... Tariffs are set to bring in $172.1 billion in 2025, according to the Tax Foundation, which would be a nice financial boost to a country with a ballooning budget deficit.
“If this ruling is upheld, refunds of existing tariffs are on the table which could cause a surge in Treasury issuance and yields,” wrote Ed Mills of Raymond James in a note. ...
More.
... Spot gold was steady at $3,476.48 per ounce, after hitting a record high of $3,508.50 earlier in the session. Bullion has gained 32% so far this year. U.S. gold futures for December delivery gained 0.9% to $3,546.80. ... Spot gold prices rose 27% in 2024, and broke the $3,000 per ounce level for the first time in March ...
More.
PM Update per Reuters:
... Spot gold was up 1.5% at $3,529.01 per ounce as of 2 p.m. EDT (1800 GMT), after climbing as high as $3,529.93. Bullion has gained 34.5% this year. ...
... Spot silver rose 1.6% to $40.31 per ounce, the highest since September 2011. ...
More.
Trump sees off the free-market capitalism that enriched America
... In short, the extent of presidential control of the economy has not been seen since the end of the Second World War. Trump has added to his influence over macroeconomic policy by levying tariffs, another name for taxes. He is in the process of gaining control of monetary policy by packing the Fed board and firing an existing board member for alleged mortgage fraud, no trial necessary.
Fed independence, done and dusted, control of the macroeconomy complete, he is turning his attention to the independent players that make up the microeconomic economy. With sycophants in seats once occupied by powerful advisers and the opposition Democrats in disarray, effective resistance to Trump’s power push is negligible. ...
Now, as president, he is favouring visitors with baseball caps emblazoned “Trump in 2028”.
Every other surge made it into high or very high range, but not this one.
That's good news.
COVID CASES SPIKING... AGAIN...
Ukrainian civilian ship blown up by 'unidentified explosive device' in Black Sea
... talk is commonplace of how these cheap drones are revolutionizing current wars and will be the critical tools of a so-called second civil war ...
... Multiple sources told the Guardian that the FBI has major concerns about the accelerationist neo-Nazi sect on the far right – one calling for an insurgency against the US government – and other ultra-violent actors in the same ideological space, eyeing the use of FPV drones for domestic attacks. ...
... evidence has emerged of military-trained neo-Nazis with relevant skillsets having pinpointed the drones as a potential tool ...
... [Joshua] Fisher-Birch first spotted the Substack and vouched for its credibility. According to him, the writer’s alleged background is not only “significant” but “violent white supremacist groups would find his drone experience to be useful”. ...
Most Trump tariffs are not legal, US appeals court rules lol.
https://www.msn.com/en-us/news/politics/most-trump-tariffs-are-not-legal-us-appeals-court-rules/ar-AA1LvGU7
https://www.reuters.com/legal/government/most-trump-tariffs-are-not-legal-us-appeals-court-rules-2025-08-30/
Most Trump tariffs ruled illegal by appeals court, dealing major blow to trade policy
A federal appeals court ruled Friday that most of President Donald Trump’s global tariffs are illegal, striking a massive blow to the core of his aggressive trade policy.
The U.S. Court of Appeals for the Federal Circuit held in a 7-4 ruling that the law Trump invoked when he granted his most expansive tariffs — including his “reciprocal” tariffs — does not actually grant him the power to impose those levies.
“The core Congressional power to impose taxes such as tariffs is vested exclusively in the legislative branch by the Constitution,” the court said. “Tariffs are a core Congressional power.”
The appellate court paused its ruling from taking effect until Oct. 14, in order to give the Trump administration time to ask the Supreme Court to reverse the decision. ...
In Friday’s ruling, the court found that the challenged tariffs exceeded Trump’s authority under IEEPA.
“Both the Trafficking Tariffs and the Reciprocal Tariffs are unbounded in scope, amount, and duration,” the majority ruled.
“These tariffs apply to nearly all articles imported into the United States (and, in the case of the Reciprocal Tariffs, apply to almost all countries), impose high rates which are ever-changing and exceed those set out in the [U.S. tariff system], and are not limited in duration.” ...
$SPX since August 2000 through July 2025: 5.24% real, average per annum, dividends fully reinvested.
And the 24 years, 11 months before that to August 2000?
10.90%.
108% better.
IYKYK.
The S&P 500 averaged 6,029.95 in June 2025.
Nominal GDP in 2Q2025 from the second estimate yesterday was $30.3539 trillion.
The first divided by the second yields 198.65, 145.25% elevated above the long-term median of 81.
Off the chart.
Where angels fear to tread.
Don't gaslight around gasoline, dearie.
They want a rate cut so bad, everything points to one, including what doesn't.
Gold on track for best month in four as inflation data bolsters rate cut bets
... Spot gold was up 0.5% at $3,433.99 per ounce. Bullion has gained 4.4% in August so far. U.S. gold futures for December delivery rose 0.7% to $3,497.30. ...
Spot silver added 0.2% to $39.14 per ounce and gained for the fourth straight month. ...
PM Update:
... Spot gold was up 0.9% at $3,447.09 per ounce. ... Spot silver added 2.1% to $39.89 per ounce ...
The Elon Musk-DOGE spending cut affair was pure theatre.
When I said we spend $20 billion a day I wasn't kidding.
OK, it's only $19.869794 billion a day.
Meanwhile revenues are expected to fall short by $4.842671 billion PER DAY in 2025.
The July 2025 yoy rate of core pce inflation, the Fed's key measure, rose to 2.877%, the third increase in the rate since April.
The average rate 2009-2020 was 1.5%.
Averaging 2.77% for the last year and a half is not progress.
