"Absolutely Spectacular Meltdown": The Basis Trade Is Blowing Up, Sparking Multi-Trillion Liquidation Panic

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"There’s massive deleveraging going on, any source of liquidity is being tapped... hedge funds have been liquidating US Treasury basis trades furiously."


"The Tyranny Of Red Judges": The Rationale, Criticisms, & The Politics Of The Le Pen Verdict

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For the first time since 1981, the Le Pen name could be absent from the ballot entirely...


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White House Considers Withdrawing 10,000 Troops From Eastern Europe

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As Trump scolds European allies for not shouldering more of their own defense burden...


German News Editor Convicted For Satirical Photo Montage Of Far-Left Interior Minister, Given 7-Month Probation

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Those who mock the state must be dealt with by a strong state...”


Zerohedge Debates

USTs & stocks slump as reciprocal tariffs begin, China fares better amid state support - Newsquawk Europe Market Open

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US President Trump’s reciprocal tariffs alongside the 104% levy on China came into effect; US President Trump said China is manipulating its currency in offset against tariffs, and added the US will be announcing tariffs on pharmaceuticals soon.

US Space Chief Warns Congress Of China's Space Capabilities In Potential Indo–Pacific War

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“Space has become a warfighting ___domain,”


These Are The U.S. States With The Highest And Lowest Tax Burdens

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One state tops the nation in total tax burden, with residents surrendering nearly 14% of their income to state and local taxes...


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Five Details That Most Observers Missed From SIPRI's Latest International Arms Trends Report

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...such trends as the 64% drop in Russian arms exports between 2015-2019 and 2020-2024 as well as Qatar more than doubling its arms imports to become the world’s third-largest importer


DOJ, ATF Kill 'Zero Tolerance Policy' That Threatened America's Gun Dealers

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More moves coming soon on pistol braces, background checks...


At Least 12 House Republicans Consider Signing Anti-Trump Tariff Bill: Report

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Which would be promptly veto'd by grudge-holding Trump...


This May Not Be What They Were Originally Anticipating, But A "Reset" Of The Global Economy Is Definitely Here

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Wall Street was certainly not ready to have someone press the “reset” button...


Trump Weighs Drone Strikes On Mexican Cartel Terrorists Amid Major Hemispheric Defense Push

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"Discussions among White House, Defense Department and intelligence officials, which..." 


RFK Jr. Says He Will Tell CDC To Stop Recommending Fluoride In Municipal Water

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Community water fluoridation and informed consent, which is foundational to good health care, cannot coexist...”


Morgan Stanley Traders Answer The Four Big Questions

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...easier time going up next week... but new lows over next few months...the market is still short gamma.


Trump Wannabe Syndrome

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Democrats don’t hate Trump... they want to be him, mimicking his style but failing to connect with voters, exposing their desperation and lack of authenticity...


Will Trump End The Fed Or Put Himself In Charge Of It?

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As Americans, ruled by an elite in Washington, we would really like to know who’s doing what to whom, why, and for how long they’ve been doing it...


Netanyahu Says Iran Should Blow Up Own Nuclear Sites Under US Supervision

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Israel's version of a deal, otherwise the military option becomes inevitable.


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S&P 500 closed beneath the 5,000 level for the first time in almost a year as China faces a tariff rate of 104% at midnight.

Why Doubts Over The Fed's Swap Lines Are Such A Big Deal

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...beware of Kindlebarger's Trap!


Death Cross Countdown: No Real Bid Until 4600

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This level is based on the historical median 24% drop during recessions since WWII, which would put the S&P near 4600 (from the 6144 high).