Andy Warhol Mick Jagger 1975
President Trump is 117 for 117 for endorsed candidates in the 2026 primaries.
— The SCIF (@TheSCIF) May 27, 2026
117. Let that sink in.
U.S. Senate: 8/8
U.S. House: 101/101
Governor: 8/8 pic.twitter.com/jtTRcYNfwW
Scott Jennings delivers the painful truth to CNN about what tonight’s primaries in Texas mean.
— Overton (@overton_news) May 27, 2026
It was the exact same lesson seen in Indiana, Louisiana, and Kentucky — whether Democrats choose to acknowledge it or not.
JENNINGS: “Look, the bottom line is this…if Donald Trump… pic.twitter.com/ExIq8EpmUa
Thank Heaven for the First Amendment in America! https://t.co/0n9cMWa2Kr
— Elon Musk (@elonmusk) May 27, 2026
Lmao…I'm deceased. 💀 pic.twitter.com/issav2ztiB
— Sassafrass84 (@Sassafrass_84) May 25, 2026
It’s harder to keep them apart than to merge them.
Expect at least a $4 trillion evaluation.
But what happens if something happens to Elon Musk?
• SpaceX-Tesla Merger Speculation Grows (ZH)
Wedbush Securities’ Dan Ives has pointed out for months the potential for a SpaceX-Tesla merger, discussing the possibility with Bloomberg in February and, more recently, on a podcast where he said the probability is 80% by 2027. Polymarket odds of a merger by the end of the year stand at 32%. Now, CNBC has joined the growing speculation that Musk may eventually merge Tesla and SpaceX into one mega-company. The report said: “The two companies already have a laundry list of shared resources, and Musk has discussed with colleagues the possibility of folding the companies together, according to people familiar with the talks who asked not to be named due to the sensitivity of the topic.”Read more …
A current Tesla employee told CNBC that many workers at the electric vehicle company have long expected such a transaction to eventually take place and that the topic is openly discussed internally. Another person close to the company said that shared challenges tied to power and compute constraints have led to regular collaborations. Both companies already overlap across AI, compute, power, batteries, materials, engineering, suppliers, board members, and personnel. SpaceX now includes Starlink and xAI, while Tesla is increasingly becoming an AI and robotics company, in addition to remaining one of the leading EV makers.
BREAKING: ELON MUSK CONSIDERS MERGING $TSLA AND SPACEX AFTER IPO, per CNBC 👀
— TheSonOfWalkley (@TheSonOfWalkley) May 26, 2026
It’s happening ! pic.twitter.com/BD7g4zDd1ZFinancial ties between the two companies are already well known: Tesla invested $2 billion in xAI, which became part of SpaceX after the merger. SpaceX bought $697 million worth of Tesla Megapack systems for xAI data centers and $131 million worth of Cybertrucks. Past transactions also included Tesla selling solar equipment and parts to SpaceX, Tesla using SpaceX jets, and SpaceX helping with Cybertruck materials.Tejpaul Bhatia, a longtime SpaceX investor and CEO of Nebex, told CNBC that “Parallel entrepreneurship seems to work for him [Elon Musk].”
Tesla’s market cap currently sits at around $1.6 trillion, while SpaceX is expected to start trading on Nasdaq in about two weeks, after achieving a private market valuation of $1.25 trillion earlier this year. Wedbush Securities’ Dan Ives recently told Anthony Pompliano that he has a high-conviction view (80-85% chance) that SpaceX will merge with Tesla in 2027, post-IPO.
Dan Ives: 80% probability of a Tesla-SpaceX merger by 2027. Polymarket: 20% by end of 2026.
— podcast alpha (@podcast_alpha_x) May 26, 2026
One of those is dramatically wrong.
The structural argument for Ives: the IPO gives Elon a public-market currency for the first time at merger scale. Before the IPO, the mechanics did… pic.twitter.com/r7RXRIqiQjMusk sits on both company boards and holds 85% voting power at SpaceX, which would mean limited resistance when the time comes for a merger. EV blog Electrek laid out Musk’s creative engineering of billion-dollar self-dealings over the years:
1. SolarCity — $2.6 billion (2016): Tesla acquired SolarCity, a money-losing solar installer where Musk served as chairman and was the largest shareholder, for $2.6 billion in an all-stock deal. Shareholders sued, alleging it was a bailout of a company that was running out of cash. Musk sat on both boards. A Delaware court ultimately ruled the deal was “fair,” but other Tesla directors settled for $60 million without admitting fault. Musk argued that SolarCity’s solar business had become an integral part of Tesla’s own business, but shortly after winning the lawsuit, Tesla shut down parts of its solar operations and stopped reporting quarterly solar deployment.
2. Twitter/X — $44 billion (2022): Musk acquired Twitter for $44 billion, a price he himself tried to back out of after realizing he overpaid. Within a year, Fidelity had revalued its stake as down 65%. By October 2024, the platform was valued at roughly $9-10 billion. Then, in March 2025, Musk had xAI acquire X for $33 billion ($45 billion including $12 billion in debt) — effectively bailing out his private investors by magically restoring a platform worth $9 billion to a $33 billion valuation on the back of xAI.
3. xAI — Tesla’s $2 billion investment, then SpaceX absorption (2025-2026): Tesla disclosed a $2 billion investment in Musk’s xAI in January 2026, despite shareholders having previously rejected a proposal. Days later, Musk was rumored to be floating a three-way merger. Within weeks, SpaceX acquired xAI in a deal worth roughly $250 billion. Weeks after that, Musk admitted xAI was “not built right” and needed to be rebuilt — after Tesla shareholders’ money was already in and SpaceX shareholders had swallowed the dilution.
4. Tesla-SpaceX merger (2026-2027?): Now Musk wants to combine the whole thing. If this happens, Tesla shareholders will be merging their $1.6 trillion company with an entity that Musk controls with 85% voting power — an entity that now includes the wreckage of Twitter, a money-losing AI company he admitted was built wrong, and a rocket business with an insane valuation that rests on ever-delayed Mars dreams and “data centers in space.”
Polymarket odds of a SpaceX-Tesla merger by the end of the year stand at 32%.
But the media like that picture.
• No, Iran and China Are Not ‘Winning’ (Ben Shapiro)
For years, much of the American media has operated under a peculiar assumption: that the best way to confront adversaries such as China and Iran is to accommodate them. If the United States applies pressure, the narrative quickly becomes that America is overextended, losing leverage, or somehow empowering its enemies. That narrative has resurfaced during President Donald Trump’s confrontation with Tehran and Beijing. According to outlets such as The New York Times and The Washington Post, both Iran and China are supposedly emerging stronger from the current conflict. It is a difficult claim to square with reality.Read more …
Iran’s senior military leadership has been decimated. Its regional proxy network has been weakened. Its economy remains in severe distress, and its military capabilities have been heavily degraded. Yet much of the media coverage treats Iran’s mere survival as evidence that it is somehow winning. The New York Times recently argued that Iran had “succeeded in confounding U.S. and Israeli expectations for a speedy victory,” suggesting that Tehran had created a kind of stalemate. But modern wars rarely end with formal surrender ceremonies or total collapse. By the standards of contemporary warfare, weakening an enemy’s military leadership, degrading its economy, and limiting its regional influence would traditionally be viewed as significant strategic gains.Instead, media coverage often defines victory so narrowly that any continued resistance by Iran becomes proof of American failure. The Times also suggested that Iran had “maintained control” over the Strait of Hormuz. But if Iran truly controlled the strait in any meaningful sense, it would be freely exporting its own oil and profiting from commercial traffic through the region. It is doing neither. Iran’s threats against shipping lanes reflect desperation and leverage-seeking behavior, not dominance.
In fact, instability in the Strait creates problems not only for the United States and its allies but also for China, which depends heavily on imported oil flowing through the Gulf. That reality complicates the simplistic narrative that Beijing somehow benefits automatically from chaos in the Middle East. To be sure, the Trump administration has exercised restraint in certain areas, particularly regarding direct attacks on Iranian energy infrastructure. But that restraint reflects strategic calculation, not weakness. Completely destroying Iran’s energy sector could devastate the Iranian population and eliminate the economic foundation for any future moderate government.
The same pattern appears in coverage of China. The Post recently highlighted a reported intelligence assessment claiming that Beijing is exploiting the Iran conflict to maximize its advantage over the United States. The report pointed to Chinese weapons sales, diplomatic messaging and China’s ability to study American military operations. None of that is surprising. Great powers routinely study conflicts and attempt to exploit geopolitical openings. That does not mean they are winning. China still faces the same structural problems it faced before the conflict began: slowing economic growth, demographic decline, mounting debt and heavy dependence on imported energy. Prolonged instability in the Middle East threatens Beijing’s economy as much as Washington’s.
The Post also emphasized concerns that the conflict is depleting American munitions stockpiles that could be needed in a future Taiwan contingency. That concern is legitimate. But it reflects years of inadequate defense production and military downsizing under previous administrations, not some strategic triumph by Beijing. Critics of American foreign policy often argue that China can portray the United States as an aggressive power in decline. But China’s own behavior makes that argument difficult to sustain. Beijing continues threatening Taiwan, tightening control over Hong Kong, expanding military influence across the Pacific, and pressuring neighboring countries throughout Asia.
The idea that China is positioned to win a global moral argument against the United States requires overlooking much of Beijing’s conduct. Ultimately, the broader media narrative reflects a longstanding tendency in parts of the American press to interpret nearly every assertion of U.S. power as evidence of American weakness. Military action becomes proof of overreach. Economic pressure becomes recklessness. Adversaries surviving become adversaries winning.
But survival is not victory, and disruption is not dominance. Whatever criticisms one may have of Trump’s foreign policy, the central premise of his approach remains straightforward: American strength deters adversaries more effectively than accommodation does… History suggests that argument deserves more serious consideration than much of the current media coverage is willing to give it.
“No, no, not at all. Not sanctions relief, no..”
• Trump Red Line: No Sanctions Relief Unless Iran Gives Up Uranium (ZH)
Trump Red LineRead more …
President Trump has reasserted his ‘red line’ for negotiations, centered on enriched uranium and the nuclear issue: President Donald Trump said on Wednesday that Iran would not get sanctions relief in exchange for giving up their highly enriched uranium. His comments come as the United States and Iran try to strike a deal to end the conflict that has engulfed the Middle East for the last three months.
“No, no, not at all. Not sanctions relief, no,” Trump told PBS News during a short phone call when asked if the current deal would mean that Iran would give up their highly enriched uranium in exchange for sanctions relief. Trump also in a televised Wednesday afternoon cabinet meeting said Iran is “intent on a deal” but that “Iran is negotiating on fumes.”White House Rejects ‘Complete Fabrication’ Of Iran TV MOU Contents. The Trump administration has denied the morning Iranian state media reports on the contents of a current ‘Memorandum of Understanding’ (MOU) – which curiously had left out any reference whatsoever to the fate of Iran’s enriched uranium…
WHITE HOUSE: NOBODY SHOULD BELIEVE IRAN STATE MEDIA REPORTING
WHITE HOUSE CALLS REPORTED IRAN MOU A ‘COMPLETE FABRICATION’
An official underscored that it is a “complete fabrication” – and so it seems we are yet again back at square one, as Tehran has also said it is only engaged in ‘indirect’ contact with Washington at this point. There are further reports in US media that the Pentagon has drawn up a new target list, and has acknowledged that the Iranians have been able to better hide their missile launch sites. Also emerging are ambiguous reports of some kind of potential explosion incident at a petrochemical complex at Asaluyeh, in Iran’s Bushehr province. US side denounces Iranian state media reporting on current MOU draft and status:
This report from Iranian controlled media is not true and the MOU they “released” is a complete fabrication. Nobody should believe what Iranian state media is putting out. FACTS MATTER. https://t.co/agpTnBSgKu
— Rapid Response 47 (@RapidResponse47) May 27, 2026Oil Dumps on MOU Headlines
As for the status of talks, the below headlines present the latest (and noticeably absent is the enriched uranium question, or release of Iranian funds). Bloomberg summarizes: “An unofficial draft of a US-Iran interim peace deal says maritime traffic through the Strait of Hormuz can return to normal within a month of the agreement being finalized, according to Iranian state television. It’s unclear how recent the draft, reported by IRIB News, is or whether the US has agreed to the terms.”
“Iran thought they were going to outwait me, you know: “We’ll out wait him, he’s got the midterms.”
• President Trump: Iran is Negotiating on Fumes (CTH)
Earlier today, President Trump and Vice President JD Vance held a cabinet meeting in the White House. The assembled press pool was invited to attend. Again, President Trump being the most transparent administration in history.Read more …
President Trump walked through many of the policy agendas within the various cabinet offices, and each cabinet head responded by discussing what their department was doing to combat waste and fraud and align for the strongest economic outcome. At 26:39 of the video, Secretary of State Marco Rubio walks through the current status of engagement with Iran, Venezuela and Cuba. At 45:00 of the video, Secretary of War Pete Hegseth discusses the ongoing military operation in the Middle East, against Iran. At 54:11 Secretary of Treasury Scott Bessent provides an update.At 58:00 the media question session begins. WATCH:
“Iran thought they were going to outwait me, you know: “We’ll out wait him, he’s got the midterms.” I don’t care about the midterms, look what happened last night, that was the prelude to the midterms. They want very much to make a deal. So far, they haven’t gotten there. We’re not satisfied with it, but we will be — either that or we’ll have to just finish the job. The strait’s going to be open to everybody. It’s international waters. Nobody’s going to control it. We’re going to watch over it.”
“Iran is negotiating on fumes, but we’ll see what happens. We can make a good deal right now, but maybe not a great deal, and if it’s not a great deal, we’re not making it. Iran will receive no concessions or sanctions relief in exchange for handing over its highly enriched uranium. Iran cannot be allowed to possess a nuclear weapon because it will use it immediately and without hesitation.”
“I believe Trump is going to have to call in the National Guard in certain states in order to get a fair election.”
• Democrat Voter Fraud in America is Legion – Dr. Jerome Corsi (USAW)
Dr. Jerome Corsi has a Harvard PhD in political science. He has written more than 50 books, and many of them became best-sellers. Dr. Corsi says the Democrat election and voter fraud days are caving in on them. The last time Dr. Corsi was on USAW, he said “Democrat Voter Fraud in America is Legion.” Former CIA Director John Brennan must have heard Dr. Corsi because two weeks later, the headline reads, “John Brennan: “Legion Of Professionals” In DOJ, FBI, CIA Are Still Resisting Trump’s Influence.” Was this a coincidence Brennan used the term “Legion”? Dr. Corsi says, “No, I think he is responding to the fact the resistance to Trump is overwhelming. He is balancing out the legitimate charge that the cheating is ‘Legion.’ He’s saying a ‘Legion’ of people are opposing Trump. That’s the real ‘Legion,’ and it’s Trump that is awful, and he’s the one blocking democracy. It’s ridiculous.”Read more …
So, former CIA Director Brennan is basically saying voter fraud is real? Dr. Corsi says, “Yes, he’s admitting it, and then he’s countering it saying the real ‘Legion’ are people opposing Trump. So, he’s trying to change the subject by using the same words. It doesn’t work. John Brennann is arguing that it is legitimate to oppose the President of the United States and the bureaucracy. . .. Therefore, he is legitimating insurrection.”Dr. Corsi says the Democrat Party has changed into a communist party, and there is really nothing democratic about it. Dr. Corsi explains, “The design of the (Democrat) party is to destroy America. That was the original communist plan. Now, the Democrat Party is open to supporting Marxists for office and Islamists, radical Islamists like Mamdani (NYC Mayor). You have this fusion of radical Islam and Leftism because they both hate the United States. They are going on the theory of the enemy of my enemy is my friend.”
Dr. Corsi goes on to say, “The Democrat Party has gone insane. They have no agenda, and all they want is power. It does not matter how they get it. They are increasingly becoming violent in the attempt to grasp power. That is becoming apparent to the American people. When the American people see that, the Democrat Party will have no reason for existing. It is rapidly proceeding to that point. . .. The Democrat Party has become rogue, anti-God, anti-family and an anti-life destruction engine. It’s become dangerous.”
Dr. Jerome Corsi points out the losses at the Supreme Court are making voter fraud more difficult with rulings that make it illegal to give extra days to count votes and forbidding redistricting on race alone. These are just a few of the ways Democrats are losing their voter fraud grip. There are also 130 lawsuits across 32 states to stop Dem voter fraud, and there are DOJ lawsuits to clean up voter rolls with 29 states that are blocking access. Dems are desperately trying to hold onto their voter fraud. Dr. Corsi says with the Senate refusing to pass the “Save Act,” President Trump will be forced to declare a national emergency, probably sooner than later. November midterms are a little more than five months away.
In closing, Dr. Corsi predicts, “President Trump is not going to allow the Democrats to steal the midterm elections and have two years more of impeachment after impeachment, which is what the Democrats have vowed to do. . .. I believe Trump is going to have to call in the National Guard in certain states in order to get a fair election.”
From west to east.
• The Islamic Terrorist Conquest of West Africa (Lawrence A. Franklin)
The widened scope and quickened pace of the Islamic State’s military operations in the Sahel region — just below North Africa, roughly from Senegal to Sudan — threatens to alter the strategic orientation of the African continent. Efforts at countering terrorist operations in the Sahel, such as they were, have evidently failed. As all roads to Mali’s capital of Bamoko are now blocked, that country might be the first state to “go under.” On April 25, during a coordinated attack on several Malian cities, Muslim terrorists killed the country’s Minister of Defense. The terrorists then drove the Malian Army and its allied Russian mercenaries out of the country’s north.Read more …
The military juntas ruling Mali, Burkina Faso and Niger have proven themselves as ineffective at combatting Islamic terrorist operations as the democracies that they overthrew. The increasing terrorist assaults across the Sahel and the jihadists’s determined efforts to take over Mali, Burkina Faso, and Niger have eroded the sovereignty of these states. The combat successes of the jihadists in the Sahel in March 2022 precipitated their elevation to the status of “Islamic State Sahel Province” within the hierarchy of the IS, and several other factors have facilitated the growth of the jihadist advance in the Sahel.The cooling of the once global counterterrorist crusade — following an apparent shift in focus by the world’s great power rivalries, as well as fewer resources directed against the terrorist problem — left a vacuum that was adroitly filled by jihadist groups, which has reduced the pressure on Islamic State and Al Qaeda regional affiliates. Another situation that might have impacted negatively upon the Sahel’s overall security is the monumental migratory flow of Africans from sub-Saharan countries who pass through the Sahel to the Mediterranean, and the consequent stress this puts on the Sahel economies.
A third force eroding state sovereignty of Sahel countries is warfare waged by Al Qaeda terrorist affiliates that are rivals of the Islamic State, such as the Jama’at Nusrat al-Islam wal Muslimin (JNIM). JNIM also coordinates attacks with the Malian anti-government militia known as the Azawad Liberation Front. Jihadist violence has become ubiquitous in the Sahel, and recently expanded to include fighting between Islamic State and Al Qaeda. On April 2, a notable clash between these two rival terrorist networks occurred in western Niger. The Sahel now appears to be the epicenter of global terrorist violence. Sahel’s terrorist groups might also be acquiring confidence that they can achieve permanent and more ambitious goals in the near future.
slamic State units have also been exploiting the deteriorating security situation in the Sahel and in Nigeria’s northeastern states, which are already governed under Islamic sharia law. Islamic State probably feels buoyed by its easy success in recent battles with the Nigerian Army. On April 25, Al Qaeda terrorists conducted simultaneous attacks against several Malian urban areas. Their success might well tempt jihadist fighters to move into major urban areas in northern Nigeria and elsewhere in the Sahel. An additional worrisome trend indicates that terrorist violence is moving westward to Africa’s Atlantic coast.
State control increasingly is being eroded in the Sahel region, despite multilateral efforts to sustain the sovereignty of several states in the Sahel, such as the Multi-National Joint Task Force (MNJTF) consisting of Chad, Nigeria, Benin, Cameroon, and, until last year, Niger. The MNJTF had made significant strides in halting the advance of the Al Qaeda-affiliated Boko Haram terrorist group, particularly in Chad, but recently the overall scorecard is less conclusive. The MNJTF is sustained mostly by the continent-wide Organization of the African Union (OAU). While the MNJTF originally planned to field a 10,000-member OAU army, insufficient air cover, poor communications, and logistical problems have reduced the organization’s effectiveness.
All this talk about democracy and transparency. Nothing is less transparent then the Vatican.
• Pope Leo Needs Trump to Tame AI (Daniel McCarthy)
Pope Leo is right about the need to make artificial intelligence answer to the human good. AI has to be subject to human moral responsibility. But whose? The pope warns against power accumulating in private hands: A few companies, led by a handful of executives and board members, control AI development. The hard question Leo’s first encyclical, “Magnifica Humanitas,” tries to answer is how to make AI accountable to public authority and the common good, not just the interests of its creators. This is where Leo runs into trouble — his view of politics is one-sided and decades out of touch.The encyclical is written in the language of 20th-century liberalism, with the United Nations and international bodies playing an outsize role.Read more …
“International organizations, particularly the United Nations, are essential instruments for promoting a civilization of love,” he writes, in the context of “negotiating shared regulations on the use of digital technologies, in order to protect civilians and the most vulnerable from ‘invisible’ yet real forms of violence.” Leo compares AI to the Tower of Babel, yet that image applies at least as well to the U.N. Citing the teachings of Saint John Paul II and Pius XII, Leo affirms, “the Church values democracy insofar as it guarantees the effective participation of citizens, enables them to elect and peacefully replace their leaders and prevents power from being monopolized by small elite groups motivated by particular or ideological interests.”By that measure, how democratic are most international organizations? “In a world where data, computational resources and regulatory influence remain in the hands of a few, to speak of the common good means exposing this new form of epistemic, economic and political asymmetry and naming the new monopolies of AI,” writes Leo. Hear hear! The pope is absolutely correct about the need for transparency — if we want ethical AI, we have to know whose ethics are being written into the system. Ordinary people have to know who in the major tech companies is responsible for teaching these machines, instilling rules in them, and what those rules are.
And the public has to exercise due skepticism about the supposedly objective results that AI inquiries generate — the results conform to someone’s chosen criteria and expectations. The machines may generate their own answers; they don’t do their own moral thinking: “So-called artificial intelligences do not undergo experiences, do not possess a body, do not feel joy or pain, do not mature through relationships and do not know from within what love, work, friendship or responsibility mean,” the pope writes. “Nor do they have a moral conscience, since they do not judge good and evil, grasp the ultimate meaning of situations, or bear responsibility for consequences.”
These things must all be supplied by human beings, and as the pope says, we shouldn’t trust tech companies to come up with the right guardrails on their own. The technology is so powerful, its uses have to be debated by a well-informed public, and Big Tech must be answerable to higher authority. Yet Leo often downplays the role of elected national governments in this, favoring nebulous “new collaborative efforts” among “political leaders, labor organizations, the business world and the scientific community.” That’s consistent with his confidence in the cacophonous United Nations, as well as his thinking about “how legislative and regulatory decisions impact the dignity of work, shared prosperity, inequality reduction and environmental protection” in the context of AI.
It’s one smorgasbord after another — a welter of competing interests and agendas that can’t be brought into focus in time while AI races ahead. Leo appreciates the speed at which the technology is moving, but not the need for commensurate “dispatch” on the part of the political response. A policymaker has to be able to act quickly to keep up with AI and has to have one will and voice — in short, what’s needed is a strong executive backed by the popular authority of a national election. The age of AI has serious implications for the institutions of government, and it makes the presidency more important than ever. It’s not the United Nations or an amorphous assortment of interest groups Leo needs to appeal to; it’s President Trump.
“Magnifica Humanitas” doesn’t do that. The pope would not, and should not, trim Catholic Social Teaching down to suit Trump; on economics, war and much else, there are sharp differences. Yet Leo’s encyclical goes beyond the necessary points of disagreement to embrace a broadly liberal and internationalist agenda — even including global warming on his ideological checklist. If commonsense AI regulation is going to succeed, not only does it need Trump’s support, it has to have his voters’ backing, too. Leo needs to learn to speak their language, if he wants to stop AI running away with our lives.
Will we risk the entire global financial system?
• Russian Court Orders Euroclear To Pay €200 Billion (RT)
A Moscow arbitration court has granted the Bank of Russia’s request for the immediate enforcement of a ruling ordering Euroclear to pay around €200 billion ($233 billion), RBK reported on Tuesday, citing lawyers for the Belgian clearing house. Ukraine’s Western backers froze about $300 billion in Russian sovereign assets after the escalation of the conflict between Moscow and Kiev in 2022, most of it held at the Brussels-based depository. While the EU has so far stopped short of seizing the assets outright, Brussels has transferred some €6.6 billion in profits generated from frozen Russian central bank assets to a fund for Ukraine since 2024.Read more …
Moscow has said any use of its frozen assets would amount to theft, also warning it could retaliate by seizing about €200 billion in Western assets held in Russia, though it has so far stopped short of doing so. Commenting on the latest ruling, lawyers for Euroclear, Sergey Savelyev and Maksim Kulkov, claimed to RBK that its right to a fair trial had been violated but declined further comment due to the closed nature of the proceedings. The Bank of Russia described the ruling as fair, noting that it takes into account not only the ongoing nature of the violation, but also the risk that any delay in enforcement would prolong the restoration of the violated rights.The initial ruling ordering Euroclear to pay €200 billion was issued by the arbitration court last week. Commenting at the time, Euroclear called it unfounded, adding that such claims are not recognized under EU law. It also pledged to appeal the verdict. Shortly after filing a lawsuit against Euroclear in December, the Bank of Russia said it could expand its legal action over frozen assets beyond the Belgian-based depository to include other European banks that also hold its funds.
Putin will have to flatten Kiev after all.
• Ukraine War Enters ‘A New Phase’ (Stephen Green)
“Russia is considering limiting exports of diesel and jet fuel,” Bloomberg and other sources reported Tuesday, “as refinery run rates fall to multi-year lows amid Ukraine’s escalating attacks.” An Interfax source claimed that the decision to ban exports is at “an advanced stage,” but no date has been set. If it comes to pass, that would be bad for diesel prices and inflation right here at home, but worse for Moscow’s finances. Just the fact that the Kremlin is considering an export ban is more evidence that Kyiv’s drone campaign is increasingly effective — against Russia’s energy production at home, and closer to the frontlines in Ukraine.Read more …
The brutal math is that most months this year, Ukraine managed to kill or wound more Russian soldiers than Moscow was able to recruit. After nearly four-and-a-half years of remorseless attritional warfare, that’s not a good place to be. And it wasn’t supposed to happen this way. ISW’s George Barros said on Monday, “The war in Ukraine has entered a new phase.” Well, maybe take a statement like that one with several grains of salt. While ISW’s reporting is rock solid — everything they post in their daily Russo-Ukraine War updates is open-source and verifiable — the organization’s analysis can be somewhat (ahem) less reliable.Estimates vary, but ISW believes that Russian forces suffered a net loss of territory in April, while others claim it happened in April and in February. There are still a few days of fighting to go in May, but Russia is believed to maybe have lost a little ground again this month.nThrough the end of April, Russian advances in 2026 average about 2.9 km2, per day, down sharply from 9.76 km2 per day in early 2025. Russian casualties are much higher, too.
Two things seem to have changed. One is that Ukraine finally has enough mid-range drones to do to Russian forces what Russian forces spent 2025 doing to Ukraine: interdicting soldiers and logistics well behind the front lines “by fielding new technologies such as the US-made Hornet strike UAV, among other systems,” as Barros put it. The other is that Ukraine is now systematically going after Russian fuel trucks, further complicating Moscow’s logistical problems.
Numbers matter when you are talking 50 destroyed Russian trucks on their most important logistical roads in a week. 50 out of a 1,000 trucks is 5%.
— Trent Telenko (@TrentTelenko) May 24, 2026
50 out of 2,500 trucks is 2%
Say half that 50 (25) are fuel trucks out of a fuel truck fleet of 150 tanker trucks.
1/ https://t.co/iKj7bumAEtTrent wonders if the losses are “enough to cause fuel shortages, fuel rationing & the shutdown of civilian motor traffic between Crimea and Russia?” Regardless, Kyiv spent 2025 giving up ground, yes, but also destroying Russian air defenses faster than Russian industry can replace them. The bloody results speak for themselves on the ground, and in Moscow’s concerns over fuel exports. With no end in sight to this stupid war, there’s no doubt in my mind that Barros is correct when he says that “Ukraine’s advantage in intermediate range strikes is notably not permanent,” and that “Russia will very likely eventually develop countermeasures to mitigate Ukraine’s advantages.”
“..200 billion in fraudulent PPP loans that the Biden administration tried to hide, and forgive, and sweep under the rug,”
• Small Business Administration: $200 Billion In Fradulent Pandemic Loans (JTN)
Small Business Administration head Kelly Loeffler said that the agency found $200 billion in fraudulent Paycheck Protection Program loans, which were intended to allow businesses to pay staff during the pandemic. “At the SBA, we found $200 billion in fraudulent PPP loans that the Biden administration tried to hide, and forgive, and sweep under the rug,” Loeffler said during President Donald Trump’s Cabinet meeting at Camp David on Wednesday.Read more …
She said that $22 billion in those fraudulent loans have been turned over to the U.S. Treasury and Department of Justice for collections and prosecution, and people who have been convicted of fraud are serving prison sentences. Small Business Administration head Kelly Loeffler said that the agency found $200 billion in fraudulent Paycheck Protection Program loans, which were intended to allow businesses to pay staff during the pandemic.“At the SBA, we found $200 billion in fraudulent PPP loans that the Biden administration tried to hide, and forgive, and sweep under the rug,” Loeffler said during President Donald Trump’s Cabinet meeting at Camp David on Wednesday. She said that $22 billion in those fraudulent loans have been turned over to the U.S. Treasury and Department of Justice for collections and prosecution, and people who have been convicted of fraud are serving prison sentences.
Loeffler said that, because small businesses are some of the biggest taxpayers in the U.S., they bear a lot of the impact from fraud. “They show up every day. They work hard to provide for their employees, to build their businesses. They’re doing it the honest way. And they see fraudsters taking from the American people. It’s taxpayer money,” she said. The PPP provided government-backed loans to help small businesses keep their workforces employed during the pandemic. The program stopped accepting new applications on May 31, 2021.
Quo Vadis, Ottawa?
• Two Countries in the World Retaliated Against Us, China and Canada (CTH)
I never quite understood just how controlled the information flow is inside Canada until about two years ago when we began closely monitoring Canadian positioning for the upcoming USMCA (CUSMA) renegotiation/cancellation. It quickly became obvious the majority of Canadians have no idea why it is almost a certainty the U.S. would exit the trilateral arrangement and position for a bilateral free trade agreement.Read more …
In the two years that have passed, now we see a few Canadians starting to realize the core issues of trade conflict that make any FTA between the U.S. and Canada almost impossible. The largest issue centers around Canada’s net-zero carbon legislation that now completely disconnects them from aligned North American energy policy between the U.S. and Mexico.A trilateral agreement requires core alignment on industrial manufacturing, and that requires similar abilities & similar energy policy. You cannot make steel, iron and aluminum without coal and gas. You need joules for heavy industrial manufacturing that cannot be achieved without exploiting coal, gas or oil (carbon materials). Canada’s energy policy no longer aligns with industrial manufacturing. This core issue cannot be resolved at the current level of energy policy in Canada.
There are other issues like Canadian trade deals with China, non-tariff barriers, legislated rules over intellectual property and other points of significant friction that make alignment within North America challenging. However, the energy component makes compatible trade impossible.
In the interview below, U.S. Ambassador to Canada Pete Hoekstra appears on a podcast with David Leis, for a blunt conversation about trade, pipelines, critical minerals, China, and why the U.S. is growing frustrated with Canada’s direction. At the end Hoekstra even explains why he is doing Canadian podcasts; because information within Canada is restricted by the government control of media – and that explains why most Canadians are clueless about the issues.
I’ve prompted the interview to the point that gets into the details. If you are interested to be fully understanding of what is coming, this is a solid reference point. Also, if you have financial investments associated with Canada or any system that is connected to the economic relationship between the U.S. and Canada, you need to watch this interview to proactively defend your financial interests. VIDEO PROMPTED:
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Watch it or listen to this roughly 30 minutes (prompted) as you cook, drive or go about your day. But listen to it and see the disconnect between Canada and the USA as outlined. Things are going to get much worse in this relationship as the finality of it all suddenly starts to sink in north of the border with the average Canadian.
Additionally, there’s another short segment on U.S-Canadian trade as discussed by U.S. Trade Representative Jamieson Greer recently at a Council on Foreign Relations event.
QUESTION: “How serious is the fissures? Are the fissures with Canada, the rupture with Canada? And can you envisage USMCA being transformed into separate agreement with Mexico, separate agreement with Canada, or no agreement with Canada?”
USTR GREER: “Well, I would say that, you know, the team right now is in Mexico. My team, and they’re negotiating with Mexico on a bilateral basis. I speak with some regularity to my Canadian counterparts.
Our sense is that we have with Canada, you know, some some trade challenges, which, you know, to some people, you know, some people may think, oh, those are just irritants to us. They’re, they’re significant, and the reality is, we’ve spent the past year and a half going to countries, telling them we have to have some level of tariff on the globe to deal with this giant death that we’re dealing with, to try to reshore, etc.
And, and most countries have, you know, I know grudgingly, but they said we understand your policy, we understand so we’re going to negotiate with you, we’re going to remove some of these tariffs and non tariff barriers, etc. Canada’s approach has been different.
They like China retaliated against the United States. Two countries in the world retaliated against us, People’s Republic of China and Canada, so they’re just, they’re just in a different spot, and it’s, it’s hard to see necessarily where that ends.”
“$40 Million in Gold Bars, $2 Million Cash and 35 Rolexes”
• Home of 20-Year CIA Senior Manager Raided: $40 Million in Gold Bars (CTH)
An interesting arrest that might warrant some background material prior to today’s events. Keep in mind there are several indicted individuals from Venezuela and Mexico now said to be cooperating with the DOJ and federal law enforcement. In addition to former Venezuela dictator Nicolas Maduro in the Southern District of New York, we should also note three Mexican officials connected to the Sinaloa cartel previously turned themselves in to U.S. federal officials and are said to be cooperating.Read more …
Earlier this month, Gerardo Mérida, a retired Mexican army general who served as public-security secretary in northwestern Sinaloa state surrendered in Tucson, Arizona. Enrique Inzunza Cazárez, who is also facing drug trafficking and weapon charges, was taken into custody in San Diego by the DEA. Sinaloa businessman Enrique Diaz Vega – another name from the SDNY indictment – also turned himself into U.S. authorities in Arizona.As you read this story, also keep in mind the Defense Counterintelligence and Security Agency, falls under the authority of the Office of the Director of National Intelligence, Tulsi Gabbard, and that agency oversees a background check program, known as “continuous vetting.” According to NBC News a 20-year veteran manger within the CIA named David Rush has been arrested on suspicion of embezzlement and theft. The CIA operative was reported to have been referred to the FBI by CIA Director John Ratcliffe.
(VIA NBC) WASHINGTON — A former CIA senior officer with top secret-level clearance has been accused of secretly stashing millions of dollars in gold bars in his home that he said he needed for “work-related expenses,” according to court documents and two people familiar with his employment history.
David Rush, who held a management position, was charged with criminal theft of public money in a complaint filed last week in the Eastern District of Virginia. His lawyer didn’t respond to a request for comment. He was also accused of lying to his employers about his background for nearly two decades. Asked about Rush’s case, a CIA spokesperson said in a statement joint statement with the FBI that the FBI had arrested a person after a referral from the agency.
“After a CIA internal investigation identified potential violations of the law, CIA Director John Ratcliffe referred the information to the FBI for a law enforcement investigation,” the written statement said. “The FBI is working closely with our partners at the CIA and the Department of Justice as we continue to investigate this matter fully. We are committed to following the facts, ensuring accountability, and pursuing justice in accordance with the law.”
[…] It wasn’t clear how the investigation into Rush began, and it also wasn’t clear when he left the CIA. His home was raided just last week.
From November through March, Rush made several requests for funds, including for foreign currency and tens of millions of dollars in gold bars, according to an affidavit filed in federal court by an FBI agent investigating the case. In a storage space near his office, investigators found only a portion of the funds. On May 18, federal agents searched Rush’s home and seized roughly 300 gold bars worth more than $40 million, court documents said. Agents also seized about $2 million in U.S. currency and 35 luxury watches, mostly Rolexes, according to the affidavit.
The affidavit alleges Rush knowingly took part of the money he requested for work-related expenses to his home for personal gain. The court filing didn’t specify which agency employed Rush, but the two people familiar with his employment history said he was with the CIA. (link) Separate allegations in the complaint accuse Rush of falsifying his background over nearly two decades in dealings with government employers.
She’s not gone yet.
• President Trump Praises DNI Tulsi Gabbard for Her Incredible Work (CTH)
During a cabinet meeting today at the White House, President Trump took the opportunity to thank Director of National Intelligence, Tulsi Gabbard, for her exceptional work and focus within the intelligence system to organize strong reforms that will be around for a long time. DNI Tulsi Gabbard has indeed been a transformative member of the cabinet, working through her office and agency while partnered with CIA Director John Ratcliffe and National Security Advisor Marco Rubio. Mrs. Gabbard is leaving on June 30 to stand beside her husband Abraham as he battles a bone cancer diagnosis. WATCH:Read more …
It is expected that DNI Gabbard will deliver more information to the American public through a series of declassifications prior to the end of her tenure. There is no immediate discussion of her replacement and Principal Deputy Director of National Intelligence, Aaron Lukas, will serve as Acting Director of National Intelligence following her departure.REMINDER: There will likely be a great deal of rumor and speculation about a different permanent replacement. One name sure to surface within the discussion is Devin Nunes, but I strongly doubt the former Chairman of the HPSCI would desire or accept the position.If, and that is a very big ‘if’, Devin Nunes was to accept the role, that would indicate a remarkable change in his opinion about the overall intelligence apparatus. Therefore, I doubt this is an option. Devin Nunes believes in the historic fidelity of the intelligence institutions. As a result, the DNI position has seemed smaller and less significant.
The only way Nunes would take the job is if two things changed. First, he now believed the construct of the United States intelligence apparatus is teetering on the edge of irreversible corruption (he did not previously hold this position); and second, if he sees that Tulsi has now proven the power of the DNI in the intelligence apparatus. As readers here will fully understand, until DNI Gabbard that power was never fully extended. Former House Permanent Select Committee on Intelligence (HPSCI) member Elise Stefanik will likely be another name. She would have the full support of the Susie Wiles grouping. The same network who advocated for Mike Waltz to be National Security Advisor.
However, Stefanik would greatly please Laura Loomer, Mark Levin and Ben Shapiro; while conversely providing fuel for Tucker Carlson and Megyn Kelly antagonisms. Former National Security Advisor Michael Flynn would likely be another name. Unfortunately, Flynn’s judgement is not stellar, and while he has been supportive of Mrs. Gabbard it’s not likely President Trump wants that kind of Flynn drama or the issues he brings with him for a nomination. That said, if the political calculation is to fuel the core base, Flynn might stand a chance at nomination. But don’t overthink it, Flynn would be of no value in the DNI position for anything of substance. Again, weak judgement (led to his former demise) and grifting tendencies.
Two other names of note: Scott Perry from Pennsylvania who was a target of the FBI/IC for his support of President Trump, and Rick Crawford the current Chairman of the House Permanent Select Committee on Intelligence, a gang of eight member. The IC has nothing to fear from either of these names. They are essentially Mike Waltz clones, though to be fair I might be a little harsh on Perry.
Rick Crawford, as HPSCI Chairman, allowed Tulsi Gabbard to review the Atkinson transcript. Still, he didn’t act until Gabbard asked to see it and later pushed to declassify it. While he had the authority to handle it himself, like many congressional IC members in both the House and Senate, he seemed wary of challenging the very system they’re tasked with overseeing. [TIP: If whoever’s name it is currently falls under the IC oversight mechanism, they probably fear the “seven ways from Sunday” group, unlike Tulsi Gabbard. Accept this reality and adjust your perspective accordingly.]
GOPe types and “CONservative” influencers might also bring up Trey Gowdy or former HPSCI Chairman Mike Rogers. If either of these names show up, there’s a problem. And anyone advancing these names…. well, they’re the problem. One name that would seem to fit the role and responsibilities would be former Congressman Dan Bishop, currently serving as a U.S. Attorney in North Carolina. Bishop was a member of the House Subcommittee on Govt Weaponization that frustratingly went nowhere as it was designed to fail by House Judiciary Chairman Jim Jordan. Bishop himself was frustrated by the lack of assertiveness within the sub-committee structure. There’s no immediate need for any speculative guesswork. ADNI Aaron Lukas will likely do a solid job.
*$125 million https://t.co/w29rmkW9VY
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