Special sponsor for June 2025 is [you?]. Contact me here if you fancy helping me out and spending a month atop the C&E wall of fame.
“Donald Trump tests the limits of presidential authority by sending troops into LA…
“For the first time in decades, the National Guard was deployed against citizens on domestic soil against the wishes of local law enforcement, using a rarely invoked law designed to help the US fight off a foreign invasion.”
https://www.ft.com/content/4f521401-0181-4a83-8c56-590a5f7a9ce2
“Trump uses LA protests to redirect dissent from policy failures to the ‘enemy within’…
“Critics [see it] as an authoritarian flex by a strongman president who has relentlessly trampled norms and burst through guardrails. Since returning to office in January, Trump has sought to crush dissent at cultural institutions, law firms, media companies and universities”
https://www.theguardian.com/us-news/2025/jun/08/trump-la-protests-enemy-within
“US troops make first detentions in Trump border military zones…
“The unprecedented military areas along 260 miles (418 km) of border in New Mexico and Texas were declared extensions of U.S. Army bases by Defense Secretary Pete Hegseth, allowing troops to temporarily detain migrants and other civilian trespassers.”
“US dollar sags. Attention turns to worsening L.A. riots.
“The FX market is beginning to take shape this week and the defining move so far is selling the US dollar. We have seen that before on worsening trade but I don’t see how that’s the case as Trump has been touting a US-China deal lately… Another possibility is that there is some angst building about the worsening riots in Los Angeles.”
https://www.forexlive.com/news/us-dollar-sags-attention-turns-to-worsening-la-riots-20250609/
“Muni bonds set for record sales on fears US Congress could scrap tax break.
“US state and local governments are selling municipal bonds at a record pace on fears that Congress could partially pay for President Donald Trump’s “big, beautiful bill” by cutting a tax break for airports, hospitals and affordable housing projects.”
https://www.ft.com/content/267c6739-430e-440d-b1f2-93496bf3f613
“US Household Debt Has Climbed to a Record…
“Credit card delinquencies have climbed to the highest since the wake of the Great Financial Crisis, according to data from the Federal Reserve Bank of New York, and household debt is at a record high.”
https://www.bloomberg.com/news/articles/2025-06-06/worried-about-paying-your-bills-share-your-story
“Today’s spike in credit card delinquencies is fundamentally different to 14 years ago...
“This isn’t stress as aftermath. It’s stress building within the appearance of stability. In 2011, households were emerging from financial devastation. In 2025, they’re breaking under the weight of persistent inflation, higher rates, and exhausted liquidity buffers while the surface narrative still implies everything is under control.” [EndGame Macro]
https://x.com/onechancefreedm/status/1931836874663895472
“52% of US consumers can not cover a $2,000 emergency expense using only savings, according to a Fed survey.
“Furthermore, 31% of Americans can not handle a $500 unexpected expenditure. A record 37% of respondents described inflation and prices as their main financial challenges in 2024.” [Kobeisi Letter]
https://x.com/KobeissiLetter/status/1931379470167953807
“U.S. and China to Meet in London at Precarious Moment in Trade War…
“The talks in London come as many factories in the United States, Europe and Japan are quickly running out of rare earth magnets, for which China produces 90 percent of the world’s supply.”
https://www.nytimes.com/2025/06/09/business/us-and-china-trade-war-meeting.html
“White House urges Keir Starmer to block Chinese ‘super embassy’ in London amid national security fears…
“The proposed site lies directly between the City of London and Canary Wharf and close to three significant data centres. Security experts say its proximity to critical communication cables makes it susceptible to a possible cyber attack.”
“Thousands join anti-austerity march in London to protest against Labour’s cuts…
“Daniel Kebede, the general secretary of the National Education Union, said: “People are very disappointed in this government. Whether it has been cuts to winter fuel, the two-child benefit cap still being in place, we haven’t seen enough investment.”
https://www.theguardian.com/business/2025/jun/07/anti-austerity-march-london-labour-starmer-cuts
“Britain’s debt is a threat to national security…
“This year, the cost of servicing our debt will be almost double what we are spending on defence. And in today’s turbulent world, the fiscal buffer to cushion us from shocks is paper thin. The smallest tap could shatter our economic credibility.”
https://www.telegraph.co.uk/news/2025/06/07/britains-debt-is-a-threat-to-national-security/
“France’s defence spending surge threatened by high national debt…
“Clément Beaune, a former minister and Macron ally who heads a government think-tank, carried out an analysis in May that found a “radical push” to find the money for defence would be needed, accompanied by honesty with the public about the difficult choices ahead.”
https://www.ft.com/content/b8a3f260-e23f-4633-b273-905f2b6917e7
“Mass demonstration calls for Spain’s leader to resign over corruption.
“Tens of thousands of people have taken part in an opposition-organised demonstration in Spain’s capital, Madrid, accusing the government of Socialist Prime Minister Pedro Sanchez of corruption and urging him to call early elections.”
“Trump tariffs could wipe out European steel sector, senior industry figure says.
“Ilse Henne, a board member at the steel, engineering and chemicals group ThyssenKrupp, said the industry faced an existential crisis after the US president’s decision last week to double tariffs on steel and aluminium imports from 25% to 50%.”
“Renault Considering Making Drones in Ukraine.
“The drones would be used by the Ukrainian military “but we will also have our own French weapons benefit from constant tactical and operational training in real-world conditions,” Lecornu said Friday… The French government holds a 15% stake in Renault.”
https://www.themoscowtimes.com/2025/06/08/renault-considering-making-drones-in-ukraine-a89379
“Russia says its moratorium on deployment of intermediate- and shorter-range missiles comes to end.
“The moratorium imposed by Russia on the deployment of intermediate- and shorter-range missiles (INF) is approaching its logical conclusion, as the West has failed to appreciate Moscow’s restraint, Russian Deputy Foreign Minister Sergey Ryabkov said on Sunday.”
“Thailand, Cambodia to return to military positions after border clash.
“While the Thai and Cambodian militaries agreed to quell tensions, Cambodia said it could keep its troops in the area despite Thailand urging it to leave. On Saturday, the Thai army took control of the “opening and closing” of all border crossings it shares with Cambodia, referring to a “threat to Thailand’s sovereignty and security”.”
“UK and India discuss ‘counter-terrorism’ cooperation after Pakistan ceasefire…
“”I know that Prime Minister Keir Starmer is very much looking forward to coming to India very soon to sign the free trade agreement,” Lammy said. “There is so much that our two nations can continue to do together.””
“India-Pakistan conflict claims an unlikely victim: Himalayan pink salt…
““It has been barely over a month since the announcement of the ban, and prices have already gone up,” said Gurveen Singh, an Amritsar-based trader, who blamed traders with existing stocks for selling them at higher prices.”
“Fear as Pakistan steps up deportations of Afghan refugees.
“Since the deadline for voluntary departure expired at the end of March 2025, the authorities have begun arresting refugees and transferring them to deportation centers. Nightly raids are commonplace. In the long term, the government in Islamabad plans to forcibly deport three million Afghans…”
https://www.dw.com/en/fear-as-pakistan-steps-up-deportations-of-afghan-refugees/video-72829708
“Looted from Syria, sold on Facebook: antiquities smuggling surges after fall of Assad…
“By day, the destruction caused by grave robbers is apparent. Three-metre-deep holes mar the landscape of Palmyra, where ancient burial crypts lure people with the promise of funerary gold and ancient artefacts that fetch thousands of dollars.”
“Israel strikes Syria again, claims to have killed alleged Hamas member.
“The Israeli army has again bombed Syria, claiming it killed a Hamas member during an air strike in the south of the country, in the latest in its series of attacks on Syria in the wake of former President Bashar al-Assad’s ouster last December.”
“Lebanese army warns Israeli airstrikes might force it to freeze cooperation with ceasefire committee.
“The U.S.-led committee that has been supervising the ceasefire that ended the 14-month Israel-Hezbollah war in November is made up of Lebanon, Israel, France, the U.S. and the U.N. peacekeeping forces in Lebanon known as UNIFIL.”
“Israeli forces halt Gaza-bound aid boat and detain Greta Thunberg and other activists.
“Activists say Israeli troops have boarded a yacht trying to bring humanitarian aid to the Gaza Strip, in defiance of an Israeli naval blockade. “Connection has been lost” on the Madleen, the Freedom Flotilla Coalition campaign group said on the Telegram app.”
“Clashes on Libya-Sudan border spark fears of wider regional instability.
“Recent violent clashes in the Jabal al-Oweinat region, southeast of Kufra on the Sudan-Libya border, were not an isolated security flare-up. They marked a serious escalation in a region already teetering on the edge of wider instability.”
https://thearabweekly.com/clashes-libya-sudan-border-spark-fears-wider-regional-instability
“Sahel: Russia Replaces Wagner in Mali Under Pressure from Algeria, Touaregs Brace.
“As Wagner withdraws from Mali, Russia is not stepping away, but it’s reshaping its presence there. Under quiet pressure from Algeria, the mercenaries are being replaced by the Africa Corps—a more organized, state-run force…”
“A Major Copper Crunch Is Looming…
“Many existing copper mines are ageing, making the need to expand mining activities more critical than ever. BHP suggests that the average copper mine grade has decreased by around 40 percent since 1991.”
https://oilprice.com/Energy/Energy-General/A-Major-Copper-Crunch-Is-Looming.html
“Climate capitalism won’t save us…
“The idea that environmental impacts and economic growth can be decoupled has been convincingly debunked. Evidence shows that absolute decoupling at a global scale remains highly unlikely and that many so-called green innovations rely on extractive supply chains and high energy use.”
https://theecologist.org/2025/jun/09/climate-capitalism-wont-save-us
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You can read the previous “Economic” thread here. I’ll be back tomorrow with a “Climate” thread.
The last article can be summarized as, “we’re in a predicament with no solution.”
Enjoy our last decade of relative stability on Earth!
Video:
https://youtu.be/Dyh9qlUqI7c?si=mf2D00Sr4VqrOIuE
That’s some nifty editing, Doom Wizard. 😎
Hello Pan
Recently, I have been doing some research on copper mines in Mongolia, among other places… well, it remains interesting, that desire for “transition”, that wishful thinking of “the donkey will stretch its legs… the table will be set”. It is the outcome of virtually all recoverable energy and raw material reserves…
‘The abyss of copper: no credit, no reserves, no way out’
The world has made a miscalculation. Not an accounting error, but a geological one. We act as if copper — the metal of electricity, data and promise — is available in infinite quantities, as long as enough is invested, regulated or recycled. As if you can control a raw material like you adjust an interest rate or redistribute a subsidy.
But copper does not obey spreadsheets. It is where it is, often deep underground, polluted, water-intensive and politically unstable. What was easy to extract has long since been processed into pipes, cars, data servers and discarded cables. What remains is difficult, expensive and slow. There are no “alternatives”, only dilution.
The predicted 70% increase in demand by 2050 reads like technocratic wishful thinking. There is talk of “a shortage”, but that word is misleading. A shortage suggests something that can be replenished. The reality is more fundamental: the reserves do not exist in a recoverable, accessible form on the scale required by the growth narrative.
You cannot wait 17 years to build while the networks collapse. You cannot operationalise Mongolian mines without water, or mine Argentine copper bells without political implosions. And you cannot extract extra megawatts of electricity from copper that is geologically beyond your reach.
This is not a question of credit, but of physical finitude. And that is not measured in years or dollars — but in the simple logic of ‘what isn’t there won’t come.’
Crucial distinction you point out: Not a shortage, but economically unrecoverable. Copper being a key metal in industrial civ, as you point out. Glug glug
Zip, thank you for another excellent bit of analysis.
Received wisdom is that, now that the Chinese commodities supercycle has peaked, it will be supplanted by a new one driven by the “clean energy” boom and AI. Of course, financial overshoot, eco/climate problems, EROEI issues and geopolitical friction in a fragmenting world will have something to say about that:
“The China cycle was in many ways the apogee of the era of globalisation… The demand in the next cycle, however, is more spread out geographically, with dozens of countries vying for the raw materials to build out their own renewable energy and electricity infrastructure… That dynamic means competition over scarce resources will play a much greater role…
“Some executives fear that the competition over resources could escalate in a dangerous manner… “I personally think the next war is going to be a war of metals,” says Hugo Schumann, a mining entrepreneur and chief executive of EverMetal…
““There is this collision between the upcoming critical minerals boom and heightened geopolitical tension in almost every part of the world,” says Thijs Van de Graaf, energy fellow at the Brussels Institute for Geopolitics.”
https://www.ft.com/content/8ae50718-31ce-4e18-8491-33a600bbd3a5
“For the first time in decades, the National Guard was deployed against citizens on domestic soil against the wishes of local law enforcement, using a rarely invoked law designed to help the US fight off a foreign invasion.”
It’s not against the wishes of local law enforcement or administration, that’s just part of a good cop bad cop routine which has characterised US immigration policy since the Bracero program. The only relevant issue here is, are “immigrants” full American citizens or not and under what terms. If illegal immigrants are resisting deportation, they are ipso facto demanding American citizenship. Expressing support for illegal immigrants’ right to stay in the country without a clear position on the terms of FULL citizenship is deliberately vague, self-serving nonsense. If they lack legal status they are not citizens by definition. If they have some legal status other than citizenship, they also do not have the same rights as citizens by definition. It’s like demanding executions be less painful and then ignoring the people who are curious what you think about capital punishment.
Likewise, MAGAists simultaneously demanding exceptions be made for “useful” illegal immigrant labor while also screaming for all the Mexicans to be kicked out is deliberately grotesque, self-serving nonsense. And for the same basic reason.
I’m not taking any sides, merely pointing out an aspect (in my opinion, the central aspect) that seems to get ignored in both alternative and mainstream discussions on this issue. One might even say, deliberately ignored, in order to keep a never-ending debate playing out over the airwaves while the rotation of unfree labour in and out of the US continues under every administration like clockwork.
Anyway, we will be witnessing a lot more of these coordination-under-cover-of-culture-war community theatre sessions as things unravel. Yet this strategy can only work so well for so long. At some point the good cop and bad cop masks have to come off, revealing what everyone knew already – they’re both cops and you’re going to jail one way or another.
jupiviv, I may be misunderstanding your point and I am far from an expert in internal US politics but Gavin Newsom and Trump seem legitimately at loggerheads to me.
I must admit, I was in two minds about whether to feature this story so heavily this morning, as I am ever keen to avoid getting embroiled in politics. However, the blend of scapegoating immigrants, authoritarian creep and civil unrest coupled with increasing evidence of weakness and bifurcation in the heavily indebted US economy was too C&E to resist.
No you got it right, I am saying the two heads of the serpent (and their agents) are pretending to be bitterly opposed over the immigration issue in order to outmaneuver and neutralise dissent. My basis for saying is the history of immigration enforcement.
Re Newsom vs Trump – LAPD are in fact collaborating with federal forces, quite contrary to the blatant lie being spun by right and left wing media that they are standing by doing nothing. They’re manufacturing political faultlines because they don’t really exist (not fundamentally, at least) and yet without them, politics becomes pointless and the American bi-party effectively loses its mandate. I don’t need to inform you about climate change and greentopian chicanery, I think this is basically that in a different domain.
Thanks, Jupiviv. As I say, this is not an issue I know much about.
Here is a good one on Small Modular Reactors from the Honest Sorcerer. I learned quite a lot.
“Despite the narrative set out by nuclear advocacy groups, so called “small modular reactors” (SMRs in short) are neither small, nor modular — let alone affordable or scalable. Even as the idea of building such power plants is gaining prominence among business leaders and government officials alike, the economics of the concept almost never gets a mention beyond a few superficial statements.”
https://open.substack.com/pub/thehonestsorcerer/p/small-modular-hallucinations
Thank you, Kali. That was very informative. Here’s another acronym: “Smoke and MirroRs.”
The clueless and increasingly desperate UK is of course jumping on the bandwagon:
“Keir Starmer has vowed to “rip up the rules” of the nuclear industry by allowing a new breed of mini reactors to be built for the first time in the UK… The prime minister’s move to encourage fresh investment in small modular reactors (SMRs) could allow new nuclear projects to spring up across England and Wales – not just on the country’s eight designated nuclear sites.”
https://www.theguardian.com/environment/2025/feb/06/what-are-small-modular-reactors-and-why-does-uk-want-to-build-them
“Technological innovations, especially in AI, are rarely clean. The training of large-scale AI models requires vast amounts of energy, often drawn from carbon-intensive grids, and relies on an infrastructure of global extraction. “ yeah this quote tells it all. Green technology farce. All the lies will come out before things crash and burn
https://www.tomshardware.com/pc-components/storage/the-faa-seeks-to-eliminate-floppy-disk-usage-in-air-traffic-control-systems
Faa is still using floppy disks and windows 95. I also read somewhere southwest airlines has failed to upgrade to so not sure if this was done on purpose or just didnt ever want to put the money in for upgrades.
I know, let’s not talk politics.
But you voted for unregulated, free market capitalism – bailouts for banks,
corporations/investor dividends, tax breaks for the rich, price increases at businesses’ whims. Socialism for the rich, capitalism for the poor.
Is the price of fast food falling? Not by all the bitching & moaning of those that sit in line with vehicles running, pumping CO2 into the habitat.
“A fool & his money are soon parted.” A fool can also soon be parted from his life by his actions.
607K views in 16 years. One thing’s true “You can’t handle the truth!”
https://www.youtube.com/watch?v=iKEZoY-TMG4