”- Frank Herbert International Holocaust Remembrance Day today. Sadly, as that generation passes away, we continue to be confronted by increased denial and challenges to the established facts.
“He who controls the spice controls the universe.”- Frank HerbertSadly, as that generation passes away, we continue to be confronted by increased denial and challenges to the established facts. Leaning on the aphorism by George Santayana that ‘those who do not remember the past are doomed to repeat it’, I think we are in a precarious moment as we witness increasing ‘otherness’ and dehumanization of minorities around the world, and sadly in this country. Victimization is an easy crutch and an even easierr political plank, and I think it behooves us all to oppose that in ourselves and wherever we encounter it.**International Holocaust Remembrance Day today.**Guilty as charged. Despite the fact that my father-in-law was a survivor of Auschwitz and having heard first-hand stories about that time, I was in the camp that, although intellectually concerned, emotionally didn’t believe ‘it could happen here’. Sure, there was some anti-semitism on the extremes ( both right and left), but on the whole, it seems minimal and diminishing. How. Wrong. I. Was. There were hints before October 7th, but the explosion of, and lack of pushback to, blatant and virulent antisemitic activity has taken me completely by surprise.
During the 1954 Army-McCarthy hearings, special counsel Joseph Welch confronted Senator Joseph McCarthy, asking, "Have you no sense of decency, sir, at long last? Have you left no sense of decency?". This exchange, which occurred on June 9, 1954, marked a turning point in the hearings and in the public perception of McCarthy's anti-communist tactics. The 2 two executions of unarmed civilians in Minneapolis (caught on video and so unable to be challenged or covered up), and the blatant lies by Aministration spokespeople, may be that moment for this over-militarized immigration policy in this country. One can only hope.
More and more, it’s all about the midterms. If the Republicans lose one (highly likely) or both (low chance), Trump’s freedom of action and from investigation will all but disappear. As polls continue to indicate a growing blue wave, we will see more efforts to address the issues identified by pollsters. Externalities and unintended consequences will be a by-product, some good and bad, but for sure we should expect sudden and contradictory policy announcements in an effort to reverse the tide.
“TikTok Star Signs $975 Million Deal to Monetize Global Fan Base”
(bbrg). I cudda been a contender...
Global geopolitical developments in the last 24 hours reflect a landscape of shifting alliances, escalating regional conflicts, and economic realignments, primarily driven by trade frictions and military tensions.
Multipolar shift underway? Nations like India, the EU, the UK, and China are diversifying away from US-centric alliances to mitigate tariff risks and policy unpredictability. Middle East volatility, particularly around Iran and the Gulf, could further disrupt energy markets and global supply chains, while Asia’s territorial and trade frictions risk broader escalations.
A key highlight is the landmark India-EU trade deal, which slashes tariffs on 96.6% of traded goods by value, including autos, spirits, and textiles, and is projected to double EU exports to India by 2032. This agreement strengthens economic ties between the two powers, potentially insulating them from US policy volatility, while addressing barriers without fully resolving structural issues for EU carmakers in India.
In Asia, UK Prime Minister Keir Starmer’s upcoming trip to China aims to mend relations and reduce dependence on an unpredictable US, signaling a broader trend among middle powers to de-risk from American influence.
Meanwhile, US-South Korea trade tensions intensified after President Trump announced raised tariffs on certain imports, including autos, citing delays in a prior deal, prompting South Korea to reaffirm its commitments but risking supply chain disruptions in the Asia-Pacific region.
In the Middle East,
Iran’s Supreme Leader Khamenei reportedly relocated to an underground bunker amid rising tensions over potential US military action, underscoring a volatile climate with videos showing bodies in Tehran hospitals and snipers on rooftops.
Revelations of Iran’s shadow fleet supplying jet fuel to Myanmar’s junta in violation of sanctions, fueling military operations against civilians.
Hamas is pushing for a role in Gaza’s police force during disarmament talks
Satellite data indicate an increased US military presence in the Gulf, likely for deterrence.
Domestically, US funding for the Department of Homeland Security is in jeopardy following a second fatal shooting of a US citizen by federal agents. A critical six-bill appropriations package faces collapse in the Senate. Democrats have withdrawn support for the Department of Homeland Security (DHS) funding following the shooting of Alex Pretti.
Federal Reserve begins a two-day meeting under intense political scrutiny
Geopolitical noise is driving capital out of traditional fiat currencies into hard assets. Gold hit a record $5,110/oz, and silver reached all-time highs as investors hedge against disruptive US policy.
“TACO Tracking: Trump Carries Out Just One in Four Tariff Threats”
(bbrg)“Trump to raise tariffs on South Korea to 25%”
(ft)“Trump Threat on South Korea Jolts Trade Partners Who Thought They Had Deals”
(wsj)‘Bessent says Canadian PM Carney “aggressively” walked back some Davos comments in call with Trump’ (
Reuters)‘India and EU set to conclude comprehensive trade deal to lower tariffs’ (
Reuters,FT,NY Times)‘Japan eyes US synthetic-diamond plant in $550B investment push to boost chip supply chain’ (
Reuters)China-Japan tensions fueling rise in gallium, raising prices of key material in semiconductor industry’ (
Dollar moving lower on yen intervention concerns/expectations, as well as increased uncertainty on geopolitical front
Raw materials continue to move higher, highlighting the underlying inflation issue.
Yen
Bitcoin- inability to rally along with other risk-on assets is concerning
Insurers
Heath/Life insurance:
Insurers Sink on US Plan to Keep Medicare Payment Rates Flat (bbrg)
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