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Fri, 24 Jul 2026 10:55:00 +0000 Inside Global Aerospace & Defense Boom: 12 Takeaways From World's Most Important Airshow
Inside Global Aerospace & Defense Boom: 12 Takeaways From World's Most Important Airshow
The Farnborough International Airshow is coming to a close in the UK, marking the end of one of the aerospace and defense industry's top gathe
Read more.....
Inside Global Aerospace & Defense Boom: 12 Takeaways From World's Most Important Airshow
The Farnborough International Airshow is coming to a close in the UK, marking the end of one of the aerospace and defense industry's top gatherings. Institutional research desks have had boots on the ground, tracking commercial-aircraft orders, defense procurement and other industry trends.
A team of Citi analysts led by John Godyn attended Farnborough earlier this week and reported back to clients Thursday morning.
Their findings pointed to accelerating missile demand and a wave of new aircraft orders that could fuel a stronger and more robust growth cycle for aerospace and defense companies.
Godyn highlighted the event's key takeaways, giving clients a clearer picture of the aerospace and defense industries heading into fall and 2027:
1) Aftermarket channel checks across multiple companies extend recent strength.
We spoke with a wide range of aftermarket exposed companies including engine manufacturers, parts/component manufacturers, MROs, and aircraft lessors. Consistently, across all meetings, companies expressed the view that the key themes driving aftermarket continue including: (1) low retirement rates, (2) high lease renewals and tight secondary market trends for AC/engines, (3) strong demand for lift from global airline customers, (4) capacity constrained MROs, and (5) no impact from the conflict in the Middle-East. Given how strong recent trends have been, companies did caution that mean reversion to long term growth rates, which GE described as LDD revenue growth and many non-engine aftermarket players described as HSD revenue growth, was inevitable. We view the read-through as clearly positive across multiple stocks in our aftermarket coverage (GE/RTX/VSEC/LOAR/HEI) and EU analyst Conor Dwyer echoed that sentiment for Safran's 2026. To be fair, we note that investor expectations are already set for continued beats in this category of stock so the bar isn't obviously low.
2) M&A heating up?
Multiple companies we spoke to described an M&A backdrop that is much more active with many deals coming to market. Management teams described multiple drivers with notable emphasis on self-help activities at corporates focused on ramping production leading to non-core assets or underperforming suppliers being put up for sale, as well as PE-owned assets coming to market. We get the sense from most of our companies that the Aero M&A pipeline remains robust and multiple companies expect M&A to be a larger driver of growth. Valuations were regularly cited as reasonably full, but there remain opportunities to find deals at reasonable prices.
3) Airbus Next-Gen has been a dominant theme throughout the week.
The next generation Narrowbody Jet on the part of Airbus has been a ubiquitous theme throughout the week. GE indicated CFM collaboration with Airbus was very active on the RISE program (meeting 2x per month). Other component manufacturers expressed similarly heightened activity and discussion around the next generation Narrowbody Jet. Suppliers described conversations with BA on similar topics to be far earlier stage and having less consistent cadence.
4) GE emphasized more upside on CFM56 aftermarket $ profit and a quicker ramp on LEAP aftermarket $ profit than investors may appreciate.
GE noted that LEAP:CFM56 $ profits should be roughly equal by 2030. GE expects CFM $ profits to continue to grow until 2028 before flattening out, while LEAP $ profits continue to catch up until 2030. LEAP % margin will lag CFM56 even in 2030 and will continue to move higher as the LEAP installed base ages. We see a similar shape in our above-consensus expectations and see the possibility of additional upside as the belief that the aftermarket cycle lasts ultimately proves to be more robust than even GE management expects.
5) GE engine read-through positive.
The aforementioned CFM56:LEAP view is similar to Conor Dwyer's assumed split for Safran within the next 5 years (he is 45:55 in 2030, reaching 49:51 in 2031). Conor notes that GE was quite relaxed about the threat of rising retirements in the coming years to the CFM56 program, but did note it is managing the risk of rising USM (used serviceable materials) already with slightly slower price increases on the CFM56 vs the LEAP and acknowledged the possibility of risk in 2029-31 (this is a risk Conor highlighted here in 2028).
6) Bullishness on emerging engine technologies was palpable.
Although we did not speak to RTX, we felt that GE upped the volume on its RISE engine and is increasingly and more loudly making the case for the innovative technology. Separately, multiple EVTOL players we met with showed evidence of progress on hybrid-electric engines punctuated by a GE/BETA hybrid-electric engine which was demonstrated live and recently was the first such engine to be tested above 30,000 feet.
7) Demand for accelerating missile production was a frequent topic of conversation.
At face value, this is no surprise, but channel checks emphasized 3 interesting points: (1) targets of 3-10x growth in production by program are likely to prove low because these forecasts do not incorporate international demand, so as 'framework agreements' are definitized, the supply chain is already being asked to ramp even higher to satisfy allies' needs, (2) solutions for scalable hypersonic missile production are being requested, and (3) supplying into emerging affordable mass designs may be a bigger opportunity than initially thought. We continue to believe that Missile Defense/Munitions Replenishment are themes that will exceed expectations for years to come.
8) Positive secondary market trends supportive of aircraft lessors.
In particular: (1) a continued, favorable supply/demand mismatch in the secondary market driving lease rates higher across a wide range of aircraft types, (2) among narrowbodies, notable strength in the A321neo and 737MAX, (3) among widebodies, even greater strength in the A330neo and 787 families of aircraft, (4) a belief among lessors that existing production outlooks across the OEMs are unlikely to be a meaningful headwind to secondary market trends until the end of the decade, and (5) the view that a lack of customer support will dissuade airframe OEMs from pursuing new clean sheet designs this decade. In totality, these channel checks were not only positive for AER, but also much of our aerospace coverage.
9) Are 737 -7 and -10 certifications imminent?
Suppliers to whom we spoke expressed a tremendous amount of confidence in rate increases at BA in the short/medium-term. Suppliers also felt that events supportive of BA's case for raising rates, namely the -7/10 certifications, were likely to happen sooner rather than later.
10) ETN mentioned that Aero could be in a historic "feast" cycle.
ETN Aero Management mentioned that it expects 16 new Aero-focused platforms launching over the next ten years vs. the last big Aero cycle in the 2000s where only five were launched. The majority of the new expected platforms will be military, and ETN Management seems confident that the company can enjoy considerable content on these platforms. We sense Management is particularly excited about the Bell MV-75 Helicopter program and the Collaborative Combat Aircraft program (CCA), although these programs are still in the early stages in terms of ramp up for ETN.
11) Aero supply chain slowly healing but will be tested with further rate increases.
In general, nearly every company we spoke to described the current aerospace supply chain as healthy and struggled to identify any major problem areas. In fact, being part of the solution was cited as an opportunity by many, such as VSEC, DCO, and HEI. Separately, both PH and ETN mentioned an increased focus on dual/multi-sourcing, which is leading to greater supply chain resiliency. Anecdotes of supply chain issues don't seem widespread, and we also think Aero suppliers are increasingly leaning on improved software, electronics, and even additive manufacturing to further support the Aero manufacturing food chain. That said, the topic of defense orders using DPAS at some point in the future did come up as a risk factor that was cited as a realistic scenario that could disrupt the aero supply chain.
12) Aerospace suppliers' ability to price still strong.
Suppliers throughout the A&D supply chain described negotiations as much more focused on availability, performance, quality, and on-time delivery rather than price and margins. We get the sense that A&D suppliers will continue to outpace inflation with solid pricing and likely expanding margins without much pushback. Pricing muscle seemed to improve substantially during the COVID supply chain "crunch"" and that has allowed suppliers to continue to rea
Another potential tailwind for the defense industry emerged Wednesday, when House Republicans narrowly passed the fiscal 2027 National Defense Authorization Act, authorizing a record $1.15 trillion in military spending.
The measure passed 216-212, largely along party lines. While it is below President Trump's $1.5 trillion budget request, it still is a jump from the roughly $900 billion last year.
The NDAA faces an uncertain future in the Senate, where Democrats are expected to oppose its cost and several controversial policy provisions.
Related coverage:
If passed in the Senate and signed by Trump, the spending surge would provide tailwinds for defense stocks.
The iShares U.S. Aerospace & Defense ETF (ITA) has moved up and to the right, reflecting the boom in military spending as multiple wars rage across Eurasia. The global boom in defense spending has a lot more room to run.
ITA's next leg up will require a sustained upside break above the $250 level.
Professional subscribers can read military trends notes at our new Marketdesk.ai portal.
Tyler Durden
Fri, 07/24/2026 - 06:55 Close
Fri, 24 Jul 2026 10:30:00 +0000 India's Fuel Exports Set To Soar In July As Refining Margins Jump
India's Fuel Exports Set To Soar In July As Refining Margins Jump
India's Fuel Exports Set To Soar In July As Refining Margins Jump
By Charles Kennedy of OilPrice.com ,
India is on track to export the highest volume of refined petroleum products in months as refining margins have jumped with the re-escalation of the Middle East conflict.
India is estimated to ship as many as 1.55 million barrels per day (bpd) of light and middle distillates in July, per data by commodity analysts Kpler cited by Reuters columnist Clyde Russell.
The July volumes would be nearly double the fuel export volumes of just 866,000 bpd in May, when the Strait of Hormuz crisis hit crude supplies to India and the rest of Asia. In May, India saw its lowest fuel exports in four years.
The tightening fuel markets in Asia and the rest of the world added to a renewed rally in refining margins after the U.S.-Iran ceasefire collapsed two weeks ago. This has encouraged Indian refiners to ramp up refined petroleum exports.
The expected volumes in July would be the second-highest level in Kpler’s data series dating back to 2017.
Earlier this month, Kpler estimated that India’s refined petroleum exports would hit in July the highest level since September 2025 as refiners race to capture soaring margins amid tight Asian fuel markets.
India’s high export levels in July could ease some of the pressure on the Asian fuel market, but not all of it, as crude supplies from the Middle East are once again at high risk of delay.
Asian refiners that had bet on a flood of crude supply from the Middle East in August are now faced with potential delays in deliveries amid the re-escalation of hostilities, which could thwart their plans to ramp up crude processing rates in the coming weeks.
Refiners in the U.S. and Europe are operating at near capacity, but those in Asia may not see the expected increase in throughput now that the July and August loadings and delivery schedules have been upended by the re-escalation of the Middle East conflict.
Tyler Durden
Fri, 07/24/2026 - 06:30 Close
Fri, 24 Jul 2026 09:45:00 +0000 Deaths Now Outnumber Births In 17 US States
Deaths Now Outnumber Births In 17 US States
Natural population growth is slowing across much of America.
According to the latest U.S. Census Bureau estimates, 17 states recorded more deaths than births between July 2024 and
Read more.....
Deaths Now Outnumber Births In 17 US States
Natural population growth is slowing across much of America.
According to the latest U.S. Census Bureau estimates, 17 states recorded more deaths than births between July 2024 and July 2025, up from only four states during much of the 2010s.
Using U.S. Census Bureau data, Visual Capitalist's Dorothy Neufeld created this map showing natural population change in every state .
Because the measure excludes domestic and international migration, it highlights where population growth increasingly depends on people moving in.
Natural Population Change by State
The table below ranks every state by natural population change between July 2024 and July 2025, highlighting where births continued to outpace deaths—and where they no longer did.
State
Natural Population Change
Jul 2024–Jul 2025
Pennsylvania
-10,708
West Virginia
-7,887
Maine
-5,019
Michigan
-4,998
Oregon
-3,764
Mississippi
-2,607
Alabama
-2,188
New Hampshire
-2,167
New Mexico
-1,885
Vermont
-1,769
Florida
-1,333
Arkansas
-1,224
Ohio
-729
Delaware
-554
Rhode Island
-304
Montana
-90
Kentucky
-83
Missouri
177
Wyoming
295
South Carolina
564
Wisconsin
1,161
Hawaii
2,024
Connecticut
2,283
District of Columbia
2,516
Oklahoma
2,559
South Dakota
2,605
North Dakota
2,630
Louisiana
2,774
Iowa
2,949
Nevada
3,051
Alaska
3,308
Tennessee
3,597
Kansas
4,951
Nebraska
6,136
Idaho
6,900
Massachusetts
8,419
Indiana
8,561
Illinois
10,903
Maryland
11,444
Minnesota
12,071
Virginia
13,817
North Carolina
15,129
Washington
17,230
Colorado
20,608
Utah
24,961
New Jersey
26,023
Georgia
28,631
Arizona
20,914
New York
42,815
California
109,715
Texas
157,711
Pennsylvania recorded the nation’s largest natural decline (-10.7K), followed by West Virginia, Maine, and Michigan. Most states with natural decreases were concentrated in the Northeast and Appalachia, regions that include several states with some of the country’s oldest populations .
Florida also recorded more deaths than births, yet remained one of America’s fastest-growing states because of migration.
The South remained the engine of natural population growth. Texas (+158K), Georgia (+29K), and North Carolina (+15K) posted strong gains. California (+110K) and New York (+43K) also recorded far more births than deaths despite slower overall population growth.
America’s Population Is Increasingly Shaped by Migration
Natural population change tells only part of the story.
Several states with more deaths than births, including Florida, Maine, and Pennsylvania, can still grow overall when migration offsets their natural decline. Others continue losing population even after attracting newcomers.
Meanwhile, states such as Texas, North Carolina, and Arizona benefit from both natural population growth and migration, helping drive some of the country’s fastest population gains .
As America’s population ages and birth rates remain historically low, natural population growth is becoming less common. For a growing number of states, migration—not births—is now the primary driver of population growth, making migration trends increasingly important to their long-term demographic outlook.
To learn more about this topic, check out this graphic on immigration’s role in U.S. population growth by state.
Tyler Durden
Fri, 07/24/2026 - 05:45 Close
Fri, 24 Jul 2026 08:15:00 +0000 EU Is Launching A Mission To Board Russian Shadow Fleet Tankers In The Indian Ocean
EU Is Launching A Mission To Board Russian Shadow Fleet Tankers In The Indian Ocean
The European Union has authorized its naval mission in the Indian Ocean (apparently there is one) to stop and board Russian shadow fleet tan
Read more.....
EU Is Launching A Mission To Board Russian Shadow Fleet Tankers In The Indian Ocean
The European Union has authorized its naval mission in the Indian Ocean (apparently there is one) to stop and board Russian shadow fleet tankers suspected of operating under false flags, the bloc announced on Wednesday.
The Spanish Navy frigate Santa María F81, deployed as part of the European Union Naval Force Operation ATALANTA, seen off the coast of Mogadishu, Somalia, on April 24, 2025.
EU member states have authorized Operation Atalanta , the union’s counter-piracy naval mission off the Horn of Africa, to begin conducting flag-verification boardings of vessels suspected of belonging to Russia’s shadow fleet in the western Indian Ocean, DefenseNews reported . The decision, announced this week by EU foreign policy chief Kaja Kallas, extends to Atalanta a power already exercised by the EU’s Mediterranean mission, Operation Irini.
Kallas made the announcement alongside news that Irini forces had boarded the sanctioned oil tanker MV South Star on July 20, acting on suspicion that the vessel was sailing under a false flag. “Every illicit voyage helps sustain Russia’s war machine. We are matching our sanctions with action at sea,” Kallas said, adding that the Atalanta authorization “further tightens the net.”
The move considerably widens the EU’s geographic reach against the shadow fleet, a loosely defined network of tankers with opaque ownership structures that Moscow uses to sell oil above the Western-imposed price cap. While Irini patrols the Mediterranean, Atalanta operates across the Somali Basin, the Gulf of Aden, the Red Sea, the Gulf of Suez, the Gulf of Aqaba and waters around Oman, and was launched as the EU’s first-ever naval mission in 2008 to combat piracy.
It is separate from the EU mission ASPIDES, which is designed to protect shipping in the Red Sea from attacks by the Iran-backed Yemeni Houthi rebels. One look at the exploding price of oil shows just how much the market thinks of Europe "defending" this particular waterway.
The corridor where the mission operates is a critical transit route for tankers carrying Russian crude toward buyers in Asia. Brussels has already sanctioned more than 600 vessels suspected of belonging to the network.
Generally, ships on the high seas cannot simply be stopped and boarded by any third country. However, Article 110 of the UN Convention on the Law of the Sea permits warships to stop and inspect a vessel only where there is reasonable suspicion it is stateless or flying a flag to which it is not entitled. This falls short of a blanket authority to stop any sanctioned or Russia-linked ship, but flying false flags has been a frequent practice on Russian shadow fleet vessels.
The council decision, the operational plan and the rules of engagement that would spell out exactly how far Atalanta’s new powers extend have so far not been made public.
The approach has already produced results elsewhere. Irini’s flag checks contributed to pressure that culminated in a Cameroon purge of 39 vessels from its shipping registry after investigators uncovered fraudulent paperwork and fake registry websites used to disguise shadow fleet tankers.
Russian President Vladimir Putin has previously denounced such interceptions as “piracy,” underscoring how the expanded mandate is likely to further sharpen tensions between Brussels and Moscow over enforcement at sea.
One caveat to all this: unlike oil, Russian LNG (which Europe is absolutely desperate for) will remain exempt from EU sanctions. Which prompted Rabobank's Michael Every earlier today to ask rhetorically "realpolitik or real weakness ? "
Tyler Durden
Fri, 07/24/2026 - 04:15 Close
Fri, 24 Jul 2026 07:30:00 +0000 Eco Loon Lobbies For Cameo In British Soap To Spread Climate Alarmism
Eco Loon Lobbies For Cameo In British Soap To Spread Climate Alarmism
Eco Loon Lobbies For Cameo In British Soap To Spread Climate Alarmism
Authored by Steve Watson via Modernity News ,
BBC naturalist Chris Packham has openly requested a guest role on the fictional soap EastEnders so he can turn the nation's most-watched entertainment show into a vehicle for climate crisis messaging.
In comments reported by GB News and drawn from a Radio Times interview, the veteran naturalist described his fantasy appearance: an environmental disaster such as a flood hitting the fictional London borough, followed by him marching through as himself with a placard to lecture the locals.
Packham told Radio Times he wants the role because it "would give me the capacity to communicate to an audience which I don't talk to in my sphere of work."
He complained that while some people understand the "scale of the crisis," broader media fails at "truth telling" to "bring it home to everyone."
"The trouble is, I keep popping that bubble and looking outside, and I see that other people are not aware of the gravity of that crisis, or some of them are still in the position where actually they're denying ... and that's really scary," he said.
He called for the messaging to be "integrated into broader output, so properly into news obviously, properly into weather where we talk about climate as well as weather - but also into dramas."
This is not subtle. It is an explicit pitch to hijack prime-time entertainment and insert alarmist talking points into the daily lives of millions who never tune into nature documentaries.
British soaps have a documented history of being quietly weaponised for official narratives. FOI documents obtained last year revealed that during the Covid period the Department for Culture, Media and Sport held secret meetings with the BBC, ITV and Channel 4 to coordinate "national unity programming."
Officials explored inserting pro-vaccine storylines into EastEnders and Coronation Street . Characters were scripted to celebrate jabs as winning the lottery while sceptics were mocked as "anti-vaxxers." One MP later described the broadcasters as reduced to "mere arms of the state."
The same playbook has been applied to immigration. EastEnders has featured storylines about exploited African migrants and racially motivated murders of immigrants after hiring campaigner Ade Lamuye in 2022.
Lamuye sits on the advisory board of the Power of Pop Fund, which has directed nearly £5 million to organisations that use media to reframe migration debates.
Similar influence operations have shaped sympathetic asylum-seeker characters in the other popular long running British soap Coronation Street . Activists openly boast that entertainment "holds influence and power to make real change."
Far from being organic storytelling, this is coordinated social engineering, the same approach visible in other mainstream dramas that lecture audiences on pronouns, "deadnaming" and the supposed problems with classic literature. Channel 5's The Teacher delivered some of the most direct examples yet, training viewers to treat biological reality and cultural heritage as potential sources of harm.
Watch the pattern laid bare across programming:
VIDEO
VIDEO
VIDEO
VIDEO
VIDEO
VIDEO
Even children's programming is being enlisted. Netflix is developing a live-action reboot of the 1990s cartoon Captain Planet , the original of which pushed environmental panic, progressive multiculturalism, population control and the idea that humanity itself is the enemy requiring global governance.
Ted Turner's creation was steeped in Club of Rome thinking that treated pollution and climate as a common enemy to justify changed attitudes and supranational control.
The method is consistent: identify a captive, trusting audience, embed the message inside drama so it feels organic, and watch compliance rise. Packham is simply asking for the same treatment for net-zero ideology.
While Packham demands soaps lecture viewers about "climate breakdown," the actual evidence keeps undercutting the apocalyptic script. A bombshell Royal Society paper concluded that climate change is not causing mass extinctions, directly challenging one of the most repeated scare claims.
The IPCC itself has admitted that its most extreme apocalyptic scenarios are implausible, a quiet but significant climb-down from the catastrophe rhetoric used to justify rapid policy upheaval.
Research examining three million years of data has found no consistent link between CO2 levels and temperature, leaving net-zero activists without a straightforward causal story.
Temperature records underpinning the COP30 alarmist agenda have been shown to rest on heavily adjusted and questionable data, further eroding the foundation of official claims.
Even Bill Gates has publicly walked back the idea that climate change will end the world, prompting a triumphant response from those who have long argued the threat was overstated.
Meanwhile the Great Barrier Reef continues to defy the narrative, recording its fifth-highest coral cover on record even as media outlets insist a tipping point has been reached.
A major US government report has catalogued the systematic abuses of "settled" climate science and the role those abuses have played in driving net-zero policies that impose heavy economic costs for uncertain benefits.
The milder public messaging about weather reports and soap storylines sits alongside far more radical demands. Some German climate groups have openly called for total deindustrialisation of their country within 15 years, treating economic self-destruction as a moral necessity.
Others treat the entire agenda as a quasi-religious cult, complete with orthodoxy, heretics and demands for collective sacrifice that go well beyond practical environmental protection.
When the warming narrative softens under the weight of contradictory data, the same voices simply pivot. Scientists have revived ice-age doom scenarios, and Al Gore has shifted his public emphasis in ways that suggest the next scare is already being prepared.
Earlier claims of imminent climate armageddon have been quietly cancelled or scaled back, yet the institutional machinery that produced them remains intact and ready for the next iteration.
Packham's EastEnders pitch is the latest attempt to keep the emotional temperature high after the hard data has cooled.
Flood Albert Square on screen, march through with a placard, and hope the audience never notices that the real-world evidence keeps failing to match the script.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch . Follow us on X @ModernityNews .
Tyler Durden
Fri, 07/24/2026 - 03:30 Close
Fri, 24 Jul 2026 06:45:00 +0000 EU Approves Biggest Russia Sanctions Yet After Holdout Greece Secured LNG Exemption
EU Approves Biggest Russia Sanctions Yet After Holdout Greece Secured LNG Exemption
What is there left to sanction and what is its effectiveness? Europe is boasting of no less that its 21st package of sanctions agai
Read more.....
EU Approves Biggest Russia Sanctions Yet After Holdout Greece Secured LNG Exemption
What is there left to sanction and what is its effectiveness? Europe is boasting of no less that its 21st package of sanctions against Russia , approved by the EU on Thursday.
Apparently it has found plenty of entities still to sanction, as the compiled blacklisting is said to be the EU's largest in four years , targeting primarily financial and energy sectors. The bloc also agreed to freeze the Russian oil price cap at current levels for another year, alongside issuing 218 new designations .
Getty Images
"At a time when Ukraine has built military momentum, our sanctions continue to weaken the economic foundations of Russia’s war effort," EU Commission President Ursula von der Leyen said .
And Kaja Kallas, High Representative for Foreign Affairs and Security Policy and chair of the Foreign Affairs Council, announced that "With each round of sanctions, we squeeze Russia's economy and its capacity to prolong its illegal war. Our 21st package includes the highest number of listings in four years."
She described: "We’re hitting over a hundred banks and crypto operators, 40+ vessels in Russia’s shadow fleet, and several oil refineries in Russia and Belarus . More than 50 military-industrial entities are included, key actors involved in the production of Russia's long-range drones. Russia will only negotiate to end its illegal war and stop killing civilians if it is pressured to do so. Sanctions add to this pressure."
Notably the EU is targeting not just Russia's so-called shadow fleet, but any vessel that even assists ships under sanction. According to a rundown via an EU media readout :
Concerning energy, today’s package pauses the automatic adjustment of the oil price cap mechanism until 15 July 2027 . This is to ensure that Russia's profits from oil sales remain contained, despite the exceptional market situation caused by the closure of the Strait of Hormuz. Today’s agreement foresees an interim review of the suspension to ensure that the mechanism remains necessary and proportionate. The EU is also continuing to target the shadow fleet by extending the scope of the existing rules also to cover vessels supporting the shadow fleet, by providing bunkering and other services, and listing 41 more vessels on top of the 632 already sanctioned. These measures target non-EU tankers that are part of the shadow fleet circumventing the oil price cap mechanism, that support Russia’s energy sector in other ways, or that transport military equipment for Russia or stolen Ukrainian grain. The EU is designating 8 entities and 1 individual active in the shadow fleet ecosystem , including companies operating on behalf of Russia’s oil majors and, for the first time, a crewing agency providing support to the shadow fleet.
Furthermore, the EU is targeting the oil sector, in particular refineries . It is designating 18 entities and 1 individual in the oil sector, including 3 refineries in Russia, a major Belarusian oil refinery , as well as a company created to sell Belarusian petroleum products within Russia. In addition, the package creates the possibility to prohibit transactions with listed refineries in Russia and in third countries which process or refine Russian crude oil and petroleum products. In that framework, the EU is imposing a transaction ban – entering into force in six months - on a Georgian refinery trading and processing Russian oil in Kulevi. Furthermore, the EU added five oil traders to the entities subject to transaction ban for frustrating the prohibition on purchasing Russian crude oil and petroleum products.
With the Iran war and Hormuz crisis seeing rising oil prices, Russia might not find itself so squeezed after all?
Also notable is that Russian LNG is to remain partially exempt from EU sanctions - in what some analysts are calling a sign of weakness.
After previously holding up the EU passage of the new anti-Moscow measures, Greece won an exemption permitting continued shipments of Russian LNG to non-EU buyers indefinitely .
Tyler Durden
Fri, 07/24/2026 - 02:45 Close
Fri, 24 Jul 2026 06:00:00 +0000 The Multipolaristas' Are China-Maxxing
The Multipolaristas' Are China-Maxxing
The Multipolaristas' Are China-Maxxing
Authored by Iain Davis via Off-Guardian.org,
Let’s consider the arguments of those who advocate global governance, the people whom Hrvoje Moric identifies as the Multipolaristas . They are often engaged in China-maxxing and are, whether they know it or not, essentially serving as propagandists for the global oligarchy.
Research conducted by analysts working for the South China Morning Post (SCMP)—an English-speaking, Western-aligned Chinese news outlet—suggests that, between 2015 and 2025, a notable shift occurred in the way China and its government were portrayed by the leading Western media organisations.
Chief analyst Jianlu Bi , who is a senior fellow at the Washington Institute for Policy Studies and a research fellow at the Charhar Institute in Beijing, wrote:
[N]early 70 per cent of stories covering China’s economy, technology or environment in 2019 had a negative tone [but] by 2025, the share of negative stories dropped to around 40 per cent, along with an increase in neutral coverage across all categories and positive coverage of the [Chinese] economy.
This notable Western media narrative shift is part of a wider trend that can be described as “China-maxxing.” With outlets like The Economist , the Financial Times , and The New York Times— all previously known for their staunch anti-China propaganda— now quite regularly extolling the virtues of China and, most notably, its economy, “China-maxxing” is an identifiable phenomenon.
The Western mainstream media is gradually shifting to sell the Chinese government to us as the “good guys.”
Recently, Elon Musk has engaged in some China-maxxing of his own. Musk is part of the gaggle of oligarchs eager to roll out AI data centers wherever they can. Musk was keen to point out that the only national government that has, in his view, adopted the right approach is China’s :
The availability of energy is the issue. If you look at electrical output outside of China, it’s more or less flat. Very slight increase, but pretty much flat. [. . .] If you’re putting data centers anywhere except China, where are you going to get your electricity? Especially as you scale, how are you going to turn the chips on? Magical power sources? Magical electricity fairies?
The previous blanket Western media vilification of China was always absurd state propaganda . China has been framed as the comic-book villain to encourage Western populations to accept further suppressions of their rights by their own governments and to claim justification for increased public spending on the Western military-intelligence complex.
Meanwhile, the multinational corporations that benefit from the government contracts, supposedly awarded to protect Western populations from the fabricated Chinese threat, such as Musk’s SpaceX, are led by oligarchs who genuinely pose a threat to everyone.
Though he didn’t use the term himself, in trying to explain China-maxxing, Mr. Jianlu offered a list of potential reasons for it. These included the Western media’s recognition of China’s technological and economic progress, the Chinese government’s apparent commitment to tackling climate change, its drive for efficiency, and so on. Jianlu argued that all of this has combined to force Western media outlets to reevaluate how they cover China and China-related matters.
Nation-states and national governments are set to be replaced by a global Technocracy. At some point, therefore, the conversation about moving away from the extant governance system to which people are accustomed to the new one has to commence.
Returning to Jianlu’s analysis, he is a leading Western policy think tank representative, and the media outlets he discussed primarily serve as propagandists for Western policy. Buried in the analysis, there is a brief statement that indicates what the real purpose of China-maxxing is:
Unlike the US, where policy shifts can abruptly occur due to political changes and short-term economic pressures, [. . .] China’s long-term strategic planning and consistent policy implementation have yielded results.
Dark Enlightenment -enthused oligarchs like Peter Thiel want to “escape from politics in all its forms,” and beyond dictatorship, there is no political mechanism of any kind in the Technocracy advocated by oligarchs like Elon Musk.
The oligarchy intends to make itself the feudal lords (founders) of private smart city-states similar to those currently being developed in China. The UN desires the same transformation . China-maxxing suits their shared agenda perfectly.
China-maxxing is yet more Western media propaganda, this time intended to convince Westerners that the model of government they are accustomed to no longer works. The Chinese development of Technocracy is better because it “yields[s] results.” Irrespective of the fact that no Westphalian -model Western government has ever operated as a democracy , China-maxxing has arrived to persuade Westerners that the so-called “representative democracies” that they have been misled to believe are democracies are now surplus to requirements.
Multipolaristas, specifically those working in the independent media, perhaps unwittingly argue that the dictatorial state control of human beings’ access to resources is acceptable because the accompanying surveillance state seemingly “yields[s] results.” Some say it reduces crime or that the gleaming towers of the new city-states are so beautifully clean and convenient. Others that China’s infrastructure investment strategy shows the world a clear alternative to austerity.
China is nation-building while Western nations decline and collapse. Chinese Technocracy “yields[s] results” that failing Western nations cannot match. Unless, logically, they too adopt Technocracy.
To an extent, the Multipolaristas make reasonable points. Who wouldn’t want to live in safe, clean cities? Who wants austerity when the state could invest in much-needed infrastructure instead? Who wouldn’t want the employment opportunities and the economic benefits that result? But all of the Multipolarista’s ostensibly reasonable observations and commentaries are based upon fatal omissions that result in them essentially spreading Western propaganda, intentionally or otherwise.
No state needs to impose a centralised technological population surveillance system in order to improve public safety, clean the environment or the streets, or invest in public infrastructure and its own economy. By effectively promoting global governance and Technocracy, the Multipolaristas’ foolhardy suggestion is that functional oligarchies are benevolent and that we should trust them.
Oligarchs are constructing their digital kill chains, and oligarchs like Musk are also promoters of China’s blossoming Technate. This is not a coincidence.
There are no historical examples of a state ever successfully imposing the full gamut of despotic behavioural control systems on a large population. But with its Greater Bay Area initiative, linking China’s numerous smart city projects together, China is reaching that point. Now Western mainstream and independent media outlets are showcasing China’s development to sell all the alleged benefits of Technocracy to Western populations.
Neither fascism nor communism even comes close to the behavioural dictatorship Technocracy is designed to inflict. Ignoring this aspect of China’s undoubtedly impressive modernisation is an epistemological error so profound it renders the rest of the Multipolaristas’ arguments practically irrelevant.
If the objective was not to enslave us, no state and no oligarch would construct Technates. The sole purpose of Technocracy is systematic human bondage.
From humanity’s perspective, there is nothing good about living in a Technocracy. No matter what incentives we are given, irrespective of the claimed benefits offered to entice us, giving our consent to those who wish to foist Technocracy upon us is an act of generational suicide.
There is, of course, no reason why we should agree to any of it.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
Tyler Durden
Fri, 07/24/2026 - 02:00 Close
Fri, 24 Jul 2026 03:25:00 +0000 The Odyssey And The Tiresome Woke War Against White Culture
The Odyssey And The Tiresome Woke War Against White Culture
The Odyssey And The Tiresome Woke War Against White Culture
Authored by Brandon Smith via Alt-Market.us
We’ve all heard the argument for most of our lives: “White culture doesn’t exist.” It’s perhaps the most common racial refrain because it’s the most socially acceptable to repeat. If someone said “Black culture doesn’t exist because black people all herald from different tribes…” that person would be browbeaten as a bigot by the woke mob. When it comes to white culture, such claims are applauded.
The question is, why is it okay to diminish or denigrate white culture while worshiping every other culture? Furthermore, if white culture doesn’t exist, why are woke minority groups constantly trying to hijack white history and accomplishments?
I want to explore this issue a little more deeply, mostly because of the endless targeting of western civilization through the leftist deconstruction of our most popular figures and mythologies. This time, the Hollywood elites have chosen Homer’s The Odyssey, an ancient Greek classic deeply rooted in western history (white history), as their victim.
Hollywood has pulled out ALL the stops for this movie and I suspect it’s because they are desperate. They are desperate for a woke win. They’ve had hundreds of failures both in film and television in the past few years and it’s starting to look like “Get Woke, Go Broke” is becoming the dominant force in popular discourse. The leftists can’t stand it.
In response, Hollywood has stacked the deck – They brought in Christopher Nolan, one of the only directors left in the industry who still has a built-in audience of simps who will go see his movies regardless of their quality. The distributors have focused on IMAX ticket sales for a wealthier clientele, artificially inflating the overall box office take.
The media has been running non-stop interference, promoting the movie heavily months in advance. Evidence also suggests that Rotten Tomatoes is once again rigging the audience score for this film by rejecting most negative reviews (they have done this with multiple woke tent pole movies over the years).
Hilariously, journalists are already declaring The Odyssey “proof” that “Get Woke, Go Broke” is a fallacy . As I write this, the movie hasn’t made a dime in profit yet. What I find most interesting, however, is that these activist journalists are actually using the phrase “Get Woke, Go Broke” in their vernacular. It’s an indirect admission of their agenda.
They are specifically citing our movement as their enemy and declaring us “defeated” because The Odyssey is projected to make money. By default, they are admitting that we are a threat to them, and that The Odyssey is a woke project designed to “silence us.” But why does this matter?
It’s important to understand that leftists think like children. They believe that having a “majority” is the same as being right; having a majority to them is the same as having power. If the Odyssey is a box office success, they think this proves that they are the dominant political movement.
They don’t care if their supposed majority is actually astroturf; if they can fool the public into thinking the political left has a social mandate, this will win them control over the culture. In other words, they’re trying to manufacture a consensus.
The Odyssey film is a clear salvo aimed directly at conservatives and western history. It is a multicultural travesty, a joke of a movie filled with historical inaccuracies and based on a deconstructionist translation written by a feminist academic from Oxford (Emily Wilson). The movie explicitly undermines the heroism of the story and makes Odysseus a broken man, suffering from “trauma” and PTSD over his regrets of the war and his “colonist” behavior.
But the spurious additions to the mythology are less interesting to me than the reasons they were included.
The deconstruction of Odysseus reminds me of what Kathleen Kennedy and friends at Disney did to Luke Skywalker in “The Last Jedi”. They took a brilliant, courageous and moral man and turned him into a shattered, crusty and nihilistic little bitch – completely the opposite of his original character. This was not a mistake, this was quite deliberate.
White people are not allowed to have bold, wise and confident heroes. We’re supposed to regret our history and our accomplishments. We’re not supposed to celebrate such things, because that might inspire us to be bold, wise and confident today.
The race swapped cast of The Odyssey featuring black actors, Hispanics, Asians, and other people (including a transgender Ellen Page playing a male Greek warrior) who would never have populated Homer’s era is the common angle of attack for woke Hollywood, but it’s not the only attack. If a main protagonist is white, as is the case in Nolan’s film, he must be torn down and made weak. He must be portrayed as shamed and desperate for redemption, which, of course, he will only receive by embracing progressive ideals.
The last thing Hollywood wants is to portray a white hero who is unapologetic for his actions and values.
This is the underlying woke messaging that really poisons the well when it comes to The Odyssey. The minority actors are primarily a shield from criticism. If anyone complains about African or Hispanic or Asian actors in a Greek epic, the media can pull the “racism” card and dismiss the issue outright. They assert that we merely hate seeing minorities in movies.
But it’s not minorities in movies that we have a problem with; it’s the injection of woke propaganda. This is the real crime. If Christopher Nolan made a film based on the African “Epic of Liyongo” from the 9th Century and he replaced the Swahili characters with white actors in a bid to hijack African history, the left wing would lose their collective minds and scream “cultural appropriation.” The double standard is obvious.
Will Odyssey make a profit? Possibly. The movie had a big first weekend, but adjusted for inflation it didn’t even crack the top fifty on the list of opening weekend box office winners. The film has to make around $700 million in order to break even, not counting the 20% of the gross receipts that go to Christopher Nolan according to his contract.
I am doubtful that the studio will make much money on this flick, but Hollywood will declare it a victory all the same. Firstly, because no woke movie has had similar momentum in years. And secondly, because the political left is dying and they need a very public win in order to justify their habit of doubling down on failure.
Any sane and intelligent person would point out that one “successful” movie does not make up for the cemetery filled with woke box office disasters. This doesn’t matter to the activist mob. They think that one win will erase all their previous losses.
Furthermore, The Odyssey is intended to act as a continuation of the long Marxist march towards a multicultural west and the end of white history as we know it.
Homer’s epic poem was composed around 2800 years ago and is one of the oldest surviving works of literature in human history. It stands as a testament to the incredible accomplishments of the western world; part of the wellspring from which the modern west poured forth.
At the time The Odyssey was created, the Mediterranean was overwhelmingly Caucasian according to genetic records. This includes North Africa, which was majority Caucasian and largely “white” by modern standards. It should be noted that Sub-Saharan Africans did not exist in any notable quantity in North Africa or the Mediterranean until many centuries later because travel across the deserts of central Africa prevented their migration north for thousands of years.
Arabs were also limited and did not occupy the region in great numbers until the invasion of the Muslim hordes long after Homer lived.
Numerous images from the ancient Greeks and Macedonians, including pottery, murals and other surviving art, depict people of fair skin, often with blue eyes, and in some cases blonde hair, etc. In other words, they were white – Varying shades of white, but still white.
Simply pointing out this historical and scientific fact will immediately trigger the woke mob and their academic allies. You will be inundated with a flurry of exceptions and some tiresome mental gymnastics about why the people of these early civilizations were not really “white”. Remember, “white culture doesn’t exist”, only other cultures exist.
Far too many critics and historical conspiracy nuts actually think the demographics of North Africa and the Mediterranean in the time of Homer were the same as the demographics of North Africa and the Mediterranean today. They don’t know anything about the great migration shifts of the Middle Ages or the invasion of the Muslims. No meaningful discussion can be had with these people because their point of reference is built on pure ignorance.
Beyond that, there is another subset of dishonest people (woke leftists) who see it as their duty to undermine white history and rewrite as if it never existed. They often cater to the inferiority complexes of minority groups by asserting that white history is actually THEIR history. White people just “stole” accomplishments from other civilizations and replaced them over time.
This is part of the narrative that motivates the discourse over Christopher Nolan’s dismal film version of The Odyssey. It is a woke treatise, a magic talisman designed to brown-wash and feminize yet another piece of western heritage. It’s part of a greater agenda to make white people forget who we are, or at the very least, make us ashamed of who we are.
The end game? Like I said, it’s about the multicultural takeover of the western world. Everything stems from this scheme. Hollywood’s woke reboots are rooted in it. The mass immigration policies of leftist governments drive the agenda forward. The deconstruction of our history in public schools and colleges is designed to indoctrinate children so they never learn the truth.
Until one day, we look around, and everything that makes us who we are is gone, from meritocracy to republicanism, from Christianity to critical thinking, from innovation to entrepreneurship, from individual liberty to free markets, from property to responsibility, and yes, colonialism (the act of improving third world hellholes where people are incapable of improving their own surroundings so they don’t turn into pillagers trying to invade our countries).
All of it replaced with a socialist purgatory in which everyone is equally pathetic, hopeless and useless.
The whole conspiracy has become quite transparent and grimly boring. Luckily, one garbage movie isn’t going to change the overwhelming trend, which is the slow but steady decline of left-wing insanity. Nothing they are doing is hidden from us. We see it all, and in the long run, they’re going to lose. It’s inevitable.
Tyler Durden
Thu, 07/23/2026 - 23:25 Close
Fri, 24 Jul 2026 03:00:00 +0000 China Plans Planetary Defense Test By Slamming Mach 26 Spacecraft Into Asteroid
China Plans Planetary Defense Test By Slamming Mach 26 Spacecraft Into Asteroid
A new paper under peer review by the Chinese-language Journal of Deep Space Exploration lays out an ambitious plan to crash a spacecraft at Mach 26, or
Read more.....
China Plans Planetary Defense Test By Slamming Mach 26 Spacecraft Into Asteroid
A new paper under peer review by the Chinese-language Journal of Deep Space Exploration lays out an ambitious plan to crash a spacecraft at Mach 26, or 20,000 mph, into a near-Earth asteroid to test new planetary defenses.
The South China Morning Post reports that a team led by Li Mingtao, chief scientist for planetary defense at the China National Space Administration, is planning a mission even more ambitious than NASA’s Double Asteroid Redirection Test (DART).
That mission would slam a spacecraft into 2015 XF261, an asteroid estimated to be about 30 meters wide, in either 2029 or 2030.
"Dart was the first to demonstrate asteroid deflection by kinetic impact in space, but it did not directly change an asteroid's orbit around the sun relative to Earth, making it different from a real planetary-defense scenario," the researchers wrote in the report.
The planned impact would be nearly 50% faster than NASA’s 2022 DART, which hit the asteroid Dimorphos at 6.1 kilometers per second, or about Mach 18.
According to the paper, the mission calls for two spacecraft: one interceptor and one observation spacecraft, which would use a Venus gravity assist before rendezvousing with the target. It would deploy a small probe to monitor the collision and measure changes to the asteroid's orbit, shape, surface, and internal structure.
"Focusing on China's first asteroid-defense demonstration and verification mission, planned for implementation before 2030, this paper systematically reviews the frontier scientific questions in kinetic-impact asteroid defense to support mission design, implementation, and preliminary scientific research," the researchers said.
If successful, the test would become China's first end-to-end demonstration of an operational planetary-defense system. It will help scientists better understand how – and when – a kinetic impactor spacecraft could be used to deflect an Earth-bound asteroid.
Meanwhile, SpaceX will launch the NEO Surveyor asteroid-detection telescope no earlier than September 2027, which will discover and monitor most of the potentially hazardous asteroids and comets that come within 30 million miles of Earth's orbit.
Tyler Durden
Thu, 07/23/2026 - 23:00 Close
Fri, 24 Jul 2026 02:35:00 +0000 Will The Supreme Court Legalize Home Distilling?
Will The Supreme Court Legalize Home Distilling?
Will The Supreme Court Legalize Home Distilling?
Authored by Andrew M. Grossman & Robert Alt via RealClearPolicy ,
Ohioan John Ream is an accomplished aerospace engineer and brewery owner. He would like to try his hand at making Bourbon. However, federal law prohibits distilling spirited beverages at home. On Monday, he filed a petition in the Supreme Court of the United States asking it to hear his case, which raises important questions about the limits of federal power.
Home distilling is, of course, as American as apple pie, and certainly a lot older. George Washington's Mount Vernon estate featured a distillery that, by 1799, was producing more than 10,000 gallons of whiskey per year. Nonetheless, Congress barred distilling inside any "dwelling house" or "shed, yard, or inclosure connected with a dwelling house" in what was, by all indications, a sop to the temperance movement. Later, Prohibition killed off what remained of craft spirits production.
The home-distilling ban ultimately survived both Prohibition and repeal, along with the distilled-spirits tax. Under the law, distilling, or even owning a set-up still, in a prohibited location like a home is punishable by fines, property forfeiture, and imprisonment. Given the draconian penalties, it's little surprise that hobby distilling has floundered while craft brewing and small-batch winemaking, both of which the law allows, have flourished.
Mr. Ream filed a lawsuit in federal court challenging whether that disparity has any lawful basis. The federal government, after all, possesses only the limited powers specified in the constitutional text. States, meanwhile, retain broad authority to legislate for the public good. This vertical separation of powers between the federal government and the states promotes accountability, responsiveness, and ultimately individual freedom.
Or it would, if the Court hadn't refashioned the Constitution's Commerce Clause , which authorizes Congress to "regulate Commerce...among the several States," and had long been understood to reach only interstate trade and the channels of such trade. But in the 1942 Wickard v. Filburn ruling, the Supreme Court eviscerated such limitations. At issue was a Soviet-inspired law capping wheat production to "rationalize" the agricultural sector and, by limiting its volume, drive up prices. Roscoe Filburn was an Ohio farmer who exceeded the imposed cap and grew enough wheat to feed both his family and the animals on his farm. The Court held that Congress may regulate any activity that, in aggregate, has a substantial effect on interstate commerce. Because widespread home-production of wheat would prevent Congress from regulating interstate prices, Congress could therefore restrict home production as part of its price-regulation scheme.
For the six decades following Wickard , the Court demurred in enforcing the Commerce Clause's limits. But by the mid-1990s, the Court appeared ready to chart a new course. First, it struck down the Gun-Free School Zones Act in a 1995 decision, United States v. Lopez , reasoning that merely carrying a gun near a school was too attenuated from interstate commerce to substantially affect it. Then the Court doubled down in United States v. Morrison (2000), which held unconstitutional a federal statute authorizing lawsuits by victims of gender-motivated violence. Morrison pared back Wickard 's aggregation principle, suggesting that it applies only to inherently economic activities, and refused to defer to Congress's view on whether local activities substantially affect interstate commerce. Legal observers proclaimed a nascent "federalism revolution."
It didn't last. The promise of Lopez and Morrison was cut short by a 2005 decision, Gonzales v. Raich , upholding the Controlled Substances Act's prohibition on the home cultivation and consumption of marijuana subject to state regulation. Going well beyond Wickard , Raich applied its aggregation principle to noncommercial activity and adopted the maximally deferential "rational basis" standard for assessing Congress's need to regulate non-interstate activities. Taken on its own terms, Raich all but declares that anything goes with regard to regulation under the Commerce Clause.
One doubts that is the view of the current Court. Justice Thomas is the sole holdover from Raich , from which he dissented . His opinion explained how, if the Raich majority were right, then "the Federal Government is no longer one of limited and enumerated powers." Chief Justice Roberts wielded that same logic in his opinion holding that Obamacare's "individual mandate" to purchase health insurance was not authorized by the Commerce Clause, and the dissent joined by Justices Thomas and Samuel Alito reasoned similarly. Although the justices appointed by President Trump have not been afforded the occasion to opine on the Commerce Clause's limits, all three take seriously the Constitution's original meaning, its structural features, and the enumeration of powers as a constraint on federal power. Expect them to be more skeptical of assertions of federal authority than was the Raich majority.
John Ream's current challenge to the home-distilling ban takes aim at the excesses of Raich , and would be a meaningful first step toward rekindling the federalism revolution.
The U.S. Court of Appeals for the Sixth Circuit upheld the home-distilling prohibition , ruling that the ban, while not a tax, "is a necessary and proper means of collecting the federal excise tax on spirits," because stills could be hidden within homes in order to evade taxation.
The more defensible view on this same matter was expressed in a U.S. Court of Appeals for the Fifth Circuit decision by Judge Edith Jones issued eleven days earlier. Far from furthering collection of the tax, the ban serves to "reduce revenue by preventing individuals from making distilled spirits" otherwise subject to taxation. It would be improper to allow Congress to "criminalize nearly any at-home conduct only because it has the possibility of concealing taxable activity."
The split between the Fifth and Sixth Circuits on the home-distilling ban's constitutionality is reason enough for the Supreme Court to take Ream's case , resolve this conflict, and provide national uniformity in the law. But there's also a need for further clarity on the Commerce Clause and Raich 's continued viability. Given the massive growth of the federal government and its intrusion into every facet of modern life, there are few issues more important or pressing for the Court's consideration.
Andrew M. Grossman and Robert Alt represent John Ream in his litigation and also the plaintiffs who prevailed before the Fifth Circuit. Mr. Alt is President and CEO of The Buckeye Institute , where Mr. Grossman is a Senior Legal Fellow.
Tyler Durden
Thu, 07/23/2026 - 22:35 Close