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Debt Rattle June 3 2026

Jun 032026
 
 June 3, 2026  Posted by at 9:42 am Finance Tagged with: , , , , , , , , , ,  Add comments


Samuel Melton Fisher Asleep 1902


• Iran Ends Negotiations With US, Doubling Down on Terrorism (Salgado)
• Iran Denies Progress Despite Hasty Lebanon Truce (ZH)
• Trump: It’s ‘Fake News’ That Iran & US Stopped Speaking Days Ago (ZH)
• Trump Pulls Back Before the Fund Becomes the Story (David Manney)
• This Crisis Could Make or Break Türkiye (Sadygzade)
• This Is The Dangerous Myth Holding America Hostage (Bordachev)
• Europe Has “Serious, Really Serious Problems” If US Cuts Oil Exports (ZH)
• Interventionism Undermined Growth In The UK & Canada (Lacalle)
• Iran Decides to Take Matters in Hand (Paul Craig Roberts)
• The Israelization of the United States Military Is Proceeding (Philip Giraldi)
• Letitia James Sues Trump Admin Over $1 Billion Deal To Stop Offshore Wind (JTN)
• A “View from the East Wing”: Jill Biden’s Fantasy Book Tour (Turley)
• So, That’s Why Jill Biden’s Book Is Coming Out Now (Matt Vespa)
• Mamdani Announces Possible Transfer of Housing to Tenants (Turley)

 


 

 


 


Iran can be in 2 different quantum states at once.

• Iran Ends Negotiations With US, Doubling Down on Terrorism (Salgado)

The genocidal Islamic regime of Iran has finally cut off negotiations with the United States, in a move that President Donald Trump indicated he did not anticipate, but which he says he is prepared to address as necessary.


The reported sudden end of the farce that the Iranian regime was willing to make peace came just after the regime fired on American troops in Kuwait on Sunday evening. On Monday morning, Iranian Foreign Minister Seyed Abbas Araghchi brazenly accused the United States and Israel of ceasefire violations, primarily because Israel is reacting in self-defense to Hezbollah strikes. But the reality is that the Iranian regime and its terrorist proxy Hezbollah have not stopped violating the ceasefire ever since it was announced. Araghchi’s statement appears to have been a little more than a justification for cutting off negotiations, and he evidently assumes that leftist Western politicians and media will repeat his lies without fact-checking.

The president had seemed, as usual, optimistic about the progress of negotiations on Sunday evening. “Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us,” Trump insisted on TruthSocial, blaming both Democrats and members of his own party for giving him too much advice. “Just sit back and relax, it will all work out well in the end – It always does!” Trump added. It is not completely clear what he meant by that, as the Iranian regime and all fundamentalist Islamic jihad dictatorships with which America has dealt have always violated every deal or simply refused deals altogether. In any case, Trump told NBC News on Monday that Iranian officials had not informed him about the cutoff of negotiations, but he wasn’t too worried either way.

I think we’ve been talking too much if you want to know the truth. I think going silent would be very good, and that could be for a long time, Trump said during an NBC News interview. “It doesn’t mean we’re going to go and start dropping bombs all over there. We’ll just go silent. We’ll keep the blockade”. He added, “I think I can wait as long as they want. They’re losing a fortune.”

It is not clear how long such a stalemate can continue, driving up gas prices, before it is too problematic for Republicans going into the midterms. Swiftly destroying the rest of Iran’s top leadership might not be the choice the American government wants to take, but it is likely the only effective one. The Iranian mullahs will never make peace with the “great Satan,” America, much as we want peace.

The Iranian regime fired on U.S. targets again on Sunday. On June 1, U.S. Central Command posted, Last night at 11 p.m. ET, U.S. forces successfully intercepted two Iranian ballistic missiles targeting American forces based in Kuwait. These missiles were immediately defeated and no American personnel were harmed. U.S. Central Command remains vigilant and will continue to protect our forces from Iranian aggression while supporting the ongoing ceasefire.

Read more …

Wasting away time. That way you can’t lose.

• Iran Denies Progress Despite Hasty Lebanon Truce (ZH)

State media has belatedly responded to Trump’s Monday claim that talks between the US and Iran are back on. Trump has even said Tuesday that he expects an agreement for an extended ceasefire to take place “over the next week” – along with the reopening of the Strait of Hormuz.


“An informed source says that the exchange of messages between Iran and the US has been stopped for at least a few days for what is called the initial memorandum of understanding between Tehran and Washington,” Fars reports. So this is Iran in effect saying ‘not so fast’ – as it seeks to ‘hold the cards’ and maintain some leverage. Trump has not indicated a willingness to resume bombing the Islamic Republic, but his patience has seemed to be wearing thin over the last several days, as the White House is boxed in to only choosing among several ‘bad options’ in the wake of launching a war of choice 95 days ago.

Oil spikes on the negative news from Tehran, extends: And more confirmation via newswires: “An Iranian source says there is currently no message exchange with the U.S., contradicting claims of ongoing progress. The source reports talks on an initial understanding have stalled for several days. It also noted Iran’s last communication with Washington concerned Lebanon and drew international attention, despite President Trump stating negotiations are advancing rapidly.

Latest on the Lebanon front: “American sources for AI Hadath: Proposal for a 60-day plan during which Israel withdraws gradually from southern Lebanon”: AI Hadath reports.n”Negotiations propose the deployment of the Lebanese army and UNIFIL in southern Lebanon after Israel’s withdrawal.” “Lebanon seeks to resolve Hezbollah’s weapons file politically, but after Israel’s complete withdrawal.”

Lebanon Fighting Persists Amid Nominal Ceasefire
Various regional and international reports have documented serious ongoing fighting in Lebanon, despite President Trump the day prior having declared that the shooting will cease and that Hezbollah and Israel were forging a limited ceasefire. Trump had said of both sides that “they agreed that all shooting will stop” – after Iran announcing it had suspended peace talks with the US over Israeli military action in Lebanon.

Israeli Prime Minister Benjamin Netanyahu did affirm he would adhere to the agreement, and reports say that planned new airstrikes on Beirut were called off, but he also warned the attacks on the capital would go ahead “if Hezbollah does not stop attacking our cities and civilians” – and that forces in the south would continue operating.

BBC has freshly written that “While the ceasefire appears to be largely holding, there was further violence overnight.” The same report details: Hezbollah said its fighters had targeted Israeli tanks in the southern Lebanese towns of Haddatha and Bayada with missiles and shells. The Israeli military said it had intercepted two projectiles that had been fired from Lebanon in the early hours of Tuesday. No injuries have been reported.Lebanon’s state-run National News Agency reported Israeli strikes on several southern areas and said a “very violent” explosion from a large-scale demolition rocked the town of Debbine.

Tuesday has witnessed some ongoing attacks on south Lebanon, as well as Hezbollah drone attacks on Israeli troop positions, wounding some. According to some of the latest from Al Jazeera: Israeli forces have carried out multiple air raids on the city of Nabatieh, one of the largest in southern Lebanon, our colleagues on the ground report. The city, a strategic hub for Hezbollah, has been encircled by Israeli forces in recent days as troops continue pushing north.

Israeli attacks were also reported across the wider Nabatieh district as Israel deepens its occupation of surrounding areas. Drones hit the towns of Kafr Sir and Aabba, while a strike targeted the road leading to Houmine al-Fawqa. The outskirts of Yahmour al-Shaqif were also hit.

There’s also been a lot of explosions in the southern city of Tyre, with Israeli jets active in the airspace above on Tuesday. And rescuers have recovered six bodies from another town, with Lebanese civil defense agency having said in a statement: “Since yesterday evening and continuing until this morning … personnel have been carrying out search and rescue operations in a residential building that was targeted in the town of Marwaniyah – Sidon district.”

Read more …

Iran talks about one inch at a time with many miles to go.

• Trump: It’s ‘Fake News’ That Iran & US Stopped Speaking Days Ago (ZH)

President Trump in a fresh Truth Social post has again insisted that Washington and Tehran are talking again. “The conversations between us have been going on continuously… where they lead, one never knows, but as I told Iran, ‘It’s time, one way or another, for you to make a Deal.'”


Throughout the morning Secretary of State Marco Rubio was fielding questions on Capitol Hill. He too insisted that talks are ongoing, despite a Tuesday Iranian denial. He claimed the regime is ‘fragmented’ and because of this, back-and-forth messaging is extremely slow-going. “Iranian people would make a deal tomorrow if it were up to them,” Rubio said. “The Supreme Leader and the IRGC are a bit more immune to pressures.”

He also generally acknowledged that Iran has effectively shut down the Strait of Hormuz, and then said this justified the US naval blockade of Iranian ports in turn. There was also this interesting exchange when he echoed Trump’s line that the war is actually ‘over’ at this point…Hawks like Ted Cruz want to know of any other regime change tactics going on…

A potential new nuclear framework regarding Iran was also a central topic to Tuesday’s Congressional testimony:

Big if true, there is still too much smoke and noise:

Secretary of State Marco Rubio said Tuesday that Iran has agreed to discuss previously off-limits aspects of its nuclear program, raising hopes that ongoing negotiations could pave the way for the reopening of the Strait of Hormuz and a broader diplomatic breakthrough. Speaking at a Senate Foreign Relations Committee hearing on the State Department’s budget request, Rubio said: “We are in talks… There is the prospect before us, which could happen today, it could happen tomorrow, it could happen next week, that for the first time, certainly in my memory, they have agreed to negotiate aspects of their nuclear program.”

He said the U.S. hopes such negotiations could lead to a broader understanding that would include the reopening of the strategic waterway. “We’re hopeful that something like that could happen, in which the straits would reopen, we would enter into a period of negotiations on very specific topics, delineated negotiations, in the hope of reaching an outcome that’s acceptable to us and something they would be able to do as well,” he said. The above was spoken with a few too many caveats… “which could happen today, it could happen tomorrow, it could happen next week…”

Rubio in the hot seat over Iran war:

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“Pulling back from a politically vulnerable fund doesn’t mean retreating from the fight. It keeps the focus where it belongs.”

• Trump Pulls Back Before the Fund Becomes the Story (David Manney)

Axios is reporting that President Donald Trump’s administration appears ready to drop the proposed $1.776 billion Anti-Weaponization Fund, and the move may prove smart. The concern behind the fund remains real: Federal power did get used as a political weapon, and Americans deserve answers, names, records, hearings, firings, and prosecutions where evidence supports them. From Just the News. The Trump administration is reportedly planning to cancel plans to create a $1.776 billion “anti-weaponization fund” amid bipartisan backlash, Axios reported, citing “two senior administration officials.”


The Department of Justice announced the fund as part of a settlement to President Donald Trump’s lawsuit against the IRS over the leak of his tax returns by contractor Charles Littlejohn, who pleaded guilty. Originally intended as a fund to allow the victims of alleged political weaponization by the Biden DOJ, the fund drew backlash from Republican and Democratic lawmakers alike over concerns it could be used to enrich Trump allies. Yet even a well-intended remedy can become a political trap when critics get to define it before victims ever get heard.

Acting Attorney General Todd Blanche announced the fund on May 19 and described it as a process for people harmed by lawfare and government weaponization. The Department of Justice said the settlement would create a path for claims tied to political targeting. The purpose makes sense. People crushed by selective prosecution, federal pressure, or political intimidation shouldn’t have to absorb the damage quietly while the officials who caused it retire with pensions and book deals. The trouble came from the structure, not the principle.

U.S. District Judge Leonie Brinkema temporarily blocked the fund on May 29 after a challenger argued the program lacked legal authority and could allow poorly supervised payouts. U.S. District Judge Kathleen Williams also reopened Trump’s IRS case to examine the settlement behind it. bThose moves didn’t prove the fund was wrong; they did prove the plan had become vulnerable, and vulnerability in Washington has a way of swallowing the original purpose.

Senate Majority Leader John Thune (R-S.D.) and other Republicans questioned the fund’s broad reach. Rep. Brian Fitzpatrick (R-Pa.) asked Blanche for more transparency. Senate Minority Leader Chuck Schumer (D-N.Y.) attacked the fund as corrupt and promised a fight. Schumer’s outrage was predictable, but Republican caution deserved attention because it showed how easily the fund could shift the debate away from weaponized government and toward the mechanics of compensation. From the Associated Press.

Senate Republicans who are returning to Washington on Monday say they won’t have the votes to pass the Homeland Security spending bill until the White House works with them to place parameters on a new $1.776 billion settlement fund designed to compensate Trump’s allies. But Trump has shown little interest in doing so, even after a judge temporarily halted any payouts.It’s unclear how they will settle the dispute.

The Trump administration is “going to have to come up with some suggestions and ideas,” Senate Majority Leader John Thune said before the Senate left town on May 21. Thune, of South Dakota, said that the settlement money — some of which could potentially go to Trump supporters who beat police and attacked the Capitol on Jan. 6, 2021 — “just makes everything way harder than it should be.”

The impasse over the “anti-weaponization” fund could be an inflection point as Republicans try to keep their majority in this year’s elections and advance their agenda. Trump’s campaign year push to defeat GOP lawmakers who he sees as disloyal, including some of Thune’s most reliable Republican votes in the narrow 53-47 Senate, has only added to the tension. Trump has a stronger lane available: investigate the abuses, release the records, put officials under oath, let inspectors general dig, let prosecutors bring cases where the facts meet the law, and fire federal employees who misused power.

FBI Director Kash Patel can keep weaponizing concerns near the center of bureau reform, and Blanche can pursue accountability without giving opponents a clean opening to call the whole effort a payout scheme. Trump’s opponents want the argument to move away from FBI abuse, IRS misconduct, selective prosecution, and federal retaliation. A $1.776 billion fund makes that easier for them; when every hearing could become a fight over “payouts,” every victim could get buried under questions about eligibility, favored allies, and who approved the checks. Trump doesn’t need to carry extra weight into a fight he can win with documents, witnesses, sworn testimony, and the record left behind from the Biden years.

Victims of weaponized government deserve justice, and a future compensation process may still deserve consideration if Congress builds it with clear limits, public oversight, and narrow rules. For now, the better path runs through exposure and accountability; Congress can hold hearings, agencies can release files, prosecutors can pursue charges, and judges can review misconduct. The Trump administration has many lawful ways to prove that federal power punished enemies and protected friends. Pulling back from a politically vulnerable fund doesn’t mean retreating from the fight. It keeps the focus where it belongs.

Read more …

Erdogan simply arrests his opponents.

• This Crisis Could Make or Break Türkiye (Sadygzade)

Türkiye’s domestic political landscape has entered a phase in which judicial decisions, intra-party struggles and strategic calculations by the authorities are becoming increasingly intertwined.


The arrest of Ekrem Imamoglu, the mayor of Istanbul from the center-left opposition Republican People’s Party (CHP), in 2025 and the subsequent court decision to remove Ozgur Ozel from the leadership of the CHP and transfer control of the party back to its previous leader Kemal Kilicdaroglu represent two connected episodes within a broader political process. They suggest that the Turkish political system is preparing for a period of heightened uncertainty, in which future elections will be seen not merely as a routine electoral procedure, but as a contest over whether the system which has been shaped over the past two decades will be preserved or revised.

A rival in Istanbul
Imamoglu was detained on March 19, 2025 on charges of corruption and abuse of office, and was later arrested. The timing was especially significant, since the CHP was preparing to name its candidate for a future presidential race, and Imamoglu was widely viewed as the most likely figure to be nominated. By that moment, his political weight had already moved far beyond municipal politics. After his victory in Istanbul, he had become one of the most recognizable figures in the opposition and a potential national rival to Recep Tayyip Erdogan.

Istanbul has always been exceptionally important in Turkish politics, being the country’s economic center, a symbol of political legitimacy and the place where Erdogan’s own national career first took shape. The rise of Imamoglu therefore meant the emergence of an opposition figure capable of weaponizing urban discontent, the demand for economic normalization and expectations of institutional renewal. His arrest moved political competition from the sphere of electoral rivalry into the sphere of legal and administrative control.

Destabilizing the opposition
The current court decision regarding Ozgur Ozel should be seen as a continuation of the same strategy. The judicial removal of Ozel from the leadership of the CHP (over alleged issues regarding the legitimacy of the party congress and procedural violations) and the transfer of control to Kemal Kilicdaroglu effectively sets the country’s main opposition force back to its previous configuration.

Ozel took over the CHP after Kilicdaroglu’s defeat in the 2023 presidential election and became a symbol of the party’s attempt at renewal. Under his leadership, the party achieved major gains in the 2024 municipal elections, demonstrating that the opposition could not only criticize the government, but also expand its electoral base. The return of Kilicdaroglu objectively alters the balance inside the opposition, damaging its ability to preserve mobilization before the next electoral cycle.

Preserving decades of work
A restrained analysis of this situation requires attention not only to the interests of the authorities, but also to the bigger picture of a state operating in a complex external and internal environment. Judging by its recent steps, the Turkish leadership is seeking to preserve control over a political direction it considers strategically important. Over the past two decades, Türkiye has significantly transformed its position in the international system. It has become a more autonomous regional actor, strengthened its defense industry, expanded its military presence in neighboring regions and used foreign policy more actively as an instrument of national positioning.

For the current leadership, a change of power would mean the risk of revising the entire trajectory built under Erdogan. This includes the presidential system, foreign policy autonomy, the defense industry, policy in the Eastern Mediterranean, and relations with Russia, the West, the Middle East and the Caucasus. The authorities therefore seek to minimize the possibility of a sharp political turn at a time when the regional environment is becoming increasingly unstable.

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“Washington’s global supremacy has become its own tar pit”.

• This Is The Dangerous Myth Holding America Hostage (Bordachev)

The United States is caught in a trap of its own making. It wants to preserve its unique position in world politics, while at the same time freeing itself from the growing burden that this position imposes. Yet Washington hasn’t found any way to do so except by insisting, ever more loudly, on its own superiority so the result is that America clings more tightly to the very role it should have consciously begun to abandon long ago.


There’s an old story from ‘Uncle Remus’s Tales’, the famous collection by the American writer Joel Chandler Harris, in which Br’er Fox sets a black doll made of tar and turpentine by the roadside to trap Br’er Rabbit. The rabbit greets the doll, mistakes its silence for rudeness, grows angry and strikes it. His paw sticks so he strikes again, and the other paw sticks and the more furiously he fights, the more completely he is trapped. This is increasingly what American policy looks like in its struggle to preserve hegemony. The US has become stuck to its own global role. It wants to escape the costs of maintaining that role, but every attempt to do so only entangles it further. In trying to defend the “tar baby” of global primacy, Washington is forced into ventures that are costly militarily and for its reputation.

The latest example is the unprovoked attack by the US and Israel on Iran. Washington would clearly prefer not to be dragged into a wider Middle Eastern crisis, yet it has once again acted in a way that makes such entanglement more likely. It wants the privileges of hegemony without the liabilities, but the two cannot be separated. In its struggle with this tar-covered scarecrow, the US damages not only its obvious rivals, Russia and China, but the wider international order. At the center of that order stands the UN system and the institutions built after the Second World War. These structures have long served Western interests, but they also provided a degree of predictability. Now they are being undermined by the very power that once claimed to defend them.

Russia, China and many other states view this process with mixed feelings. None has an interest in a sudden collapse of American power, still less in the collapse of the American state itself because for a century, the United States has been a central factor in global development and the great diplomatic game. Its abrupt disappearance would create not freedom, but rather chaos. At the same time, it’s obvious that America’s struggle to preserve hegemony is weakening it but this process can’t simply be reversed. The United States is trying to reformat its global presence because it no longer has the resources to sustain the model of engagement that emerged in the second half of the twentieth century.

Its economic model shows little sign of being capable of the transformation needed to restore the “golden years” of global leadership. Appeals to modern technology, however loudly advertised, look more like temporary devices to avoid deeper change than a serious renewal of American power. Russia, China and many others therefore watch America’s internal difficulties with a certain satisfaction. They expect that the gradual weakening of the US position will eventually make it possible to speak with Washington on more equal terms and to formalize a fairer world order.

Read more …

“When you’re out of something, it’s it. That’s it. It’s over… it’s instantaneous.”

• Europe Has “Serious, Really Serious Problems” If US Cuts Oil Exports (ZH)

Last night, the Abaxx Markets’ Jeff Currie and Veriten’s Arjun Murti joined Real Vision’s Ash Bennington for a ZeroHedge Debate on what the oil market is getting wrong. Surprise surprise… the EU is not looking good. But the U.S. may be in trouble too. Currie doubled down on his reserves-to-run-dry-by-July call. They each gave their outlook on structural supply constraints that existed before the Hormuz debacle, whether the latest ‘ceasefire’ can be trusted, and where the price is headed and how quickly it’s headed there. Despite signs of relief in the Mid-East, many signs still read bullish oil (and thus bearish cost of living).


Currie’s July 4th Doomer Call
Currie on his recent warning that global oil inventories could run into serious shortages as early as July: “There’s a misnomer that the eight billion barrels of oil that you see in storage around the world is all usable,” he said, noting that fuel is not homogenous (jet, diesel, gasoline, etc.) and that 8 billion is not actually that much… “Every single energy analyst says sometime in that July, August is when you get into pretty serious problems.”

The current calm in prices, Currie said, reflects seasonal demand weakness rather than a genuine easing of supply constraints. “Why you haven’t seen this? We’re in the seasonal low of demand,” he explained. “April and May it goes down like this, and then June it just goes straight up five million barrels a day.” Murti agreed that shortages are likely to emerge region by region and product by product… where one country runs out of jet fuel, another gasoline. He added that developing Asia appears particularly vulnerable while Europe remains heavily exposed after years of energy underinvestment.

Asked how long it takes for shortages to be felt once inventories are exhausted: “When you’re out of something, it’s it. That’s it. It’s over… it’s instantaneous.”

Turns out Exxon agrees with Jeff…

Which Countries Will Feel The Most Pain?
According to Murti: China looks good, rest of Asia… not so much. EU not great. America too complacent but likely OK. “Europe might be able to avoid shortage by the fact that they’re still rich enough to outbid those less fortunate Asian countries for the cargoes that you have… blase attitude on the part of Americans, American investors, even American politicians, about how serious of an issue this is… we’re not going to face shortages like the 70s, but go tell that to the people of you know Malaysia and Pakistan.”

According to Currie: Asia will be fine thanks to China “taking care of its neighbors” but Europe is screwed. “Europe is the one that’s the most exposed, and the only reason they don’t have problems is that the United States is exporting everything they have to Europe right now…” And while China has been building up inventory, “Europe, on the other hand, didn’t invest in any brown. They got serious problems, really serious, problems when the Americans don’t export to them.”

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”Bureaucrats always believe that interventionism did not work because there was not enough of it.”

• Interventionism Undermined Growth In The UK & Canada (Lacalle)

Governments are terrible at picking winners and even worse at choosing losers. Net zero and interventionist “Keynesian” policies in Canada and the UK have proven that government intervention has created a worse outcome than anyone would have expected. The result is higher costs, distorted incentives, and weakened productivity growth, with increased dependency on fossil fuels to attend to peak demand, exactly what Austrian economists predicted. What has been sold as a recipe for prosperity and “green growth” has in practice eroded affordability while failing to deliver stronger, sustainable expansion.


It is not surprising to see that the world’s examples of green interventionism, the UK and Canada, have become economic failures. Years ago, some argued that these policies needed time to prove their success. Now, it is not even debatable that the stagnation and recession in the UK and Canada are self-inflicted. Net zero in Canada and the UK is not a single policy but an entire regime of targets, regulations, limits, subsidies, and new bureaucratic requirements. The Canadian federal plan to reach net-zero emissions by 2050 combines rising carbon taxes, prescriptive regulations, technology mandates, and public investment schemes intended to steer capital away from fossil fuels and into politically selected “green” projects.

In the UK, the government’s “Net Zero Growth Plan” is also built on regulatory limits, spending commitments, and industrial policy designed to phase out conventional energy and reshape entire sectors through top-down planning. This is a classic example of interventionism. The state attempts to override market price signals and entrepreneurial judgment to engineer a politically preferred energy and industrial structure and achieves the opposite of what it wants to deliver.

Rather than relying on decentralized knowledge, competition, technology, and creative destruction, dispersed among millions of consumers and firms, net zero regimes assume that politicians and regulators know exactly which technologies should win, what the “right” energy mix ought to be, and how fast the transition should occur. In an open market, prices and profits coordinate production across time, and entrepreneurs interpret prices as signals about real scarcities and consumer preferences. However, net-zero policies deliberately tamper with these signals.

Carbon taxes, subsidies, and regulatory mandates change relative prices not because underlying preferences or scarcities changed but because policymakers decided that certain activities should be penalized and others subsidized. All this is justified by a completely ideological and unreliable assumption of externality costs, where governments present themselves as the ones that know precisely what those alleged externality costs are and try to push a pricing signal imposed through ideology, creating enormous distortions that, ultimately, end benefiting the “old” and “loser” industries.

Governments are not worried about the failure of these policies. Bureaucrats always believe that interventionism did not work because there was not enough of it. Therefore, they impose additional burdens and regulations while portraying themselves as the solution to the inflation and stagnation problems they have caused.

In both Canada and the UK, this has pushed vast amounts of capital into projects that are unprofitable and can only subsist due to policy support rather than genuine market demand. “Green industrial strategies” crowd out investment in other sectors, especially in traditional energy and manufacturing, even when those sectors still deliver higher value at lower cost to consumers. Austrian theory predicts that politicized credit and subsidies will generate malinvestment: projects that look viable under distorted interest rates and prices but which fail to cover their costs once the policy support is withdrawn or the fiscal burden becomes unsustainable.

Canadian long-run productivity growth has fallen from annual rates above 3% in the postwar decades to less than 1% since 2000, despite repeated waves of policy activism and “pro-productivity” rhetoric. Chronic underinvestment in business capital and weak technological progress as key drivers of this decline, suggesting that the policy mix has not created an environment for genuine, bottom-up innovation. The more that investment decisions depend on regulatory favor and subsidy access, the less they depend on entrepreneurial assessment of consumer wants and long-term profitability.

Net zero has also harmed affordability in exactly the way Austrian economists would expect when governments interfere with relative prices. Carbon pricing, renewable mandates, and restrictions on fossil-fuel projects increase energy costs directly by making reliable sources of power more expensive or scarce. These higher input costs then cascade through the economy to transport, food, housing, and manufactured goods, eroding real wages and living standards. [..] .

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There’s no shortagee of Americans who see iran winning.

• Iran Decides to Take Matters in Hand (Paul Craig Roberts)

As I finished writing the article below, Iran decided to take matters out of the hands of Trump and Netanyahu. The decision was a consequence of Netanyahu’s order to the American-provided Israeli Air Force to commence the bombing of civilian residential areas of Beirut, Lebanon, and warning the residents to flee their soon to be ruined homes. The Israeli invasion of southern Lebanon has again been halted by the Hezbollah militia, the third time the Israeli Army has been stopped by a mere militia.


Frustrated at Israel’s impotence on the ground, Netanyahu decided to take it out on citizens in Lebanon’s capital further north distant from the battlefield where the Hezbollah militia stopped the Israeli attack. Thanks to Washington, Israel makes up for its inability to perform on the ground with its American Air Force, which its opponents of choice do not have.When defeated on the ground, Israel bombs civilians. The only thing the IDF is good for is murdering women and children.

The Iranians told Netanyahu that Iran’s Armed Forces will not tolerate any more Israeli barbarism in Lebanon and Israel had best evacuate its own cities. Netanyahu quickly backed down on his planned bombing of civilian housing in Beirut suburbs. Trump, who emerges each day as ever more a pathological liar tried to cover up the Iranian defeat of Washington and Israel by claiming to have convinced Hezbollah to stop embarrassing Israel by stopping their advance in southern Lebanon. There is zero chance that Hezbollah will cede southern Lebanon to Israel.

Now that the stupid Israelis assassinated all of the Western influenced Iranians, and they are out of the picture, Persia is re-emerging. Iran, not Israel or the US, is the regional power in the Middle East. Iran withstood a joint US-Israeli attack and forced the two defeated enemies to ask for a cease fire. It was a mistake for Iran to grant one. But the Iranians have recognized their mistake and have recovered from it.

Destruction awaits Israel if the Satanic Zionists pursue the war, and destruction will be the fate of the corrupt Persian Gulf States that sold out Islam to Israel. American prestige in the Middle East is at its end. Iran prevailed alone, without any help from the pusillanimous leaders of Russia and China, “leaders” afraid of their own shadow.

Despite the earth-shaking development of Iran’s ultimatum to Israel and by implication to Trump, I am leaving the article as I wrote it, because it shows the extent to which the two-bit-punk United States is dishonored by the total subservience to Israel of the Tump regime, the US Congress, Israeli-owned presstitutes, Christian Zionists, and cowards afraid of the Israel Lobby.

 

 

Israel Has Blocked Trump’s Exit from the War with Iran – Paul Craig Roberts

Israeli Security Minister Ben-Gvir declared that Israel ‘Will Not Allow’ Trump to Make a Peace Deal With Iran, because the Zionist agenda “is an endless and wide regional war” to achieve Greater Israel. Ben-Gvir was good to his word. He escalated Israel’s violation of the US-Iranian ceasefire by bombing Lebanese civilians and, thereby, forced Iran to pull out of the talks. Iran’s state media reported:

“Given the continuation of the Zionist regime’s crimes in Lebanon, and considering that Lebanon was among the preconditions of the ceasefire, which has now been violated on all fronts … the Iranian negotiating team is suspending talks.” Trump, being the Israeli puppet that he is, actually provided the weapons Israel used to violate the agreement, thereby forcing Iran out of the ceasefire. Instead of being angry with Netanyahu, Trump said he is happy the peace talks are over. Washington, Trump says, will wait out the Iranians. Trump overlooks the possibility that the Iranians will finish off US presence in the Middle East.

Clearly, Israel is running America’s policy in the Middle East while they are integrating the US military into Israel’s and eliminating Israeli critics in the US Congress. There are no Israeli critics in the Trump regime. Only total subservience to Israel.

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And PCR has found a kindred spirit:

“We now know why Israel had Trump remove Marjorie Taylor Greene and Thomas Massie from Congress.”

• The Israelization of the United States Military Is Proceeding (Philip Giraldi)

Congress is considering passing a bill that will give Americans serving in the Israeli army US government provided full benefits like education, jobs and medical care just as if they had been serving in the United States military. Indeed, the legislation currently working its way through Congress would, for the first time in American history, treat service in a foreign army both legally and in practice as equivalent to service in the US armed forces — but only where that foreign army is Israeli. House Resolution 8445, sponsored by Republican Congressmen Guy Reschenthaler of Pennsylvania and Max Miller of Ohio, would amend existing legislation so that Americans who enlist in the Israel Defense Force (IDF) are treated “in the same manner as service in the uniformed services” of the US.

Not surprisingly, many of the “Americans” involved are also dual national Israeli citizens. If the changes come into effect the result will be to considerably and uniquely narrow the gap between Israel and the US in terms of rights and benefits but with benefits going only in one direction, i.e. to serve Israeli interests and with the US taxpayer paying the bill!“In addition to that, the most recent US government gift to Israel sponsored by the United States House of Representatives, a misnomer as the House is actually the Knesset West, is the national Defense Authorization Act (NDAA) for 2027 released on May 13th. Section 224 of the House version of the Act entitled “United States-Israel Defense Technology Cooperation Initiative” integrates “US-Israeli military research and development, co-production of weapons systems, licensing agreements, AI, directed energy, data integration, and missile defense.”

It creates the framework for “bilateral research and development, co-production of weapons, joint ventures, licensing agreements, and seemingly every manner of US-Israeli military-industrial complex cooperation.” The result is to completely connect the functionality of the US military with that of the Israeli military. The implementation of the agreement would arguably do more to irreversibly link the US military to the Israeli military than the $200 billion in military assistance Israel has received from the United States since its founding in 1948. “Critics note how Section 224 would combine the US and Israeli defense sectors in many areas particularly vital to the battlefields of the future, including autonomous systems and cyberwarfare.

It would also greatly increase Israeli influence over the US beyond what it already has through the Israel Lobby and its dominance of the mainstream media. It would enable Israel to expand or start new co-production facilities like it already has in a number of states, giving the Israeli government additional leverage through providing jobs in the US, thereby securing friends in Congress whose districts are affected. The result could well be a White House backed by Congress that is even more prone to go to war based on the Eretz “Greater” Israel fantasies of people like Netanyahu and his insane Security Chief Itamar Ben-Gvir.

“A persistently pro-Zionist Congress has accomplished this shift in the relationship quietly, almost secretly. Though it has been done clearly channeling through the White House and Netanyahu’s leadership, it has been obtained without the knowledge and consent of the American people to whom the US government is allegedly responsible. And, of course, all the integration expenses will be borne by the US taxpayer. Interestingly, of course, it should also be noted that the integration of the US military with that of Israel comes at a time when the American public is expressing unprecedented levels of distrust in and dislike of the Israeli government. That is perhaps no coincidence as Netanyahu seeks to create unbreakable legal and administrative ties between the two countries though with little in the way of obligations on the part of Israel.”

We now know why Israel had Trump remove Marjorie Taylor Greene and Thomas Massie from Congress. Their opposition would have made the American public aware of the takeover of America by Israel.

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“Climate goals”.

• Letitia James Sues Trump Admin Over $1 Billion Deal To Stop Offshore Wind (JTN)

New York Attorney General Letitia James is leading a coalition of blue states in a lawsuit against the Trump administration over its $1 billion deal to end an offshore wind project. The Interior Department announced in March that it would pay nearly $1 billion to the French energy-and-petroleum company TotalEnergies to shift its investments in offshore wind to oil and gas infrastructure. Additionally, the company will invest in the development of offshore oil and shale gas production.


In exchange for the investments, the federal government agreed to terminate offshore wind leases off the coasts of North Carolina and New York and reimburse the company for the loss of those leases, which are worth approximately $928.3 million. James’ lawsuit argues that the deal will harm the plaintiff states’ economies, their energy grids and the states’ climate goals, the Associated Press reported. The complaint was filed in District Court for the District of Columbia and names Trump administration officials, including Interior Secretary Doug Burgum.

The lawsuit asks the federal judge to vacate the lease cancellation and settlement agreement with TotalEnergies’ subsidiary, Attentive Energy. State attorneys general from Maine, Vermont, Massachusetts, Connecticut, Rhode Island and New Jersey are also plaintiffs in the lawsuit.

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“..Biden famously declared at the time that her husband was brilliant in the debate, and denied he was showing signs of mental decline.”

• A “View from the East Wing”: Jill Biden’s Fantasy Book Tour (Turley)

Jill Biden’s book is not even out yet — and she’s already trying to get it displayed on both the fiction and the non-fiction shelves. From her husband’s mental decline to the pardoning of her son, the former first lady has moved from the historical to the fanciful. Thomas Jefferson once wrote that “honesty is the first chapter in the book of wisdom” — but if her promotional interviews are any measure, that chapter appears to be entirely missing from “View from the East Wing: A Memoir.” Last week Biden faced a torrent of criticism, including from Democrats like her former spokesperson, over her claim to CBS News that she thought her husband’s debate meltdown meant he might have been suffering a stroke.


The interviewer didn’t mention the fact that Biden famously declared at the time that her husband was brilliant in the debate, and denied he was showing signs of mental decline. Now, Jill Biden is rewriting the history of one of the most infamous lies Joe Biden ever spun. While running for office, Biden and his staff repeatedly insisted that he would never pardon son Hunter Biden under any circumstances. White House spokesperson Karine Jean-Pierre became indignant and mocked reporters who continued to ask about a pardon after the then-president had repeatedly promised not to do so. Now Jill is saying the pardon was the obvious and right thing to do.

After all, she insisted, “Then the Justice Department changed. And I think that the process was not fair to Hunter.” “When Trump was elected,” she added, “we knew that he would target Hunter.” Just one problem: It was her husband’s Justice Department, and two different panels of jurors, who convicted Hunter. Indeed, even juries in the Bidens’ home state of Delaware and the heavily Democratic state of California declared him guilty. The only pending matter was his sentencing before the same judges that President Biden assured us would be allowed to resolve the cases. Indeed, even after those convictions, the Biden administration declared that the president would not break his promise and pardon his son.

Presidents have long waited until the final days of their terms to grant controversial or self-serving pardons — like Bill Clinton’s pardon of his own brother. However, none but Joe Biden had made the denial of such a pardon an issue in his presidential campaign, and none had repeatedly denied any possibility of it. Yet Jill Biden’s new claim shows the Bidens view the public as chumps and dupes who will blindly accept anything that the establishment gives them. “I truly supported it,” she now insists, because “we just could not let our son go to jail on a charge that no one would go, I mean, no one has ever gone to jail for.”That is also demonstrably untrue.

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The family wants/needs money.

• So, That’s Why Jill Biden’s Book Is Coming Out Now (Matt Vespa)

Former First Lady Jill Biden is creating issues for Democrats with her book about her time in the White House. No one wants to hear it, as the couple has yet to accept responsibility for their part in their party’s crushing defeat by Donald Trump in 2024. The most loyal Biden allies at the White House aren’t happy with this work; some even call it a web of lies.


Like the Biden White House, this book tour hasn’t shed much light on the inner workings of this failed presidency. It’s still a guarded effort, with Jill avoiding tough issues like her husband’s declining health, which was obvious toward the end of his disastrous run at 1600. She isn’t open about what happened on debate night or her husband’s mental decline, though there’s an interesting detail about how Kamala Harris influenced Joe’s decision on an endorsement when he dropped out. So, why did she write this book?

First, it’s tradition—a book of some sort was going to happen. But former MSNBC analyst Mark Halperin noted the most obvious reason: they need money. Hunter Biden isn’t doing his government access stuff anymore after that got exposed, so this family, which has numerous members and hordes of grandchildren, needs to keep raking in the dough: And when it comes time to plug the book, Jill really wasn’t enthusiastic about it, so they know this thing is a grenade.

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Feels like East Germany 1955.

• Mamdani Announces Possible Transfer of Housing to Tenants (Turley)

New York City Mayor Zohran Mamdani promised in his inaugural address to introduce New Yorkers to “the warmth of collectivism.” It now appears landlords will likely to be the first to feel the heat. This week, Mamdani revealed an effort to transfer properties to tenants and non-profit groups. Mamdani announced that “through our new citywide campaign, Fix the City, we will focus on the worst landlords in New York City.” For landlords, it has been clear that the fix was in for some time. Mamdani faced criticism for his appointment of Cea Weaver as the new director of the Office to Protect Tenants.


She previously called for efforts to “impoverish the white middle-class” and called homeownership “racist” while demanding the seizure of private property. Videos of Weaver echoed thread-worn socialist mantras that are the signature of the Mamdani Administration. “I think the reality is, that for centuries we’ve really treated property as an individualized good and not a collective good,” she said. “And transitioning to treating it as a collective good and towards a model of shared equity will require that we think about it differently and it will mean that families — especially white families, but some POC families who are homeowners as well — are going to have a different relationship to property than the one that we currently have.”

Weaver famously tweeted out her beliefs about private property, which are apparently widely shared in the Mamdani administration: “Private property, including and kind of ESPECIALLY homeownership is a weapon of White supremacy masquerading as ‘wealth building’ public policy.” Other socialists on the national level have pursued the same policies to target landlords. In pushing national legislation, Rep. Ayanna Pressley (D-Mass.) joined fellow Democrats in calling for the passage of the HELP Act to “crack down” on some evictions and bar the use of evictions on credit reports. Pressley has declared that “evictions are an act of policy violence.” Mamdani insists that he will be targeting “the worst landlords in New York City.”

Yet, who constitutes the “worst landlords” could prove a relative notion to the ardent socialist. Mamdani proposes to transfer their properties to “responsible stewards,” including tenants and nonprofits. In his 112-page report, Mamdani is again pushing to unleash his “Block by Block agenda for expanded rent controls, promising not to exempt landlords from Rent Guidelines Board limits. He and his allies have previously heralded Cuba and South Africa as models for policy changes. Mamdani faces a considerable challenge in fulfilling his pledge to build 200,000 new affordable homes, with an additional 200,000 stabilized units over the next decade. There is reportedly only a 1.4 percent rental vacancy rate, with 100,000 New Yorkers sleeping in shelters each night.

Rent controls have generally been a disaster, reducing landlords’ ability to make improvements to their properties. They cannot recoup those investments due to rental limits as costs, particularly insurance, skyrocket. The result is a type of planned failure. As landlords postpone improvements, they are often cited by the city in housing hearings. When those findings and fines increase, the landlords risk being declared “negligent” and subject to a transfer due to unpaid citations. There is no argument that the worst landlords warrant the loss of their properties. But transferring such properties to tenants or non-profit groups is a new and costly form of subsidy.

Ordinarily, delinquent properties can be sold on the free market to pay off outstanding debts. That allows neglected properties to be put to the most profitable use, which in turn generates more taxes and jobs for the city. If these properties go to non-profits or tenants, that can further reduce the city’s tax revenues. More importantly, neither tenants nor nonprofit organizations have a proven track record of maintaining properties without substantial city subsidies. It is a mirage created by activists, hiding the true cost to taxpayers. Mamdani continues to pursue policies that will suppress, not surge, new construction. His administration is requiring construction companies to pay a minimum of $40 per hour for city-funded affordable housing, which will further discourage investors.

He announced a $22 billion subsidy for housing costs, with 25 percent going to the New York City Housing Authority. These increased costs will likely grow as fixed budgetary items for the city. Although it is economically dubious, it is politically dynamite. Much of Mamdani’s support comes from young people who have no memory of or experience with the failures of socialist policies in the twentieth century. He simply promises things like free buses or city-run grocery stores as if they can be supported by free money without addressing their true costs.

His grocery stores show the same economic sleight of hand. The city is planning to spend $30 million to create the first store — four times what such stores normally cost. On top of that cost, it was discovered that the city had already appropriated $25 million for the improvement of the site. That is $55 million for a site that will not go on the market for the highest bidders, but rather be operated by the city at a loss.

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Home › Forums › Debt Rattle June 3 2026

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  • June 3, 2026 at 9:42 am #241893
    Raúl Ilargi Meijer
    Keymaster

    Samuel Melton Fisher Asleep 1902 • Iran Ends Negotiations With US, Doubling Down on Terrorism (Salgado) • Iran Denies Progress Despite Hasty Lebanon T
    [See the full post at: Debt Rattle June 3 2026]

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