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Sat, 20 Jun 2026 17:25:00 +0000 Russian Oil Refinery Over 1,200 Miles From Ukraine Attacked In Another War First
Russian Oil Refinery Over 1,200 Miles From Ukraine Attacked In Another War First
Russian Oil Refinery Over 1,200 Miles From Ukraine Attacked In Another War First
After this week's devasting Ukrainian drone attacks on a Moscow refinery which sent massive plumes of black smoke across the capital city skyline, it has become obvious that the Zelensky's government believes its last major card to play is escalation of its UAV attacks deep inside Russian territory.
This is once again on display as on Saturday Ukraine launched a drone attack targeting an oil refinery in Russia's Tyumen region for the first time since the the war. Significantly, Tyumen region is located some 2,000 kilometers (or 1,240 miles) from the front line in Ukraine .
Regional Governor Alexander Moor confirmed this first such attack on this region since the war's start. Moor claimed that Russian air defenses successfully defended against the attack on the the Tyumen oil refinery, one of Russia's largest. "An attack by unmanned aerial vehicles on the Tyumen refinery has been repelled. Emergency services specialists are working at the site where debris fell," he stated . "According to preliminary information, the plant was not damaged and employees have been evacuated," Moor announced on Telegram.
However, unverified but widely circulating footage and photographs suggest otherwise ...
Reuters, reporting on the attack, writes that "The Tyumen refinery, one of the country's ?most modern ?and ?complex, has a nominal capacity of around 8 million ?metric tons per year."
"It ?processes ?roughly 6 million tons of crude annually, producing about 0.5 million ?tons ?of gasoline and 2.5 ?million tons of diesel, according to industry estimates," the report also notes.
Ukrainian media, and some Russian Telegram channels are asserting that the refinery did suffer a hit :
"Thick smoke is visible above the Tyumen Oil Refinery - the former Antipinsky Oil Refinery - in Tyumen," reports the ASTRA Telegram channel, citing its analysis data, adding: "Earlier, the governor reported repelling a UAV attack on this plant and the absence of damage to the enterprise."
The fact that "thick smoke is visible above the Tyumen Oil Refinery in Tyumen," as stated, was established by an ASTRA OSINT analyst from a witness video .
"At the same time, local residents reported hearing at least two explosions in the Antipino microdistrict, where the Tyumen Oil Refinery is located, and also saw at least 10 fire trucks heading towards the plant," ASTRA points out.
This past Thursday saw what many are calling most brazen offensive of the war to date, after 200 Ukrainian suicide drones swarmed Gazprom's Moscow Refinery, inflicting heavy damage.
Oil refinery in Tyumen, file image
But rather than back down in the face of Moscow's new threats of "massive group strikes" on Ukraine, it seems Ukrainian forces are flexing with yet more attacks on Western Siberia.
The Kremlin has long believed that Ukraine can't accomplish such sophisticated long-distance strikes on its own, but that it has had significant targeting help from US and Western allied intelligence.
Tyler Durden
Sat, 06/20/2026 - 13:25 Close
Sat, 20 Jun 2026 16:50:00 +0000 Trump Unveils New Air Force One Plane
Trump Unveils New Air Force One Plane
Trump Unveils New Air Force One Plane
Authored by Jacob Burg via The Epoch Times ,
President Donald Trump on June 19 unveiled the plane that will serve as the new Air Force One, a $400 million Boeing 747-8 luxury jet that was gifted to the United States by the Qatari government in 2025.
President Donald Trump delivers remarks after touring the newest aircraft in the presidential fleet at Andrews Air Force Base at Joint Base Andrews, Md., on June 19, 2026. Alex Wong/Getty Images
Trump stepped down from the plane inside a new hangar at Joint Base Andrews that was specially built for it. The plane is much larger than the previous jets that served as Air Force One, he said.
"The biggest difference is the difference in size, it's like virtually double the size. And actually, on a runway, it looks even more so," Trump said after shaking hands with Air Force officials.
Trump called the new plane "very unique."
"This is considered the world's most luxurious plane. When it was built, it was built at a level that will probably never be seen again ," he said.
The aircraft will soon "commence its initial commissioning flights," which will be the jet's "final exam" before it's ready to transport the president, the Air Force said in a press release on Friday.
"The safety and security of the commander in chief is our highest priority," Air Force Secretary Troy Meink said in a statement.
"From the beginning, we meticulously evaluated every requirement to accelerate delivery while maintaining the high standards expected of the presidential mission."
The Air Force said the plane was painted in red, white, and blue and has received its "final government modifications" ahead of its use by the president and his staff.
Despite the jet being a gift from the Qatari government, preparing pilots and crews for the new plane came with a few costs, according to the Air Force.
The Pentagon leased an Atlas Air 747-8 in October 2025 to begin training pilots, before ultimately buying a different 747-8 from Lufthansa as a "full-time training asset for the entire crew complement," the Air Force said.
These efforts were undertaken to "neutralize potential technical hazards on the previously owned aircraft," according to the military.
"Many thought it could not be done, but the United States Air Force was able to execute and provide a secure, reliable airborne command post on an accelerated timeline," Air Force Chief of Staff Gen. Ken Wilsbach said in a statement.
The new plane - which will serve as the temporary Air Force One while Boeing completes upgrades on two other jets - will replace a heavily modified Boeing 747-200B, one of three in the current fleet.
Some of the current fleet have been in service for more than 35 years.
Boeing's new fleet has incurred significant delays. Initially slated for a 2024 delivery, the aircraft are now not expected to be flight-ready until 2028.
Jackson Richman contributed to this report.
Tyler Durden
Sat, 06/20/2026 - 12:50 Close
Sat, 20 Jun 2026 16:45:00 +0000 Vance 'Skeptical' That Iran Closed Hormuz Strait Again, Pentagon Declares Safe Passage Remains 'Intact Today'
Vance 'Skeptical' That Iran Closed Hormuz Strait Again, Pentagon Declares Safe Passage Remains 'Intact Today'
Summary
Vance & CENTCOM push back against reports of Hormuz 'closure' by Iranians.
Read more.....
Vance 'Skeptical' That Iran Closed Hormuz Strait Again, Pentagon Declares Safe Passage Remains 'Intact Today'
Summary
Vance & CENTCOM push back against reports of Hormuz 'closure' by Iranians.
Iran's Ghalibaf, Araghchi en route to US Talks in Switzerland, IRIB reports. Also Witkoff-headed US delegation still expected.
Iran declares Strait 'closed' again over US failing to reign in Israeli action in Lebanon.
Rising death toll in Lebanon, after over 50 new rockets fired on Israeli positions by Hezbollah.
Strait of Hormuz traffic returns to normal by end of June?
Yes 8% · No 93%View full market & trade on Polymarket * * *
Iran Closes Strait Again? Vance & CENTCOM Address the Claims
Vice President JD Vance has newly told Fox News that he's 'skeptical' of the morning reports and claims that the Iranians once again 'closed' the Strait of Hormuz. Watch:
US Central Command is also trying to portray that all is well. It issued this statement after the Iranians announced it closed the vital oil transit waterway:
Commercial ship traffic in the Strait of Hormuz increased June 20 as U.S. forces continued operating in the general area to support freedom of navigation. Safe passage through the international waterway remained intact today as 55 merchant ships transited , moving large amounts of cargo and more than 17 million barrels of oil to global markets.
The Joint Maritime Information Center issued an advisory this week affirming safe passage for all vessels along a designated route that is free of arbitrary requirement claims or impediments.
The Pentagon says it is remaining vigilant with regional forces on high alert. Overall, it seems the White House is keep to at least see its delegation get in the same room with the Iranians in Switzerland. This will certainly be a real start in terms of face-to-face engagement, after the MoU was remotely signed by each side.
Iran says Hormuz Strait Closed Again
As has become the 'norm' after well over 100 days of war - which some pundits have been calling the "third Gulf war" - there are deeply conflicting headlines emerging Saturday. On the one hand, diplomacy based in Switzerland is said to be in motion, with a potential top level Trump delegation (led by Witkoff and to be joined later by Kushner reportedly/allegedly) - but fighting between Israel and Hezbollah in south Lebanon still rages, with the death toll climbing, and also with Hezbollah rockets still landing against IDF positions as well as in northern Israel.
Will the US and Iranian sides actually meet in Europe for the 'technical' side of further talks toward final peace? Saturday has seen reports of Iran having again 'closed' the Strait of Hormuz, citing Israeli aggression in Lebanon, after Tehran has insisted that the tenuous freshly signed MoU included a Lebanon ceasefire and peace. The latest newswires out of Iranian state media:
IRAN SAYS HORMUZ TO CLOSE, CITING CEASEFIRE VIOLATION: TASNIM
IRAN SAYS STRAIT OF HORMUZ HAS BEEN CLOSED: TASNIM
IRAN'S IRGC NAVY SAYS HORMUZ STRAIT CLOSED TO ALL VESSELS: FARS
*VESSELS WARNED TO AVOID STRAIT OF HORMUZ OVER SECURITY: FARS
VP Vance Expected in Switzerland, But He's Ambiguous in FOX Appearance
Vance expected in Switzerland, reports Axios on Saturday:
And yet, some of the same state sources have been saying that an Iranian delegation will travel to Switzerland where it will seek to hold Washington to its commitments .
“In Switzerland, we intend to press for the fulfilment of the other side’s commitments and clarify how they plan to act on their obligations,” the Iranian Foreign Ministry spokesperson said , according to Fars, also as cited in Al Jazeera.
Per the same report Saturday mid-morning (US time): "The delegation will leave for Switzerland in a few minutes, Mehr news agency also reported. The spokesperson also said that if the US refuses to implement its commitments, Iran will respond with necessary measures."
Vance non-committal in Saturday FOX interview:
So things remain very fluid, and could implode at any moment. The Wall Street Journal adds some fresh details as follows :
Iranian security officials said they had closed the Strait of Hormuz, citing what they said was the U.S. failure to stop the fighting in Lebanon as required under the agreement signed earlier this week by President Trump .
The announcement by Iran ’s joint military command came as clashes between Israel and Hezbollah flared again in Lebanon on Saturday, just hours after the two sides agreed to a renewed ceasefire. It undid for now the main achievement of the deal, which was to set the stage for reopening a waterway vital to world energy markets.
Even before Iran’s announcement, however, the recovery of traffic through the strait had been halting. Iran had imposed new procedures, including a demand that ships register to cross two days in advance, and wary shipowners were monitoring the still uncertain environment in the waterway.
Widening Split Between US & Israel
Since the US-Iran Memorandum of Understanding was signed days ago it's increasingly obvious there's been a widening split between Washington and it's closest Middle East ally Israel over the terms of the deal. The political interests between the Trump administration and Israel, which have been typically lock-step, have increasingly diverged on the question of the Iran peace and terms of reopening the Strait of Hormuz . Ground zero for this divergence has remained south Lebanon , where the overnight the death toll from fighting - and especially from Israeli air raids - have risen.
Lebanon's civil defense agency has announced that Israeli attacks on the southern Nabatieh district have killed 16 people and wounded 12 others . The significant death toll comes a mere day after the latest Israel-Hezbollah ceasefire was announced .
Still, Al Jazeera is on Saturday confirming that "the wheels of diplomacy" appear to be "back in motion" after the delay to the technical talks from Friday. "Pakistan and Qatar – mediators – are holding a series of meetings in Switzerland , Iran and Egypt and according to Al Jazeera’s team on the ground," the publication writes. Top American negotiators are reportedly on the way to Europe.
via Reuters
Iran too is optimistic, while calling out certain Israeli hardliner politicians for seeking to sabotage peace. State media is hitting this theme hard, and naturally Tehran is going to seek to drive a deep and permanent wedge between the Trump and Netanyahu administrations .
Iran: 'Ready to Move Forward'
Iran's deputy foreign minister has said the Islamic Republic is "ready to move forward" on diplomacy with Washington, and the big elephant in the room is that "the United States must ensure Israel abides by the terms of the deal to end the war" - according to Al Jazeera .
As a reminder, President Trump appears in the mood to play nice with Iran while bringing the (very rare) pressure on Netanyahu . However, Trump himself is facing immense rising pressure from outraged pro-US hawks at home :
Donald ?Trump told NBC News ?in a phone ?interview that ?he spoke with Israel ?on Friday and asked them to ?agree to ?a ?ceasefire ?with Hezbollah.
“‘You just gotta calm down sometimes and use your head ,’” Trump ?was quoted as telling Israel .
Trump declined ?to specify ?whether ?he spoke ?with ?Benjamin ?Netanyahu directly. A senior US official earlier confirmed the ceasefire to Reuters, though Israeli attacks continue across Lebanon.
Israeli Objections & Overnight Carnage in Lebanon
One of the key elements of the MoU the hawks vehemently object to is the creation of a $300 billion reconstruction plan for Iran . But in terms of the main aspect which could derail ongoing negotiations altogether is that the US committed that it and its allies (read: Israel and the Lebanese government) will initiate the "immediate and permanent termination of military operations on all fronts, including in Lebanon. " This is a major concession by the US to the Iranian side .
But Israel has much more than these things to complain about , as it continues to lose troops in recent Hezbollah attacks :
Israel immediately responded to that agreement by pounding Lebanon, killing at least 47 people on Friday, according to the Lebanese Ministry of Public Health. Four Israeli soldiers were also killed overnight [Friday] by the armed Lebanese group , Hezbollah, prompting Israel’s far-right National Security Minister Itamar Ben-Gvir to say that “all of Lebanon must burn”.
Vice President JD Vance's own recent remarks putting these Israeli officials in their place has been unprecedented spectacle to behold. The "special relationship" remains tenuous, at least in terms of weighing the current heated rhetoric and atmosphere.
But again, Israel can point to Hezbollah aggression, with Times of Israel (TOI) reporting the latest figures as follows :
The Israeli military says it is striking Hezbollah targets in southern Lebanon in response to overnight projectile launches at troops in south Lebanon by the Iran-backed terror group, despite a ceasefire announced a day earlier.
"Overnight, the Hezbollah terrorist organization launched more than 50 projectiles at Israeli forces in southern Lebanon. Following the attacks, the IDF has been striking Hezbollah terrorist targets in southern Lebanon," an Israeli military official said was cited in TOI as saying.
Meanwhile, CNN also confirms that diplomacy is in "motion", writing: "US envoy Steve Witkoff is traveling to Switzerland for technical talks with Iran , a US official said, with President Donald Trump’s son-in-law Jared Kushner also expected to join . Meanwhile, mediator Pakistan’s interior minister has arrived in Iran for talks with senior Iranian officials as part of efforts to encourage them to Switzerland."
Tyler Durden
Sat, 06/20/2026 - 12:45 Close
Sat, 20 Jun 2026 16:15:00 +0000 National Guard Stationed At Lincoln Reflecting Pool After Multiple Sabotage Attempts
National Guard Stationed At Lincoln Reflecting Pool After Multiple Sabotage Attempts
It's difficult to find a single redeeming quality of liberal movements these days. Maybe it's the abject pettiness, like children throwing a tantr
Read more.....
National Guard Stationed At Lincoln Reflecting Pool After Multiple Sabotage Attempts
It's difficult to find a single redeeming quality of liberal movements these days. Maybe it's the abject pettiness, like children throwing a tantrum, that makes them hard to respect. Or, maybe it's their violent emotional tendencies and complete lack of moral integrity. They are willing to do anything to gain power, including lie, cheat, steal and even murder.
At bottom, the unstable psychological drivers of leftists lead them to hate certain things that most normal people love, including the basic maintenance of respected national monuments.
One might think that the Trump Administration's repairs to the Lincoln Memorial reflecting pool would be minor news, but the establishment media and progressive activists have turned the site repairs into a political battleground. CNN has spent more time "investigating" the growth of green algae in the pool than they did on the massive Somalian fraud networks in Minneapolis. Apparently, CNN isn't aware that algae grows naturally in standing water in a matter of 48 hours.
Activists tired to make hay out of the green pool, claiming that Trump wasted $14 million on his renovations, even though the same thing happened after Barack Obama's $35 million renovation from 2010 to 2012, and those repairs didn't even solve the leakage problems.
When Trump responded to the algae issue with new "nano bubbler" treatments, leftists actually protested online and at the site against the removal of the green sludge.
In other words, they got mad that the treatments were working and they could no longer use the algae as an example of Trump failure. They then turned to direct sabotage of the site. Pieces of the floor of the reflecting pool have been torn out and the new sealant has been damaged.
The numbers "8647" have been found scratched into the floor of the pool (a code for "murder Trump").
Multiple activists have reportedly been arrested, some caught in the process of trying to sabotage the monument. Others have tried to interfere with maintenance workers cleaning the algae. The National Guard and DC police are now stationed at the pool around the clock to prevent further damage.
Yes, the trifling behavior is off the charts, but this has become the standard of discourse for the woke mob in 2026. The worst part, though, is that the media has been running interference for the vandals, claiming that the repairs were "substandard" and that the water treatments are causing the sealant to peel. In reality, the damages are being caused by a coordinated monkey wrenching campaign, and the liberal media is silent about it.
The political left views monuments as symbolic targets; a way to attack western culture and demoralize the population without risking substantial jail time. We have seen similar tactics used by climate change protesters across Europe and the US. It's no coincidence that these activists choose iconic western treasures, such as classic artworks or an original copy of the Magna Carta, to vandalize.
Climate change is just the excuse, but the real goal is to incrementally deface anything symbolic of western civilization or national pride. The same mentality applies to the sabotage of the Lincoln reflecting pool. On top of that, the media takes the opportunity to paint Trump as incompetent or ineffective, turning something positive like monument restoration into an ugly propaganda affair.
Tyler Durden
Sat, 06/20/2026 - 12:15 Close
Sat, 20 Jun 2026 15:40:00 +0000 Trump Says He No Longer Views Anthropic As A National Security Threat
Trump Says He No Longer Views Anthropic As A National Security Threat
Trump Says He No Longer Views Anthropic As A National Security Threat
Authored by Jacob Burg via The Epoch Times ,
President Donald Trump said he no longer views the artificial intelligence (AI) giant Anthropic as a national security threat.
Illustration of Anthropic on June 18, 2026. Riccardo Milani/Hans Lucas via AFP via Getty Images
"We have a situation with Anthropic, and we didn't like what they were doing, and so far I think they behaved very responsibly to our request," Trump told Axios's Marc Caputo in an interview that aired on June 19.
Caputo then asked Trump if he still viewed Anthropic and its CEO, Dario Amodei, as a threat to national security.
"Well, not now, but a week ago, maybe ," Trump said, describing a meeting with Amodei at the G7 summit this week that influenced his change of heart.
"[Amodei] responded to us very quickly, because you know it's tremendous liability," Trump said. "You know, you can't play games with it. And he responded very responsibly ."
The comments come one week after the Trump administration directed Anthropic to shut down foreign nationals' access to its new Claude Fable 5 and Mythos 5 models, which resulted in the company suspending access to all users entirely.
Issued on June 12, the directive from U.S. officials did not include specific details of potential security threats or concerns, according to Anthropic.
"Our understanding is that the government believes it has become aware of a method of bypassing, or 'jailbreaking' Fable 5, " the company said in a statement at the time.
Trump told Axios that one of the company's competitors "turned Anthropic in" and raised alarms over the new models.
"They didn't like what [Anthropic was] doing. They were very concerned, " he said.
Anthropic did not respond to a request for comment by publication time.
When Anthropic released Fable 5 to the general public on June 9, it said the model had exceeded the capabilities of "any model we've ever made generally available."
"It is state-of-the-art on nearly all tested benchmarks of AI capability, showing exceptional performance in software engineering, knowledge work, vision, scientific research, and many other areas," Anthropic stated.
As a "Mythos-class" model, Fable 5 is essentially as strong as Mythos, but with key safety features to make it safe for public use.
In the same announcement, Anthropic made Mythos 5 available to a small group of cyberdefenders and infrastructure providers. But after the company's decision to suspend access to all users on June 12, both models are currently unavailable.
Two days before Anthropic pulled access, Amodei wrote on X that he believes frontier models such as Mythos 5 "should face mandatory third-party testing for cyber, bio, and autonomy risks - with the power to block or revoke deployment of models that pose catastrophic risk."
Trump signed an executive order early this month asking AI firms to voluntarily submit their frontier models for government review 30 days before they're available to the general public.
At the time, Sen. Bernie Sanders (I-Vt.) criticized the order for only being "voluntary," saying that mandatory testing and review of frontier models is needed to "protect Americans."
Jacki Thrapp contributed to this report.
Tyler Durden
Sat, 06/20/2026 - 11:40 Close
Sat, 20 Jun 2026 14:30:00 +0000 The Consumer Sentiment Disconnect From Economic Reality
The Consumer Sentiment Disconnect From Economic Reality
The Consumer Sentiment Disconnect From Economic Reality
Authored by Lance Roberts via RealInvestmentAdvice.com,
The University of Michigan’s Consumer Sentiment Index just printed 44.8 in May. That’s the worst reading since the survey began in 1952. That print was lower than in 2008 and the 1980 inflation panic. It was also worse than the COVID lockdowns, yet the S&P 500 continues to climb higher, Q1 corporate earnings posted 27% growth, and weekly jobless claims sit near cycle lows. That “disconnect” has sparked many statements on social media, such as:
“GDP is growing at a healthy 2.7% in the US. GDP statistics in the US are clearly completely broken and no longer make any sense whatsoever.” – Philip Pilkington
That statement sums up many of the concerns I have read as of late, and the University of Michigan consumer sentiment disconnect from economic reality demands an honest answer. Which set of data is wrong? I think the honest answer is both, and neither. Over the last three decades, I’ve learned that surveys and behavior often part ways, and the gap usually tells you more about the survey than about the consumer. So let’s walk through what’s actually happening, because the consumer sentiment disconnect isn’t a single story. It’s three stories stacked on top of each other.
Start with the disconnect itself. If you only looked at the Michigan headline, you’d assume the country was in a depression. However, when you look at what people are actually doing, the picture changes completely.
Retail sales rose 0.5% in April and are running 4.9% above year-ago levels. In addition, Q1 earnings season has delivered an 84% beat rate on the S&P 500, well above the 5-year average of 78%, with aggregate earnings beating estimates by 20.7%. That’s the strongest surprise rate since the first quarter of 2021. Furthermore, initial jobless claims came in at 209,000 for the week ending May 16. Unemployment is sitting at 4.3%. Notably, the Atlanta Fed’s GDPNow model is tracking 4.3% annualized growth for Q2 as of May 21.
Notice in the chart above what’s never happened in the 25-year history of this comparison. In every prior cycle, sentiment and growth moved roughly in step. The 2001 mild recession, the Global Financial Crisis, and the COVID lockdowns all show sentiment and GDP cratering and recovering side by side. Since 2022, that relationship has broken in a way it never broke before. GDP has been running between +2% and +3% year over year for three straight years. Consumer sentiment has been running below 70 the entire time, levels that historically only appeared during deep recessions. The gap in the lower-right corner of that chart is the entire argument.
Meanwhile, the headline economic narrative making the rounds on social media insists that GDP statistics are “completely broken” and that real data show a hidden recession. Here’s the problem with that argument. The labor market, spending, earnings, and credit data all line up in the same direction. They don’t agree with the sentiment survey, but they do agree with each other. So when one indicator disagrees with five, the prior should be on the one. That’s the heart of the consumer sentiment disconnect we need to explain. We flagged an earlier version of this same divergence in February, when economic sentiment was already at odds with the strong macro data-based estimates .
Yes, There Really Is a Partisan Problem
So why is the Michigan survey saying something so different? Part of the answer is exactly what many investors suspect, and the data backs it up.
Notice in the chart above what happens at every administration handoff. In January 2021, the navy line shoots up while the red line plunges almost vertically. The two cross within weeks of Biden’s inauguration, and Independents barely budge in the middle. Then it happens again in January 2025, only sharper. Republican sentiment surges from 67 to 93 in two months, while Democrats collapse from 78 to 56 over the same window. The X-pattern at each transition is the partisan gap in action. The survey isn’t measuring the economy. It’s capturing tribal loyalty, and that mechanic is a meaningful slice of the consumer sentiment disconnect we’re trying to explain.
The Richmond Federal Reserve published research in 2024 that found something striking. Specifically, the partisan gap in consumer sentiment is now far larger than the gap by income, age, or education level. Per the Richmond Fed analysis , the gap between Democratic and Republican sentiment expanded from 21 points under George W. Bush to 25 points under Obama, and then to 45 points under Biden. That’s not noise. That’s a structural issue with how the survey is being completed.
Moreover, it gets worse. Researchers at BriefingBook documented what they call “asymmetric amplification.” Republicans swing their sentiment responses roughly 2.5 times as much as Democrats do, depending on who controls the White House. When their party wins, they go euphoric, but when they lose, they go bleak. Democrats do this too, just less violently. Importantly, adjusting only for that asymmetry closes about 30% of the gap between predicted and observed sentiment over the post-2020 period.
Fundstrat’s Tom Lee made waves last week with an even sharper critique. He pointed out that 51% of Democratic respondents are now reporting sentiment readings below the survey’s all-time worst reading of 47.6. He also flagged that around a quarter of Democratic respondents believe inflation is currently running above 100%. Clearly, that isn’t a forecast. That’s a vote.
Now layer on something most readers haven’t heard about. In 2024, the University of Michigan switched from cellular phone surveys conducted via random-digit dialing to an online-only address-based sampling method. The change began in April and was fully completed by July of that year.
U-M’s surveys director, Joanne Hsu, has consistently maintained that the methodology change produced comparable results. However, the independent research disagrees. Cummings and Tedeschi, in a widely cited analysis published in BriefingBook, estimated that the switch from phone to online interviews lowered the sentiment index by about 8.9 points, or more than 11%. They benchmarked their adjustment against Morning Consult’s continuous online sentiment survey, which uses the same five core questions but has been online since 2018. Notably, Morning Consult’s index did not show the same precipitous decline as Michigan’s headline number. That gap alone accounts for a meaningful slice of the consumer sentiment disconnect.
Tom Lee added a further claim that I’ll attribute to him because I haven’t independently verified the underlying response data. He stated that the new online survey is producing a respondent breakdown of roughly 66% Democratic and 33% Republican, which would not be representative of the U.S. adult population. Whether or not that exact ratio holds, the broader point stands. In fact, self-selection bias on online opt-in is a known issue, and the structural break in the series is real.
The Conference Board Tells a Different Story
This brings us to the question I’ve raised previously. If the Michigan number is so distorted, what does the other major survey say? The Conference Board’s Consumer Confidence Index gives us a useful check.
Notice in the chart above just how different the two stories are. The Michigan survey’s Current Economic Conditions component is 26% below its 2008 financial crisis trough. By contrast, the Conference Board’s index, while soft, sits near its long-term average and remains well above every cyclical low of the modern era. Consider the historical anchors. In 2009, the Conference Board bottomed at 25.3. During the 2020 COVID shock, it hit 85.7. Today’s reading of 92.8 isn’t a crisis print on that scale.
Methodologically, the two surveys measure different things. The Conference Board’s index places greater weight on labor market and current business conditions. The Michigan survey places greater emphasis on household finances and inflation perceptions. When inflation perception is the dominant factor and partisan respondents spontaneously volunteer inflation rates above 100% as a protest vote, you get the Michigan number.
The real question is whether the partisan effect is mitigated in the Conference Board’s Consumer Confidence Index? The honest answer is partly. The Conference Board doesn’t publish party-affiliation crosstabs the way Michigan does, so we can’t directly measure their internal partisan gap. However, its methodology is less exposed to the specific inflation-expectation channel where the partisan skew is most extreme. And its readings show that.
But This Time, Republicans Are Sour Too
Now here’s where the partisan-bias narrative needs an honest correction. If you stopped reading at “the Michigan survey is just upset Democrats,” you’d miss something important about the May 2026 reading.
According to the University of Michigan’s own release on May 22, sentiment among Independents and Republicans dropped to the lowest readings of the current presidential administration. Democratic sentiment, in contrast, was little changed from April. Republican long-run inflation expectations have more than doubled on a monthly basis since February 2025. The cost-of-living concern is showing up across the political spectrum, not just on one side.
Why? Two reasons. First, gasoline prices surged 12.3% in April thanks to the ongoing conflict with Iran and the supply disruptions in the Strait of Hormuz. Pump prices are at levels not seen since 2022. Gas is the most visible price in the American economy, and it’s hitting every household. Second, tariff-related price pressure is starting to filter through, and roughly 30% of respondents in early May spontaneously mentioned tariffs as a concern. Make no mistake, those aren’t imagined problems.
So the partisan-bias critique is real, but it’s only part of the story. The 2026 Michigan plunge contains a partisan distortion, a methodology distortion, and a genuine bipartisan reaction to higher prices. In short, the consumer sentiment disconnect we’re seeing isn’t just noise. Pulling those threads apart matters if you want to use the data correctly.
“The Michigan survey isn’t broken. It’s measuring something narrower than the headline suggests, and what it’s measuring is real. The question is whether what it’s measuring should drive your portfolio.”
Why The Consumer Sentiment Disconnect Rarely Predicts Spending
The most important question isn’t whether the Michigan number is “correct.” It’s whether the number actually predicts anything useful for investors. Decades of research from the Federal Reserve system suggest the answer is largely “no. “
A February 2026 paper from the Kansas City Federal Reserve titled “Forecasting with Feelings” found that the link between consumer sentiment and growth in real household spending has been modest historically. The authors built two forecasting models: one using only official economic data, and one augmenting that data with consumer sentiment surveys. The sentiment-augmented model didn’t materially improve the forecast over the past 30 years. Fed Chair Jerome Powell echoed that finding in his May 2025 press conference, stating directly that “the link between sentiment data and consumer spending has been weak. It’s not been a strong link at all.”
A 2014 Boston Fed paper reached a similar conclusion. When you control for standard fundamentals such as income, employment, and wealth, the role of consumer sentiment in predicting consumption is marginal at best. People can feel terrible about the economy, yet still spend. We’ve seen that play out for almost three full years now.
The composite chart, which combines the Michigan and Conference Board indices to dampen the noise in each survey, clearly shows the broader pattern. Confidence has weakened from cycle highs, but the market has continued to advance. As we covered in our prior analysis of the confidence dichotomy between consumers and investors , there have been three other periods where stocks rallied while sentiment fell. The dot-com bubble. The mid-cycle expansion of the late 1990s. And the post-COVID period. In each of those cases, the market eventually had to reckon with reality, but the disconnect lasted longer than skeptics expected.
The composite sits at 71 today, a full 47 points below the October 2018 cycle high of 118. Over that same stretch, the S&P 500 has more than doubled, and that’s the consumer sentiment disconnect we’ve been pointing at for the better part of three years.
What Investors Should Actually Watch
If sentiment surveys aren’t reliable inputs for portfolio decisions, what is? My answer is the same one I’ve given for 20 years. Behavior beats feelings every time. So watch what consumers and businesses are doing with their money, not what they say in a survey. That single shift in focus turns the consumer sentiment disconnect from a confusing headline into a useful contrarian signal.
The takeaway from that table is simple. Five of the six categories show behavior diverging from sentiment in the same direction. People are saying one thing and doing another. When that happens at this scale, you don’t trade off the talk. You trade off the action.
That said, two items in the table do deserve real attention. Gas prices are a tax on consumers and on margins. If the Iran conflict drags into the summer driving season, demand destruction becomes a real risk for cyclical names. And tariff pass-through is the slow leak that markets keep underpricing. Importantly, those are concrete data series we can monitor, not abstract sentiment vibes. Pump prices, container shipping rates, retailer margin guidance, and consumer credit delinquencies are on the watchlist.
The Conference Board’s index, the Atlanta Fed’s GDP nowcast, the earnings beat rate, the retail sales print, and the jobless claims data all point to an economy that is slowing in some places, accelerating in others, and not remotely close to the Depression-era reading on the Michigan headline. What does this mean for investors? Stay disciplined. Watch the behavioral data. Maintain risk-management protocols. Be ready to lean in when the noise creates a real dislocation, and be ready to lean out when the data, not the surveys, actually rolls over.
Consumers are gloomy. Some of that gloom is justified, particularly around gas and inflation. But gloom is not a portfolio strategy.
Tyler Durden
Sat, 06/20/2026 - 10:30 Close
Sat, 20 Jun 2026 13:55:00 +0000 Trump Mocks Italy's Meloni Over Disputed G7 Photo: 'She Wants To Be Friends Again, No Thanks!'
Trump Mocks Italy's Meloni Over Disputed G7 Photo: 'She Wants To Be Friends Again, No Thanks!'
President Trump has once again lashed out at Italy, as Washington and this 'wayward' NATO ally continue to clash on a range of issues fro
Read more.....
Trump Mocks Italy's Meloni Over Disputed G7 Photo: 'She Wants To Be Friends Again, No Thanks!'
President Trump has once again lashed out at Italy, as Washington and this 'wayward' NATO ally continue to clash on a range of issues from Iran to Israel to Ukraine..
It follows on the heels of the cancellation of the planned diplomatic visit by Italian Foreign Minister Antonio Tajani. President Trump on Saturday has newly taken to Truth Social to reiterate that PM Meloni "asked, over and over, for a picture with me during the G-7 meeting in France."
He continued: “She is doing poorly in Italy with her level of popularity, possibly because she turned down the United States of America, a Country that truly loves and protects Italy, when it came to denying Iran from obtaining or developing a Nuclear Weapon (But so did NATO, for that matter!).”
According to more background :
Trump’s comments were aired Friday on the La7 network. A correspondent had asked the president about Ukraine, but Trump raised Meloni and made the claim about the photo. Trump said he was not obliged to take the picture with her but that he felt sorry for her and agreed , La7 said. The broadcaster put a dubbed version of the conversation online, but not the original English audio.
Meloni has very publicly rejected Trump's version of events at the G7:
Clearly irked at President Donald Trump’s suggestion that she had had “begged” him for a photo at the Group of Seven summit earlier this week, the Italian prime minister said this was “totally fabricated.”
Bilateral defense agreements and NATO's base sharing framework allows US access to key strategic hubs for US operations in the Mediterranean - however, Italian law and a historic treaty requires parliamentary approval for anything outside that scope.
It was in late March that for the first time Italy's defense ministry confirmed that "some US bombers" were denied landing at Sigonella – one of seven US navy bases in Italy.
Among the scenes at a G7 working lunch in France on June 16 was this...
Pool image via AP
Italy tried to frame the issue as merely bureaucratic and an issue of paperwork. Initial complaints were that the US didn't follow required permission protocol, and requested landing only while in the air and already en route to Sicily.
Meloni's office has all the while maintained it is "acting in full compliance with existing international agreements" - while underscoring that each flight request must be "carefully examined on a case-by-case basis , as has always been the case in the past."
More of Meloni's response to Trump's latest Truth Social:
But the truth also is that American hegemonic action in the Middle East, and the Iran conflict in particular, is deeply unpopular among the Italian population, which has long had a strongly anti-war bent especially among the youth. Meloni has tried to assure here electorate that she's never "begged" for anything from Trump.
Tyler Durden
Sat, 06/20/2026 - 09:55 Close
Sat, 20 Jun 2026 13:20:00 +0000 FBI Warns That Fake FIFA Website Being Used to Steal Personal Information
FBI Warns That Fake FIFA Website Being Used to Steal Personal Information
FBI Warns That Fake FIFA Website Being Used to Steal Personal Information
Authored by Jack Phillips via The Epoch Times,
The FBI on June 16 advised people to be wary of fraudulent websites that try to mimic World Cup or FIFA sites, as the agency warned that such websites have been used to steal personal information and sell counterfeit tickets.
In a public service announcement, the FBI stated that scammers and fraudsters have launched spoofing attempts designed to mimic FIFA’s official website as the World Cup games hosted in North America continue.
“Threat actors often create spoofed websites by slightly altering characteristics of legitimate website domains, with the purpose of gathering personally identifiable information entered by a user into the site, including name, home address, phone number, email address, and banking information,” the FBI statement reads.
The individuals behind such websites may be attempting to trick people into entering sensitive information that could be used to “create new accounts in a victim’s name and ultimately defraud the victim,” the FBI stated.
The federal law enforcement bureau noted that it has identified individuals who had attempted to collect personal information, sell counterfeit World Cup tickets or “hospitality products,” or engaged in other forms of malicious activity in connection with the scams.
The fraudulent website domains could include alternate spellings of words or use a different top-level domain, or TLD, referring to the final segment of the web address, such as .com, .gov, .org, and more, according to the notice.
Scammers may also create a deceptive version of a legitimate website, such as fifa.com, that tricks people into thinking they are going to the official website, it stated. Some include website domains that use alternate domain extensions such as “.blue,” “.beer,” “.city,” and more. Dozens of fraudulent domains were identified by the FBI that have been linked to the scheme, including fake domains related to FIFA jobs, merchandise, or tickets.
FBI officials advised people to first verify website URLs before they enter potentially sensitive or personally identifying information and to go to FIFA’s official website by typing the URL into their browser rather than relying on results produced by search engines, while also verifying that it reads fifa.com.
An Epoch Times review found that many of the websites listed by the FBI in the alert appeared to be down. However, the FBI stated that the “public should be aware that new websites will continue to appear.”
“Exercise caution when clicking on advertisements. Before clicking on an advertisement, check the URL to make sure the site is authentic,” the notice reads. “Malicious advertisements may redirect users to a different website than indicated.”
The June 16 public service announcement did not say whether anyone was victimized by a FIFA website-related scam. But victims who believe that they were targeted in a scam should file a complaint with the FBI’s Internet Crime Complaint Center at ic3.gov , it states
Aside from combating fake websites, the FBI has also acted to keep drones away from World Cup games. Earlier this week, an illegal immigrant with a prior criminal history, including a cocaine-trafficking conviction, was arrested for flying a drone near a World Cup event in Atlanta, the FBI announced .
The World Cup lasts from June 11 until July 19, with matches being played across the United States, Mexico, and Canada.
Tyler Durden
Sat, 06/20/2026 - 09:20 Close
Sat, 20 Jun 2026 11:35:00 +0000 The World Cup's Uneven Playing Field
The World Cup's Uneven Playing Field
The World Cup's Uneven Playing Field
Due to its truly global footprint, the FIFA World Cup has always been a celebration of diversity, both on and off the pitch .
It brings together different cultures, different playing styles and different levels of skill, professionalism and financial muscle.
However, with the tournament now over a week old, it is clear that they are playing 'football' on an uneven playing field .
As Statista's Felix Richter reports , while nations like France, Spain and England have assembled squads full of international superstars, other participants will field teams that are largely unknown to fans outside of the respective country.
According to estimates from Transfermarkt.com , there is a huge gulf in squad value between the nations traditionally challenging for the title and those happy to be part of the show .
You will find more infographics at Statista
France’s star-studded squad is worth more than 70 times as the teams assembled by Qatar, Jordan and Iraq, the least valuable squads in the tournament.
This is a reflection of the balance of power in global football, which is concentrated in Europe’s top leagues .... and correlates very well with likelihood of success.
It is partly for this reason that surprises have become increasingly rare in the world’s biggest football competition , where it’s hard to imagine a fairy tale run of a smaller nation to the tournament’s final stages .
Tyler Durden
Sat, 06/20/2026 - 07:35 Close
Sat, 20 Jun 2026 11:00:00 +0000 The Brits Should Declare Their Independence, Too
The Brits Should Declare Their Independence, Too
The Brits Should Declare Their Independence, Too
Authored by J.B. Shurk via American Thinker ,
British tyranny is globalism, and globalism must be destroyed.
British tyranny is so repulsive that the British people owe it to themselves to overthrow their government masters. It has been two-hundred-fifty years since America’s Declaration of Independence recognized the Crown system as a threat to Americans’ lives and liberties. English-speaking peoples still suffering under the British yoke should follow suit.
Prime Minister Keir Starmer announced a near-total ban on social media for children under sixteen years old. Ten of the most popular social media platforms are now age-restricted, with the toxic-leftist Bluesky platform a notable exception . The government claims to be “protecting children” from online harm. That’s a lie. If the British government cared about protecting British children, government ministers and police forces would not have covered up Islamic rape gangs targeting children for three-plus decades. The British government would not censor online reporting of foreigners murdering young Brits. The British government has systematically chosen to sacrifice the United Kingdom’s children.
This online “safety” measure must be understood, then, as a ruse meant to expand the government’s control over online information. Australia, New Zealand, and Canada have similar surveillance systems in place — all ostensibly erected to “protect the children” but designed, in reality, to control the speech of citizens. In these countries, the only way to communicate with other citizens on social media platforms is to prove your age by proving your identity. Mandatory digital identification systems are disguised as child welfare checks. The Brits and their Commonwealth vassals have built a surveillance system to monitor citizens’ thoughts, censor unapproved speech, and promote official propaganda.
Tyrant Starmer is pushing this online surveillance infrastructure while citizens in the U.K. are protesting and rioting against the British government’s murderous mass immigration policies — which have invited foreign rapists and killers to overrun the kingdom and slaughter citizens.
Third-world barbarism is exploding across Europe. Official Eurostat numbers show that sexual violence offenses in the European Union have doubled over the last decade. Rapes skyrocketed 150%. Knife crimes and murders are off the charts. Foreign nationals who have immigrated into Europe are responsible for roughly fifty percent of violent crime.
Just as the unelected European Commission ruling the continent continues to cover up immigrant crimes and censor citizens’ online discussion of these ongoing threats , the British government is more concerned about punishing native Brits for noticing that they are under attack than repelling violent invaders from Britain’s shores. (If Keir Starmer had been in Winston Churchill’s shoes during the Nazi Blitz, the British government would have surely helped the Germans cover up the bombings while blaming all the destruction on British citizens!)
Starmer’s government spies run a propaganda outfit that controls all public “narratives” regarding immigrant crime against native Brits. The group of spies write and release misleading statements, presented as coming from the families of victims, that are designed to downplay rapes, murders, and other violent incidents. While these spies use propaganda and censorship to cover up serious crimes committed by immigrants, they simultaneously engage in information warfare against British citizens by branding legitimate public concerns over safety as “disinformation,” “far-right racism,” “violence,” and “hate speech.” This spy group in charge of monitoring and shaping the public’s thoughts has flagged “reading Shakespeare, Chaucer or Milton, or books documenting grooming gang scandals as potential indicators of far-Right susceptibility.” The British spies — a veritable Gestapo fabricating public “truth” — plant media stories, steer online discussions, and deploy operatives to disrupt or direct public protests.
The British government claims the power to block “false information” that is “legal but harmful.” On its website, the British government defines “extreme right-wing terrorist ideology” to include the belief that “‘Western culture’ is under threat from mass migration and a lack of integration by certain ethnic and cultural groups.” British Technology Secretary Liz Kendall claims that it is “illegal” to promote “disorder” on social media. Meanwhile, Starmer’s government tyrants are instructing journalists how to report immigrant attacks on British citizens. These are the actions of dictators who do not care about “protecting the children.”
Surveying the daily violent crime by immigrants and the British government’s ongoing cover-ups, former Prime Minister Liz Truss says there is a government campaign to “undermine the family” and the “nation state.” She says that forced diversity has corrupted the institutions and that government ministers suppress information and attack citizens while protecting barbarians . She concludes that mass migration and government control over information are being used as weapons to destroy Western civilization.
For years, we Americans have watched the evils of globalism expand both at home and abroad in the United Kingdom, Canada, Australia, New Zealand, and most of continental Europe. Branded by its international supporters as some kind of final, utopian stage of human governance, globalism is just another Frankensteinian beast — created from all the worst parts of Marxist-communism, Leninism, Maoism, fascism, Nazism, authoritarianism, oligarchy, corporatism, elitism, and central bank hegemony. Globalism is totalitarianism . Its god is government, although it has created special liturgical rituals regarding an imaginary “climate change” apocalypse meant to scare the world’s peasants into accepting the supremacy of government authority and bureaucrats’ (globalism’s “priests”) centralized power over all economic transactions.
Globalist governments seek total control over the people, and every policy that globalist governments shove down our throats is meant to advance this goal of total control. COVID was not a health emergency. It was a government excuse to roll out digital identifications, mandatory pharmaceutical injections, “vaccine” passports capable of monitoring real-time citizen movements, and online censorship. It was a government program meant to condition citizens to accept that government bureaucrats should be empowered with limitless authorities — including the discretion to regulate church services, close and bankrupt businesses, lockdown citizens in their homes, separate family members from dying loved ones, and quarantine citizens for non-compliance. The “global warming/cooling/climate change/extreme weather” hobgoblin is a government-designed scare tactic identical to the COVID “emergency.” The only difference is that the “global warming” fearmongers have been telling us that we have twelve years left to live for the last century, while the COVID fearmongers told us that we had twelve days to live unless we complied. Manufacturing compliance was and remains globalist governments’ only strategic objective.
Globalism’s ruling elites lust for wealth, power, and total control over the public. Their lust will never be sated. They wish for a small collection of government and economic masters to subjugate as much of the planet’s population as possible as serfs. Globalism is a conquering empire. Its oligarchy of central bank popes, chosen political governors, corporate monarchs, and techno-fascist-brownshirt-bureaucrats are modern-day slavers and colonizers. Instead of putting us in chains and whipping us when we “misbehave,” they put us in a lifetime of debt and prosecute us for expressing opinions contrary to official government orthodoxy.
Do you believe that marriage is an institution recognizing the sacred union between one man and one woman? Do you believe that men and women are biologically different? Do you believe that mass immigration is a threat to national security? Do you believe “multiculturalism” and forced “diversity” destroy excellence, discount merit, and weaken the naturally salubrious bonds of common cultural heritage? Do you believe that every human has a God-given right to self-defense? Do you believe that Christians should remain faithful to their beliefs in both their public and private lives? If so, globalist governments see you as an “extremist,” “right-winger,” “religious fanatic,” “terrorist,” and “enemy of the State.” Your thoughts will be condemned. Your speech will be censored. You will be fined and prosecuted. You will go to prison for your beliefs.
The best way for Americans to fight encroaching globalism over here is to support British patriots in their fight against globalism over there. As Benjamin Franklin persuasively argued, “We must all hang together, or we shall all hang separately.”
Tyler Durden
Sat, 06/20/2026 - 07:00 Close