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Sun, 05 Jul 2026 15:05:00 +0000 Putin Invites Trump To Visit Russia In 'Constructive' July 4th Phone Call
Putin Invites Trump To Visit Russia In 'Constructive' July 4th Phone Call
A nearly 90-minute phone call between Presidents Trump and Putin on July 4th could signal shifting White House priorities, as it tries to find permanent offra
Read more.....
Putin Invites Trump To Visit Russia In 'Constructive' July 4th Phone Call
A nearly 90-minute phone call between Presidents Trump and Putin on July 4th could signal shifting White House priorities, as it tries to find permanent offramp and settlement in Iran and the Strait of Hormuz, but also as the Ukraine war seems to be fast heating up again.
Kremlin aide Yuri Ushakov said in comments made public Sunday that Trump offered Putin to help find a solution to the war in Ukraine .
Shutterstock, Sputnik via EPA
"The American president once again confirmed his readiness to work towards a rapid end to the fighting and find solutions to overcome the crisis," Ushakov said of Trump's call. He called conversation "business-like and quite constructive."
The spokesman further stated that Russia sought "a political-diplomatic resolution of the conflict, with due account of Russia's fundamental approach."
But Ushakov also lashed out at the Zelensky government, accusing it and its European allies of "counting on extending and even escalating the conflict, and on terrorism against civilians ."
This referred to the fact that Ukraine's repeat drone strikes deep inside Russian territory have severely damaged energy infrastructure, as well as hit residential buildings and areas, resulting in casualties.
Ushakov further described that in the call Putin "depicted the real situation on the battlefield where the Russian armed forces are confidently advancing , liberating one locality after another."
Putin had also apparently renewed his initial Alaska Summit invitation for Trump to visit Russia , where further bilateral dialogue can take place, Axios noted.
Trump on Saturday had also held a call with Ukrainian President Zelensky, who later said on Telegram the talk was "very good". Zelensky stated that "There is a real prospect to end this war and American resolve will have a crucial meaning."
Zelensky and Trump are expected to continue the discussion at the upcoming NATO Summit in Ankara, set for July 7-8.
Zelensky had further taken the opportunity to highlight some of the latest weapons support from Washington: "We are grateful to the United States for all the assistance we have received – from Javelins and Patriots to political support – and we deeply value that America stands by us in defending our independence. I am grateful to every American heart that cares about the future of Ukraine, Europe, and everyone around the world for whom freedom matters," he said.
Currently each warring side disputes the degree to which Russian forces are advancing. Supporters on either side have even been issuing contradictory battlefield maps, and the fog of war is thick.
Tyler Durden
Sun, 07/05/2026 - 11:05 Close
Sun, 05 Jul 2026 14:30:00 +0000 UK Government's Shocking Bid To Rig YouTube Algorithm To Force-Feed BBC Propaganda
UK Government's Shocking Bid To Rig YouTube Algorithm To Force-Feed BBC Propaganda
UK Government's Shocking Bid To Rig YouTube Algorithm To Force-Feed BBC Propaganda
Authored by Steve Watson via Modernity News ,
In a brazen move that reeks of authoritarian control, the UK government is pushing plans to seize influence over YouTube's recommendation system. Their goal is to prioritise content from the BBC, and other state backed propaganda machines, while burying independent journalists and creators who dare challenge the official narrative.
This isn't subtle nudging - it's direct engineered suppression, which they're dressing up as "protecting democracy" from so-called disinformation. As public trust in legacy media plummets, the establishment's response is to rig the game rather than earn back credibility.
YouTube itself has warned creators about the proposals. The platform alerted users that new rules could force it to give privileged positioning to approved outlets, limiting growth for everyone else and reshaping what millions see daily. Independent voices who built audiences by speaking truth to power now face algorithmic exile.
GB News' Alex Armstrong labelled the move "an act of pure tyranny, designed to control you, your family and your friends on an industrial scale."
The Free Speech Union described the move as "beyond dystopian."
People fled to platforms like YouTube and X precisely because of the BBC's documented biases on mass migration, Net Zero, and more - biases even internal BBC reports have acknowledged. Now, the government wants to drag that failing model into your feed by law.
Technology and free speech lawyer Preston Byrne slammed it as the British government seeking to "influence and control the marketplace of ideas."
Lord Toby Young highlighted the absurdity in The Spectator : calling the targeted media "trustworthy" is a misnomer when people have already abandoned it. Forcing platforms to promote it won't restore trust - it will confirm the desperation.
The Free Speech Union also linked the development to Culture Secretary Lisa Nandy's exit from X, where she cited threats to democracy all while her department advances state-favoured content rules.
It's the same playbook we've seen over and over: label dissent as dangerous, then legislate your preferred sources into prominence.
The Mercian News pointed out the BBC's own admission that only around 30% of the public trusts national news organisations, with over 50% trusting social media more. Forcing exposure won't fix that - it exposes the contempt for audience choice.
Even some on the left, like the Labour Digital Rights Network, have criticised the hypocrisy of engineering a sanitised internet while claiming to fight Big Tech.
The post continues...
The hypocrisy is staggering. Just days after @lisanandy proudly announced she was abandoning @X because it "favours abuse and misinformation", her department is now trying to artificially engineer a sanitised internet elsewhere. We cannot afford to let the state become the sole arbiter of truth online. Yes, we are highly critical of Big Tech's toxic algorithms that monopolise our attention and harvest our data to generate profit. But the solution to surveillance capitalism is robust regulation, algorithmic transparency, and data protection - not a state-dictated media feed.
Resistance is already brewing. YouTube's warnings have sparked calls for pushback. Creators and users are urged to respond to the government's consultation, which closes August 31. Ben Graham suggested a practical defence: block the BBC, ITV, and Channel 4 channels to starve the forced promotion of engagement.
Of course, the government could, via it's regulator Ofcom, simply mandate that these sources cannot be blocked and must be injected into people's feeds. They could also employ a more subtle manipulation of the algorithm to ensure it happens, regardless of any blocking.
Preston Byrne argued Google should draw a hard line - threatening to close its UK data centre and operations rather than comply with foreign censorship demands. American tech shouldn't bend to UK overreach.
The government frames this as voluntary cooperation with legislation as backup, especially during unrest. Critics see it as the thin end of the wedge toward a Ministry of Truth, where "approved" sources drown out scrutiny of open borders, policy failures, and elite consensus.
This isn't about quality journalism - it's about control. When legacy outlets lose the audience on merit, the state steps in to mandate relevance. Independent creators built YouTube's vibrancy; now they're collateral in a war on wrongthink.
Britons deserve better than algorithmically enforced propaganda. The pushback must be fierce: block, respond to consultations, support platforms that resist, and back politicians who reject this surveillance-state creep. Freedom of information is too vital to surrender to failing institutions desperate to cling to power.
This UK initiative does not stand alone. Similar moves are advancing in lockstep across the continent as governments seek greater leverage over information flows.
Germany has pursued measures to force social media platforms to boost state-aligned content and sideline dissenting material under the banner of "public value."
The EU's Democracy Shield framework has drawn sharp criticism as a vehicle for mass censorship that effectively ends open discourse under the guise of protecting democracy.
In France, President Macron has pushed aggressive censorship proposals widely described as a Ministry of Truth power grab.
The pattern is unmistakable: governments leveraging regulatory power to privilege official or state-funded sources while algorithmically demoting alternatives.
The BBC prioritization scheme fits into a rapid succession of UK measures that collectively tighten state influence over digital space and public narrative.
The under-16s social media ban has been exposed as a monumental pretext for total digital surveillance infrastructure.
Telegram founder Pavel Durov warned that the policy represents the digital iceberg that could sink the free internet.
Separate reporting revealed the UK government maintains a dedicated "thought police" unit aimed at controlling the mass migration narrative.
Further proposals would empower authorities to block "false information" during crisis events, creating an official Ministry of Truth mechanism.
London Mayor Sadiq Khan has separately called for a government social media disinformation unit, adding another layer of official narrative enforcement.
Advocates insist elevating BBC content will help users encounter more "reliable" information. The claim collapses under even cursory examination of the broadcaster's recent track record.
The BBC has repeatedly been accused of sinking to new lows on accuracy and impartiality.
Its former news director stated that trans bias and progressive orthodoxy drove her departure.
Additional controversies include a high-profile fake news editing scandal that prompted a $10 billion lawsuit from President Trump.
Further examples involve portrayals of Islamic child slavery in Afghanistan as somehow necessary, biased handling of Islamist issues in Britain, and presenter conduct that drew sharp rebukes from figures like John Cleese.
Mandating algorithmic favoritism for any single outlet, especially one with the BBC's baggage, will not restore trust. Alternative platforms continue to grow, and Community Notes-style transparency tools already expose manipulation faster than official gatekeepers can suppress it.
Governments that distrust citizens to navigate information without state curation reveal more about their own insecurities than about any genuine disinformation crisis.
The free exchange of ideas, even uncomfortable ones, remains the only proven defense against real propaganda.
These latest European and British maneuvers represent the opposite impulse: centralized narrative control dressed up as public protection.
Citizens on both sides of the Atlantic have seen this playbook before and are increasingly unwilling to play along.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch . Follow us on X @ModernityNews .
Tyler Durden
Sun, 07/05/2026 - 10:30 Close
Sun, 05 Jul 2026 13:55:00 +0000 Red Sea Blockage Fears: Cargo Ship Attacked Off Southwest Yemen
Red Sea Blockage Fears: Cargo Ship Attacked Off Southwest Yemen
A Red Sea disruption would be terrible timing for global shipping and energy markets, coming just as vessel traffic through the Strait of Hormuz has started to normaliz
Read more.....
Red Sea Blockage Fears: Cargo Ship Attacked Off Southwest Yemen
A Red Sea disruption would be terrible timing for global shipping and energy markets, coming just as vessel traffic through the Strait of Hormuz has started to normalize in recent weeks.
An overnight report that a cargo ship was attacked by "armed assailants" in the southern Red Sea off Yemen is a reminder that the region's maritime-risk premium has not totally disappeared; it has simply shifted chokepoints.
"UKMTO has received a report of an incident 30NM southwest of Al Hudaydah, Yemen. A cargo vessel has triggered a distress alert stating that they are under attack by unknown armed assailants," the United Kingdom Maritime Trade Operations wrote in an alert published on X early Sunday morning.
If the Bab el-Mandeb Strait, the southern gateway of the Red Sea that sits between Yemen and the Arabian Peninsula, begins flashing red again, the Suez-Red Sea maritime trade route could quickly become a major headache for global shipping companies, forcing more vessels around the Cape of Good Hope and reigniting pressure on freight rates, insurance costs, and energy-linked supply chains - thus fueling inflation.
Nomura's Chief Economist for India and Asia ex-Japan, Sonal Varma, recently outlined for clients the critical importance of the Red Sea:
Since the Houthi attacks in 2023, global trade via the Red Sea has fallen, but the Bal el-Mandeb Strait and Suez Canal still account for 9% of global maritime traffic, ~20% of global container traffic and ~8.7% of world oil supply (including the SUMED pipeline). The Cape of Good Hope is an alternative route that will be used, but it involves longer transit times, higher fuel costs and increased freight rates.
Why this matters for Asia:
Most of the crude oil and condensate shipped via the Red Sea is destined for Asia (~68% of total), especially India. Around 40% of Asia-Europe trade transited through the Suez Canal in early 2024, including manufactured goods (electronics, vehicles and textiles), intermediate inputs for supply chains (auto and electronic components) and agricultural products (wheat, rice, sugar and tea).
Implications for Asia:
With the Strait of Hormuz blocked, Red Sea disruptions would aggravate the supply crunch. The cost of oil and petroleum product imports would rise for the region overall, with a higher burden for India, owing to its dependence on Russian oil via the Suez Canal. Asia's exports to Europe could also be adversely affected, due to higher freight costs and longer transit times. The dependence of the European auto industry on component imports from Asia would also likely impact the auto sector.
Latest Gulf area news (courtesy of Bloomberg):
Khamenei Funeral Proceedings
• Iran began a mass funeral for Supreme Leader Ayatollah Ali Khamenei on Saturday, July 4, with his body lying in state at Tehran's Imam Khomeini Mosalla mosque complex for public visits over the weekend
• Tens of thousands of mourners streamed to the Grand Mosalla religious complex in Tehran on Saturday to view the caskets of Khamenei and some of his family members
• Iranian authorities predict up to 20 million people will turn out over six days of funeral ceremonies beginning Saturday
• Khamenei's coffin, wrapped in an Iranian flag, was placed on a platform alongside the coffins of family members killed in the same US-Israeli attack on February 28
Khamenei's Death and War Context
• Khamenei, who ruled over Iran for 37 years, was killed along with several family members in a US and Israeli airstrike on the first day of the war in late February
• Iran feared it was too dangerous to hold funeral rites for four months, but is now proceeding shielded by a tentative truce and an America distracted by its 250th July Fourth celebration
Post-War Political Landscape
• Iran's new leadership is described as younger, savvier, ruthless and even more hard-line, contradicting Trump's claim of accomplishing "regime change"
• After surviving months of strikes by the US and Israel, the Iranian regime has emerged e mboldened
Hormuz Tensions
• At least eight ships attempting to leave the Persian Gulf along the Omani coast turned back between Friday and Saturday, with some switching to a route closer to Iran
• The number of vessels sailing through the Strait of Hormuz along the Omani coast fell to a trickle on Sunday, after several made sharp reversals on Saturday
• Iran's ambassador to Beijing said China and other friendly nations will be granted 'special considerations' when Tehran determines service fees for ships using the Strait of Hormuz
• Iran's Deputy Foreign Minister warned the UK and France against meddling in the Strait of Hormuz, stating it is not a military playground for extra-regional powers
International Naval Presence
• French aircraft carrier Charles de Gaulle will return to its home port in Toulon after a nearly two-month deployment near the Strait of Hormuz, while mine countermeasure assets will remain deployed
Oil Market
• Major OPEC+ members agreed on Sunday to add 188,000 barrels a day to their output target for next month, adding to the prospect of more supply if a US-Iran peace pact can stick
• Flows of oil and natural gas have been returning to normal and prices have tumbled since an interim US-Iran accord was signed last month that pried open the Strait of Hormuz
Latest ZH Coverage:
• Ships Abruptly U-Turn Near Hormuz As Some Shift To Iran-Approved Routes
• Europe Capitulates, Sees Iranian Hormuz Fee Collection As 'Inevitable'
• Iran Runs Into Big Problem: No Buyers For Its Oil, As Full Tankers Pile Up Off China
• 'Gave Iran Week Off Because We're Nice': Trump References Ayatollah Funeral In Rushmore Speech
Professional subscribers can read more on energy markets and chokepoints here at our new Marketdesk.ai portal.
Tyler Durden
Sun, 07/05/2026 - 09:55 Close
Sun, 05 Jul 2026 13:20:00 +0000 Wage Growth As A Leading Inflation Indicator
Wage Growth As A Leading Inflation Indicator
Wage Growth As A Leading Inflation Indicator
Authored by Lance Roberts via RealInvestmentAdvice.com,
Wage growth peaked four years ago. Since 1985, it has led CPI by three to seventeen months in every single cycle. The May 4.2% inflation print is the noise. Watch the wages.
Headline CPI just printed 4.2% year-over-year for May. The highest reading since April 2023. The 10-year Treasury punched above 4.6% on the back of it, then pulled back recently. Energy ran +23.5% over the past twelve months on the Iran war, accounting for roughly 60% of the monthly all-items gain, and the doom crowd keeps pushing this is 1979 all over again with rate hikes ahead, a recession behind, and a cornered Fed. Here is why they are likely wrong.
After three decades of watching inflation cycles turn, I can tell you the variable that actually leads CPI peaks is wage growth . And wage growth peaked fifty months ago.
Wage Growth Leads. CPI Follows.
For decades, economists taught the Phillips Curve as if it were a law of physics. Tight labor markets push wages up. Higher wages push prices up. Inflation is born. That model worked through the 1970s. It hasn’t worked since.
Two things broke it. First, Paul Volcker pushed the funds rate to 19% in 1981 and held it there until the wage-price spiral snapped, and union density collapsed. COLA clauses vanished from labor contracts, globalization began pulling tradeable-goods prices toward the global marginal cost of production, and the entire institutional architecture that had transmitted wage gains into consumer prices through the 1970s came apart. By the mid-1980s, the relationship had inverted.
Second, the Fed earned credibility. Once households and firms believed the central bank would tolerate a deep recession to stop inflation, expectations re-anchored near 2%. Workers stopped pricing future inflation into today’s wage demands. I walked through the duration implications of this regime in my recent rising-rates piece , so I won’t relitigate the bond math here.
Here’s the inversion in plain terms. Before 1985, CPI ran first. Workers chased it with catch-up raises. Wages followed prices. After 1985, the causation flipped. Wage growth comes first because tight labor markets signal demand pressure before that pressure is transmitted to consumer prices. Wages aren’t reacting anymore. They’re forecasting.
That distinction sounds small, but it changes everything. It changes which indicator tells you something, and whether today’s CPI print is information or noise. It also changes how to interpret the current data, which the doom crowd is misreading.
Four Cycles, Four Times Wages Led
The chart below plots wage growth in black against CPI in red, from 1965 through May 2026. The gold-tinted section is pre-Volcker. The white section is post-1985.
Look at the pre-1985 stretch. The red line peaks first. The black line follows. In 1970, CPI peaked in February. Wages didn’t top out until May 1971, fifteen months later. In 1980, CPI peaked in March. Wages peaked in January 1981, ten months later. The 1974 oil shock is the only pre-1985 case in which wages and the CPI peaked together.
Now look at the post-1985 stretch. The pattern flips.
In 1990, wages peaked in June and CPI peaked in October, a four-month lead. Then, in the 2008 cycle, wages peaked in February 2007 while CPI didn’t peak until July 2008, a seventeen-month lead. In the post-Great Recession cycle, wages peaked in May 2010, and the CPI peaked sixteen months later in September 2011. And in 2022, wages peaked in March, and CPI peaked in June, a tight three-month lead driven by goods inflation transmitting quickly through broken supply chains rather than the slower wage-to-services pathway that had run the previous three cycles. Same direction every time.
Over four different cycles, wages repeatedly led. The lead ranged from three to seventeen months, and the direction never broke.
When Real Wages Compress, Inflation Dies
The lead-lag pattern is the headline finding. The deeper mechanism runs through real wages.
Real wage growth is nominal wage growth minus CPI inflation. When workers’ wages outpace prices, they spend more. They sustain demand, and inflation has room to keep running . When prices outpace wages, workers cut back. Demand falls. Inflation rolls over within about a year.
I ran the correlation across every monthly observation from January 1965 through May 2024. The correlation between today’s real wage growth and the change in CPI over the following twenty-four months is +0.72 across 713 monthly observations. That’s an extraordinarily strong relationship in macro data, where values above 0.5 are rare.
When real wages compress to negative levels, the next two years see CPI deceleration. When real wages run hot, CPI accelerates over the following two years. The relationship holds in both regimes. The gold pre-1985 dots show it. The navy post-1985 dots show it.
Now look at where we are.
Real wage growth ran +1% to +1.5% through most of 2024. It’s now -0.6%. Workers are no longer outrunning inflation; they’re falling behind, and although this isn’t the four-percent compression of 1980 or the deep negative readings that preceded the 2008 demand collapse, the direction matters because every single time real wages have crossed below zero in the post-1985 sample, CPI has rolled over on a twelve-to-twenty-four-month lag. The pattern is clean.
2008, Re-Run
The closest parallel to the current setup isn’t 1979. It’s 2008.
In early 2007, wage growth peaked at around 4.1%. The labor market was strong. Unemployment was below 5%. Real wages were positive but compressing. Then oil prices rose from $60 to $147 in 18 months. Headline CPI followed the oil chart straight up. By July 2008, CPI was running at 5.5%, and every television commentator was warning of runaway inflation.
What happened next? Demand cratered. The real-wage compression had been working in the background for over a year. By the time CPI peaked, the consumer was already broken. Within twelve months, CPI was negative. The worry wasn’t inflation anymore. It was deflation.
I’m not predicting a 2008-style collapse. Bank balance sheets are stronger now, household leverage is lower, the labor market hasn’t started shedding jobs the way it did in late 2007, and the Fed has more room to act than it did when the funds rate was already at 5.25% on the eve of the financial crisis. But the inflation setup is structurally identical. We have a clean wage peak that led the cycle by years. We have an oil-driven CPI bump landing on top of decelerating wage growth. And we have a bond market still digesting, which signal matters.
Notice in the chart above how cleanly wages turned over in March 2022. CPI followed three months later. Since then, both have fallen. The May bounce on the red line is the Iranian energy shock. Wages didn’t bounce. That divergence is the tell.
What The Doom Crowd Needs To Believe
The bear case isn’t crazy. It needs two things to be true that aren’t true yet.
First, wage growth has to re-accelerate. The story goes that tariffs and immigration restrictions tighten the labor market, wages rise again, and a second wave of inflation ratifies the headline bounce. The problem is the data. Wage growth in May was 3.56%, the lowest reading of the entire current cycle. The deceleration has been monotonic from the 7.0% peak in March 2022 through every month of the past four years, and labor market indicators from the JOLTS quits rate to the Atlanta Fed Wage Growth Tracker continue to point in the same direction. No turn yet.
Second, long-run inflation expectations have to de-anchor. That’s the 1970s playbook. It’s also where the Fed’s credibility lives. Currently, there is little risk of that as the 10-year breakeven inflation rate sits near 2.4%. The Cleveland Fed’s 5-year forward rate expectations are near 2.5%.
What This Means For Portfolios
Three implications. First, the duration sell-off looks overdone. When the 10-year is above 4.5%, it is pricing structural inflation. However, wage growth is telling you the structural force runs in the opposite direction, the breakeven curve is barely budging from its 2.4% base, and the bond market’s ten-basis-point rally on the Iran peace headline told you exactly what the marginal buyer thinks is driving the recent move. I made the broader case for owning duration into a wage-led disinflation in my recent rising-rates piece , and nothing in the May print changes the view.
Second, the trade is asymmetric. If wages keep decelerating, 10-year yields will fall meaningfully over the next 12 months. If wages re-accelerate, the monthly prints will tell you in time to adjust. The cost of being wrong is small. The cost of missing the move is high.
Third, the equity tilt favors quality compounders and long-duration growth over commodity producers. Disinflation expands multiples but compresses cyclical earnings. The 2008-2009 pattern was multiples up, EPS down. A milder version of that setup tilts the same way.
Inflation isn’t a single print. It’s a regime. Regimes are determined by what leads, not what follows.
The doom crowd is staring at a coincident indicator being pushed around by an oil shock and calling it a trend, when the actual leading indicator, the one that’s worked in every single post-Volcker cycle, the one with a +0.72 correlation against the path of CPI over the next two years, is wage growth, and wage growth peaked fifty months ago, sits at 3.6%, and is dragging real wages into compression. That setup forecasts disinflation. NOT acceleration.
I’m not saying inflation is dead. I’m saying the burden of proof has shifted. Until wages turn up and expectations de-anchor, watch the wages
Frequently Asked Questions
Why does wage growth lead CPI after 1985 but lag it before?
In the pre-Volcker era, inflation expectations were unanchored. Workers and firms priced wages today based on expected future inflation, so wages tracked CPI. After Volcker broke the wage-price spiral and the Fed established credibility, expectations stabilized. Wages now reflect labor-market tightness rather than expected inflation, meaning wage growth signals demand pressure before it shows up in consumer prices.
If wage growth peaked in March 2022, why did CPI peak only three months later?
The 2022 cycle was unusual because the CPI peak was driven heavily by goods inflation from supply-chain disruptions and the oil price spike driven by the war, which quickly translated into higher prices. In more typical cycles, such as 2008 or 2011, the lead time stretched to 16-17 months. The current setup more closely resembles 2008, where an oil shock layered on top of an already-decelerating underlying trend.
How do you measure real wage growth, and why does it matter?
Real wage growth is nominal wage growth (AHETPI YoY) minus CPI YoY. It measures whether workers are getting richer or poorer in real terms. When real wages are positive, consumers sustain demand, and inflation has room to keep running. When real wages turn negative, consumers cut back, demand falls, and inflation tends to roll over within twelve to twenty-four months. The May 2026 reading is -0.6%, the lowest of this cycle.
What would change your view on this thesis?
Two things. First, a sustained re-acceleration in wage growth, meaning the labor market is tightening again rather than slowly normalizing. Second, a meaningful rise in long-run inflation expectations, particularly the 10-year breakeven rate above 3% or the Michigan 5-10-year survey above 4%. Either would shift the probability distribution. Until then, wage growth continues to point toward disinflation.
Why is the 10-year Treasury elevated if wages are pointing to disinflation?
The bond market is reacting to the May CPI print and the renewed oil shock, both of which are coincident or backward-looking signals. The 10-year breakeven sits near 2.4%, meaning most of the yield rise reflects higher real rates and term premium rather than higher inflation expectations. That’s a different story from 1979. Yields fell roughly ten basis points the day the Iran peace headlines hit, which tells you the market knows the inflation bump is energy-driven.
Tyler Durden
Sun, 07/05/2026 - 09:20 Close
Sun, 05 Jul 2026 12:10:00 +0000 The UK's Latest "Debanking" Scandal Should Give Everyone Pause
The UK's Latest "Debanking" Scandal Should Give Everyone Pause
The UK's Latest "Debanking" Scandal Should Give Everyone Pause
Authored by Nick Corbishley via NakedCapitalism.com,
UK-based readers may recall the moment almost exactly three years ago when the word “debanking” entered the mainstream British English lexicon. The prestigious London-based private bank Coutts had just decided to close Nigel Farage’s bank account due to his unsavoury political views and alleged Russian connections. That decision turned out to be very costly.
Almost immediately, Farage did what Farage does best: he whipped up a massive media frenzy. In next to no time two senior banking scalps had been claimed: those of Dame Alison Rose, the CEO of Coutts’ parent bank and “Big Four” lender, Natwest (formerly known as the Royal Bank of Scotland) and Coutts’ chief executive Peter Flavel.
Within a month, Natwest’s share price had slumped 8%, wiping £1 billion off its market cap, much of which was being propped up with public funds, and generating juicy returns for short-selling hedge funds. As we reported at the time, the resulting scandal drew much-needed public attention to a long-standing but accelerating trend — the “de-banking” of people and organisations with politically inconvenient views:
[T]his is hardly a one-off event: as I reported a couple of weeks ago, banks on both sides of the Atlantic are increasingly debanking their customers, often without explanation. I gave the example of California-based writer, activist, and social and political commentator Elad Nehorai, whose political views and ideals could not diverge more from those of Nigel Farage. Yet he, too, had his account at Bank of America, his bank of many years, summarily closed with no apparent warning or explanation…
Without a bank account, it is almost impossible to participate in the economy. And it is getting more difficult as cash becomes harder and harder to access and use. As Alex Lo writes for South China Morning Post, “Banking is a fundamental utility like water and electricity, and that’s precisely why democratic societies are increasingly turning to its use as a method of censorship and repression.”
However, the resulting government inquiry concluded that customers were not being “debanked” for political reasons. As a result, not only has debanking continued but debanked customers now face the prospect of being blocked from setting up new accounts at other banks, as the Telegraph reported on Monday:
Banks are planning to block “debanked” customers from setting up accounts with other lenders, potentially leading to innocent people being effectively locked out of the financial system, The Telegraph can reveal.
Lobby group UK Finance is developing a platform that will allow banks to share data on their customers where they detect “markers of economic crime”.
Lloyds, Barclays and Revolut have already started sharing data about customers, leading to accounts being frozen or closed, The Telegraph understands, following a pilot in 2024.
The data-sharing platform will build on that pilot to make a UK-wide system, which could automatically bar people from opening another account.
But concerns have been raised that thousands of innocent customers and businesses who have been debanked unfairly could be barred from opening up an account with another bank, effectively leaving them locked out of the financial system.
The latest victim of the debanking trend is the left-wing news website The Canary , which has accused the Lloyds Banking Group of “withholding a substantial amount of our money” after nearly a decade of use. The news outlet — which brands itself as “radical working-class media” — says “Lloyds has not explained why it has taken this action… despite multiple communications from us”.
In a statement on Tuesday, the Canary speculated about the possible reasons behind Lloyds’ decision, including its anti-Zionist and pro-Palestine stance:
Whilst we do not currently know the reasons behind our debanking, we cannot afford to be naive about this.
We do know that multiple other politically engaged people have suffered similar actions by other banks in recent times. It is not lost on us that powerful banks are able to restrict the financial activity of anti-Zionist and pro-Palestine organisations and individuals.
It is an outrage that the Canary has been unceremoniously dropped into financial instability with no notice or explanation from Lloyds.
Starmer’s Last Attack
It would hardly come as a surprise the attack was in response to The Canary’s pro-Palestine sympathies. The UK government has done everything within its not inconsiderable powers to criminalise pro-Palestine, anti-genocide activism, including by scrapping the ancient right to trial by jury. Through its new National Security Law, the outgoing Keir Starmer government seeks to bulldoze literal thought crime legislation into law — in Orwell’s native United Kingdom.
An article in The Canary explains just how dire a threat the new National Security Law poses to journalism and political dissent, describing it as “one last power grab” by Keir Starmer’s outgoing government:
As I am sat here writing this, there’s a sense of terror kicking in. I’m a journalist. It’s my job to be in the know about foreign affairs. At the Canary we pride ourselves on bringing people the news that the mainstream doesn’t dare. But this terror is absolutely nothing compared to what other people must be feeling.
This radicalised weaponisation of new legislation will hit marginalised communities so first and hardest. Journalists and community workers with direct, lived and painful connections to global conflict zones are facing a massive legal trap . If a reporter so much as quotes an entity that the home secretary has designated as a threat, they face immediate prosecution.
Civil liberties groups warn that the law will grant the Home Office absolute powe r to decide who is allowed to speak. And by leaving the definition of ‘assisting a designated body’ vague, the state has created a total monopoly on the narrative. It’s very much going to be, follow their way and toe the line, or go to jail, it seems.
Indie media outlet Zeteo warned of the severe danger of this new power-grab. The outlet warned that journalists face immediate arrest simply for conducting public interest interviews with banned groups. People will only get one side of the story. There will only be one narrative fed to us… and it will be the government’s.
The timing of Lloyds Bank’s debanking of The Canary is also curious, coming just two months after it announced the launch of a daily left-wing print tabloid — and what’s more, one that defends Palestinian rights. Following an injection of cash last year from used car and property website founder Cecil Hetherington, Canary director Steve Topple hailed the new tabloid as an alternative to the corporate press.
After its debanking, the Canary says it is now in a “financially precarious situation” and does not know when “money that Lloyds is holding will be returned” or how it will affect “our ability to get another bank account in the future”.
“The immediate effect has been that we have been unable to pay any staff or contractors,” Topple told Novara Media. “We have a large team, and all of them are now extremely distressed and in limbo. Many of them are marginalised people and it has hit them very hard. We are trying our best to mitigate the situation and have so far received much-appreciated support from members of the public.”
Lloyds’ actions have already triggered a storm of protests from across the political spectrum.
A Growing Phenomenon
The first major target of debanking in the UK, well over a decade ago, were members of the British Muslim community, particularly those involved in Pro-Palestinian activism. But unlike with Farage, their plight was met with total radio silence in the mainstream media, as the veteran journalist Peter Oborne recounts in the video below.
By the time Farage had lost access to Coutts’ banking services, in the summer of 2023, banks in the UK were closing nearly one thousand accounts daily, with just over 343,000 closed in 2022, compared to about 45,000 in 2017.
Following the Farage affair, the Financial Conduct Authority conducted an investigation into banks’ debanking practices, the conclusion of which was that banks had not been closing customers’ accounts for political reasons. Farage described the outcome as “farcical”.
In the US, recent victims of debanking include Scott Ritter, the former United Nations Special Commission (UNSCOM) weapons inspector who is a prominent critic of US and Western imperialism. In January, his bank of 26 years, Citizens’ Bank, closed all of his accounts, including his and his wife’s joint accounts with their daughters, without offering an explanation, as he recounts in the first minutes of the following interview with Judge Napolitano:
VIDEO
In a letter to Ritter Citizens Bank apparently that not only was it under no obligation to divulge the reasons for closing his accounts but that Citizens’ policy actively prevents any disclosure of any information concerning the decision to close the account. As Cato Institute notes , this silent treatment often has to do with confidentiality laws:
However, these are not laws meant to protect the financial privacy of customers. Rather, this confidentiality is to prevent citizens from finding out they are under criminal investigation. For example, reports filed under the Bank Secrecy Act are restricted so heavily that banks cannot share the details of the reports or even admit that a report exists.
While Ritter does not know the exact reasons for his debanking, he suspects that someone in the FBI, fully armed with the “totality of [his] banking transactions”, had “tipped off” Citizens Bank about “suspicious activity” that resulted in Citizens Bank issuing an SAR [Suspicious Activity Report].”
Ritter believes that donations he had received and subsequent cash withdrawals before his three trips to Russia in 2025, which thanks to US and EU sanctions is disconnected from the Western economy, may have triggered the move. According to Ritter, the “purpose of “de-banking” is to harass a targeted individual,” even in the absence of evidence pointing to any criminal activity.”
The reasons for an account closure, while often a mystery to the customers affected, often include operational reasons. Put simply, a financial institution chooses to close the account of a customer because the reputational risks of being associated with that client are simply too high. However, political or ideological motivations appear to play a part in some prominent cases.
The most clear-cut example of this was the Canadian government’s decision, in February 2022, to invoke the emergencies act to compel banks to seize the accounts of the freedom convoy protesters who had blocked several key border crossings. According to the minutes of a meeting between Canada’s Economy Minister, Vice President and WEF board member Chrystia Freeland and senior bank executives the day before the act was invoked, one CEO flagged concerns that if banks were forced to close accounts, it could be seen as the sector “being used as an arm of the government” or even “a political weapon.”
In 2022, Paypal banned the accounts of the UK-based Free Speech Union, its founder Toby Young and his online publication, the Daily Sceptic , for purportedly breaching its policies against hate speech. Worse still, the fintech giant surreptitiously slipped a line into its terms of service granting itself the right to fine customers $2,500 for spreading misinformation. When the news got out, provoking a huge public backlash, PayPal claimed it had all been a big mistake.
Of course, as NC readers EssCetera and Rev Kev pointed out in comments to a previous post, Paypal has a long, storied history of doing this sort of thing, going all the way back to its freezing of Wikileaks’ account in 2010. And banks in the US have been closing down the accounts of workers in the porn industry since at least 2014 as part of “Operation Chokepoint”, which targeted certain undesirable but legal business sectors (h/t Michaelmas).
From “Debanking” to “Civil Death”
If there’s one fate worse than being debanked, it is suffering through the ordeal of “civil death”. Francesca Albanese, the UN Special Rapporteur for the Palestinian occupied territories, became subject to US sanctions roughly a year ago that cut her and her family off not only from US banking but also travel and tech.
In Albanese’s case, it was clear to her why she was being put under constraints normally reserved for narco-barons and terrorists: she had just published a UN report denouncing the more than 60 (largely Western) multinational corporations that are allegedly complicit in, and profiting from, Israel’s military occupation of Gaza.
“This fury [came] because I poked the bear,” she said . “Not in one eye, in both eyes.”
In the clip below, Albanese explains (in French), as she fights back tears, the extent to which she has been barred from participating in basic civil life since the imposition of US sanctions against her:
“I can’t make payments with my working credit card nor can I do transfers; my health insurance has been cancelled, I can’t make hotel reservations… I’m being treated as if I were Pablo Escobar. “
Other victims of civil death, this time at the hands of EU authorities, include the German journalist Hüseyin Dogru and Jacques Baud, a retired Swiss colonel and former senior strategic analyst for NATO. In both cases, the justifications were openly ideological. Baud was accused of of acting as a “mouthpiece” for pro-Russian propaganda and disseminating “conspiracy theories” about the war in Ukraine while Dogru was targeted due to his reporting on Gaza.
In the case of Dogru, both his wife and mother were also targeted with sanctions (h/t vao). In neither case were criminal charges imposed, and because the sanctions are defined as an administrative measure within the EU’s bureaucracy, neither Baud nor Dogru can appeal to a court of law in their respective countries of residence (Belgium and Germany). This is the very definition of Kafkaesque.
Worse still, these sorts of processes could soon be automated almost across the board, as I warned in my 2022 book Scanned :
Combining [central bank] digital currencies with digital IDs while phasing out, or even banning, the use of cash would grant governments and central banks the ability not only to track every purchase we make (and made in the past) but also to determine what we can and cannot spend our money on. They could also prevent certain “undesirable” people from buying anything. Anyone with a blocking notice attached to their digital identity would “thus be unable to do many of the most basic things independently,” says [German financial journalist Norbert] Häring.
Incidentally, the digital euro has already become a de facto legal reality, after the European Parliament (EP)’s economic and monetary affairs committee gave a green light to the eurozone central bank digital currency (CBDC) last week. Presumably, even many members of our highly informed readership will have been unaware of this fact since it all occurred against a wall of near-total media silence.
Tyler Durden
Sun, 07/05/2026 - 08:10 Close
Sun, 05 Jul 2026 11:35:00 +0000 Germany's AfD Tricks Thousands Of Antifa Revolutionaries
Germany's AfD Tricks Thousands Of Antifa Revolutionaries
Germany's right-wing AfD party re-elected co-leaders Alice Weidel and Tino Chrupalla at its annual conference in Erfurt, a central German city. Meanwhile, far-left activists,
Read more.....
Germany's AfD Tricks Thousands Of Antifa Revolutionaries
Germany's right-wing AfD party re-elected co-leaders Alice Weidel and Tino Chrupalla at its annual conference in Erfurt, a central German city. Meanwhile, far-left activists, professional political agitators, and NGOs funded by dark money attempted to restrict access to the event through a coordinated pressure campaign.
Local police estimate that around 15,000 far-left activists descended on Erfurt to block roads and prevent AfD members from reaching the convention area. However, as one news outlet pointed out:
AfD tricks Antifa. The motley crew of disheveled youths, chronic unemployed, students of babble studies, and NGO staffers sat on the street starting at 05:30 a.m. to block the AfD's arrival. But the AfD had already arrived an hour and a half earlier in a long convoy under police protection. And while the AfD delegates could leisurely have breakfast and prepare for the party congress that starts at 10 a.m., Antifa is squatting pointlessly on the street. With the AfD, you just get up earlier
The conference comes as AfD's growing confidence among the population becomes evident, with the party leading polls ahead of Chancellor Friedrich Merz's conservatives. Recent surveys put AfD support at 29%, compared to about 22% for the CDU/CSU bloc.
Weidel and Chrupalla used their speeches to attack mainstream parties, blast globalists, and sharpen their anti-immigration message.
AfD became the second-largest party in last year's elections, with its influence growing amid mounting public frustration with liberals and their failed globalist policies, whether nation-killing open-border migration, de-growth climate policies, or other progressive policies that are ruining the West.
Tyler Durden
Sun, 07/05/2026 - 07:35 Close
Sun, 05 Jul 2026 11:00:00 +0000 Multicultural French Crowds Brawl Over Discount Air Conditioners As Heatwave Looms
Multicultural French Crowds Brawl Over Discount Air Conditioners As Heatwave Looms
Multicultural French Crowds Brawl Over Discount Air Conditioners As Heatwave Looms
Via Remix News,
France was gripped by chaos on Thursday, July 2, 2026, as an exceptional sale of discounted air conditioners at Lidl descended into long lines, emptied shelves, and physical fights between customers nationwide. The retailer had put 200,000 units up for sale — nowhere near enough to meet demand as yet another heatwave looms next week following a record-breaking heatwave just last week.
Videos of the various incidents went viral across social media.
In Lyon, a youth was seen ripping an air conditioner from a woman while they tussled on the ground. He then proceeded to push her back multiple times.
In another video, a large brawl broke out between numerous women, including women in headscarves.
Overall, the situation was quite chaotic in numerous locations.
“Lidl France deplores the incidents that occurred in its stores,” the retailer told AFP in response, acknowledging that its employees “had to manage tensions, in a sometimes difficult climate.” The company attributed the shortages to “the sales cycle of [its] products,” explaining: “Products ordered one year in advance and arrive on Thursdays in our supermarkets, always at a fixed price.”
The chain had also tried to defuse tension with humor on social media, responding to a post about a fight over a Lidl air conditioner with a meme referencing Game of Thrones. But the levity didn’t stop clashes from breaking out at multiple Lidl locations across the country, including in Rennes and Nanterre.
In Nanterre, around a hundred people gathered according to BFMTV. A line began forming at 7:30 a.m. even though the store didn’t open until 8:30 a.m. The news outlet described that the doors then “collapsed” under pressure from the crowd trying to make their way into the store. It further noted that “fights broke out between several people over the ten air conditions that were available.”
A similar scene played out in Paris, where crowd were largely good-natured, according to Agence France-Presse (AFP), though altercations still broke out among customers trying to cut ahead.
In Hazebrouck, in northern France, journalists from La Voix du Nord reported that there were only four air conditioning units available for around 60 customers. Le Parisien documented similar crowd scenes at several Lidl stores across the Île-de-France region, while Ouest-France reported that police also had to intervene in Trélazé and near Angers, where the situation escalated as soon as one store opened.
The Lidl frenzy is just the latest flashpoint in a broader rush on fans and air conditioners across France and neighboring countries as the country braces for another heatwave forecast by Météo France. Many residents are eager to avoid a repeat of the extreme heat seen at the end of June — and lines had already been forming at stores selling air conditioners, fans, and even survival or cooling blankets in Meudon in the preceding weeks.
Belgium saw a nearly identical episode at Aldi, where a promotional sale of air conditioners priced at 145 euros similarly spiraled into disorder, with customers wrestling units out of each other’s hands.
Other major French retailers have faced the same surge in demand. Fnac Darty CEO Enrique Martinez told BFM Business that “people were waiting outside the stores from 4 a.m.” during the heatwave, and that “some came to blows.” He added that “the teams worked hard to serve everyone and bring in as much equipment as possible” from warehouses.
At Leclerc, the numbers tell a similar story. “We sold 700,000 fans and coolers in three weeks” — an increase of almost 200 percent, Michel-Édouard Leclerc said Thursday on TF1. “We sold nearly 60,000 air conditioners, that’s also more than 35 percent [more].” He added: “We still have some left. Now it’s distribution problems to take into account population movements with ‘departures on vacation.'”
Read more here...
Tyler Durden
Sun, 07/05/2026 - 07:00 Close
Sun, 05 Jul 2026 03:20:00 +0000 What Happened To The 56 Signatories Of The Declaration Of Independence
What Happened To The 56 Signatories Of The Declaration Of Independence
What Happened To The 56 Signatories Of The Declaration Of Independence
Authored by Joseph Lord via The Epoch Times ,
Today the United States celebrates the 250th - or semiquincentennial - anniversary of the adoption of the Declaration of Independence.
Congress voting on the Declaration of Independence. Library of Congress/Public Domain
While July 4 marks the day Thomas Jefferson's revised draft of the Declaration of Independence was adopted, it would take months for the document to be signed by all 56 men who would eventually affix their names to it.
Several key figures in American history - George Washington, Alexander Hamilton, and James Madison, among others - don't appear among the signatories of the Declaration of Independence at all, having been serving in military roles or other capacities at the time.
None of the 56 signers died as a result of their signature, but before the war was over, five would be captured, 12 would have their homes destroyed, and 17 would lose their entire fortunes. None of the 56 signatories ever renounced the cause of independence of their own free will.
Here's what happened to the men who pledged "our Lives, our Fortunes and our sacred Honor" to the cause of American independence, on the basis of "self-evident ... Truths" that not even a global empire - or a king - could deny.
'The Sage Of Monticello': Thomas Jefferson
Easily the most well-known of the Declaration's signatories - as well as its author - Thomas Jefferson enjoyed several benefits later in life from his role in the document's drafting.
During the war, Jefferson nearly faced capture by the British during his tenure as governor of Virginia, forcing him to flee from his Monticello estate. That led to accusations of "cowardice" that eventually prompted Virginia legislators to launch a formal inquiry, in which Jefferson was acquitted.
Later, Jefferson served in a series of key posts, first as the U.S. ambassador to France, then as secretary of state under President George Washington and vice president under President John Adams.
After he was elected president - an event dubbed the "Revolution of 1800" - Jefferson's egalitarian vision expressed in the Declaration of Independence came to be viewed as one of the most critical documents of the American founding.
'The First American': Ben Franklin
While Jefferson often gets the lion's share of the credit for drafting the Declaration, Ben Franklin is credited with one critical edit to the document.
Widely recognized as a multi-disciplinary polymath, Franklin has been dubbed "the First American" by history for his early and long-running calls for American colonial unity.
In the preamble to the Declaration, Jefferson had originally written, "We hold these truths to be sacred and undeniable."
Franklin - who served on the drafting committee - replaced this with the revision: "We hold these truths to be self-evident."
Franklin later served as ambassador to France and lead negotiator on the deal to end the war with Great Britain, was the "president" - or governor - of Pennsylvania from 1785 to 1788, and served as a delegate to the Constitutional Convention of 1787.
Shortly before his death in 1790, Franklin made his last political statement with his support of a petition calling on the federal government to abolish slavery.
'The Atlas Of American Independence': John Adams
John Adams, the future second president, was one of the first delegates to the Continental Congress to call for independence. He was also among the most outspoken in its defense, leading him to be dubbed by some as "the Atlas of American Independence."
In February 1778, Adams was nearly captured by British warships while leaving on a diplomatic mission for Paris with his son. Adams took up a musket to fight the British vessels, but it took a mix of skillful navigation and a fortuitous storm to shake the pursuers. Had he been captured, Adams likely would have faced imprisonment in the Tower of London and execution for treason.
In one of the most remarkable coincidences in history, Adams and Jefferson both died on July 4, 1826 - 50 years after the Declaration's adoption day. Adams's final words, "Jefferson still lives," were in fact mistaken: the third president had passed away at Monticello hours earlier.
'The First Founding Father': Richard Henry Lee
Less well-known than either Jefferson or Adams, the Virginia delegate Richard Henry Lee was no less instrumental in bringing about independence, authoring the part of the Declaration stating the 13 colonies "are, and of Right ought to be, free and independent States."
On July 2, 1776, the Second Continental Congress adopted this "Lee Resolution." Adams famously predicted incorrectly that July 2, rather than July 4, would be celebrated as the American Independence Day, and would be commemorated with, "pomp and parade ... from one end of this continent to the other."
During the war, Lee faced military attacks on his property, chronic stress that took a toll on his health, and a severe hit to his finances as the war hit international shipping and the tobacco trade he relied on.
He later served as the first Virginia senator alongside William Grayson, joining the anti-Federalists in opposing a national government. Lee died in June 1794 at age 62.
The Midnight Rider: Caesar Rodney
A lesser-known but critical signatory of the Declaration was Caesar Rodney, who rode 80 miles to Philadelphia while suffering from facial cancer to cast a tie-breaking vote for Delaware's delegation in favor of independence.
Unanimous support from all colonies was required to authorize the Lee Resolution - meaning Rodney's vote was critical to final adoption.
Rodney later served as "president," or governor, of Delaware until 1781, and died in 1784 of facial cancer at age 55.
The First Signer: John Hancock
John Hancock's signature on the Declaration - the first - was so large that his name became an American idiom for one's signature.
The Massachusetts revolutionary leader had been serving as president of the Second Continental Congress since May 24, 1775.
Hancock, aside from being the first signer, is the only person who actually signed the document on July 4, 1776.
Hancock was at the head of a massive commercial empire, deriving his wealth partially from inheritance and partially from smuggling. Had American independence failed, Hancock - as well as his family - would have lost everything.
Despite close calls, he made it through the Revolution without facing capture. However, several of his properties were destroyed or occupied by the British during the conflict, while Hancock expended nearly half of his personal wealth financing the cause of independence.
He later served as the first governor of independent Massachusetts, and died in 1793 at 56.
The Last Signer: Thomas McKean
Like several other delegates to the Second Continental Congress, Thomas McKean of Delaware left to join the Revolution as soon as he cast his ballot in favor of independence.
This meant that he was ultimately unable to sign the documents until months - or, by some estimates, years - later. While historians are confident that McKean is the final signatory, the exact date is disputed, with estimates ranging from early 1777 all the way to 1781.
McKean took part in key battles during the conflict, assisting in the defense of New York City and Delaware. By 1781, McKean was serving as president of the Continental Congress, making him the civilian authority directing the Battle of Yorktown, which ended the war.
After the Revolution, McKean served as chief justice and governor of Pennsylvania. During the War of 1812, he led a civilian defense group against the British, taking up arms one final time before his death in 1817 at the age of 83.
The One Who Renounced His Signature: Richard Stockton
While none of the 56 signers ever willingly renounced their support for the Declaration, historians think that signer Richard Stockton of New Jersey renounced his signature under coercion and following a long period of captivity by the British.
Imprisoned by the British, Stockton signed a parole agreement in which he reneged on his signature and pledged not to take part in the war. Under the agreement, Stockton resigned his seat in the Continental Congress.
Later, Stockton reaffirmed his loyalty to the United States before his death at age 50 in 1781.
The Fighters
Like McKean, several signers went on to take part in the conflict.
These included Rodney, Oliver Wolcott of Connecticut, Thomas Nelson Jr. of Virginia, and William Floyd of New York.
Others who left Philadelphia to join the conflict were taken as prisoners of war during the Revolution.
One of these was George Walton, who was wounded and captured during the Battle of Savannah. Despite spending months in British custody, Walton survived and was eventually freed, going on to serve as a governor, chief justice, and U.S. senator for Georgia.
Three others - Thomas Heyward Jr., Arthur Middleton, and Edward Rutledge - were taken prisoner during the Battle of Charleston. All three survived months of captivity at St. Augustine, Florida, with Heyward becoming the last of the three to die at age 62 in 1809.
Homes Looted, Occupied, Or Destroyed
Many other signers faced consequences related to their properties and estates. Some of the most prominent of these included Lee and Hancock.
In New York, meanwhile, signer Francis Lewis had his property destroyed by the British, who captured his wife during the attack. Held in captivity for months without a change of clothes or adequate food, Elizabeth Annesley Lewis was ultimately freed under a prisoner exchange negotiated by Washington, but died shortly thereafter from the stress of the ordeal.
Also in New York, signers William Floyd, Philip Livingston, and Lewis Morris had their vast estates occupied by the British during the war, with the properties being used as barracks or stables.
Signer John Hart of New Jersey was also forced to flee from his home - and his wife's deathbed - when Hessian troops attacked his farm and mills.
The Longest-Lived Signer: Charles Carroll
In 1832, Charles Carroll of Maryland knew that he was dying.
The only Catholic signer of the Declaration, Carroll had by then been the sole remaining signatory of the document for around six years.
He gained the accolade on July 4, 1826, following the deaths of Adams and Jefferson, who were among the final three living signers. Franklin had passed more than 40 years earlier.
By 1832, Carroll was well-used to the questions he received from young people and reporters, who were set on preserving as much of the early Republic as possible during the twilight years of the 1820s.
Before his death, Carroll played a key role in welcoming the new era of American life, laying the first stone of the B&O railroad, one of the first steps toward the transcontinental railroad that would take decades yet to be completed.
Carroll's passing was commemorated in the papers and on the streets of the blossoming American republic, whose citizens recognized that with Carroll's passing, the first generation of the United States was truly over.
Commenting on his status near the end of his life, Carroll wrote, "Grateful to Almighty God for the blessings. ... I do hereby recommend to the present and future generations the principles of that important document ... and pray that the civil and religious liberties they have secured to my country may be perpetuated."
Tyler Durden
Sat, 07/04/2026 - 23:20 Close
Sun, 05 Jul 2026 02:45:00 +0000 Majority Believes They Will Achieve The American Dream
Majority Believes They Will Achieve The American Dream
Majority Believes They Will Achieve The American Dream
250 years after American independence, a majority of people in the United States continue to believe in their personal American Dream.
As Statista's Kathraina Buchholz reports, 69 percent of those interviewed by Gallup in the beginning of the year say that they will achieve it in their lifetime.
This is in contrast, though, to 54 percent saying that not everybody can achieve the American Dream in this day and age.
You will find more infographics at Statista
While in a question about other people, Americans' answers are driven by a more sober view, positivity still prevails in regard to one's own success story.
58 percent of Americans also say that they think the American dream is unfinished, a further indication for the disillusionment many feel with the idea in the current environment.
The number is similar among Republicans and Democrats. Republicans, however, are more likely to say that the American Dream has succeeded and less likely to say that it has failed.
When asked what the American Dream means for them in an open-ended question, a third of respondents mention freedoms and individual rights, while 28 percent say financial stability or homeownership.
Only 18 percent mention upward mobility explicitly.
Tyler Durden
Sat, 07/04/2026 - 22:45 Close
Sun, 05 Jul 2026 02:10:00 +0000 Waste Of The Day: Stolen Education Grants
Waste Of The Day: Stolen Education Grants
Waste Of The Day: Stolen Education Grants
Authored by Jeremy Portnoy via RealClearInvestigations ,
Topline: A North Dakota woman was convicted last month of five counts of theft for stealing $131,000 in state grants meant for after-school programs.
Key facts: Faith Dixon, 47, was one of the top recipients of $2 million that the North Dakota Department of Public Instruction awarded in October 2021 for its Out of School Time program to support children impacted by school closures during the Covid-19 pandemic.
Her nonprofit, Faith4Hope, instead sent the funds to her then-husband's food stand, her brother's music and production company and her sister-in-law's dance studio, according to court documents reviewed by InForum .
Dixon's lawyers claimed she disbursed the money in "good faith" to help children, despite the conflicts of interest. But assistant attorney general Jeremy Ensrud showed some of the funds were spent on Dixon's own "day-to-day living expenses."
Dixon's ex-husband pleaded guilty to theft last year. He admitted the grants to his food stand were not spent on providing culinary classes to children, as he promised the state.
Dixon's other family members truly did spend their grants on helping children, Ensrud told InForum.
Last October, Dixon took a plea deal that would have sent her to prison for only 4 to 11 months, but she backed out because she had received "bad legal advice." Now, she will serve 4 to 10 years.
In her original grant application , Dixon said her nonprofit "reimagines what after-school looks like. We provide participants in middle school, junior high school, and high school with free, comprehensive after-school programs, transformative experiences, and mentoring that support students in developing skills and habits needed to help them succeed in school."
State investigators argued that was untrue. The Department of Public Instruction visited Faith4Hope's office eight times during its operating hours, but found that the office was closed and "no children were present," according to court documents.
Summary: It's unlikely that every instance of fraud from the Covid-19 pandemic will be uncovered, but the fact that wrongdoing is still being found years later speaks to the massive mismanagement of public funds that occurred.
Tyler Durden
Sat, 07/04/2026 - 22:10 Close