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Thu, 15 May 2025 02:35:00 +0000 The Pandemic Agreement: Surveillance, 'One Health', & A New Industry Of Government Grift
The Pandemic Agreement: Surveillance, 'One Health', & A New Industry Of Government Grift
The Pandemic Agreement: Surveillance, 'One Health', & A New Industry Of Government Grift
Authored by REPPARE (REevaluating the Pandemic Preparedness And REsponse agenda) via The Brownstone Institute,
After three years of negotiation, the delegates of the Intergovernmental Negotiating Body (INB ) agreed on the text of the Pandemic Agreement , which now goes for vote at the 78th World Health Assembly (WHA) at the end of May 2025. This text comes after the negotiations were extended for an additional year due to ongoing disagreements about intellectual property and technology transfers (Article 11), access to ‘pandemic-related health products’ (Article 12), and One Health.
After extending the negotiations into a series of last-minute 24-hour sessions in April 2025, a draft was ‘greenlined’ with many countries suggesting that they had gone as far as they could via negotiation, and it was now time to bring it to vote.
There are several interesting elements within the new draft of the Pandemic Agreement. For example, the Pandemic Agreement foresees ‘participating manufacturers’ (yet to be determined) to make 20% of their related pharmaceutical production available to the WHO, half as a donation, and half at ‘affordable prices’ (also to be determined). The expectation is that the WHO and other international partners will pool these and other resources for distribution (in an improved COVAX -like mechanism yet to be determined). In addition, a still relatively undefined ‘Coordinating Financial Mechanism’ (CFM) will be established to support the implementation of both the Pandemic Agreement and the amended International Health Regulations (IHRs), as well as to disburse surge funding to developing countries in the event of a pandemic.
These commitments build on the IHR amendments that come into force in September 2025, which authorise the WHO Director-General to declare a ‘Pandemic Emergency.’ This represents an escalation of the Public Health Emergency of International Concern (PHEIC), with a ‘Pandemic Emergency’ now representing ‘the highest level of alarm,’ which is meant to trigger a host of national and international responses. The PHEIC has been declared eight times since 2005, including for the ongoing Mpox outbreak in Central Africa, and there remains ambiguity about whether an outbreak like Mpox would now also qualify as a Pandemic Emergency. The Pandemic Agreement also now defines the first somewhat tangible effects of declaring a Pandemic Emergency, although these triggering effects are currently most clear regarding the mobilization of ‘pandemic-relevant health products.’
In general, the text reads as one might expect when diplomats from almost 200 countries spent years negotiating and scrutinising every sentence. Although the United States and Argentina withdrew from these negotiations earlier this year, the document still had to navigate the manifold and often conflicting interests of delegates from Russia and Ukraine, Iran and Israel, India and Pakistan; not to mention members of the Africa Group who largely saw the Pandemic Agreement as a raw deal for Africa (see below). The result is therefore 30 pages full of vague declarations of intent, often qualified by references to the preservation of national sovereignty in an attempt to neutralize opposition. As it stands, the ‘Agreement’ looks primarily of symbolic importance, since a failure to reach an agreement would have been embarrassing for everyone involved.
Yet, it would be churlish not to understand that the Pandemic Agreement consolidates ‘pandemic prevention, preparedness, and response’ as a definitive ‘space’ of global political action, for the purpose of which numerous new institutions and funding streams have already been created. Its potential passage into international law is unusual in global health and represents only the second time such a global health covenant has been created (the WHO Framework Convention on Tobacco Control being the first), with the potential to mobilize substantial resources and policies.
For example, according to estimates by the Institute for Health Metrics and Evaluation (IHME), expenditure on preparing for future pandemics had already more than quadrupled between 2009 and 2019 before the Covid-19 pandemic unmistakably moved the topic into international ‘high politics.’ In the Agreement, governments pledge to ‘maintain or increase’ this funding for pandemic prevention, preparedness, and response and to support mechanisms for its execution. As reported elsewhere by REPPARE, the requested funds for pandemic preparedness are $31.1 billion a year (for comparison, about 8 times global expenditure on malaria), of which $26.4 billion must come from low-and middle-income countries (LMICs), while $10.5 billion in new overseas development assistance (ODA) would need to be raised. Presumably, the WHO’s preferred mechanism for the distribution of this ODA is via the yet-to-be-defined CFM.
Vaccine Equity
The declared guiding principle of the Pandemic Agreement is ‘equity.’ The focus on ‘equity’ is driven largely by the WHO and associated philanthropists, NGOs, scientific advisers, and several LMICs (particularly in Africa), who view a lack of equity, primarily ‘vaccine equity,’ as the main failure of the Covid response. Representatives of poorer countries, but also important donors, have criticised the inequitable access to vaccines against SARS-CoV-2 as a key failure of the Covid response and the reason for increased Covid mortality. This inequitable access has been labelled ‘vaccine nationalism,’ which refers to the stockpiling of Covid vaccines in high-income countries (HICs) during the pandemic, limiting availability to vaccines by LMICs. The World Economic Forum, for example, claims that a fairer distribution of vaccines would have saved over a million lives.
While enough Covid vaccine doses were ordered in Europe to immunise the entire population from infants to the elderly more than three times over, and are now being destroyed , many African countries were denied access. In fact, developing countries only received large quantities of coronavirus vaccines months after richer countries had been ‘fully vaccinated.’ Even after vaccination had been universally available in most HIC countries by summer 2021, under 2% in low-income countries had been vaccinated, many of them with Chinese vaccines that Western countries deemed inferior and thus not qualifying for travel clearance.
The proponents of the Pandemic Agreement do not question the success of universal vaccination despite its limited and rapidly declining protective effect, nor the numerous reported adverse effects. But even if we assume that coronavirus vaccines are safe and effective, global comparisons of vaccination rates remain nonsensical. In HICs, most Covid-19 deaths occurred in people over 80, suggesting the need for context-specific interventions in the case of the most vulnerable.
In most low-income countries (LICs), this risk group comprises only a tiny fraction of the population. For example, the average age in Africa is 19, presenting an entirely different pandemic risk and response profile. In addition, a meta-analysis of blood tests by Bergeri et al. suggests that by mid-2021 most Africans had already had post-infection immunity to SARS-CoV-2. Yet, despite these variables, the manufacturers of the vaccines were encouraged to mass produce vaccines for global rollout, were given emergency authorisation, were released from liability, cashed in on advanced purchasing commitments , and were able to make record profits at the expense of taxpayers.
As reported elsewhere , committing large resources to pandemic preparedness, particularly expensive surveillance, diagnostic, R&D, and the manufacturing of biomedical countermeasures, threatens to produce high opportunity costs since many LMICs must confront other more pressing and destructive disease burdens. This was at least implicitly recognised by many African countries during the Pandemic Agreement negotiations. Many resisted the inclusion of One Health into the Agreement, arguing that it was unaffordable and not a priority within their national strategic health plans.
To paraphrase an African delegate on the INB, ‘We have difficulty doing coordinated surveillance within the health sector, let alone integrated surveillance across sectors.’ This concern not only suggests the need for more locally owned strategies to assure the efficient use of scarce resources, but also the need for strategies that better capture contextualised need to deliver greater effectiveness and true health equity, not just ‘product equity.’
Yet, even if product equity is a desired and justified outcome in particular cases, there is nothing in the Pandemic Agreement that guarantees this, since, in practice,e poor countries without their own production capacities will always be last in line. Although the ‘pathogen access and benefit system’ (PABS) in Article 12 of the Pandemic Agreement seeks to improve product equity, it is reasonable to expect wealthy countries to meet their own demand before making larger quantities available to LICs or the WHO for distribution (leaving it reliant on donations – which proved problematic during COVAX). As a result, it is hard to see what the Pandemic Agreement has improved in this regard, other than the codification of extremely loose normative commitments aiming to improve equitable access to pandemic products – an area on which countries would already broadly agree.
The Pandemic Agreement also calls for more transparency for contracts between countries and manufacturers. This measure is seen as a mechanism that can expose rampant vaccine nationalism and profiteering, albeit only ‘as appropriate’ and ‘in accordance with national regulations.’ Thus, it is questionable whether such flimsy wording would have stopped EU Commission President Ursula von der Leyen from fixing billion-dollar deals with the Pfizer CEO through undisclosed text messaging nor stopped other countries from engaging in their own bilateral pre-purchasing and stockpiling activities.
Of course, LMIC negotiators in the INB were aware of all this, which is why the fault line in the Pandemic Agreement negotiations mainly centred on issues of intellectual property and technology transfer. In essence, developing countries do not want to rely on handouts and want to produce vaccines and therapeutics themselves without having to pay expensive licensing fees to the pharmaceutical giants of the North. In contrast, the North has been steadfast in their commitments to intellectual property protections as outlined in TRIPS and TRIPS-Plus , seeing these legal mechanisms as important protections for their pharmaceutical industries.
As a ‘compromise,’ the Pandemic Agreement contains provisions for ‘geographically diversified local production’ of pandemic products and closer international cooperation in research and development, with simplified licensing procedures intended to ensure technology transfer. However, the wording within the Pandemic Agreement is nonspecific and the EU insisted on adding last-minute footnotes to the technology transfer provision to ensure they only take effect ‘as mutually agreed.’ Thus, the Pandemic Agreement looks like the solidification of business as usual.
Surveillance and One Health
Whereas a lack of ‘equity’ is understood by advocates of the Pandemic Agreement as the main failure of the Covid response , a ‘failure of preparedness’ is also seen as allowing the emergence and subsequent global spread of the novel coronavirus in the first place. The goal of eliminating the ‘existential threat’ of emerging infectious diseases (EIDs) is dominant within the policy lexicon, endorsed by the G20 High Level Independent Panel , the World Bank , the WHO , The Elders’ Proposal for Action , and the Global Preparedness Monitoring Board . As we have argued elsewhere, these assessments are largely based on weak evidence , problematic methodologies , the use of political eminence over expertise , and simplified modelling , yet they remained unquestionable mainstays within INB negotiations.
In response to future zoonoses, the Pandemic Agreement calls for a ‘One Health’ approach. In principle, One Health reflects the self-evident fact that human, animal, and environmental health are closely connected. Yet, in practice, One Health requires the targeted monitoring of soil, water, domestic animals, and farm animals with the view to identifying possible spillover to humans. As highlighted above, implementing One Health necessitates integrated systems across sectors with sophisticated laboratory capacities, processes, information systems, and trained personnel. As a result, the costs of implementing One Health are estimated by the World Bank to be approximately $11 billion a year , which would be in addition to the $31.1 billion currently estimated as required to finance the IHRs and Pandemic Agreement.
With more laboratories looking for pathogens and their mutations, it is guaranteed that more will be found. Given the current practice of over-securitized knee-jerk risk assessments, it is foreseeable that more discoveries will be deemed ‘high risk,’ even though humans have coexisted with many of these pathogens without major incident for centuries, and even though the risk of geographical spread is low (e.g., reactions to Mpox ). The logic of the Pandemic Agreement is that, based on genomic advancements, ‘pandemic-related health products’ can then be quickly developed and distributed via the ‘WHO Pathogen Access and Benefit-Sharing System’ (PABS).
This is disquieting for at least three reasons. First, large resources will be poured into responding to these low-burden potential risks while everyday killers like malaria will continue to receive an underwhelming response. Second, this aspect of the Pandemic Agreement will undoubtedly engross under its own momentum, where new perceptions of threat legitimate ever-more surveillance, which will uncover even more potential threats in a self-perpetuating regress of securitization and over-biomedicalization. Lastly, nowhere in the Pandemic Agreement is there any mention of the fact that dangerous gain-of-function research will continue to be conducted to develop the ‘pandemic benefits’ expected under PABS, although biosafety and biosecurity obligations are mentioned in passing.
This suggests that the risk assessments associated with the Pandemic Agreement are singularly focused on natural zoonosis spillover events, ignoring an area of risk that may have actually been responsible for the worst pandemic in the last 100 years. Thus, the recent Covid-19 pandemic is likely irrelevant to the Pandemic Agreement in terms of pandemic preparation and prevention.
Infodemics
The calamities of the Covid response have eroded trust in the WHO and other public health institutions. This has manifested in a clear scepticism of pandemic preparedness. For example, hundreds of thousands of people signed petitions warning of the WHO’s ‘power grab’ to undermine national sovereignty. These messages arose primarily after the proposed amendments to the IHR started to circulate, which contained original language allowing the WHO to issue binding recommendations to national governments during a pandemic. Ultimately, such plans did not materialise.
The drafters of the Pandemic Agreement have seemingly agreed with such concerns. Article 24.2 states in unusually clear terms: ‘Nothing in the WHO Pandemic Agreement shall be interpreted as providing the WHO Secretariat, including the WHO Director-General, any authority to direct, order, alter or otherwise prescribe the national and/or domestic laws, as appropriate, or policies of any Party, or to mandate or otherwise impose any requirements that Parties take specific actions, such as ban or accept travellers, impose vaccination mandates or therapeutic or diagnostic measures or implement lockdowns.’
In practice, this clause has no effect, as there is no way of arriving at the interpretations Article 24.2 rules out, since the WHO simply does not have legal jurisdiction to force compliance. Regarding non-pharmaceutical measures, the signatories to the Pandemic Agreement merely agree to conduct research into their effectiveness and adherence. This includes not only epidemiology, but also ‘the use of social and behavioural sciences, risk communication and community engagement.’
In addition, states agree on taking ‘measures to strengthen science, public health, and pandemic literacy in the population.’ Here, nothing is binding nor specified, leaving sufficient room for countries to determine how and to what degree to deploy non-pharmaceutical measures (for better or worse). It is just putting (again) in writing what States are already doing – an arguably pointless exercise.
That said, references to the behavioural sciences are likely to trigger suspicion from those critical of the WHO. In particular, those concerned about the Covid response remember how behavioural scientists advised the British government to make people feel ‘sufficiently personally threatened’ and how UK Secretary of Health Matt Hancock shared WhatsApp chats about how he planned to ‘deploy’ the announcement of a new variant to ‘frighten the pants off everyone.’ Although it is the job of public health authorities to issue recommendations to guide the public, there are honest and more effective methods of doing so. Otherwise, public perceptions of disingenuousness undermine trust, something advocates of the Pandemic Agreement suggest is crucial for an effective pandemic response.
In some ways, the explicit ruling out of WHO-imposed lockdowns or vaccine mandates is an excellent example of what the WHO calls ‘infodemic management.’ In the WHO’s ‘Managing Epidemics’ handbook, an infodemic is defined as ‘an overabundance of information, accurate or not, in the digital and physical space, accompanying an acute health event such as an outbreak or epidemic.’ Infodemic management also made it into the revised IHR, where “risk communication, including addressing misinformation and disinformation” is defined as a core capacity of public health.
It is understandable that critics of infodemic management understand ‘addressing misinformation’ as a euphemism for censorship, especially given how scientists who spoke against mainstream narratives during Covid were sidelined and ‘cancelled.’ However, the first principle of infodemic management highlighted in ‘Managing Epidemics’ is ‘listening to concerns,’ which the Pandemic Agreement appears to have done by proactively ruling out lockdowns that they could not legally impose anyway. While the ‘zero draft’ three years ago still foresaw countries being expected to ‘tackle’ misinformation, this is now only mentioned in the preamble, where the timely sharing of information is said to prevent the emergence of misinformation.
Nonetheless, the language around infodemics raises several concerns that remain unaddressed and require greater reflection.
First, the criteria by which information is meant to be judged as accurate, and by whom, are unclear. Although this leaves the process undefined, allowing countries to design their own control mechanisms, it also leaves room for abuse. It is entirely feasible that some countries (with WHO support) could silence dissenting views under the guise of infodemic management. It is also not beyond imagination that mission creep will occur, where non-health-related information is also controlled under the pretext of ‘maintaining peace and security’ during a health or other emergency.
Second, there is a serious risk that the poor management of information will exclude good science by accident, undermining overall public health. As witnessed during Covid, messages proclaiming that ‘the science is settled’ proliferated, and were often used to discredit credible science.
Third, there is an underwritten presumption within the logic of infodemics that public health authorities and their affiliates are correct, that policies are always based entirely on the best evidence available, that those policies are free of conflicts of interest, that information from these authorities is never filtered nor distorted, and that people should not expect reason-giving from authorities via immanent critique or self-reflection. Clearly, public health institutions are like any other human institution, subject to the same potential biases and pitfalls.
The Future of Pandemics and This Agreement
Wenham and Potluru from the London School of Economics estimate that the protracted negotiations on the Pandemic Agreement had already cost over $200 million by May 2024. Of course, this is only a fraction of the public expenditure on preparing for hypothetical future pandemics. The amount of ODA that the WHO, World Bank, and G20 have called for annually would correspond to about five to ten times the annual expenditure on combating tuberculosis – a disease that, according to WHO figures, has killed about as many people in the last five years as Covid-19, and at a much lower average age (representing higher years of life lost).
Although the $10.5 billion a year in development aid for pandemic prevention, preparedness, and response is unlikely to materialise, even a more cautious increase will come with opportunity costs. Moreover, these financial demands come at an inflection point in global health policy, where development assistance for health (DAH) is under massive pressure from serious stoppages and reductions from the United States, the United Kingdom, Europe, and Japan. Thus, increase in scarcity requires the better use of health financing, not simply more of the same.
Furthermore, as REPPARE has shown , the alarming statements of pandemic risk by the WHO, World Bank, and G20 are not well-grounded in empirical evidence. This means that the entire basis for the Pandemic Agreement is questionable. For example, the World Bank claims millions of annual deaths from zoonotic diseases, although the figure is less than 400,000 per year in the half-century before the Covid-19 pandemic, extrapolated to the current world population, 95% of which is attributable to HIV. The fact that many more new pathogens are being found today than just a few decades ago is not necessarily evidence of an increased risk, but rather the consequence of increased interest in research and, above all, the use of modern diagnostics and reporting processes.
In many ways, the Pandemic Agreement is just a figurehead of a new pandemic industry that has already grown more robust in the last five years. This includes, for example, projects for pathogen surveillance, for which the Pandemic Fund set up at the World Bank in 2021 has already received $2.1 billion in donor commitments while raising almost seven billion for implementation (when additionality is calculated). In 2021, the WHO Pandemic Hub was opened in Berlin, where data and biological material from all over the world are collated as an early warning system for pandemics. In Cape Town, the WHO mRNA hub seeks to promote international technology transfer.
And the 100 Days Mission , driven primarily by the public-private partnership CEPI, aims to ensure that vaccines are available in just 100 days during the next pandemic, which not only requires substantial investment in R&D and production facilities, but also a further speeding up of clinical trials and emergency use authorisation, posing potential risks regarding vaccine safety
To coordinate the complex ecosystem of different pandemic initiatives, the signatories to the Pandemic Agreement will need to develop ‘whole-of-society’ pandemic plans that will presumably be ignored in the event of a real crisis, as happened with the existing plans in 2020. They are further expected to ‘report periodically to the Conference of the Parties, through the Secretariat, on their implementation of the WHO Pandemic Agreement.’ The WHO Secretariat, in turn, publishes ‘guidelines, recommendations and other non-binding measures.’ This suggests that the Pandemic Agreement will set global norms and seek compliance through the usual mechanisms of nudging, naming, and shaming, and through conditionalities imposed by the CFM or through other World Bank development loans. It is in the case of the latter where policy choices designed within the Conference of Parties could become more coercive on low-income countries.
However, the importance of this new global pandemic bureaucracy should also not be overestimated, and the potency of the Pandemic Agreement is not immediately clear. After all, it is just one in a long list of United Nations agreements, only a few of which, such as the Climate Change Conference or the Nuclear Non-Proliferation Treaty, receive any broader attention. Thus, it is feasible that both the Conference of Parties and Pandemic Agreement will become politically inert.
Nevertheless, what tempers this moderate view is a key similarity between the three aforementioned policy areas. Namely, nuclear proliferation, climate change, and pandemics are all continually presented as an ‘existential threat,’ which drives media coverage, consequent political motivation, and continued investment. In the case of pandemic risk, the official narratives project an apocalyptic vision of ever-increasing pandemics (e.g., every 20 to 50 years), with ever-increasing severity (2.5 million dead per year on average), and ever-increasing economic costs (e.g,. $14 to $21 trillion per pandemic if investments are not made ). Therefore, it is to be expected that the Pandemic Agreement will continue to enjoy a status of high politics and increased investment through perpetual fear and vested interests.
Consequently, if the draft Pandemic Agreement is adopted at the 78th WHA and subsequently ratified by the required 60 countries, the key to its potency will be how various legal obligations, governance processes, financial instruments, and ‘partner’ commitments are defined and implemented into policy via the Conference of Parties (COP). In many ways, the drafters of the Agreement merely ‘kicked the can down the road’ regarding the most difficult and contentious disagreements in hopes that future consensus will be found during the COP.
Here, comparisons and contrasts between the Climate COP and Pandemic COP could help to glean some useful insights on how the politics of the Pandemic Agreement might play out.
Both have become industries with significant levels of vested governmental and corporate interest, both use fear to motivate political and fiscal action, and both rely heavily on the natural proclivities of the media to propagate fear and justify states of exception as dominating narratives.
Tyler Durden
Wed, 05/14/2025 - 22:35 Close
Thu, 15 May 2025 02:10:00 +0000 Parallel Peace Blitz: New Pope & Trump Are Saying Similar Things As Conflicts Rage
Parallel Peace Blitz: New Pope & Trump Are Saying Similar Things As Conflicts Rage
The newly installed Pope Leo XIV is making clear that he's preparing to go on a peacekeeping blitz at a
Read more.....
Parallel Peace Blitz: New Pope & Trump Are Saying Similar Things As Conflicts Rage
The newly installed Pope Leo XIV is making clear that he's preparing to go on a peacekeeping blitz at a moment of several hotspots and major war zones across the globe.
Leo this week quoted the late Pope Francis in denouncing the multiple raging conflicts, from Ukraine to Gaza to Yemen to India-Pakistan to Syria to Sudan to Ethiopia to Libya, saying it was a "third world war in pieces." He's already been making phone calls to Kiev and Gaza.
"I carry in my heart the sufferings of the beloved Ukrainian people," he said. "Let everything possible be done to achieve genuine, just and lasting peace as soon as possible," he added, just ahead of Russia-Ukraine peace talks set for Thursday. President Trump is not expected attend these negotiations in person, despite earlier teasing the idea.
Getty Images
In a fresh message this week, the Pope has also called for the release of all prisoners of war (POWs) and further praised the ceasefire between India and Pakistan, reportedly brokered by President Trump , it should be noted.
“I, too, address the world's great powers by repeating the ever-present call ‘never again war,’” Leo had also said starting Sunday.
President Zelensky has invited the new Pope to visit Ukraine and see the war-ravaged country in person. Currently, the Pope is preparing to travel to Turkey at a later date , to mark the 1,700th anniversary of the First Council of Nicaea (in Asia Minor).
In Wednesday audience remarks, Leo also highlighted the plight of the suffering Christians of Syria, Lebanon, Iraq, Egypt, and elsewhere in the Middle East.
He acknowledged that that the region's ancient Christian populations have been forced to flee their homelands because of "war and persecution, instability and poverty."
"It was a reference to the exodus of Christians from the Middle East, Iraq and Syria especially, where entire communities have been displaced by years of Islamic extremist violence," The Associated Press writes. "Many of these communities in northern Iraq were some of the oldest of the faith, where the dialects of Aramaic – the language of Jesus – are still spoken."
The newly installed pontiff said he is ready to "help bring enemies together, face to face" as a peacemaker .
"Who better than you can sing a song of hope even amid the abyss of violence?" he declared. "From the Holy Land to Ukraine, from Lebanon to Syria, from the Middle East to Tigray and the Caucasus, how much violence do we see!"
Interestingly, Trump too has begun to present himself as a 'peacemaker' - and his message to the Middle East this week has been one of 'deal-making, not chaos' - and so the timing of this dual messaging from the Vatican as well as Washington could make for better chances at peace in the various conflict zones. However, it remains that Trump has been in the Gulf overseeing hundreds of billions of dollars in new weapons sales ... so there's that .
On Iran, Trump said at a state dinner in Doha to his Qatari hosts on Wednesday, "You’re also working with us very closely, with respect to negotiating a deal with Iran, which is the far friendlier course that you would see."
"I mean, two courses, there’s only two courses. There aren’t three or four or five, there’s two. There’s a friendly and a non-friendly, and non-friendly is a violent course, and I don’t want that. I’ll say it up front. I don’t want that, but they have to get moving ," the president added, as he attempts to forge ahead on a new nuclear agreement with Tehran.
Tyler Durden
Wed, 05/14/2025 - 22:10 Close
Thu, 15 May 2025 01:45:00 +0000 End Of Ranching In Iconic California Community Signals Bigger War On Land Use In West
End Of Ranching In Iconic California Community Signals Bigger War On Land Use In West
End Of Ranching In Iconic California Community Signals Bigger War On Land Use In West
Authored by Beige Luciano-Adams via The Epoch Times (emphasis ours),
POINT REYES STATION, Calif.—The buffalo milk soft serve here is an open secret, found near the butcher’s counter at the back of the local market. Like everything else in this tiny farm town, nestled in the coastal grasslands about an hour north of San Francisco, it’s made with milk from a nearby dairy.
Cows walk out to pasture after being milked at a dairy in Point Reyes Station, Calif., on June 12, 2007. Justin Sullivan/Getty Images
California’s Marin County is a pioneer in organic ranching, known for its gourmet cheeses, multi-generational dairies and pasture-raised beef. The legacy of more than 150 years of agricultural production is baked into its contemporary rural charms, which, along with the nearby Point Reyes National Seashore, make it a popular tourist destination.
It’s also a corner of the country where locals tend to see ranching and environmentalism as symbiotic pursuits.
But after years of conflict among preservationists, ranchers, and the federal government, a recent deal to end most ranching—all of it organic—on the Seashore has incensed locals and revealed a deep chasm between competing visions of environmental stewardship.
The agreement between three environmental groups—the Resource Renewal Institute, the Center for Biological Diversity, and the Western Watersheds Project—the National Park Service, and the Point Reyes Seashore Ranchers Association saw 12 of 14 ranches on Point Reyes agree to cease ranching within 15 months.
On one side, preservationists say cattle and dairy ranching at Point Reyes has led to environmental degradation that threatens the future of the park and biodiversity in the state; on the other, family ranchers see themselves as stewards of the land, their practices as the future of conservation—and as a bulwark against the ravages of Big Ag.
As the Trump administration moves to roll back Biden-era reforms, the high-profile case has become a flashpoint in the broader fight over land use in the West —where the federal government owns nearly half of all public land, and where ranching is considered a living legacy, part of the cultural heritage that built the West itself.
Now, a congressional investigation and two new lawsuits against the park are giving hope to critics of the Point Reyes deal that a policy shift could again be on the table, making the future of the park anything but settled.
What’s at stake, insiders say, is more than the dozen family ranches set to leave the park by next year. The questions Point Reyes raises will determine more than the fate of the National Seashore.
Multiple Use Mandate
While national forests and lands overseen by the Bureau of Land Management have long been governed by a multiple-use mandate, which includes grazing, timber, resource extraction, and recreation, national parks are typically more focused on preservation.
Point Reyes, a spectacularly beautiful coastal peninsula where ranching predates the park itself by a century, is an unusual case—and one bound to attract scrutiny from activists who oppose ranching on public lands.
A cow runs past a corral of cows waiting to be milked at the Kehoe Dairy in Point Reyes Station, Calif., on June 12, 2007. In a landmark January 2025 settlement, most ranching operations within Point Reyes National Seashore are set to end within 15 months, following a long legal battle between environmental groups and ranchers. Justin Sullivan/Getty Images
“?I’ve never seen a private grazing lease on public lands that wasn’t doing environmental damage, whether it’s to salmon or to sage grouse, it doesn’t matter what ecosystem you’re in, ” said Jeff Miller, a senior conservation advocate with the Center for Biological Diversity, one of the organizations that sued the National Park Service over its ranching leases in 2014 and 2022, resulting in the current agreement.
In the West, damage from private cattle grazing leases is “immense,” Miller said, second only to logging. Preservationists cite water pollution, soil erosion, and habitat loss, among other concerns.
The organization has focused on the issue since its founding in 1989, routinely intervening with National Forest and Bureau of Land Management plans and suing over grazing leases in cases where there is explicit and documented environmental damage, Miller said.
Over the past several years, the Biden administration advanced an agenda broadly favorable to conservationists, with national monument expansions and an initiative to conserve 30 percent of the nation’s land and water by 2030, as well as the 2024 Public Lands rule that allows prioritizing conservation above established multiple uses.
The Trump White House has indicated its intent to rescind the Bureau of Land Management’s Public Lands Rule, a move lambasted by environmental groups, who argue the administration is ushering in an era of unrestrained exploitation.
Congressional Republicans contend Biden’s upending of the multiple use doctrine has been a disaster both for rural communities and the country, driving up housing prices in Western cities surrounded by federal land and gutting local economies.
“President Biden left America’s public lands and natural resources in a sorry state,” Rep. Tom Tiffany (R-Wis.) told the House Natural Resources Committee during a February hearing on restoring multiple use.
“For four long years President Biden and his federal land managers have abandoned the longstanding and previously uncontroversial principle of multiple use. Instead, they adopted top-down, preservationist schemes designed to placate extreme environmentalists.”
In the same hearing, Tim Canterbury, president of the Public Lands Council, an organization representing cattle and sheep producers who hold 22,000 grazing permits across the West, highlighted challenges for ranchers, and urged Congress and federal agencies to recognize public lands ranching as an essential part of the multi-use framework.
“I manage these lands and waters, and the wildlife and multiple uses they sustain, as if they were my own, ” Canterbury said. He said the infrastructure, ecological stewardship and investments that ranchers provide benefit the public and environment, not just privately owned livestock.
“My family has managed the lands we utilize since 1879. Our commitment to these lands is baked into our way of life,” Canterbury said of his Colorado ranch operation, adding that “deep historical and ecological knowledge of the working landscape” are handed down through generations.
Point Reyes Lighthouse in Inverness, Calif., on March 16, 2025. Keegan Billings/The Epoch Times
Ivan London, a senior attorney with the Mountain States Legal Foundation, which frequently intervenes pro-bono on behalf of ranchers facing challenges to their grazing permits, said regulatory interpretations may shift with the balance of power in Washington, but the law governing grazing rights hasn’t changed.
“Congress actually said, ‘Here are some priority uses of public land—grazing, timber, harvesting, mineral production.’ And that law hasn’t changed. But from administration to administration the various regulators find ways to read it differently,” London said, pointing to President Bill Clinton’s attempts to increase grazing fees in the 1990s, and President Joe Biden’s embrace of conservation easements.
“According to the Taylor Grazing Act—an actual law, unlike the conservation leases—grazing and ranching are the highest use of public lands,” London said. That regulations allowing conservation leases to “lock up land away from ranchers” might be ending under the Trump administration is “huge,” he said.
The Mountain States Legal Foundation in 2023 successfully intervened on behalf of Wyoming ranchers when the Center for Biological Diversity, the Western Watersheds Project, and other groups alleged that one of the oldest cattle drives in the country threatened grizzly bear populations in violation of the Endangered Species Act.
Recognized as a Traditional Cultural Property on the National Register of Historic Places, the Green River Drift cattle drive is still operated by descendants of families that homesteaded the area in the 19th century.
It’s a familiar narrative, often reduced in court to a zero-sum game between preserving either vulnerable animal or plant species, or prized human cultural practices with histories that pre-date the authority managing the lands.
The families in question, their lawyers argued, cared for the land longer and better than any agency or activist, their continued existence providing “124 years of evidence that ranchers are the real conservationists.”
In other cases, such as Santa Rosa Island—now part of California’s Channel Islands National Park—the outlines of which presaged the fate of Point Reyes, environmental activists have succeeded in bringing nearly a century of ranching to a close.
In 1986, the federal government purchased Vail & Vickers Ranch, run by four generations of cattle ranchers on what was known as “Cowboy Island.” In 1998, the last working island cattle ranch in the United States shuttered for good.
“Cowboys versus environmentalists” is a common tableau throughout the West, with infamous spectacles such as Nevada rancher Cliven Bundy’s militarized standoff with the federal government.
In Point Reyes, the fight has pitted environmentalist against environmentalist in one of the most liberal enclaves in the country, exposing an existential schism within the conservation movement.
Ranchers Say They Were Pressured
In a protracted battle over the park’s ranch management plan that culminated in lawsuits in 2016 and 2022, both ranchers and the organizations who sued the park service accuse the agency of bias.
After years of studies and thousands of public comments, the park service in 2021 decided to issue 20-year leases, finally following through on a 2012 directive . Environmentalists filed a new lawsuit, ranchers intervened on behalf of the park, and the parties entered private negotiations.
Point Reyes North Beach in Marin County, Calif., on March 16, 2025. Keegan Billings/The Epoch Times
But the settlement, completed just before the Trump administration took office, was celebrated internally among Department of Interior senior staff as a “win” for the department, the park, and for conservation—a “nice one to go out on” in the final hours of the Biden administration, according to emails unearthed in a Freedom of Information Act Request and published on Substack.
“These emails prove they were totally in on it and celebrating this victory against ranching,” said Andrew Giacomini, a San Francisco attorney representing pro-bono more than 60 ranch workers and subtenants who are set to be displaced by the Point Reyes settlement.
Despite apparent neutrality, Giacomini accused the government of conspiring with the conservationist organizations, which brought in a third party to mediate a settlement behind closed doors, all in an effort to push out ranchers.
“They could have defended that lawsuit and won,” Giacomini said. Instead, he alleges, the park service entered secret negotiations, overturned the results of a public process, and kowtowed to a “handful of special interests.”
“It’s exactly as our lawsuit says. The way it was handled violates the law in multiple ways and it can’t stand.”
Even before the case begins moving through the courts, Giacomini said he thinks shifting priorities in the new administration may result in a reversal of the decision to end ranching at Point Reyes.
Miller, of the Center for Biological Diversity, said the idea of any collusion between his organization, fellow plaintiffs, and the park service is “absolute nonsense,” calling the park’s 2014 ranch management plan a “wish list” from the ranchers, developed in secret without input from conservationists or the public.
Particularly egregious to conservationists was a request to cull once-endangered tule elk herds, which compete with cattle for food during periods of drought.
“They rolled this thing out in 2014 and said, ‘Guess what? We’re going to shoot tule elk. We’re going to expand ranches, and we’re going to enshrine private commercial ranching forever in the park.’ That was the park service’s first bite at the apple, ” Miller said.
“That is not conservation, that’s collusion with the ranchers, which is what the park service has been doing for half a century.”
The Department of the Interior and its National Park Service did not respond to inquiries.
Miller contends the park service “has never taken an environmental position in their entire history—we’ve had to sue them the entire way.”
The Center for Biological Diversity, he said, will intervene in two new lawsuits against the park: one brought by ranch workers set to be evicted due to the recent settlement, and another brought by remaining ranchers seeking to preserve agricultural use in the park. “We are not going to allow a settlement between them and Trump’s Department of Interior.”
But ranchers say they were pressured to accept the January settlement and keep quiet about the process, which they say was negotiated behind closed doors by The Nature Conservancy, a nonprofit powerhouse that raised a reported $30 million for the buyout. Once ranchers agreed to leave, the Park Service rezoned 16,000 acres of land originally set aside for ranching as a new Scenic Landscape Zone, and handed over management of it to the Conservancy.
In a March letter to the Center for Biological Diversity and other plaintiffs, Republican members of the House Committee on Natural Resources alleged a “lack of transparency surrounding the settlement,” as well as potential environmental and legal consequences. The lawmakers requested extensive discovery information.
Read the rest here...
Tyler Durden
Wed, 05/14/2025 - 21:45 Close
Thu, 15 May 2025 01:20:00 +0000 Buying A John Deere Tractor? Leading Indicators Signal Supply-Side Inflection Point For Used Market
Buying A John Deere Tractor? Leading Indicators Signal Supply-Side Inflection Point For Used Market
Goldman analysts point to a bullish supply-side inflection point in the heavy machinery market, emphasizing that shrinking used equi
Read more.....
Buying A John Deere Tractor? Leading Indicators Signal Supply-Side Inflection Point For Used Market
Goldman analysts point to a bullish supply-side inflection point in the heavy machinery market, emphasizing that shrinking used equipment inventories have historically led to price increases in used machinery within 6–9 months and in new equipment within roughly 12 months. This inflection point suggests that a strategic window to purchase used heavy machinery has likely opened.
Goldman's Jerry Revich and Clay Williams reiterated their "Buy" ratings on Deere (DE), Caterpillar (CAT), and United Rentals (URI), citing a bullish supply-side inflection point in the machinery cycle. According to their Machinery Supply tracker, declining used equipment inventories—a leading indicator—signal tightening supply and a capital stock drawdown for the first time in three years.
Here are the key highlights of the note:
Shifts in used equipment inventories lead used values by ~6-9 months , new equipment production by ~12 months, with coincident performance vs. stocks. Jerry makes a purely supply-side call that points to upside beyond the economic cycle; he sees (i) declining capital stock for the first time in three years, (ii) under-production over the past year amid dealer inventory destocking, (iii) estimates that embed full tariff headwinds, and (iv) valuation upside on mid-cycle earnings.
Previously in 2016, the used market inflection marked the start of a multi-year recovery in ag equipment demand despite relatively soft farmer incomes. We are now seeing used inventories declining on a year-over-year basis for consecutive months which supports jerry's bullish DE view. Used values have historically been coincident wih DE stock price and histroically lead used equipment values by 6 to 9 months.
Our focus is less on individual names like DE, CAT, and URI and more on the underlying equipment used and new values charted by Goldman analysts, which points to a clear supply-side inflection point in the heavy machinery market.
The analysts show tightening inventories of used construction equipment, with used values appearing to bottom out and begin an upward trend.
"As the inflation environment has normalized, we believe the relationship will revert to past cycles," the analysts said.
Exhibit 17 illustrates the full history of supply imbalances in the heavy machinery market—highlighting how periods of under- and oversupply have consistently driven pricing trends in the secondary market.
Similar dynamics are underway for the used ag equipment market.
Is a 2016-like reversal ahead for the 100 horsepower used tractor market?
Ag used inventories vs Deere dealer inventories...
This insight is particularly valuable for business owners and operators weighing the decision to purchase used or new heavy machinery or ag equipment, offering a clearer view of where prices are likely headed in the quarters ahead.
Tyler Durden
Wed, 05/14/2025 - 21:20 Close
Thu, 15 May 2025 00:55:00 +0000 70% Of Americans Support A Fresh Nuclear Deal With Iran; New Poll Finds
70% Of Americans Support A Fresh Nuclear Deal With Iran; New Poll Finds
70% Of Americans Support A Fresh Nuclear Deal With Iran; New Poll Finds
Authored by Kyle Anzalone via AntiWar.com,
A new poll finds a large majority of Americans across the political spectrum support reaching a deal with Iran that allows Tehran to maintain a peaceful nuclear program.
According to the University of Maryland’s Critical Issues Poll, 69% of Americans favor reaching a nuclear deal with Iran . Nearly two-thirds of Republicans and over three-quarters of Democrats said they want a "negotiated agreement limiting Iran’s nuclear program to peaceful ends , with stringent monitoring ."
Under a quarter of Republicans, and just five percent of Democrats, support using the military to take out Iran’s nuclear program .
Ensuring that Tehran did not decide to break out and build a nuclear weapon was the purpose of the 2015 Iran Nuclear Deal negotiated by President Barack Obama. During his first term, Donald Trump withdrew from that agreement, arguing that it did not place enough limits on Iran’s missile program and its support for political and military movements in the Middle East.
While American politicians often hype the threat presented by Iran’s nuclear program, the US intelligence community has repeatedly stated that Tehran is not pursuing a nuclear weapon . Iran’s program is within the limits of the Non-Proliferation Treaty (NPT) and is similar to that of Japan, Germany, and Brazil.
Since returning to office, Trump has engaged with Tehran on developing a new nuclear agreement that restricts Iran’s program beyond the limits imposed by the NPT. However, Trump’s demands have been unclear.
At times , White House officials have said they are willing to allow Tehran to keep its ability to enrich uranium. Other officials have stated that any deal will require Iran to give up its entire enrichment program.
Tehran views its enrichment program as central to its sovereignty, but is willing to consider caps and additional inspections to give Washington and Tel Aviv assurance that it is not weaponizing its civilian program.
The Critical Issues Poll also asked Americans if Israel and Iran having nuclear weapons would lead to a more stable Middle East, with 69% saying they preferred neither country having a nuclear weapon.
However, Israel currently possesses a large strategic stockpile. Only 10% of Americans believe that the status quo will create peace in the Middle East .
Tyler Durden
Wed, 05/14/2025 - 20:55 Close
Thu, 15 May 2025 00:30:00 +0000 "Paying The Price For Failed Leadership": Maryland Hit With Moody's First Credit Downgrade In 50 Years
"Paying The Price For Failed Leadership": Maryland Hit With Moody's First Credit Downgrade In 50 Years
Maryland's tax-and-spend Democrats—obsessed with a far-left progressive agenda, ranging from Read more.....
"Paying The Price For Failed Leadership": Maryland Hit With Moody's First Credit Downgrade In 50 Years
Maryland's tax-and-spend Democrats—obsessed with a far-left progressive agenda, ranging from condoms for kids to gender identity to reparations to climate change to criminal illegal aliens —have pushed the state closer and closer to the brink. The self-created financial mess unfolding in the state predates President Trump's second term and derives from leftist activists who have seized power in recent years and squandered taxpayer funds.
Now, Maryland's financial credit profile is deteriorating—for the first time in decades—after Moody's downgraded the state's creditworthiness to Aa1 from AAA, according to Fox Baltimore .
Since 1973, Maryland has maintained a top-tier credit rating, long seen as a reflection of fiscal discipline and responsible governance. However, far-left Democrats in Annapolis have chosen to run deficits to fund their progressive pet projects. This credit downgrade puts Maryland on the disastrous pathway toward becoming "Illinois 2.0."
The move by Moody's ends more than three decades in which Maryland held the highest bond rating from the three rating agencies: Moody's, Standard & Poor's and Fitch. Moody's had given Maryland a AAA rating every year since 1973 — until Wednesday. Prior to Wednesday's announcement, Maryland was one of 14 states to have the highest rating from the three major agencies — Fitch, Moody's and Standard & Poors. -Maryland Matters
About a year ago, Moody's downgraded the state's outlook from stable to "negative," citing significant concerns about looming structural deficits due to Annapolis' out-of-control education spending.
Moody's assessment of Maryland's deteriorating creditworthiness comes as Democrats in control of the General Assembly and the governor's seat struggle to tame a projected $3.3 billion deficit through cuts, cost shifts, and $1.6 billion in taxes and fees.
Democratic leaders in Maryland—including Governor Wes Moore, Senate President Bill Ferguson, House Speaker Adrienne Jones, the state treasurer, and the comptroller—are pointing fingers at federal cutbacks tied to President Trump's Department of Government Efficiency (DOGE) initiative as the source of the state's fiscal strain.
"To put it bluntly, this is a Trump downgrade. Over the last one hundred days, the federal administration's decisions have wreaked havoc on the entire region, including Maryland," the joint statement from Gov. Moore and others stated, adding, "Washington, D.C. received a credit downgrade. Thousands of federal workers are losing their jobs. Actual and proposed cuts to everything from health care to education will continue to exact an incalculable toll on Maryland and states across the country."
But this deflection by Maryland Democrats masks years of unsustainable progressive policy decisions not rooted in financially sound decision-making.
Meanwhile, Maryland's economy remains heavily exposed to government spending because roughly 20% of its GDP is tied to government spending: 10% from local government, 6% from the federal sector, and 4% from state operations (as of 2023). In such a heavily government-reliant economy, even modest reductions in government activity can have outsized effects, yet those cuts take time to work into the system.
Republicans have criticized Gov. Moore and Democrats for their previous spending binge...
"A year ago, Moody's changed Maryland's fiscal outlook to 'negative' due to our looming deficits and Blueprint spending. This was well before President Trump's reelection and before any federal retrenchment," Republican House Minority Leader Jason Buckel said via a statement, adding, "Foisting the blame anywhere but at the feet of the excessive spending championed by Maryland's Democratic party is, at best, disingenuous."
"Governor Moore promised to make this 'Maryland's Decade,' but he and Maryland's Democratic supermajority keep putting all their eggs in one basket, banking our entire economy on the federal government instead of building a diversified, competitive private sector," said Republican Senate Minority Whip Justin Ready.
"Since well before Governor Moore, Maryland governors—Democrats and Republicans alike—protected this AAA rating as a symbol of our financial integrity," said Republican Senate Minority Leader Steve Hershey.
Hershey noted, "But in just over a year, Governor Moore's administration has eroded that legacy through unchecked spending and a lack of serious fiscal discipline. His feel-good messaging can't cover up the fact that the choices made under his leadership have left Maryland weaker, not stronger."
In February, we noted:
Our recent conversation with a large asset management firm in the region revealed the state's dire fiscal situation and how their clients are being told not to add Maryland munis to their bond portfolio. Some clients are being advised to find residency in conservative states amid fears Democrats will enact out-of-control tax hikes as the state implodes.
Even though Maryland still holds one of the highest possible credit ratings, the slippery slope has begun for the state as unaccountable Democrats have done everything in their power to ignore taxpayers to prioritize illegal criminal aliens, woke, and climate change nonsense.
Maryland's demise via a series of reporting pieces:
. . .
Tyler Durden
Wed, 05/14/2025 - 20:30 Close
Thu, 15 May 2025 00:25:00 +0000 With Trump Touring Gulf, Iran Offers Huge Nuclear Concession
With Trump Touring Gulf, Iran Offers Huge Nuclear Concession
Update(1920ET) : Trump's Gulf tour which so far has emphasized deal-making and 'no more chaos' in the Middle East, looks to be resonating with Tehra
Read more.....
With Trump Touring Gulf, Iran Offers Huge Nuclear Concession
Update(1920ET) : Trump's Gulf tour which so far has emphasized deal-making and 'no more chaos' in the Middle East, looks to be resonating with Tehran, whose leadership is closely following from just across the Persian Gulf.
In a major breaking report, NBC says that "Iran is ready to sign a nuclear deal with certain conditions with President Donald Trump in exchange for lifting economic sanctions , a top advisor to Iran’s supreme leader told NBC News on Wednesday."
This is a surprising and huge development given Iran has long said it can no longer trust the Trump administration, given it was Trump who first pulled the US out of Obama's JCPOA nuclear deal in April 2018.
Via Associated Press
NBC cites top Iranian official Ali Shamkhani, importantly who serves as military and nuclear advisor to Iran’s Supreme Leader Ayatollah Ali Khamenei, in the following :
He said Iran would commit to never making nuclear weapons, getting rid of its stockpiles of highly-enriched Uranium which can be weaponized , agree to only enrich Uranium to the lower levels needed for civilian use, and allow international inspectors to supervise the process, in exchange for the immediate lifting of all economic sanctions on Iran.
Asked if Iran would agree to sign an agreement today if those conditions were met, Shamkhani said, “Yes.”
"It’s still possible. If the Americans act as they say , for sure we can have better relations," Shamkhani said. The top official added, "it can lead to a better situation in the near future."
Again, this is a monumental concession offered by such a high-ranking official deeply involved in nuclear negotiations. The Islamic Republic has consistently cast the enrichment issue as a matter of national sovereignty, but has maintained all along that it does not seek nuclear weapons. Indeed, fatwas going back decades issued by the Ayatallahs have called the nuclear bomb 'unIslamic'.
Secretary of Iran's Supreme National Security Council Ali Shamkhani (right), via Reuters
Trump has already announced the immediate lifting of sanctions on Syria, whose population has suffered through many years of hellish proxy war and a US-led siege and starvation sanctions policy. Is Iran next? Is Trump in the mood for more quick deal-making and major declarations? He's on a roll after all . The White House has certainly been busy presenting that the president is stacking up the wins in the Middle East.
Trump while aboard Air Force One and en route to Qatar had earlier called on Iran "to make the right decision" about its nuclear program "because something's going to happen one way or the other."
"So we'll either do it friendly or we'll do it very unfriendly," Trump warned . "And that won't be pleasant." Tehran seems ready for a major new deal. But it also might have Gaddafi's fate in the back of its mind (who famously gave up his WMD program... and we know what happened years down the line).
* * *
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Update(1305ET) : President Trump has taken US-Qatar relations to 'another level' by signing a series of deals which boost defense and trade ties. Arms and jets continue to be a focus of Qatar talks, especially Trump's signing a $200 billion deal for an unprecedented order of a whopping 160 American-produced commercial jets.
"So it’s over $200 billion but 160 in terms of the Jets, that’s fantastic," Trump said of the deal involving Qatar Airways reaching an agreement with Boeing and GE Aerospace to acquire Boeing 787 Dreamliner and 777X aircraft powered by GE Aerospace engines. Boeing’s stock rose 1.7% Wednesday immediately after the headlines hit.
Of course defense and arms continue to be a big theme, coming off Trump's Saudi leg of the trip. "Defense Secretary Pete Hegseth also signed agreements regarding defense, including a statement of intent on defense cooperation between the State of Qatar and the United States," reports CNN. "Hegseth also signed offer and acceptance letters for MQ 9B aircrafts and FS-LIDS. Trump signed a joint declaration of cooperation between the State of Qatar and the United States of America." As we said before , this remains the bread and butter of historic US-Gulf relations.
Via Al Jazeera
Among the deals include Qatar acquiring "counter-drone" capabilities from US defense company Raytheon, valued at $1billion, as well as MQ-9B drones from General Atomics, an agreement valued at $2 billion.
We should note that there seems to be some exaggerated numbers being casually tossed about amid the array of headlines coming out of Doha, given especially Qatar's GDP is just over $200 billion ... and yet the T-word keeps being used, interestingly enough:
In a statement, the White House has said the agreements signed today between Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani will “generate an economic exchange worth at least $1.2 trillion ”.
The statement pointed to $243.5 in economic deals, which includes Qatar Airways buying Boeing planes, weapons acquisitions, and deals related to natural gas and quantum technologies.
It also said the US and Qatar had signed a statement of intent outlining over $38bn in potential investments including support for burden-sharing at Al Udeid Air Base, as well as future defense capabilities related to air defense and maritime security.
Ambrose Evans-Pritchard has also sounded a tone of skepticism amid the avalanche of breathless "trillion dollar" headlines from the Gulf tour :
At crude near $60 a barrel Saudi Arabia faces fiscal trouble and belt-tightening austerity. At $50 or lower it faces a slow-motion crisis and ultimately an existential threat to its economic model. That fate is no longer a remote tail-risk.
Donald Trump cares little for such hard economic constraints as he visits Saudi Arabia . The petrostates of the Gulf represent a vast pot of money in his pre-modern mind.
He aims to scoop up $1 trillion dollars (£760bn) of Saudi wealth , even more than the $600bn already promised over four years by Crown Prince Mohammed bin Salman. He wants another trillion and a half from the rest of the Gulf.
Good luck with that .
Saudi Arabia’s GDP is barely more than $1 trillion, smaller than the economy of the Netherlands . Saudi per capita income is on a par with Portugal. Trump will have to make do with blockbuster headlines and hope that nobody audits the details .
The International Monetary Fund estimates that Saudi Arabia’s “fiscal break-even cost” is $96 a barrel. That is the Brent price required to fund the kingdom’s cradle-to-grave welfare system and to keep the lid on political dissent .
Via The Telegraph/Capital Economics
Meanwhile, also of note is that on Wednesday Qatar’s central bank governor, Sheikh Bandar bin Mohammed bin Saoud Al Thani, met with billionaire Elon Musk on the sidelines of Trump’s visit.
"We've always liked each other," said Trump of Qatar's head of state.
And for injecting a little geopolitical realism on Qatar as a regional hub of US dirty wars...
* * *
As a last major event while still on the ground in Saudi Arabia, and before embarking for Qatar, President Donald Trump met with Syria's President Ahmed al-Sharaa. This signifies a monumental, historic shift in the entire regional order . We are witnessing the final blood soaked after-effects of the culmination of what was laid out in Seymour Hersh's The Redirection , a policy which began all the way back in the Bush administration.
Sharaa, also known as Abu Mohammed al-Jolani, got his start early in the Syria war as an emissary of Islamic State leader Abu Bakr al-Baghdadi, and later became founder of Syrian al-Qaeda, called Jabhat al-Nusra . The terror group went through several name changes, and is now the ruling Hayat Tahrir al-Sham (HTS) in the wake of Bashar al-Assad's December ouster. The CIA had helped the group take over Idlib in 2015 .
Trump had yesterday in a speech before the US-Saudi Investment Forum described that Saudi Crown Prince Mohammed bin Salman and Turkish President Recep Tayyip Erdogan had asked him to remove the long in place sanctions against Syria. Trump expressed hope that the country could become stable again under its new rulers. "The sanctions were brutal and crippling and served as an important — really an important function — nevertheless, at the time. But now it’s their time to shine," he said . "So I say, 'Good luck, Syria.' Show us something very special.'" As for 'special'...
Indeed, Jolani/Sharaa, went from head of AQ-linked HTS in Idlib province, which is ruled by Sharia law, to standing in Riyadh alongside the United States president and Saudi crown prince. He actually still has not been removed from the US terrorism list , though the ten million dollar bounty which had been on his head was taken off months ago.
Trump described the terrorism elephant in the room by telling reporters aboard Air Force One just after the meeting that Sharaa was a "young, attractive guy — tough guy" with a "strong past" and that he now has an opportunity to stabilize Syria.
"He's got a real shot at pulling it together," Trump added. Trump had reportedly urged Sharaa to make peace with Israel and join the Abraham Accords. Washington has also been pressing Damascus to protect and respect religious minorities after recent mass killings of Alawites, Druze, and Christians - especially along the coast, in the south, and in some Damascus suburbs.
Saudi Crown Prince Mohammed bin Salman, President Donald Trump and Syrian President Ahmad al-Sharaa in Riyadh today. @PressSec/X
The conservative publication National Review has it right in pointing out the following :
Trump’s meeting with Ahmed al-Sharaa is even more extraordinary than an American president meeting with some repugnant branch of the Assad family . Until late December, the U.S. government was willing to pay $10 million for information about al-Sharaa’s location, because he was on the “specially designated global terrorist” list.
The irony is that the Sharaa meeting happened on the sidelines of the summit of the United States and Gulf Cooperation Council (GCC) members in Riyadh. It was the GCC which early in the Syria proxy war had a big role in funding the anti-Assad jihadist insurgency, which included ISIS and al-Qaeda.
Qatar especially was a big financier of the Islamists in Syria who beheaded civilians, massacred Christians, and took women as sex slaves. Qatar even hosted "Free Syrian Army" (FSA) training camps, in coordination with the CIA and Western and Gulf intelligence services. FSA commandoes would then often, fresh of this training, take their weapons into Syria and fight right alongside ISIS . We have previously documented this many times .
As for highlights from the readout from the Trump-Sharaa meeting :
Trump told al-Sharaa that he had "a tremendous opportunity to do something historic in his country," the readout said. He urged the Syrian leader to sign on to the Abraham Accords, a framework for Arab states to recognize Israeli sovereignty that the U.S. mediated during Trump's first term.
He also advised al-Sharaa to tell foreign terrorists to leave Syria, deport Palestinian terrorists , help the U.S. prevent the resurgence of the Islamic State terrorist group and assume responsibility for ISIS detention centers in Syria's northeast.
Al-Sharaa affirmed his commitment to Syria's 1974 disengagement with Israel and invited American companies to invest in Syrian oil and gas , the readout said.
On Wednesday Trump landed in Qatar, where as Al Jazeera explains "Regional peace, investments, energy and security cooperation on agenda as US President Donald Trump holds talks with Qatari Emir Sheikh Tamim bin Hamad Al Thani in the Qatari capital Doha during the second leg of his Gulf visit."
An American president has not visited Qatar in more than 20 years. But certainly the two sides became closer in the context of the covert push to overthrow Assad, and to wage proxy war against the 'pro-Iran axis' in the region. Qatar is also home to major regional US military and naval facilities, and is of course an oil and gas hub far beyond its tiny geographic size.
As for another theme which Trump is continued to expected pushing, he said Wednesday: "This is good for Israel" - after reporters asked whether the Netanyahu government is being sidelined in his Gulf trip. "Having a relationship like I have with these countries … I think it’s very good for Israel."
And as for the ongoing Gaza crisis, not much has been said publicly, but it is likely high on the agenda behind closed doors. After all, the White House wants to "be able to say he hit a home run in all three kingdoms – that he was able to build relationships that are going to transcend his presidency. He wants to overwhelm the US press with a success list." Trump is holding talks with the Emir of Qatar.
* * *
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Tyler Durden
Wed, 05/14/2025 - 20:25 Close
Thu, 15 May 2025 00:05:00 +0000 Don't Be A Panican, But Question Government Shenanigans
Don't Be A Panican, But Question Government Shenanigans
Don't Be A Panican, But Question Government Shenanigans
Authored by Matthew Williams via The Mises Institute,
“Don’t Be A Panican” is a memeable mantra adapted from a Truth Social post released by the President during the market turmoil triggered by the threat of a broad-sweeping tariff policy. While the panican meme is comical and jovial, its sentiment carries a more insidious undertone.
Voting conservatives have given lip service to the classical liberal tenet that a smaller government is the most effective way to run a country—though we will not delve into how this desire fails to manifest in Washington, D.C. Traditionally, conservatives are supposed to question government, support free markets, condemn government overreach, and uphold constitutionalism.
On April 2, 2025—“Liberation Day”—Trump announced a litany of tariffs. However, they were not genuine tariffs but pseudo-tariffs. The calculations relied on the ratio of trade deficits to US imports, producing a falsely-inflated tariff percentage. In response, Trump introduced retaliatory tariffs based on this misleading figure. Critics argued that the tactic was inherently dishonest. Yet, when confronted with this faulty approach, many of President Trump’s most ardent followers retorted, “trust the process” or “it’s going to hurt in the short term ”—believing that the ends justify the means.
Tariffs sent the markets into a frenzy. Both Trump and representatives from his administration conveyed conflicting messages about the tariffs’ ultimate purpose. Meanwhile, obsequious conservative think tanks scrambled to justify the policy, often issuing paradoxical interpretations of tariffs as a strategy.
A Euthyphro’s dilemma of sorts emerged. Were tariffs sound policy—capable of paying debt, replacing taxes, and bolstering American exceptionalism—or were they valuable solely because they could be leveraged to bargain for free trade with other nations? Rather than reconciling this dilemma or acknowledging the inherent contradictions, followers and messengers embraced all premises, frequently conflating disparate ideas. The goal was clear: to cast Trump’s decision in a positive light. Even more disheartening was the fact that many of these trusted intellectuals compromised their foundational values, such as the commitment to free trade, in an effort to justify an enigmatic presidential move.
Put bluntly, “Don’t Be A Panican” was less about avoiding panic and more a euphemism for “trust Donald Trump.” This message—emerging from traditionally skeptical conservatives—is particularly troubling given the garbled communications from the Trump administration. There were ample reasons to be skeptical—regardless of the ultimate outcome or one’s political leanings. Unfortunately, this blind trust had already taken root before April 2, and it is not a phenomenon confined solely to the Right.
Don’t Be A Panican: Bias Media and Public Health Figures
Five years ago, a novel virus swept the globe. Covid was a highly-contagious threat, particularly dangerous to high-risk individuals, and it cost over one million American lives. Public health figures urged citizens to confine themselves at home—no visiting family or friends, mask up, and even avoid hiking outdoors. Media outlets broadcast death counters alongside the latest news, and images of people isolated at home—waving from behind windows or hugging through plastic barriers—became ubiquitous. Commercials urging citizens to mask up and do their part to stop the contagion inundated every broadcast, fostering an environment of pervasive fear.
A vaccine was developed in record time and though—sometimes a controversial point—data showed the vaccine safe ; its efficacy in containing the spread of the contagion was questionable . Regardless, many companies and institutions pushed mask and vaccine mandates on the public at the discretion of government entities like the Center for Disease Control (CDC).
These mandates were poorly managed and infringed on many American freedoms. Questioners or dissenters were frequently excluded from public discourse, their concerns dismissed without proper debate; in some instances, individuals even faced career-ending repercussions . Worries about vaccine side effects were labeled as “conspiracy theories.” When side effects became public knowledge, there was neither an apology nor an admission of error. Covid policy and response was a complete disaster .
The panican narrative was quite different in this situation. It was the panicans urging the public to blindly trust authorities and the “science,” while non-panicans exercised caution and rejected that narrative.
Non-panicans fervently detested and rejected the technocratic establishment.
Fast forward to 2025, and new faces have supplanted the technocrats in institutions of public health, such as the Department of Health and Human Services (HHS). Many non-panicans—once adamantly opposed to bureaucrats lecturing us on health decisions—now welcome these new figures as leaders in public health. Some even call for them to use bureaucratic power to remove additives or unwanted ingredients from foods and baby formula. Such calls are often embellished with justifications like, “They are poisoning us!”—a claim that sounds awfully like an appeal to panic.
In this scenario, there are several reasons to reject—or at least protest—the advocacy for government intervention as a panacea that should be obvious to government minimalists—and non-panicans. First, the idea that government regulations will hold corporations accountable is debatable, as evidence suggests that such measures can instead embolden corporate entities. Second, emboldening the market, by decreasing regulations and bureaucratic controls, to apply pressures on corporations is the orthodox conservative approach. What happened?
Conversely, the panicans have reacted in an entirely opposite manner. Now, it is the panicans telling us to no longer trust the experts—blaming them for measles outbreaks and for wasting taxpayer money on frivolous experiments like investigating a cause for autism. This stance seems excessive and misleading, especially since anti-vaccine sentiments had been on the rise before figures like Robert F. Kennedy Jr. came to prominence. Ironically, this anti-vaccine trajectory appears largely as a reaction to the panican response during covid. It is bewildering that the covid panicans failed to assume any responsibility for this trend, choosing instead to project blame onto figures like RFK Jr. and Dr. Bhattacharya for the growing movement against established scientific thought.
The polarization surrounding nearly every policy decision leaves one questioning the appropriate course of action.
To Be or Not to Be a Panican
It seems the American public is constantly instructed on when to be—and not to be—a “panican” by the powers that be. While only two scenarios have been outlined above, recent years have presented a plethora of examples: Russian collusion, Biden’s mental health decline, “if you like your doctor you can keep your doctor,” etc. The list is extensive.
It is good advice not to be a panican. Panic induces strong emotions of fear and uncertainty, rendering individuals more susceptible to short-sighted solutions that promise comfort or security. Typically, these solutions manifest as government interventionism—leading to rigid legislation and eventual bureaucratic expansion. In the words of V from V for Vendetta, “Fear got the best of you and in your panic you turned to the now high chancellor [the government].... Fear became the ultimate tool of this government.”
However, a more troubling message accompanies the panican mantra. Whether one is labeled a panican or not often depends on partisan politics rather than objective analysis. Although panicans are generally associated with the Left and non-panicans with the Right, this alignment is not absolute. Both camps tend to place their trust in government solutions solely based on who is in power—a stance that builds a house on a foundation of sand. At its core, this philosophy assumes that the government will, or is, acting in the best interests of the people.
Demagoguery has become commonplace in political discourse and in approach to policy. This trend sets a dangerous precedent by encouraging the abandonment of the very ideals on which our nation was founded. The Founders believed strongly in rights endowed by an extrinsic, all-powerful Creator, not government. This belief is potent precisely because it shifts power away from a flawed human institution and places it in individual rights, which transcend human authority. Thomas Jefferson famously averred, “The spirit of resistance to government is so valuable on certain occasions that I wish it to be always kept alive. It will often be exercised when wrong, but better so than not to be exercised at all.”
On the other hand, President Trump has taken significant steps to reduce government power in some areas through initiatives such as DOGE, executive orders implementing sunsetting legislation, and crackdowns on illegal immigration—actions that support a smaller government framework. These decisions should be lauded, as they position Trump as a champion of reducing government overreach. Trump excels when held accountable and listens to his base—a notable strength—it is all the more important that conservatives uphold their values rather than succumb to populist rhetoric and defenses.
We must remember that America’s values do not originate from those in power but from a set of ideals that exceed human authority. When the administration pursues actions that contradict these values, it is our duty to question and hold them accountable. Excusing or attempting to justify poor policy sets a dangerous precedent. With that being said, don’t be a panican.
Tyler Durden
Wed, 05/14/2025 - 20:05 Close
Wed, 14 May 2025 23:40:00 +0000 Tyson Responds To Beef Shortage With "Hard" Push Into Chicken Production
Tyson Responds To Beef Shortage With "Hard" Push Into Chicken Production
Speaking at the BMO Global Farm to Market Conference in New York, Tyson Foods CEO Donnie King said the U.S. cattle industry appears to be in the early stages o
Read more.....
Tyson Responds To Beef Shortage With "Hard" Push Into Chicken Production
Speaking at the BMO Global Farm to Market Conference in New York, Tyson Foods CEO Donnie King said the U.S. cattle industry appears to be in the early stages of a rebuilding cycle, with the national herd size hovering near 70-year lows.
In response to alarmingly low herd levels pushing cattle futures in Chicago to record highs, King noted Tyson plans to ramp up chicken production. Chicken is viewed as an affordable alternative to beef, making it increasingly attractive to cost-conscious consumers.
"We've got more opportunity to grow," King told industry insiders and investors at the market conference, adding the company is looking to work its assets "a little harder."
King said Tyson will expand chicken production to meet growing demand as a more affordable alternative to beef.
The cattle shortage, plus new developments this week of U.S. Agriculture Secretary Brooke Rollins shutting down live cattle, horse, and bison imports from southern border land ports, sent cattle futures in Chicago to fresh record highs earlier this week.
King expects chicken demand to remain robust through the second half of this year into 2026. This will help the U.S. largest meat processor to offset sagging beef profits amid one of the worst cattle shortages in a generation.
King reiterated his call, first mentioned on Monday in an earnings call , about emerging signs ranchers are in the early innings of rebuilding depleted herds. He cautioned that such an effort could take at least two years.
The White House's Rapid Response 47 X account reposted a video from Fox News that interviewed a rancher who warned, "it's going to take time to rebuild" the nation's herd.
The question on our minds: Will the cattle shortage actually worsen in the second half of the year and into 2026? The rebuilding cycle takes time, which likely means higher beef prices and potential supply constraints—think back to the brief egg shortage.
At ZeroHedge, we're not waiting around to find out.
We've launched a "Rancher-Direct" e-commerce platform to secure access to clean, American-raised beef sourced from independent ranchers across the country.
It's about planning ahead in uncertain times. Relying on multinational supermarket chains for clean, reliable food has become a major issue over the years. The smarter path forward is building direct relationships with local ranchers—knowing where your food comes from and securing that connection before the next supply chain crunch hits.
Tyler Durden
Wed, 05/14/2025 - 19:40 Close
Wed, 14 May 2025 23:15:00 +0000 UnitedHealth Shares Plunge Continues On Reported DoJ Probe For Medicare Fraud
UnitedHealth Shares Plunge Continues On Reported DoJ Probe For Medicare Fraud
And the hits just keep on coming...
UNH shares are plunging after hours (down 6% and back below $300 for the first time since September 2
Read more.....
UnitedHealth Shares Plunge Continues On Reported DoJ Probe For Medicare Fraud
And the hits just keep on coming...
UNH shares are plunging after hours (down 6% and back below $300 for the first time since September 2020) following a report from The Wall Street Journal that, according to people familiar with the matter, the DOJ is investigating UnitedHealth Group for possible criminal Medicare fraud related to its Medicare Advantage business.
While the exact nature of the potential criminal allegations against UnitedHealth is unclear , the people said the federal investigation is focusing on the company’s Medicare Advantage business practices.
The Justice Department’s criminal healthcare fraud unit focuses on crimes such as kickbacks that trigger higher Medicare and Medicare payments .
UnitedHealth’s latest annual securities filing says the company “has been involved or is currently involved in various governmental investigations, audits and reviews,” and flags involved agencies including the Justice Department.
It doesn’t specifically mention the criminal, civil and antitrust probes the Journal has reported.
The probe adds to a list of government inquiries into the company, including investigations of potential antitrust violations and a civil investigation of its Medicare billing practices, including at its doctors offices.
All of this comes as the Trump administration and Congress look to cut federal health spending, a key source of UnitedHealth’s success.
Tyler Durden
Wed, 05/14/2025 - 19:15 Close