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Mon, 19 Oct 2026 16:40:00 +0000 Marc Elias' Legal Team Threatens Media With Lawsuit For Questioning Roy Cooper's Health
Marc Elias' Legal Team Threatens Media With Lawsuit For Questioning Roy Cooper's Health
Marc Elias' Legal Team Threatens Media With Lawsuit For Questioning Roy Cooper's Health
Authored by Jonathan Turley via Jonathan Turley ,
Marc Elias has long been at the center of controversial election tactics, including criminal investigations . If lawyers had to take an oath to first do no harm, the court-sanctioned Democratic lawyer would leave Hippocrates gobsmacked. Well, Elias is back and his legal team is threatening the media with what appears an entirely meritless defamation lawsuit on behalf of former Gov. Roy Cooper, the Democratic nominee for the United States Senate.
This seems to be an effort to deter the media from raising the issue of the health of Cooper, who is 69 years old. Such health related issues have been much in the news for politicians ranging from former President Joe Biden to Sen. Mitch McConnell (R-Ky.).
It is obviously a legitimate matter for media inquiry and the threat seems designed to deter others from raising the issue before the midterm elections. In typical Elias fashion, it is a smash-mouth approach that only generated national coverage of the issue - working against the interests of his client.
The North State Journal reported that it had asked the Cooper campaign if there were any health problems that might impede him from completing his term:
"North State Journal (NSJ) has previously emailed questions to the campaign eight times this year, and all but two went unanswered. The ninth time, NSJ received a cease-and-desist letter threatening legal action from the Elias Law Group.
The Journal reports on such stories as "the only statewide newspaper in North Carolina."
In a letter to make this "exceedingly simple and crystal clear to you," the lawyer for the Elias Law Group warned the Journal that any suggestion that Cooper is "'experiencing a neurological issue,' or that any health condition would prevent him from completing his term, is categorically false and defamatory."
While I have taught torts for 30 years, I must be missing the Elias Group's simple clarity on this issue. In demanding that the media "cease and desist," the Elias Group lays out the defamation law in North Carolina in making "false, defamatory statements of or concerning the plaintiff, which were published to a third person, causing injury to the plaintiff's reputation."
Notably, the Elias Group stated that "a publication that is obviously defamatory constitutes defamation per se." That specific assertion is challengeable if it is referring to the common-law per se categories. Such a publication can be defamation, but the per se categories are laid out as a matter of state law. (The letter goes on to make a more specific per se defamation claim).
The common law per se categories began as categories of slander where damages would be presumed in the same way as libel. The allegation would fall into one of the "per se" categories of defamation. Under the common law, these per se categories of defamation allow for presumed damages and include: (1) disparaging a person's professional character or standing; (2) alleging a person is unchaste; (3) alleging that a person has committed a criminal act or act of moral turpitude; (4) alleging a person has a sexual or loathsome disease; and (5) attacking a person's business or professional reputation.
North Carolina has a broad definition of defamation per se, including alleging that the person (1) has committed an infamous crime; (2) has an infectious disease; (3) imputes a person's trade or profession; or (4) otherwise tends to subject one to ridicule, contempt, or disgrace. That last category is obviously somewhat elastic.
The letter references a more specific basis for a per se category for "imputing insanity or impairment of mental faculties is libelous per se." Jarman v. Offutt, 239 N.C. 468, 472 (1954). The Elias Group adds menacingly, "The North State Journal - and you personally - would be liable for any such publication."
What the letter does not address is the fact that Cooper is a public figure.
In New York Times v. Sullivan,
The standard was later extended to public figures. The Supreme Court has held that public figure status applies when someone "thrust[s] himself into the vortex of [the] public issue [and] engage[s] the public's attention in an attempt to influence its outcome." A limited-purpose public figure status applies if someone voluntarily "draw[s] attention to himself" or allows himself to become part of a controversy "as a fulcrum to create public discussion." Wolston v. Reader's Digest Association
It is legally absurd to suggest that a media outlet would be liable for defamation , let alone defamation per se, for raising the mental or physical fitness of a candidate for political office.
It is indicative of Elias's sledgehammer approach that often does more harm than good for his Democratic clients. A few months ago, Elias caused a stir during the unsuccessful Democratic gerrymandering effort by reminding Democratic leaders that they could simply eliminate the entire Virginia government.
What is equally baffling is the desire of Cooper to be associated with Marc Elias while trying to appeal to Republican and independent voters. Despite his losses in cases such as National Republican Senatorial Committee v. Federal Election Commission
It was Elias who was the general counsel to the Clinton presidential campaign when it secretly funded the infamous Steele dossier and pushed the false Alfa Bank conspiracy . (His fellow Perkins Coie partner, Michael Sussmann, was later indicted but acquitted).
Clinton campaign officials denied any involvement in the Steele Dossier . When journalists discovered after the election that the Clinton campaign hid payments for the Steele dossier as "legal fees" among the $5.6 million paid to Perkins Coie, they were reportedly stonewalled. The campaign was ultimately sanctioned by the Federal Election Commission for the subterfuge.
New York Times reporter Ken Vogel said at the time that Elias denied involvement in the anti-Trump dossier. When Vogel tried to report the story, he said, Elias "pushed back vigorously, saying 'You (or your sources) are wrong .'" Times reporter Maggie Haberman later wrote that "Folks involved in funding this lied about it, and with sanctimony, for a year ."
Elias's group later unsuccessfully led efforts to challenge Democratic electoral losses .
In Maryland, Elias's team supported another abusive gerrymandering scheme that a court found not only violated Maryland law but the state constitution's equal protection, free speech and free elections clauses. The court found that the map "subverts the will of those governed ."
One media site accused Elias and his group of "making millions off gerrymandering efforts" while publicly denouncing Republican gerrymandering.
In 2024, Elias's legal team was also accused of pushing "to bar third-party presidential candidates - including Cornel West - from swing state ballots where they might siphon votes from the Democratic nominee [Kamala Harris]."
Likewise, the New York Times reported that Elias's firm's work "on behalf of a Soros-funded PAC in Texas...was opposed by a left-leaning election watchdog as undermining laws intended to limit the influence of major donors."
His group's work for New York redistricting was ridiculed as not only ignoring the express will of the voters and also effectively negating the votes of Republican voters.
In 2024, the Chief Judge of the Western District of Wisconsin criticized the Elias Law Group for one of its challenges. Judge James Peterson (an Obama appointee) said that the argument "simply does not make any sense ."
Cooper, however, wanted Elias and his legal team to represent him and must have approved threatening a media outlet rather than answering a predictable question from a journalist.
Jonathan Turley is a law professor and the New York Times best-selling author of "Rage and the Republic: The Unfinished Story of the American Revolution ."
Tyler Durden Mon, 10/19/2026 - 12:40 Close Mon, 19 Oct 2026 16:25:00 +0000 China's iPhone Flippers Face Losses Before Apple's Foldable Even Launches
China's iPhone Flippers Face Losses Before Apple's Foldable Even Launches
China's iPhone Flippers Face Losses Before Apple's Foldable Even Launches
Apple's first foldable iPhone, the Duo, launches in mainland China and the United States this Friday, following an October 16 preorder opening. Yet days before the first handsets even ship, Chinese speculators who lined up to flip launch-day units are already watching their expected profits evaporate.
apple.com Because the phones have not been delivered yet, this gray-market action is playing out entirely in advance resale agreements . Dealers lock in first-batch allocations during preorders and line up buyers ahead of time, with final payment and physical handoff scheduled for launch day on October 23, according to Dahe Daily .
For some middlemen, the math is already turning upside down. According to an October 19 MyDrivers report , Zhengzhou dealer Xu Shan put down a 25,000 yuan ($3,740) deposit to secure 50 iPhone Duo handsets at a total contract value of 999,950 yuan (about $149,700 ). Xu agreed to pay 4,000 yuan ($600) above retail per phone and planned to flip them at a 6,000 yuan ($900) markup - pocketing 2,000 yuan ($300) apiece for a target profit of 100,000 yuan ($14,970).
By October 17, however, that spread had vanished. Xu's intended buyer slashed his bid to just 3,500 yuan ($525) above retail - 500 yuan ($75) per phone below Xu's locked-in acquisition cost. Dumping all 50 handsets at that price would have handed Xu a 25,000 yuan ($3,740) loss , effectively wiping out his deposit (though not the nearly $150,000 gross order value).
Xu walked away from the bid to hunt for other buyers, leaving the loss on paper for now. Later that day, the original buyer sweetened his offer to 4,200 yuan ($630) over retail, but only for 10 phones. That trimmed Xu's potential gross profit to a meager 200 yuan ($30) per handset while leaving the remaining 40 units without a bid.
Another would-be flipper, Chen Canlan , initially listed his launch-day preorder at a 6,000 yuan ($900) markup before settling for 3,000 yuan ($450) - a 50% haircut on his asking premium, even if the phone itself still traded well above retail.
The new phone pairs a 5.4-inch outer display with a 7.6-inch folding inner screen, the 256GB iPhone Duo carries an official starting price of 15,999 yuan ($2,395) in mainland China and $1,999 in the United States .
An Apple iPhone Duo during a product unveiling event at Apple Park in Cupertino on Sept. 9. Photographer: David Paul Morris/Bloomberg Tyler Durden Mon, 10/19/2026 - 12:25 Close Mon, 19 Oct 2026 16:10:00 +0000 This Is Perhaps The Most Dystopian Thing Ever...
This Is Perhaps The Most Dystopian Thing Ever...
This Is Perhaps The Most Dystopian Thing Ever...
Authored by Steve Watson via Modernity.news ,
France's streets burned, shops were looted and stripped bare and a historic town hall collapsed under arson. Yet the most striking images from Saturday night were not the fires. They were the people who carried on as if nothing was happening.
One woman jogged straight through thick black smoke past a burning barricade, treating the chaos like an outdoor treadmill session.
Groups of French boomers kept dancing while buildings were torched around them, and a tour guide was filmed continuing her routine for visitors, smiling and pointing out landmarks while flames literally engulfed the city right in front of tourists.
Meanwhile, the so called leader of France President Emmanuel Macron was filmed at a Celine Dion concert.
This is the backdrop to the worst night of rioting and unrest in years. Authorities reported roughly 550,000 people on the streets (others claimed 800,000). The day produced between 1,200 and 1,800 arrests and more than 500 injured police, gendarmes and firefighters. One person died of cardiac arrest in Paris.
In Limoges the 143-year-old city hall was deliberately set alight ; its spire and roof collapsed. Prefect Maurice Barate called the attackers "a wild horde."
Mayor Guillaume Guérin said those who entered threatened staff, telling them they would be killed. The building had survived two world wars.
In Lyon the tourist office, described as a heritage building in the heart of the city, was set ablaze , with officials calling the loss a tragedy.
Prime Minister Sébastien Lecornu said the government would not be "intimidated" and blamed the "ultra-left" and criminals. Interior Minister Laurent Nunez pointed to "far-left" protesters joined by "criminals who looted and ransacked."
Paris Deputy Mayor Emmanuel Gregoire stated that "whole streets have been devastated." Macron, while still claiming there were legitimate protesters who should not be ignored, later said those who broke into buildings, attacked prefectures and looted town halls "will be prosecuted and punished."
In Marseille, rioters forced their way into city hall, toppled a bust of Marianne and raised Palestinian flags.
Rolex, Hermès, Louis Vuitton and other stores were emptied in daylight.
Looters also broke into the Centre Bourse shopping mall and began taking everything they could carry.
Prefect Jacques Witkowski said the people involved "ne sont pas venus pour manifester, mais piller " - they did not come to demonstrate, they came to loot.
In Paris a woman who had joined the marches was filmed shouting "This isn't the cause" as others began looting; she was pushed aside and told they had "urgent shopping" to do.
Restaurant owner Aline of La Barrique was beaten , her face bruised, her place sacked and burned.
A phone-shop owner sat among the shattered remains of his business.
In Nice a person connected to an attacked store was assaulted after confronting the rioters.
Groups also hijacked tourist train cars.
Another clip shows supposed student protesters pausing to loot a jewellery store.
Footage of the looting and street chaos has been widely shared as the direct outcome of left-wing policies and education that prioritised ideology over basic order.
Footage from multiple cities shows few French flags among the most violent crowds. Islamic and Palestinian flags dominate.
One clip shows men pausing the looting and violence in a Paris street to pray, then continuing.
A Spanish journalist was confronted by two men making throat-slitting gestures ; reports described them as second- and third-generation migrants.
An image of a Joan of Arc figure in a hijab holding a Palestinian flag circulated widely.
A circulating account from journalist Paul Amar claimed groups arrived with addresses of town halls and Jewish-owned shops and that, on one Marseille street, businesses owned by Jews were burned while those run by Muslims were not.
Organised Networks, Not Spontaneous Students
This is not a spontaneous student protest that got out of hand.
A Fox News Digital investigation found that of roughly 50 organisations active around the unrest, only about one-third were actual student or youth groups. The rest included labour unions, communist and socialist organisations, the French Communist Party, La France Insoumise and a Palestinian advocacy group.
The same reporting traced funding and amplification to networks linked to Shanghai-based tycoon Neville Roy Singham, including outlets such as BreakThrough News.
The violence is being amplified by a red-green alliance of communists, socialists and Islamists using "student" grievances as cover for broader disruption.
A clip circulating on X shows pallets of bottles appearing on the street as if staged in advance, suggesting the chaos was organised and rioters were being equipped rather than acting spontaneously.
The original complaints about teacher shortages and ageing school buildings are now just a footnote.
VIDEO
France spends above the EU average on upper-secondary education. None of that explains why luxury stores were emptied, why a 19th-century town hall was torched, why people are being beaten in the streets or their own places of business, or why large sections of the crowds waved foreign flags and paused to pray in the street.
The media continues to centre "education reform" and cost-of-living framing. The videos show something else entirely: organised destruction enabled by decades of open borders, with first-, second- and third-generation migrants doing the smashing and burning.
While the country was being looted and set alight, people danced, jogged through the smoke, gave guided tours and the president attended a concert. That is the clearest picture of how detached the official story has become from what is actually happening on the ground.
Tyler Durden Mon, 10/19/2026 - 12:10 Close Mon, 19 Oct 2026 15:40:00 +0000 Trump Dangles $100 Million Kentucky Pharma Investment, But Only If Republicans Win Midterms
Trump Dangles $100 Million Kentucky Pharma Investment, But Only If Republicans Win Midterms
Trump Dangles $100 Million Kentucky Pharma Investment, But Only If Republicans Win Midterms
Authored by Travis Gillmore via The Epoch Times ,
President Donald Trump announced plans for the Department of War to invest $100 million to support a pharmaceutical company, with the offer conditional on Republicans winning the midterm elections next month.
President Donald Trump takes the stage at the Truist Arena on the campus of North Kentucky University in Highland Heights, Ky., on Oct. 17, 2026. Travis Gillmore/The Epoch Times Antheia would receive the funds to boost production of ingredients used in medications at a facility in Winchester, Kentucky.
"That's a big revitalization project," Trump said during a rally in the Truist Arena at Northern Kentucky University. "But, if the Democrats win ... they wouldn't be able to do it. They wouldn't even know what you're talking about."
Details about the investment are limited. The Epoch Times reached out to the Department of War for clarification but did not receive a response prior to publication.
Trump also mentioned a billion-dollar investment between GE Appliances and the IUE-CWA union to boost manufacturing in the company's Kentucky operations, announced in September.
The president urged supporters to vote in November, calling for a high turnout in what he described as a consequential election.
"This is the most important midterm in the history of our country because we've gotten more things done, and they can undo them if we start losing an election, especially this one," Trump said. "So, pretend I'm on the ballot."
Navy SEAL veteran Republican nominee Ed Gallrein, running for the House in the state's 4th District against Democrat Melissa Strange and Libertarian Jeremy Todd, told the crowd the midterms in 17 days "could determine more than the control of Congress, it may very well determine the fate of our nation."
"This election is about far more than politics," Gallrein said. "It's about defending the principles that define our America: individual liberty, personal freedoms, faith, family, our future, and the Constitution that protects us."
He secured the nomination, with Trump's endorsement, after a hard-fought primary to unseat Rep. Thomas Massie (R-Ky.)
Andy Barr, Republican nominee for Senate facing former state representative Democrat Charles Booker to fill the seat vacated by retiring Sen. Mitch McConnell (R-Ky.), expounded on the nation's unique place in history and the sacrifices made by Americans over generations to sustain the Republic.
"On the 250th anniversary of the greatest experiment in freedom the world has ever known, we must fight to save it for the next 250 years," Barr said.
Polling data shows Gallrein and Barr with solid leads in the historically red districts.
The state's 6th Congressional District race is tighter, with Republican Ralph Alvarado, physician and former state senator, running against Democrat Zach Dembo, a former federal prosecutor.
Several thousand supporters attended the rally, with the ubiquitous Trump superfans the Front Row Joes and Blake Marnell, better known as "Mr. Wall," taking their standard positions near the front of the stage.
While most audience members were there to cheer on the president, some came with other motives.
One individual was removed after disrupting the speech, prompting Trump to say protesters "get $250" per incident.
Mother of five Nikki Reed, 62, from Virginia Beach, Virginia, drove 10 hours to the rally dressed in red, white, and blue. She said her sole purpose for attending was to infiltrate the crowd and interrupt the proceedings while Trump was speaking.
"I spent a lot of money to be here, a lot of gas money," Reed told The Epoch Times, noting an expectation for the president to dismiss her as a paid protester. "I think it's really important to say I'm not paid to be here."
She showed email receipts as evidence of dozens of donations she made to ActBlue, the donation portal for the Democratic Party.
"I pay them," Reed said, emphasizing her desire to inspire change. "There's something to be said when you're; it's almost like you're making a statement."
Security surrounded her moments after she stood on chairs and yelled "loser" while raising a jacket painted with a derogatory phrase to get the president's attention, and she was escorted away from the premises without incident.
About a dozen protesters lined the walkway near the arena, many holding signs criticizing high gas prices and inflation.
The Kentucky visit marked the president's second of the year in the state and comes on the heels of an Oct. 3 stop in Vandalia, Ohio, which shares the Cincinnati media market with his Highland Heights appearance.
Future campaign rallies announced, so far, include Wichita, Kansas; Greenville, North Carolina; Clemson, South Carolina; Sioux City, Iowa; and Fort Myers, Florida, with more stops expected through Nov. 3.
Tyler Durden Mon, 10/19/2026 - 11:40 Close Mon, 19 Oct 2026 15:25:00 +0000 Putin's Hometown: Biggest Ukrainian Attack On St. Petersburg Since War's Start
Putin's Hometown: Biggest Ukrainian Attack On St. Petersburg Since War's Start
St. Petersburg, Russia's second-largest city, came under heavy drone attack early Sunday - resulting in huge fires over what is also the second m
Read more.....
Putin's Hometown: Biggest Ukrainian Attack On St. Petersburg Since War's Start
St. Petersburg, Russia's second-largest city, came under heavy drone attack early Sunday - resulting in huge fires over what is also the second most important civic center after Moscow .
An oil depot and oil export facility suffered direct hits, despite President Trump multiple times making it known that he's vehemently opposed to such attacks, given the diesel supply crisis.
Via AFP One person was killed and at least five more were injured in this latest long-range drone wave, Aleksandr Beglov, the governor of St. Petersburg, announced on Telegram. He also added that a dozen apartment buildings and two private residences suffered damage in the attack. A large bridge was also targeted.
Extensive blazes have been observed at the Petersburg oil terminal and the Ruchyi oil depo t, and industrial warehouses in the Kolpinsky District. Some 20,000 residents in the area were also left without power after a pair of electrical substations were hit. State media later updated the number of injuries to at least ten.
The Wall Street Journal underscores the symbolism of a major Ukrainian attack on "Putin's hometown" in the following :
Ukrainian drones unleashed early Sunday the biggest attack on St. Petersburg since the start of the war , hitting a major oil terminal and other critical targets in Russian President Vladimir Putin’s hometown following the collapse of a fragile energy ceasefire .
Kyiv had refrained from hitting energy targets inside Russia for days following President Trump’s announcement last week of a ceasefire on such strikes which have degraded Russia ’s ability to refine fuel, turned the country into a net fuel importer and pressured an already tight global fuel market.
A data center of Russia's largest social media platform VK, formerly known as VKontakte, was also struck - though the company said its services remain operational.
Trump Sunday afternoon Truth Social: "I WANT THIS WARN [TO] END!"
In the attack aftermath, media reports have tallied that some 1,000 drones or more were sent against St. Petersburg .
Ukraine's President Zelensky has stated in response to Trump pressure that the Russians are continuing their own strikes on Ukraine's energy infrastructure.
He said that over the last week alone Russia had launched nearly 2,700 drones, 1,700 aerial bombs and 66 missiles.
"The Russians are trying to cause a blackout," he wrote in a Sunday social media post. "And America should see that Russia is not taking any reciprocal steps in response to sanctions relief or agreements."
Meanwhile, US Secretary of State Marco Rubio on Sunday denied claims from Kiev that the White House ordered the throttling of SpaceX's military-grade Starshield satellite network used by Ukraine.
"I don’t know what Zelensky said, I’m not sure Zelensky knows what he’s talking about, but it wasn’t deliberate," Rubio said on Saturday . "We had nothing to do with that. I don’t, the United States, nobody ordered that Starlink speed to be slowed down. It sort of happened, but my understanding is it’s been restored, it’s back to what it was before."
"Starshield is a contract with the US military, it has nothing to do with Ukraine. I know Ukraine wants access to Starshield, they do not have Starshield now. They’ve asked for access to it in order to conduct deep strikes inside of Russia. They do not have access to it at this moment. Those are two different products," he added.
In follow-up, on Monday Rubio broadly addressed the diplomatic stalemate related to peace talks and a potential resumption.
"We see nothing good coming from this war," Rubio said . "We see a lot of downside to it, including the very real risk of escalation and spread of this thing... into another country because of a failed sabotage attack, because of drones that are hit with electronic warfare and they wander into a neighboring country."
Tyler Durden Mon, 10/19/2026 - 11:25 Close Mon, 19 Oct 2026 15:13:00 +0000 Saudi Arabia Cancels In-Person 'Davos In The Desert' Event Amid Houthi Attacks
Saudi Arabia Cancels In-Person 'Davos In The Desert' Event Amid Houthi Attacks
Update(11:13ET) : Read more.....
Saudi Arabia Cancels In-Person 'Davos In The Desert' Event Amid Houthi Attacks
Update(11:13ET) :
"Saudi Arabia’s Future Investment Initiative, a marquee showcase for foreign investment, was to gather the global financial elite in Riyadh beginning Oct. 26," The Wall Street Journal reports .
"Organizers decided Monday that if the conference goes ahead, its sessions will be held virtually rather than in person, the people said ," WSJ continues. "The kingdom is expected to make a decision Tuesday or earlier whether to postpone the event, they said. Postponement is the most likely outcome , some of the people said."
SAUDI ARABIA POSTPONES FII INVESTMENT EVENT TO 2027
Major airports, including Riyadh's international airport, remain shuttered after several attacks out of Yemen, and as the war there grinds on. A series of events have been canceled or delayed which were to be hosted in the kingdom, which we've outlined below.
* * *
Houthi ballistic missile attacks on Saudi Arabia have become almost daily at this point, and appear aimed at causing maximal economic and security pain for the kingdom.
Riyadh's international airport has remained closed, as have some other regional hubs that were targeted this month, and flight suspensions to and from Europe and internationally have had a domino effect , impacting the ability of Saudi Arabia to host major events.
The kingdom has as a result been forced to cancel or postpone a series of international high profile and high dollar events , also as air defenses appear to be failing to detect inbound missiles over the vast desert expanse.
Strikes out of Yemen on Saudi territory have killed at least 20 people and injured almost 400, stretching back to Oct. 6.
Middle East-focused news source Al Monitor "The disruption has hit some of Saudi Arabia’s flagship events across sectors central to its Vision 2030 program, which aims to diversify the economy away from oil."
via EPA Citing the same report, DropSite News
The events which have been derailed by the conflict include the following:
EU-Gulf summit : The Oct. 24 summit in Riyadh, which all 27 EU leaders were due to attend, was postponed Thursday with no new date.
FIFAe Finals : The esports tournament set for Oct. 16-25 in Jeddah was postponed. Brazil and Japan had already pulled their teams over security concerns.
Six Kings Slam : The tennis exhibition, due to feature Novak Djokovic and Carlos Alcaraz, was pushed from Oct. 21-24 to Dec. 27-30.
Rally Saudi Arabia : The final round of the World Rally Championship was canceled in September over "ongoing regional developments" and moved to Sardinia.
Red Sea International Film Festival : The December festival was postponed to late 2027.
Joy Awards : Saudi Arabia's answer to the Oscars and Grammys, set for January, was postponed amid financial strain and the Iran war, Reuters reported.
Soundstorm : The electronic music festival was canceled. Its organizer gave no reason and said it will return in 2027.
Esports World Cup : The tournament was moved from Riyadh to Paris in August.
World Petroleum Council congress : Executives from BP, Chevron, Shell and TotalEnergies couldn't attend this week's event in Riyadh because of travel disruptions.
Future Investment Initiative : The "Davos in the Desert" summit, still set for Oct. 26-29, is moving to a hybrid format so executives can join remotely, Reuters reported.
AFC Asian Cup : The January 2027 tournament is still on, but the confederation's president said it could be pushed back to 2028.
2034 World Cup : Saudi Arabia's sovereign wealth fund plans to drop five proposed new stadiums, Semafor reported.
Federico Borsari, a defense expert at the Centre for European Policy Analysis (Cepa), separately commented that the Houthi arsenal has "further expanded to include increasingly sophisticated ballistic and cruise missiles built with Iranian help."
He said the timing this month of ramped up Houthi attacks appears consistent with "deliberate escalation intended to impose economic and political costs" on Saudi Arabia, amid the ground fighting in Yemen.
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Formula 1 races in doubt? ...
Tyler Durden Mon, 10/19/2026 - 11:13 Close Mon, 19 Oct 2026 15:10:00 +0000 Cook Case Tests The Limits Of Fed Independence
Cook Case Tests The Limits Of Fed Independence
Cook Case Tests The Limits Of Fed Independence
Authored by Alexander W. Salter via The Daily Economy ,
President Trump has renewed his effort to remove Lisa Cook from the Federal Reserve Board.
Whether he has a legitimate reason to fire her is another matter. The White House announced a three-person "committee of inquiry" to investigate whether Cook made false statements on mortgage applications, and whether that is sufficient cause to remove her from her post. Next month, the committee will question her at a White House hearing.
This is Trump's second attempt. In June, the Supreme Court blocked the first one. As I wrote at the time, the ruling carved out a special exemption for the Fed. That same morning, the justices ruled in Trump v. Slaughter that agency heads who wield executive power answer to the president. Then immediately, they shielded the most powerful agency of all from the impact of that ruling.
But the June decision was narrow: Cook was entitled to notice and an opportunity to respond before removal for cause . The White House is now complying with both requirements. Cook's lawyers maintain that the alleged infraction - designating two properties as her "primary residence" - was just an "inadvertent error," pointing out that the president's and Treasury Secretary Bessent's own property filings contain the same discrepancy .
Whether the allegations around mortgage documents are proven or not, the real stakes are much bigger. President Trump's attempt to unseat Cook ultimately tests central bank independence . The conventional defense of central bank independence, reinforced by the high court's treatment established in Slaughter , holds that the Fed should be insulated from political accountability to do its job well. That doctrine deserves far more scrutiny than it usually gets.
Central bank independence rests on two claims.
The first is empirical : independent central banks supposedly deliver lower inflation. But the evidence for that is decidedly mixed , and varies with the sample and the estimation method. There's a simpler explanation that also fits the data: countries that respect the rule of law also tend to keep prices stable. Sound money comes from sound institutions, not from insulated technocrats.
The second claim is constitutional : the Fed's insulation supposedly fits within our system of separated powers. But it does not . Congress holds the power to coin money and regulate its value, and has delegated substantial power to the Fed. Many of the Fed's activities, particularly bank supervision and enforcement actions , involve the exercise of executive power. The Constitution vests the executive power in a president, who answers to voters. If central bankers who exercise that power are shielded from discipline and removal, then they answer to no one.
Milton Friedman made the fundamental argument more than 60 years ago in Capitalism and Freedom
Mistakes, excusable or not, cannot be avoided in a system which disperses responsibility yet gives a few men great power, and which thereby makes important policy actions highly dependent on accidents of personality. This is the key technical argument against an 'independent' central bank.
An independent central bank concentrates power while diffusing responsibility. When policy fails, no one is answerable for the failure.
The Fed's recent record bears Friedman out. Following COVID-19, the central bank delivered the worst inflation in four decades. Five years later, inflation still runs above target . No one was fired, demoted, or made to face any meaningful consequence. While failing at its price stability mandate, the Fed took up projects Congress never authorized , issuing climate-risk guidance for large banks and building out DEI programming . This is what bureaucracies do when nobody can discipline them.
Cook is not a bystander here. She has served on the Board since May 2022 , with inflation at 40-year highs. She attributed the Fed's inflation failures to supply constraints rather than monetary policy. And when the Board rescinded its climate guidance last fall, she formally objected . None of this constitutes "cause" in the White House's sense, and Trump's motives are doubtless partisan. But it does illustrate the deeper problem: Fed officials operate in a system where poor performance carries no penalty.
The president's committee will likely recommend firing Cook. If the president follows through, another round of litigation is likely. Remember, the problem is not a specific monetary policymaker's alleged wrongdoing. It's central bank independence itself. The solution is accountability of the ordinary kind: a limited mandate simple enough for citizens to evaluate , with meaningful consequences for poor performance. Eventually, a monetary rule could further limit officials' discretion. As Friedman put it:
The only way that has yet been suggested that offers promise is to try to achieve government of law instead of men by legislating rules for the conduct of monetary policy that will have the effect of enabling the public to exercise control over monetary policy through its political authorities, while at the same time...[preventing] monetary policy from being subject to the day-to-day whim of political authorities.
The case for central bank independence rests on a straw man. Neither Congress nor the President will set interest rates. What matters is who's ultimately in charge, especially with inflation above the Fed's target for more than five years. The American public can't afford the Fed's simultaneous concentration of power and exemption from accountability.
Tyler Durden Mon, 10/19/2026 - 11:10 Close Mon, 19 Oct 2026 14:40:00 +0000 Zelensky Knows Peace Deal Would End Him, Lavrov Says
Zelensky Knows Peace Deal Would End Him, Lavrov Says
Russia's Foreign Minister Sergey Lavrov is currently in the Gulf region. On Sunday he visited Bahrain, which was hit frequently by Iranian drone and missile attacks earlier in the
Read more.....
Zelensky Knows Peace Deal Would End Him, Lavrov Says
Russia's Foreign Minister Sergey Lavrov is currently in the Gulf region. On Sunday he visited Bahrain, which was hit frequently by Iranian drone and missile attacks earlier in the US-Iran war.
On Monday, the top Russian diplomat is meeting with senior Iranian officials in Tehran , where top of the agenda is the ongoing conflict with the US as well Iran-Russia relations. This marks Lavrov's first visit to the Islamic Republic since February 2025, and so is very significant. But he also issued stern comments related to Russia's own 'special military operation'.
Getty Images In Bahrain, Lavrov gave some remarks before a press conference in which some interesting things were said about the Ukraine war. He reiterated the familiar Kremlin refrain that the Zelensky government and its backers are not actually interested in peace, and are actually trying to derail Trump-led efforts.
That's when he said that Ukrainian President Zelensky knows that a comprehensive peace deal with Moscow would spell the end of his regime , according to Russian state media.
"It is obvious that Zelensky has no desire to even move toward reaching agreements ," Lavrov said .
"Presumably, this is because he understands that any agreement acceptable to both Russia and the US would spell the end of his regime – and his own personal end as well ," he emphasized.
He further lambasted EU leaders for encouraging Ukrainian attacks on Russian energy infrastructure, even as Washington tries to impose a ban on these to stave off a deepening global diesel crisis.
"I am confident that decisions will be made there [at the meeting of gas-exporting countries to be held in Moscow on October 28-29] aimed at stabilizing global markets, rather than collapsing these markets in order to save Zelensky's regime, which is what our European colleagues are currently doing, including by encouraging the aforementioned strikes on civilian infrastructure," Lavrov added.
Days prior to the Gulf visit, Lavrov said : "Zelensky is not interested in holding elections in Ukraine, he 'made it very clear'." The foreign ministers added: "He has fenced it with terms that are unacceptable for us ."
As for the comments on the 'end' of Zelensky's rule, many independent observers have in the past noted that if Zelensky were to make significant territorial compromises with Russia, hardline right elements within Ukraine's security establishment could overthrow him (or worse, assassinate him).
President Trump is meanwhile calling on Kiev to urgently hold elections, coupling this with serious cuts to what Washington has been supplying over prior years, especially intelligence-sharing. Trump has also just signed a major sanctions waiver for Russia, coming on the heals of the diesel deal he did with Putin.
Tyler Durden Mon, 10/19/2026 - 10:40 Close Mon, 19 Oct 2026 14:25:00 +0000 US Homebuilder Confidence Crashes To 14 Year Low, Blame Mortgage Rates & Immigration
US Homebuilder Confidence Crashes To 14 Year Low, Blame Mortgage Rates & Immigration
American homebuilder confidence crashed to 29 in October - down from 32 in September and worse than the 31 print expected as rising mortgag
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US Homebuilder Confidence Crashes To 14 Year Low, Blame Mortgage Rates & Immigration
American homebuilder confidence crashed to 29 in October - down from 32 in September and worse than the 31 print expected as rising mortgage rates, energy and material costs, and worsening labor and lot conditions have pushed builder sentiment to a 14-year low.
All three of the major HMI indices posted losses in October.
The index measuring current sales conditions fell two points to 33, the index gauging future sales expectations dropped five points to 32 and the index charting prospective buyer traffic fell five points to 18.
“Mortgage rates have climbed well above 7% in recent weeks , and higher gas prices and inflation have further weakened buyer traffic across much of the country,” said NAHB Chairman Bill Owens, a home builder and remodeler from Worthington, Ohio.
“Though builders are also contending with higher costs for construction loans, building materials and diesel, the Trump administration’s efforts to advance regulatory reform are helping to ease some of the cost pressures they face. Nationwide, more than one-third of builders reported immigration enforcement activity in their market areas during the past month, causing construction delays and discouraging legal workers from reporting to work.”
Judging by Future Sales expectations, builders are not going to be adding any new supply in a hurry...
“Housing remains squeezed by supply-side constraints and significant affordability challenges,”
“Demand persists, but higher mortgage rates, elevated construction costs and weaker consumer confidence are keeping more buyers on the sidelines. As a result, buyer traffic has fallen to its lowest level since April 2012, excluding the pandemic’s onset in April 2020.”
The latest HMI survey found that 43% of builders cut prices in October, the highest share during the 2020-2026 period.
The average price cut remained at 6% for the seventh consecutive month. Meanwhile, 65% of builders reported using sales incentives in October, the 19th straight month at least 60% of builders have done so.
Looking at the three-month moving averages for regional HMI scores, the Northeast dropped one point to 38, the Midwest fell three points to 40, the South fell one point to 30 and the West posted a two-point decline to 26.
However, as ugly as the data was, builder confidence has a long way to go before it catches down to homebuyer confidence...
Homebuyers have never been less enthusiastic about the American Dream... perhaps this is why...
The gap between current mortgage rates (7.5%) and the average mortgage across all of American homeowners (4.33%) is extreme to say the least, trapping sellers and buyers...
Who blinks first?
Tyler Durden Mon, 10/19/2026 - 10:25 Close Mon, 19 Oct 2026 13:55:00 +0000 Democracy Manifest
Democracy Manifest
By Benjamin Picton, senior market strategist at Rabobank
US stocks defied a strong lead from Europe and Asia on Friday to close broadly in the red. IT, telecommunications and the consumer discreti
Read more.....
Democracy Manifest
By Benjamin Picton, senior market strategist at Rabobank
US stocks defied a strong lead from Europe and Asia on Friday to close broadly in the red. IT, telecommunications and the consumer discretionary sector led declines while energy, materials and consumer staples performed well. Oil prices surged following further reports of attacks on shipping in the Strait of Hormuz, with Iran claiming that two tankers carrying up to 4 million barrels of crude were struck by marine mines. The BBC reports UKMTO figures noting that the number of ships being attacked in and around the Strait hit a new high of 12 vessels in the week to the 11th of October.
Rising oil prices helped to see ten-year Treasury yields close 1.5bps higher at 5.07% after a big drop on Thursday. Two-year yields fell by 3bps, causing a steepening of the yield curve that might have provided a slight tailwind to financial stocks. Higher oil prices and rising long yields were not helpful for the consumer discretionary sector that was perhaps still trading off the signal of a weaker-than-expected retail sales report released the day before, which gave the impression that spending on automotive fuels is cannibalising demand for other goods.
Following market close on Friday news emerged that President Trump is enacting a waiver of steep Graham Act sanctions and tariffs that were due to come into effect. The Act requires the imposition of secondary sanctions in the form of 100% tariffs against the top five buyers of Russian crude oil and gas products while also placing 500% tariffs on Russian energy products being imported into the United States. Active Brent crude futures are down by $1.80/bbl at time of writing.
Depending on how the calculation is performed, the top five buyers of Russian energy products are likely to include China, India, Turkey and the European Union . The imposition of 100% tariffs on China would certainly torpedo the truce in the trade war that was extended to January only a few weeks ago and would risk a response in the form of renewed export restrictions on rare earth minerals. 100% tariffs on the EU and Turkey would be a major strike against NATO allies at a time when the Trump administration wants Europe to contribute more to collective defence and Turkey to play ball with US interests in the Middle East. Striking India would antagonize an emerging great power that the USA would like to use as a geopolitical counterweight to China in the Indo-Pacific, an investor in new US production, and a customer for US defence and nuclear energy exports.
Of course, the imposition of Graham Act sanctions would also directly contradict recent efforts of the administration to reduce fuel prices ahead of the midterm elections. Relations between Moscow and Washington appear to be in an upturn following the recent controversial deal for the US to import Russian diesel sanctions-free over the coming months. That deal drew condemnation from Ukraine and several members of congress, as did Friday’s decision to waive the Graham Act sanctions. In a post to Truth Social on Sunday President Trump said that his decision was aimed at avoiding anything that will “drive, foolishly, Russia away from the bargaining table”.
Secretary of State Marco Rubio indicated over the weekend that the waiver was only for a period of 60 days to give the US time to “analyze what imposing both sanctions and tariffs will mean to the global economy and even the US economy”. Some might detect an implied threat that while buyers of Russian energy have avoided the sanctions for the time being, the Sword of Damocles still hangs, and the administration now has greater powers to coerce other countries into doing what it wants.
Rubio’s 60 days would expire after the midterm elections, which is the line in the sand that President Trump has repeatedly nominated when saying that the US would not engage in fresh strikes against Iran before that date. Once the midterms are out of the way, it looks like all bets are off and we can expect a dramatic ramping up in geopolitical volatility. That impression was seemingly confirmed last Thursday when President Trump again implied in an interview with Newsmax that the United States was considering striking Iran’s Pickaxe Mountain complex, where nuclear centrifuges from the Natanz site are thought to have been relocated.
An IRGC spokesman said in a post on X that any attack on Iranian energy infrastructure would trigger a “scorched earth” response against Israel , with other Iranian sources suggesting a ‘nuclear for nuclear’ attack on Israeli reactors if Pickaxe Mountain were to be struck. Israeli Prime Minister Netanyahu – freshly endorsed for re-election at next week’s poll by Donald Trump – said that the Islamic Republic must be toppled and that he had directed Israel’s security agencies to pursue that goal, without US support if necessary.
While the world grapples with the energy shock emanating from hot wars in Europe and the Middle East, French President Macron continues to grapple with political unrest at home. Tensions ran high over the weekend as widespread protests erupted into rioting and looting, with images of the burning of the historic town hall in Limoges circulating on social media and about 1000 police officers reported injured.
President Macron said in an address to the nation that a distinction must be drawn between the actions of the rioters and the legitimate concerns of protestors demonstrating against rising living costs and decaying public services. Marine Le Pen, the right-wing frontrunner for the upcoming presidential election, railed against what she called “exhausted Macronist power” saying that France faces a crisis of confidence and authority that now poses a threat to democracy.
Hungarian Prime Minister Peter Magyar echoed sentiments expressed by Donald Trump blaming the riots on uncontrolled immigration, claiming that the scenes in France vindicated Hungary’s tough approach . Polish Prime Minister Donald Tusk – avoiding explicit mention of France -similarly extolled the virtues of his own country’s hardline stance on immigration, saying that Poland would “neither repeat nor pay for” other countries’ mistakes. The Euro is this morning trading lower despite a broad US Dollar selloff.
Keeping with the theme of democracy, today is an important date in the Canadian province of Alberta. A non-binding referendum will be held where voters are asked to indicate whether Alberta should remain a province of Canada or commence the constitutional process to secede. Voters will also be asked a series of questions about their views on control of immigration, voter ID, and to what degree non-citizens should have recourse to public healthcare and other social programs.
Needless to say, the results of the vote will be closely watched in Ottawa, and in Washington D.C.
Tyler Durden Mon, 10/19/2026 - 09:55 Close
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