rethink their exposure to the world’s dominant currency.”
https://www.ft.com/content/59c07f63-3331-462b-b9e3-d1bcaea69fce
“US Senate passes Trump’s ‘One Big Beautiful Bill’, sending it to the House.
“The United States Senate has passed a sweeping tax bill championed by President Donald Trump, sending the controversial legislation to the House of Representatives for what could be a final vote.”
“Trump’s ‘big, beautiful’ bill set to further tarnish Treasuries’ lustre overseas…
“President Donald Trump’s sweeping tax cut and spending measure will boost U.S. debt by $3.3 trillion, the nonpartisan Congressional Budget Office estimates, while runaway deficits and swelling debt led Moody’s to cut its credit rating in May.”
“Trump ramps up Musk feud with deportation threat.
“Donald Trump and Elon Musk reignited their bitter feud Tuesday, with the US president threatening to deport the tech tycoon and strip federal funds from his businesses for criticizing Trump’s flagship spending bill.”
“‘A billion people backing you’: China transfixed as Musk turns against Trump…
““If Elon Musk were to found a political party, his tech-driven mindset could inject fresh energy into politics. The potential for change is significant – and worth watching,” wrote one Weibo user.”
“China’s top leaders vow crackdown on price wars as deflation risks mount…
“”Enterprises engaging in disorderly low-price competition must be regulated in accordance with laws and regulations,” Xinhua quoted a meeting of the Central Financial and Economic Affairs Commission as saying.”
“Donald Trump threatens to raise tariffs again on Japan.
“Donald Trump has threatened to increase levies on Japan and cast doubt that the US would reach a deal with its Asian ally, as he escalated his trade rhetoric days before his pause on some steep tariffs is set to expire.”
https://www.ft.com/content/0e65cca5-bf5b-4596-873e-e8c0502a9fda
“European junk bond sales hit record as investors cut US exposure.
“Sales of risky European corporate debt surged to their highest ever level in June, as lowly rated companies take advantage of a capital flight out of US markets on fears over the fallout from President Donald Trump’s trade tariffs.”
https://www.ft.com/content/7c6fa795-6e6e-457c-bc0e-54fbd2c5a65a
“Exhibition on Nazi atrocities in EU Parliament as Greek and Polish MEPs demand reparations…
“MEPs reiterate that the conference and exhibition are only the first step on a long road. The next ones will be the establishment of a special intergroup on war reparations from Germany and, within this framework, cooperation between the affected countries and legislative acts…”
“Poland to tighten border controls amid growing tension over irregular crossings.
“Poland will introduce temporary border controls with Germany and Lithuania from Monday amid growing tensions over irregular migration, the Polish prime minister, Donald Tusk, has said… In remarks at the beginning of the weekly cabinet meeting, Tusk blamed Germany for the move…”
https://www.theguardian.com/world/2025/jul/01/poland-to-tighten-border-controls-irregular-crossings
“Pentagon halts weapons shipment to Ukraine amid concerns over U.S. stockpile.
“Defense Secretary Pete Hegseth has ordered a pause in sending a shipment of missiles and ammunition to Ukraine amid concern about the U.S. military’s stockpiles, according to two defense officials, two congressional officials and two sources with knowledge of the decision.”
“Will Russia’s capture of entire Luhansk region change course of war?
“…Deep State, a Ukrainian website that monitors frontline movements, has long indicated that Russian forces occupied almost the entirety of the coalmining region. Putin said in March that Moscow had “liberated” 99 per cent of the area.”
“After months of fierce fighting, Russia appears to have finally taken control of one of Ukraine’s largest lithium reserves.
“Russian troops have been in control of the town of Shevchenko for several days now, where an estimated 12 to 14 million tonnes of lithium ore lie underground…”
https://www.commonspace.eu/news/russia-has-seized-important-lithium-reserves-eastern-ukraine
“Russia’s War Economy Faces Imminent Recession…
““We have been growing for two years at a fairly high rate due to the fact that free labor resources were used,” Elvira Nabiullina said… “But we need to understand that many of these resources have really been exhausted. We need to think about a new model for growth.””
https://oilprice.com/Geopolitics/International/Russias-War-Economy-Faces-Imminent-Recession.html
“Kim Jong Un shown honouring soldiers killed while fighting for Russia.
“North Korea President Kim Jong Un was shown honouring coffins of soldiers killed while fighting for Russia in Ukraine. The footage released Tuesday aired during a performance marking the one-year anniversary of a military pact signed by the two countries.”
“US steps up pursuit of hackers linked to North Korea’s nuclear programme…
“The efforts are the latest to focus on the activities of the Lazarus Group, which US authorities suspect of pilfering billions of dollars over nearly two decades to fund the North Korean regime’s nuclear programme.”
https://www.ft.com/content/e6fdbe56-1dce-42dc-bce1-fe92d973117f
“Sleeper cells and threat warnings: how the US-Iran conflict is spinning up fear…
““While often discussed in sensational language, Iran almost certainly maintains small clandestine cells inside the US and other countries,” said Broderick McDonald, associate fellow at King’s College London’s XCEPT research programme, who studies conflict in the Middle East.”
https://www.theguardian.com/us-news/2025/jun/30/us-iran-conflict-terrorism-threats
“Behind Syria’s Oil Restart Lies a Bigger Geopolitical Game…
“Given the extraordinarily high stakes for China and Russia in Syria, it seems highly unlikely that either of them are going walk away from this critical phase in the development of the post-al-Assad regime.”
“Charities urge shutdown of US- and Israel-backed Gaza aid group.
“More than 130 humanitarian organisations, including Oxfam, Save the Children and Amnesty International, have demanded the immediate closure of the Israeli- and US-backed Gaza Humanitarian Foundation (GHF), accusing it of facilitating attacks on starving Palestinians.”
“Israel’s Defence Minister Israel Katz vowed to retaliate against Iran-aligned Houthis after his country’s military intercepted a missile launched from Yemen toward Israeli territory.
“”The fate of Yemen is the same as that of Tehran,” Katz said in a statement.”
“Yemeni Rial Plunges to Historic Low, Deepening Economic and Humanitarian Crisis…
“The collapse has led to a complete halt in foreign exchange operations across government-controlled areas, as money changers and traders brace for further instability. The rial’s value has now dropped by more than 1,200% since 2015…”
https://yemenonline.info/Economy/9621
“Sudanese fleeing war are at risk of worsening hunger in neighboring nations, UN warns.
“Millions of people fleeing the conflict in Sudan risk falling deeper into hunger as they seek refuge in countries already grappling with food insecurity, the United Nations warned.”
“How ‘blood gold’ is fuelling conflict in West Africa.
“A large proportion of gold mining in the Sahel is from the artisanal and small-scale sector, which is often informal, meaning it takes place on unlicensed and undeclared sites away from government oversight… Gold provides an important revenue stream for militant groups…”
https://www.bbc.co.uk/news/articles/c17ww8dv1rwo
“Jihadist fighters stage series of attacks on Mali military posts.
“Jihadist fighters have launched a series of simultaneous attacks on military posts across numerous towns in Mali – the third major assault on the army over the last month… Earlier, the armed forces said that the attacks had occurred across seven towns and cities…”
https://www.bbc.co.uk/news/articles/c4g88vwn1veo
“This Tiny African Kingdom Faces Trump’s Highest Tariffs…
“Trump slapped Lesotho with 50% tariffs — the highest in the world at the time — when he unveiled sweeping reciprocal levies on trading partners on April 2… The nation’s biggest industry is textiles. The US is its largest export market. “It’s very, very dire,” Lesotho’s Trade Minister Mokhethi Shelile, said in an interview Monday.”
“Trump tightens US policy on Cuba…
“The White House said it would enforce an existing ban on American tourists going to Cuba more stringently, and oppose calls by international organisations such as the UN to end the US economic embargo on the Caribbean nation.”
https://www.bbc.co.uk/news/articles/cx24468drd1o
“Brazil’s last asbestos miners are switching to rare earth minerals. Can they offer a brighter future?
“…Families report that since mining began, two streams in Serra Verde have become muddy, with a greasy substance turning clear water a reddish colour. They also reported miscarriages in cattle drinking water from the same source.”
“Private financing for Argentina’s lithium is anything but green, critics say…
“Corporations and banks have heralded a wave of “green” policies aimed at accelerating the country’s lithium mining industry. But some observers argue these policies aren’t as green as advertised, and may actually be harming the environment and local communities.”
“The World Bank Goes Nuclear…
“In a positive step toward expanding clean energy access, the World Bank lifted its longstanding ban on financing nuclear energy projects on June 11. World Bank President Ajay Banga had been advocating for this change since assuming his position in 2023.”
https://www.cgdev.org/blog/world-bank-goes-nuclear
“Fear and speculation mount after another oil tanker is hit by unexplained blast.
“Tankers suezmax Vilamoura has become the latest in a series of, as yet, unexplained tanker explosions. Government agencies and private security are struggling to establish a concrete pattern or identify who may be behind the blasts.”
“The Kids Need Optimism, Not Doom and Degrowth.
“Not only is the embrace of degrowth misguided, but research suggests that this doomsday mindset is causing widespread anxiety in young people… Rather than romanticizing bicycling, what if we focused more on technological solutions that make driving cleaner or reduce commutes?”
https://www.cato.org/free-society/summer-2025/last-word-kids-need-optimism-not-doom-degrowth
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You can read the previous “Economic” thread here. I’ll be back tomorrow with a “Climate” thread.
Oh
My
God
Literally laughed out loud when I saw your comment because
My thoughts exactly!
Here’s some sarcastic copium lyrics for CATO and the techno zealots – this is “Fine” by Lemon Demon:
https://m.youtube.com/watch?v=de0kFiLuW0o
Today has a way
Of scarring your eyes
With negative light,
But it’s a disguise.
I put on my shades
And see through the lies.
The convenient truth is
Light is on the way,
We’ll be having a fun time.
It’s such a lovely day,
We should pocket the sunshine,
And never give it back
Even if there’s a heat wave
Or terrorist attack.
It will just be a close shave, I know.
I know
That every bomb
Has a silver lining, I know.
I know
It won’t be long until
Everything works out nice in the end.
The sun will marry the moon.
It’ll be fine.
Why don’t we sit back mellow again
And have a nice afternoon?
It’ll be fine.
I go for a walk,
The sidewalk is cracked.
I’m not susperstitious,
But I made a pact
With old Mother Earth.
She’d get off my back
If I get off hers.
Light is on the way,
We’ll be having a fun time,
It’s such a lovely day,
We should pocket the sunshine,
And never give it back
Even if there’s a heat wave.
We’re stalling on the track.
It will just be a close shave, I know.
I know
That in a snap,
All the birds will sing, I know.
I know
I’m full of crap, but still.
Everything works out nice in the end.
The sun will marry the moon.
It’ll be fine.
Why don’t we sit back mellow again
And have a nice afternoon?
It’ll be fine.
Fine.
Fine.
Fine. (Everything is gonna be…)
Fine.
Fine.
Fine. (Everything is gonna be…)
Fine, fine, fine, fine, fine, fine, fine, fine, fine, fine, fine, fine… (Everything is gonna be…)
Fine, fine, fine, fine, fine, fine, fine, fine, fine, fine, fine, fine… (Everything is gonna be…)
Fine, fine, fine, fine, fine, fine, fine, fine…
Everything works out nice in the end.
The sun will marry the moon.
It’ll be fine.
Why don’t we sit back mellow again
And have a nice afternoon?
It’ll be fine.
Everything works out nice in the end. (I know)
The sun will marry the moon. (That every bomb)
Works out nice in the end. (Has a silver lining, I know.)
Why don’t we sit back mellow again (I know)
And have a nice afternoon? (It won’t be long until…)
Sit back mellow again.
Everything works out nice in the end.
The sun will marry the moon.
It’ll be fine.
Why don’t we sit back mellow again
And have a nice afternoon?
It’ll be fine, fine, fine, fine…
Lemon Demon is my youngest’s second favourite band! After Wheezer.
Certainly sums up my initial response, Cassandra 😐
Hello Pan
I’m glad I’m not one of the 68% of Americans who have to survive from one monthly paycheck/benefit check to the end of the month with mounting credit card debt and stress as a permanent fixture in their lives. Those were shocking figures you reported on the day before yesterday.
And now Trump comes along with his one big!!!beautiful bill.
The poignant paradox of the “One Big Beautiful Bill”: it is presented as a victory for the average American, but it is precisely the “average American” who will be hit the hardest.
The permanent tax cuts mainly benefit the highest incomes and large companies, while the funding comes largely from cuts to programs that millions of people in the lower classes depend on — such as Medicaid (health care for low-income people), SNAP (food assistance), and other safety net provisions.
Many of Trump’s loyal supporters — particularly in rural areas and the so-called “rust belt” states — are heavy users of these programs. Support for Trump is often built on a sense of cultural recognition, frustration with the political establishment, and the idea that he is “fighting for them against the elite.”
Ironically, however, this bill reinforces the very socioeconomic dynamics that fuel their discontent: rising debt, crumbling services, and a widening gap between rich and poor.
There is something almost cynical about the haste with which Republicans are rushing this legislative package through Congress — just before Independence Day, under the guise of national pride and economic freedom. But what does “freedom” mean when you can no longer afford your healthcare, your rent, or your food?
The real tragedy is that this law does not so much divide the left and the right as it divides and weakens the very underclass of society itself. It divides and weakens precisely those groups that would benefit most from solidarity, collective provisions, and political representation.
Trump gives them a flag, an enemy, and a victory—but in the meantime, he is undermining their very existence. That makes this “nice-sounding” law more of a lesson in deceptive simplicity than in structural justice.
168 BILLION to fund ICE, tRumps private gestapo. Police state incoming.
Zip, given the precarious state of US finances, this bill feels rather like rats raiding the larder on a sinking ship.
Here in the UK, our Chancellor spooked markets by breaking down in tears today, crushed by the impossibility of balancing her attempt to save money via welfare cuts and her party’s fear of angering the populace. Where on earth do we go from here?
As someone who works with young children (6-10 yo) that last article reeeeeally got to me.
What’s the point of reality, it asks. Reality is sad. Reality is depressing. Reality is making young people anxious. So just close your eyes.
Come on, kids, close your eyes!
Now, imagine a BETTER reality. One with electric cars and renewable energy and countries working in harmony and cooperation and a stable climate and flourishing biodiversity and a pristine environment. Imagine a world where the robber barons decided “enough is enough” and turned their oil slicked hands to public welfare. Imagine a society exactly like this one, without a constant specter of doom over your shoulder. Imagine a life where your family isn’t subjected to refugee status, where every adult you see ISN’T depressed, anxious, or ignorant.
Sounds nice, right?
Just keep your eyes closed, kids. No need to open them now. Keep em closed and keep walking, we’re nearly there now. Just a few more steps in the dark. Just a few more steps until the edge.
Just keep your eyes closed.
Today’s roundup calls for the comments section to be cleared for the entrance of the once and future champ, TR.
On the other side if the ring is gushing techno-optimist Mom Chelsea Follet, minivan driver of three fossil fuel spawn.
TR, she just wants her large brood to have all the good feelings of abundant animals and cute techno solutions they deserve from Mommy. Surely you can work to keep Mommy’s promise to them.
Just got here. I’ve been taking the last test to be a full fledged member of The Dark Side of the Force. Hopefully I’ll be assigned to aid NTHE in the elimination of the Stupid.
If my parents were still alive they should be stoned for having me.
They were just assholes for adding another Garden of Eden polluter.
What’s worse than Ego? An Ego when it contracts terminal stupidity.
Wait! Terminal stupidity in the DNA. Being born with that plague is natural. Let’s all try to make things shittier. 😉
Dear god, that Cato Institute piece… Thanks for giving me some hearty belly laughs from that.
Nothing quite like seeing a leading Libertarian think tank put out a piece with a thesis that amounts to “OMG, like… Just let the smart inventstor guys come up with something by getting rid of, like, regulations and stuff. And I don’t like degrowth because it means we get to have less cars and stuff and it makes people sad.”
The naïveté is so thick, you could build a fort with it.
That whole article is comedy gold. Thank you, Kord, Martin and John for the laughs. I needed those today.
“My husband and I talk about environmental stewardship with our children by emphasizing the eco-modernist approach: Human beings have the unique ability to innovate their way out of problems, creating technological solutions that benefit both people and the planet.”
The long journeys must just fly by for those young kids in the back of her minivan… “Now today, children, we are going to talk about an eco-modernist approach to environmental stewardship… Did you know that, since the 1960s, global carbon dioxide emissions per dollar of gross domestic product have steadily declined?”
“But Mooom! We wanna listen to “Ramona The Pest”!”
https://thegrayzone.com/2025/05/29/israeli-mossad-gaza-humanitarian-foundation-aid/
Here is what the article failed to tell you as reported by the grayzone and mondiweiss and ei all have really good reporting on whats happening on the ground from gaza and west bank. Its horrific to read let aline to watch!
https://electronicintifada.net/blogs/asa-winstanley/why-israel-arming-isis-linked-gangs-gaza
Your tax dollars at work arming isis to take food for gaza which Israel has no intention in doing. Sickening to the 10th degree
Thank you, Heather. These are not rabbit holes I have been down.
I’m afraid Gaza is a bottomless pit of cruelty and suffering. There is talk of a possible ceasefire today but it is hard to give it much credence, based on past experience.
https://www.theguardian.com/environment/2025/jul/02/droughts-worldwide-pushing-tens-millions-starvation-report
Thanks, Ebony Peat. That is probably one for tomorrow’s thread. The article concludes with this quote from Ibrahim Thiaw, the executive secretary of the UN Convention to Combat Desertification:
“”Drought is no longer a distant threat. It is here, escalating, and demands urgent global cooperation. When energy, food and water all go at once, societies start to unravel. That’s the new normal we need to be ready for.””
No energy, no food, no water. Just exactly how do we get ready for that? Asking for a friend.
Thanks for asking that question for me 😉. Just trying to get ready…