CMR is the leading provider of funding and management support for small to medium-sized businesses and entrepreneurs 

Authored by Noel Williams via AmericanThinker.com,

Towards the end of every calendar year, various colleges publish lists of overused words and phrases. Though it is only August, here’s an obvious entrant for 2026: “big tent party.”

Invoking that tired phrase is part of the sophistry that “establishment” Dems contrive to outwit dumb fake-news hosts. It is an attempt to obfuscate concerns about the commie takeover of their party. Publicly and performatively, they pretend to welcome the commies because they are a “big tent party.”

Wrong! They are a “folding tent” party when it comes to their historical raison d'être; indeed, common-sense Republicans have co-opted much of their traditional ethnic and working-class base.

Even if their big tent bulges at the seams, what’s the point if the big top ring is swamped with commie clowns who turn it into a chaotic circus?

What’s the point of a party that lacks a clear mission or coherent principles?

The answer: to spite common-sense conservatives. To thwart Republicans for the sake of it. But what’s the point of that?

As the commie clowns usurp the circus ringmaster, they’re effectively chucking sticky pies into the faces of the supposedly establishment Dems. Even leftist Hakeem Obama-wannabee Jeffries has been splattered with sugary goop. He admits he’s against several of the commie demands; in fact, he doesn’t support the DSA platform at all.

Again, I ask: what’s the point in welcoming in commie clowns who run amok? I know TDS is debilitating, but do they really hate an America First President more than soul-destroying commies? They are anti-American, but are they also anti-human? Get some perspective, please.

When it comes to the more “moderate” Dems, perhaps the likes of Jared Moskowitz (D-FL) and John Fetterman (D-PA), the policy gulf is even wider. If one considers the political spectrum, they may tilt somewhat closer to conservative than commie (admittedly, Fetterman votes Dem most of the time, but I can’t see much comity with the commies).

This is not to say that a big tent can’t remain steadfast. Ronald Reagan managed it, and President Trump expanded traditional Republican constituencies. The difference is they coalesce around all-American common-sense principles that have helped make us the most inventive and prosperous country ever. Genius combined with copious common sense made America great.

The Dem big top tent is crumbling under the weight of the commie onslaught. The DSA-endorsed candidates may have a “D” by their name, but it should be “C.” After all, there was once a time when even Dems supported America; conversely, the commies they now invite in want to overthrow us. How do they belong on the same playing field, let alone in the same tent?

I’m an average, commonsense dude, but I’m telling the pretentious intellectuals and highfalutin linguists right now:  recommend ditching the phrase “big tent party.” It was useful for Reagan, and even Trump, who both ushered in a bright “Morning again in America,” but has become a ludicrous trope for the demented Dems. They are lacking a positive platform, so the Communist Manifesto will fill the vacuum.

One presumes the ultimate purpose in their big tent is simply to defeat Republicans. Be careful what you wish for -- the commies within will turn on you. They always do. As the old saying goes: “United we stand, divided we fall.” As with communism, the Dem big tent is doomed to fall. They’d be advised to break commie camp in a more orderly fashion.

The breadth of the commodity advance is becoming increasingly difficult to ignore.

Quantix Commodity Index

Diesel crack spreads have surged above $100, copper is trading above $14,000 a ton in London, gold and silver are accelerating amid US Treasury market intervention, and the Bloomberg Agriculture Spot Index is surging higher. At the same time, the dollar weakened sharply following Treasury Secretary Scott Bessent's intervention this week, providing an additional tailwind to the commodity complex.

According to veteran commodities strategist Jeff Currie, the convergence of tight physical markets, currency debasement, and policy intervention represents the hallmark of a structural commodity bull cycle.

Currie, the former Goldman Sachs commodities chief and now co-chair of Abaxx Markets, wrote in a ten-post thread on X that commodities are the clear winners as physical bottlenecks materialize around the world and Treasury market interventions add to those tailwinds.

Currie began the thread:

Wake up, folks. Commodities are telling you something, and yesterday the Treasury confirmed it.

Scarcity in the physical world. Repression in the financial one. Scarcity pushes prices up. Repression holds yields down. The gap between them is the debasement.

Commodities are the only asset class that wins on both sides. The structural case for commodities has been turbo charged.

Underinvestment, deglobalization and electrification all pushing markets like diesel cracks and copper to new highs.

Meanwhile the chokepoints are increasing, from Hormuz to the Red Sea, the Rhine, the Panama Canal, the Black Sea grain corridor and Russian refining capacity. It is becoming increasingly apparent that not a single one of those is reachable by anything in Washington’s toolkit whether it be caused by war or weather.

The illusion of abundance is likely behind us. I said as much on CNBC this Monday, and I got long gold, silver and agriculture last week.

Wake up, folks. Commodities are telling you something, and yesterday the Treasury confirmed it.

Scarcity in the physical world. Repression in the financial one.

Scarcity pushes prices up. Repression holds yields down. The gap between them is the debasement.

Commodities are the…

— Jeffrey Currie ??++ (@CommodMkt) August 20, 2026

Here's a summary of Currie's bull thesis for commodities:

1. Bond market intervention: Treasury Secretary Scott Bessent doubled long-bond buybacks one day after the 30-year yield hit 5.32%, its highest level since 2007, and only two weeks after the quarterly schedule was released. Currie says this is the last lever after a sequence of interventions: SPR draws that reduced inventories below 300 million barrels, dollar backstops for foreign holders in Japan and the Gulf, and FX intervention involving the euro and yen for the first time since 1998. The market reaction was immediate: Gold rose 4% to $4,510, silver gained 5%, and the Quantix Commodity Index reached an all-time high.

I don’t care what you want to call it. A sovereign that has to buy its own bonds to set the price has already conceded that the market won't.

Yesterday Scott Bessent doubled long-bond buybacks, two weeks after publishing the quarterly schedule and one day after the 30-year hit…

— Jeffrey Currie ??++ (@CommodMkt) August 20, 2026

2. Stop watching Brent and WTI: The economy runs on gasoline and diesel. That consumption-weighted basket is around $165 versus $85 WTI. Inflation breakevens and the bond market are reading the wrong screen. Watch the next three CPI prints.

Stop looking at crude. Nobody consumes it but refineries.

The economy runs on gasoline and diesel, and that consumption weighted basket costs $165 against $85 WTI.

Breakevens are being priced off the one barrel nobody consumes. The bond market is reading inflation off the wrong…

— Jeffrey Currie ??++ (@CommodMkt) August 20, 2026

Related:

• Jeff Currie: Forget $91 Brent, The Real Crisis Is $170 Diesel

3. It's all about the crack spread: Diesel cracks settled above $100 per barrel for the first time ever, reaching $102.20. That is four to six times the normal range, with records set in five of the last six sessions. The cause is a refining shortage, with global runs down around 5 million barrels per day because of Ukrainian strikes on Russian plants, Iranian attacks on Middle Eastern facilities, and chronic underinvestment. Crude can drift while refined products print records.

The diesel crack is the tell.

It settled above $100 a barrel this week for the first time in history, reaching $102.20. That is four to six times its normal range, with records hit in five of the last six sessions.

What lies behind it? A refining shortage. Global runs are down…

— Jeffrey Currie ??++ (@CommodMkt) August 20, 2026

4. Treasury supply problem: Foreign holdings fell in June, led by Japan, China, and the UK. The July deficit reached $432 billion, interest costs hit $1.1 trillion, and debt is approaching $40 trillion, while hyperscaler AI-capex issuance is competing for the same pool of savings. The marginal buyer is waiting for higher yields. Yesterday's buyback represents a managed, failing auction.

The Treasury market has a problem: it cannot comfortably clear its own supply. And scarcity only exacerbates the problem.

Foreign holdings fell in June, led by Japan, China and the UK. Against that, you can add a July deficit of $432 billion, interest costs that have surged to…

— Jeffrey Currie ??++ (@CommodMkt) August 20, 2026

5. Broken feedback loop: Normally, a commodity spike forces yields higher, followed by demand destruction and self-correction. Repression has cut the brake line. Scarcity feeds inflation, repression prevents the response, and the absence of a response amplifies the scarcity bid.

Repression cuts the brake line.

Normally when such a situation occurs, the bond market disciplines a commodity spike. We are familiar with the cycle: yields rise, demand slows, the spike self-corrects.

But not this time.

The cycle has broken down: scarcity feeds inflation,…

— Jeffrey Currie ??++ (@CommodMkt) August 20, 2026

6. Diesel underpins everything: "Every other commodity is dirt plus diesel." Containers, tractors, locomotives, mine trucks, and fertilizer all depend on diesel. The energy input sets the floor for metals, grains, and other commodities. This explains why the QCI can reach an all-time high while crude remains $30 below its peak. Corn is already up 10% on the week. Pass-through into trucking, food, and producer prices is just beginning.

Every other commodity is dirt plus diesel.

Diesel is the cost base of everything. Every container, every tractor, every locomotive, every
mine truck - you get the idea.

The energy input sets the price floor for metals, grains and fertiliser, which is how QCI prints an all-time…

— Jeffrey Currie ??++ (@CommodMkt) August 20, 2026

7. Refining problem: There are too many crude barrels and not enough refining capacity. The possible resolution paths include demand destruction through high product prices, crude rebalancing as the current glut remains partly MoU-related, or a recovery in refining activity. If runs recover and refiners bid for the missing 5 million barrels per day of feedstock, the shortage will migrate upstream, causing crude to rally as cracks compress. The net cost to consumers stays high either way. There is no SPR for diesel or gasoline. Bears have been promising supply for more than two years, while the petroleum total-return index has doubled and retail prices remain near all-time highs.

There is no clean bearish resolution.

The market is telling you there are too many barrels of crude and not enough refining capacity.

Either demand will be destroyed through higher product prices, or crude will rebalance (right now we are likely processing a momentary glut from…

— Jeffrey Currie ??++ (@CommodMkt) August 20, 2026

8/9. Widening chokepoints and El Niño: Hormuz has been constrained for six months, Russian refining remains under sustained Ukrainian attack, the Red Sea still requires a detour, the Rhine is at a record low amid heat waves, and the Panama Canal's allowable draft has fallen to 47.5 feet. In the Black Sea, all three Novorossiysk terminals are shut, leaving 97% of Azov-Black Sea export capacity offline during peak season. Simultaneously, the USDA cut its US corn-yield estimate to 180.7 bushels per acre and reduced ending stocks by 15%. Food has joined fuel. A record El Niño probability, including NOAA's 81% chance of a very strong event by year-end, adds further stress through drier conditions in Panama, weaker Asian monsoons, and pressure on Brazil's planting window. The system has no redundancy left.

Whether it is weather or war, the issues are widening and deepening. Hormuz has been constrained for six months and counting. Russian refining is regularly under fire from Ukrainian strikes and there’s no sign of that slowing down. The Red Sea is still a detour.

Record European…

— Jeffrey Currie ??++ (@CommodMkt) August 20, 2026

10. Conclusion: Scarcity is repricing the numerator, while repression is debasing the denominator. Own what benefits from both: product markets, grains, and freight for the scarcity leg, and gold for the debasement leg. Gold is at $4,510 versus the earlier January high of $5,600 referenced above. The bond market will spend the next six months discovering what product markets already know. Expect more volatility and higher highs across more markets.

Scarcity is repricing the numerator; repression is debasing the denominator. Own what benefits from both.

The commodity complex carries the scarcity leg - products, grains, freight. Gold carries the debasement leg: $4,510 today against a January record of $5,600, and every…

— Jeffrey Currie ??++ (@CommodMkt) August 20, 2026

Currie concluded by saying, "Get long and buckle up: the next leg of the ride will see more vol with higher highs across more markets."

Authored by Jack Phillips via The Epoch Times,

Several U.S. government agencies have said that cyber actors are attempting to hack into devices made by industrial systems company Siemens that are used to monitor water and other critical infrastructure systems.

In an advisory published on Wednesday, the FBI, National Security Agency (NSA), Cybersecurity and Infrastructure Security Agency (CISA), and other U.S. agencies informed “owners and operators of industrial control systems” that there is an “active cyber threat to Siemens S7 Series PLCs,” or programmable logic controllers—an industrial automation system.

Unnamed “threat actors are conducting reconnaissance and capability development against U.S.-based Siemens PLC installations using AI-generated exploitation scripts disguised as legitimate monitoring tools,” the advisory said.

It added that the hackers use services to find PLCs connected to the internet that run what the agencies said is “outdated software” or are “otherwise poorly protected.”

“The U.S. critical infrastructure sectors most targeted by this threat activity include Critical Manufacturing, Energy, Water and Wastewater, Chemical, Food and Agriculture, and Commercial Facilities,” the advisory reads.

“This is not a theoretical risk—it is an active threat.”

The agencies further warned that “exploitation of poorly protected PLCs could lead to disruption of critical industrial processes, safety incidents, downtime or equipment damage, compromise of sensitive data, compliance violations, and cascading impacts across interconnected systems.”

Organizations using Siemens systems are encouraged to apply relevant security updates, isolate devices and systems from the internet where possible, implement strong security protocols, and strengthen monitoring for potential malicious activity, according to the advisory.

“These mitigations are particularly important for owners and operators who work with third-party service providers or system integrators who may have remote access to PLCs, as the asset owners may not realize that their systems are exposed and at risk,” they added.

The advisory did not provide the name of a specific group, country, or actor that may be involved in attempting to hack the Siemens systems. Nor did it name companies that may have been targeted by the threat actors.

The warning ?comes amid U.S. cyber incidents ?targeting local water systems in several states in recent weeks. The FBI said earlier this month that from July 27 to July 30, water and wastewater utility companies in seven states reported security-related incidents.

In July, CISA and other agencies said Iran-linked hackers have targeted PLCs made by Rockwell Automation, Schneider Electric, Siemens, and potentially others.

A cybersecurity risk organization, Encrygma, said on Wednesday that a group linked to Iran’s Islamic Revolutionary Guard Corps, known as the CyberAv3ngers, has attacked water systems in the United States and displayed political messaging. CISA linked the group to cyberattacks on PLCs in late 2024.

Since February, the United States and Iran have traded strikes as the Trump administration has demanded that Tehran give up its nuclear program and reopen the Strait of Hormuz, a crucial waterway that allows for the transportation of significant amounts of the world’s traded oil.

Other agencies that were involved in the release of Wednesday’s advisory included the Department of Energy and the Environmental Protection Agency.

The NSA, FBI, CISA, and other U.S. agencies have long said that the Chinese regime, Iran, North Korea, and Russia have engaged in malicious cyber activity against U.S. infrastructure networks, collecting intelligence and engaging in cyber espionage.

Hours before 18,000 South Korean troops were due to kick off this year's Ulchi Freedom Shield exercise alongside their American counterparts, President Trump pulled the rug - instructing Secretary of War Pete Hegseth to "substantially reduce the Joint Military Exercises" with Seoul. By Wednesday the allies confirmed the annual drills - the backbone of combined readiness against the North - had been chopped nearly in half, from 11 days to five, with live field-training events canceled or downgraded to computer simulations.

According to Trump, the drills are costly (with Washington footing most of the bill); the exercises send a 'hostile and inappropriate' signal toward a North Korea that has been "unthreatening and respectful" on his watch; and - revenge... Seoul refused to help with the war on Iran. Trump recounted asking President Lee Jae-myung whether South Korea would care to join the denuclearization of the Islamic Republic, and characterized Seoul's answer as a breezy "No thanks!"

This sent Seoul scrambling, as  Lee spent Tuesday's cabinet meeting insisting the US alliance remains the bedrock of South Korean security, while his military worked out how to salvage an exercise that was already underway. Meanwhile, Pyongyang spent last week denouncing the drills as "a rehearsal for an aggressive war" - lobbing two ballistic missiles in the space of six days earlier this month. Chinese Foreign Minister Wang Yi arrived in Seoul mid-week for security talks, presumably trying to keep a straight face.

The Drawdown That Dare Not Speak Its Name

With US-SK relations having souring over the past couple of years over the punishment of US tech giants with arbitrary fines (extortion, basically), Trump's decision follows long-telegraphed push to shrink US Forces Korea itself. The Wall Street Journal reported back in May 2025 that the Pentagon had drafted options to pull roughly 4,500 of the 28,500 US troops off the peninsula and reposition them in Guam and elsewhere in the Indo-Pacific. While the Pentagon denied it, lawmakers freaked out and wrote a 28,500-troop floor directly into the FY2026 NDAA.

This means that the Trump administration has had to get creative: the exercises are halved under the guise of "strategic flexibility," while the admin is repurposing USFK (United States Forces Korea) for a China-Taiwan contingency rather than a purely North Korean one, and Seoul is now under pressure to pay quite a bit more for the privilege of hosting a force whose mission increasingly isn't about Korea at all. Lee himself has conceded that Washington's demand for flexibility is apparently one Seoul cannot easily accept.

This Didn't Come Out Of Nowhere

Longtime readers know the US-SK alliance has been deteriorating for well over a year. As we detailed last October, South Korea's Fair Trade Commission has spent a decade functioning less like an antitrust regulator and more like a toll booth for American tech: an $854 million hit on Qualcomm in 2016, $177 million on Google in 2021 over Android, serial actions against Apple's App Store - all while domestic firms Naver and Kakao have been allowed to skate despite similar actions. One study put the combined ten-year economic damage of Seoul's tech crackdown at roughly $1 trillion, including $525 billion to the US economy.

Washington noticed. In December, as we reported, the Office of the US Trade Representative (USTR) abruptly scrapped a scheduled KORUS Joint Committee meeting - the main forum for managing the free-trade relationship - after Seoul kept pushing digital regulations the administration considers discriminatory, despite having signed a framework weeks earlier promising not to. And in February, the House Judiciary Committee opened a formal investigation and subpoenaed Coupang - the NYSE-listed, American-owned "Amazon of Korea" - for documents on its treatment at the hands of Korean regulators.

Then Seoul stepped on the rake again after a former Coupang employee improperly accessed phonebook-grade customer data - names and addresses - with roughly 3,000 records actually downloaded, later recovered, never sold or misused, and with no documented consumer harm. Taiwan, whose customers were swept up in the same incident, handled it the way regulators normally do: a review, a compliance plan, move on.

Seoul decided to bust Coupang's balls. Police raided the company repeatedly; a dozen agencies launched investigations and enforcement actions, most of them having nothing to do with data security; politicians publicly vilified Coupang's American founder; and the firm's acting CEO - a US citizen - was dragged through days of kangaroo court hearings in which, per the committee's account, he was denied American counsel, accused of perjury over truthful testimony, and threatened with travel bans, criminal charges, and jail. 

In June, Korea's privacy regulator hit Coupang with a $409 million fine - the largest privacy penalty in the country's history, and more than four times the next-biggest, which had been levied on a Korean firm that exposed far more sensitive data. On July 1 - the same month Seoul lit its landmarks red, white, and blue for America's 250th birthday - House Judiciary published its report, "Closed for Competition," documenting officials pressuring the national pension fund to dump Coupang stock, lawmakers threatening to drive the company out of the country, and the prime minister urging regulators to pursue it "with the same determination used to wipe out mafias."

Deport The Regulators?

Which brings us to Capitol Hill's latest innovation. In late July, Rep. Michael Baumgartner (R-WA) - who in April led 54 House colleagues in a letter demanding Seoul stand down - introduced the No Racketeers on Our Shores Act, which would amend the Immigration and Nationality Act to deny US entry to, or deport, foreign officials "who weaponize the government to discriminate against American companies." The bill's fact sheet cites the Coupang case by name. In short: keep shaking down American firms, and your regulators can enjoy the view from outside the United States.

Two weeks ago, Judiciary Republicans fired off yet another letter, this time over Seoul's new "fake news" amendment - a KMCC-enforced regime that can fine publishers with over 100,000 subscribers, and large platforms, for spreading disfavored information. The platforms that clear those thresholds - Facebook, X, Instagram, YouTube - are, conveniently, almost all American.

Trump-Kim Bromance 2.0?

Amid the chill with South Korea, the WSJ reported Tuesday that Trump is pushing aides to arrange a meeting with Kim Jong Un as soon as this fall - potentially around the November APEC summit in Shenzhen. On Wednesday Trump confirmed it himself, telling reporters he'll meet Kim this year, describing the N. Korean leader as "well behaved," and casually confirming Pyongyang's arsenal at 57 "very powerful" nuclear weapons. Kim's sister Kim Yo Jong claims to be unaware of any recent correspondence, and no date has been set. 

No half-measures...

Authored by Zachary Stieber via The Epoch Times,

The salmonella outbreak connected to jalapeño peppers from Mexico has spread to additional states, U.S. authorities said on Aug. 19.

Thirty-two states have now reported cases in the outbreak, up from 27 states earlier in the month, the Centers for Disease Control and Prevention said in an update.

The states are: Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Montana, Nebraska, New Jersey, New Mexico, North Carolina, North Dakota, Oklahoma, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

Colorado and Minnesota have each recorded more than 100 cases, while more than two dozen have been logged in Georgia and Illinois. The other states have reported one to 14 cases.

The outbreak has reached 431 cases, with 86 of those new cases and 57 hospitalizations. No deaths have been reported.

The outbreak has been linked to jalapeños from a farm in Sinaloa and distributed to the United States earlier in the year. Stores that sold the peppers and products containing them include Kroger, Target, Trader Joe’s, and Whole Foods Market.

Taylor Fresh Foods, Whole Foods, NatureBest, and Hardie’s Fresh Foods have recalled both the peppers and products containing them.

The products include Spicy Jarlsberg Dip, sold at Kroger, and Taco Dip, sold at Target. The full list of products can be found on the Food and Drug Administration website.

The public is advised not to consume the recalled products. They can either be thrown out or returned to the place of purchase for a refund. Restaurants and other companies should not sell or serve the peppers, authorities said.

Salmonella, caused by consuming contaminated food, typically causes symptoms such as diarrhea, fever, and abdominal cramps 12 to 72 hours after consuming the food. If a person experiences symptoms such as a fever higher than 102 degrees Fahrenheit combined with diarrhea, they should call their health care provider, according to the CDC.

A digitally colorized scanning electron microscopic image of a grouping of Gram-negative bacilli, or rod-shaped, Salmonella sp. bacteria. Janice Haney Carr/CDC

Illnesses in the outbreak started as early as June 19 and as late as Aug. 2.

Of the 224 patients interviewed by investigators, 91 percent reported eating at a Mexican-style restaurant before getting sick, including Chipotle Mexican Grill and QDOBA.

Amid the outbreak and a spike in cases of cyclosporiasis, a disease caused by food contaminated with feces, the acting Food and Drug Administration commissioner said recently that people should have confidence in the country’s food supply.

“We have the safest food supply in the world,” Kyle Diamantas said.

“FDA investigates dozens of foodborne illness outbreaks each year,” he added later. “There is definitely a heightened narrative right now. People are more aware.”