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By Darren Brady Nelson

One of former President Ronald Reagan’s most famous quotes is “trust, but verify.” He made that remark on December 8, 1987, to then-Soviet General Secretary Mikhail Gorbachev as the audience gathered on that historic day for a nuclear arms treaty.

In the wake of US President Donald Trump’s April “Liberation Day” tariffs, it is time once again to “trust, but verify.” That is, that the economy is still on track for a new “golden age of America.” And that we will continue in a “golden age,” pun intended, for investing in gold.

Source: the White House.

Tariffs are not inflation

Trump’s tariffs have added to uncertainty, but they are not inflationary per se. The famous Nobel Prize-winning monetary economist, Milton Friedman, summarized what he had learned from the most comprehensive empirical study ever undertaken on inflation in the following quote:

“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. A steady rate of monetary growth at a moderate level [may allow] little inflation and much growth.”

Another monetary economist of the 20th century, but not quite as famous as Friedman, was Ludwig von Mises. He agreed with the first half of the quote above, but not the second. He also supported a gold standard, as seen below, as protection from inflation and accompanying boom-bust cycles:

“All economic activity is based upon an uncertain future. It is therefore bound up with risk.” Thus: “There is no such thing as a safe investment.” But: “The…gold standard alone is a truly effective check on the power of the government to inflate the currency.”

Tariffs are just taxes

A student of Mises was Murray Rothbard. The latter wrote in Power and Market that the burden of a sales tax falls entirely on the supplier and supply chain, not the consumers, yet tariffs inexplicably do the opposite. The former is closer to the truth, depending on elasticities.

Media pundits often claim that businesses pass forward tax increases, like tariffs, to consumers. This is a half-truth. The other half of this half-truth is that businesses take a hit, so that they invest and hire less. This means foreign businesses, more than American consumers.

And rather than just a 50/50 split between supply and demand, as per the graph below, economics and history show it is more like an 80/20 situation. That 80 includes a pass backward in the supply chain. This means foreign supply chains, more than American supply chains.

Source: SlidePlayer.

Rationale for Trump’s tariffs

Trump’s tariffs have created extra uncertainty, but not nearly as much as the neoliberals, on the left or right, would suggest by their outrage and alarm. Firstly, imports and import elasticities are relatively low in the US.

Secondly, Trump’s strategy is consistent with the same three exceptions to free trade, and in the same order, as did the classical liberal, and godfather of free trade economics, Adam Smith.

The first exception is not only about directly decoupling from communist China, for targeted defense purposes, but also indirectly, for broader strategic purposes, by weakening the Communist Party of China to the point of regime change, as Reagan did to the USSR.

The second and third exceptions, of reciprocity and retaliation, are part of the “art of the deal.” This three-pronged strategy, despite the outcry as being anti-free trade, is not only trying to put America first, but also to restore genuine free trade. It is a well-calculated risk.

Impact of these tariffs

According to the US Bureau of Labor Statistics (BLS) in its press release of July 17: “Import prices ticked up 0.1% in June, following a decrease of 0.4% in May, and an advance of 0.1% in April.”

The BLS added that: “Prices for US imports fell 0.2% from June 2024 to June 2025, matching the 12- month decline for the year ended May 2025. Those were the largest annual decreases since the index fell 0.9% for the year ended February 2024.”

The BLS also provided an interactive chart of the Import Price Index (IPI). Highlights from the Trump 47 era for “all imports” include: IPI increased, but at a declining rate, by 1.7 percent in February, 0.8 percent in March and 0.1 percent in April; then decreased by -0.2 percent in May and -0.2 percent in June.

“Consumer goods” are also illuminating: IPI dropped from 1.2 percent in November 2024 to -0.8 percent in March 2025; then sunk further to -1.2 percent in May before rising to -0.6 percent in June, but still negative.

The story with “industrial supplies and materials” was that: IPI grew at 5.7 percent in February, then plunged to 1.9 percent in March; followed by shrinking down into negative territory of -2 percent in April, -3.6 percent in May and -3.2 percent in June.

Source: BLS.

Conclusion

Many Main Street investors, and even those on Wall Street, are aware that gold is a great hedge against both inflation and uncertainty; and it is. But few on either streets also know that it is a great investment that outperforms the S&P Index; and it does.

Gold is very rare indeed, and not just in terms of its physical scarcity, but in its unique ability to be both a safe-haven investment and a performance investment as well. The two charts at the end demonstrate gold’s protection and gold’s growth over the decades.

Therefore, for American investors it is still the right time to “trust” in gold growth to come, “but verify” through gold protection in the meantime. Thus, when one has gold, “heads” you win and “tails” you don’t lose.

Sources: FRED (CPI) (GDP) (M3); Shiller Data (S&P); World Bank (gold).

About Darren Brady Nelson

Darren Brady Nelson is chief economist with Fisher Liberty Gold and policy advisor to The Heartland Institute. He previously was economic advisor to Australian Senator Malcolm Roberts. He authored the Ten Principles of Regulation and Reform, and the CPI-X approach to budget cuts.

Read the rest of the series: Goldenomics 101: Follow the Money, Goldenomics 102: The Shadow Price of Gold, Goldenomics 103: Gold Protects and Performs.

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The FBI launched a raid Friday morning into the home and office of John Bolton — President Donald Trump’s national security advisor from 2018 and 2019 — months after Trump yanked Bolton’s security clearance in January upon taking office. 

The two men have a long history of trading barbs following Bolton’s exit from Trump’s first administration — all of which escalated after Bolton sought to publish a memoir in 2020 that included some unflattering details about his time in the White House. 

While Trump has labeled Bolton a ‘wacko’ and a ‘dope,’ Bolton has had his fair share of harsh words for the president. 

‘I don’t think he’s fit for office,’ Bolton said in an interview with ABC News in June 2020, ahead of his memoir’s release. ‘I don’t think he has the competence to carry out the job.’ 

‘There really isn’t any guiding principle that I was able to discern other than what’s good for Donald Trump’s reelection,’ Bolton said at the time. ‘I think he was so focused on the reelection that longer-term considerations fell by the wayside.’ 

Bolton also characterized Trump as lacking focus on policy while being very fixated on himself — to the detriment of national security matters. 

‘His policymaking is so incoherent, so unfocused, so unstructured, so wrapped around his own personal political fortunes, that mistakes are being made that will have grave consequences for the national security of the United States,’ Bolton also said in an ABC interview in June 2020. 

The first Trump administration sought to block the release of Bolton’s memoir, ‘The Room Where It Happened: A White House Memoir,’ and asserted it contained classified material. 

The book alleged that Trump ‘pleaded’ Chinese President Xi Jinping to support Trump’s reelection campaign, and called the president ‘stunningly uninformed.’ 

While the Justice Department attempted to prevent its publication on the grounds that the book disclosed classified matters pertaining to U.S. intelligence sources and methods, a federal judge signed off on the publication of the book, which ultimately was published June 23, 2020. 

Meanwhile, Trump discredited Bolton’s assertions included in the book, and hurled his own insults back at Bolton. 

‘Many of the ridiculous statements he attributes to me were never made, pure fiction,’ Trump said in a social media post June 18, 2020. ‘Just trying to get even for firing him like the sick puppy he is!’ 

‘Wacko John Bolton’s ‘exceedingly tedious’(New York Times) book is made up of lies & fake stories. Said all good about me, in print, until the day I fired him,’ Trump said in a separate social media post on June 18, 2020. ‘A disgruntled boring fool who only wanted to go to war. Never had a clue, was ostracized & happily dumped. What a dope!’

Bolton departed his post at the White House in September 2019. While Bolton said that he left due to his own volition, Trump claimed that he fired Bolton. 

Bolton was not arrested or taken into custody following the raid on his home and office Friday.

Trump told reporters Friday that he had no knowledge of the raid and learned about it watching TV. 

‘He’s a, not a smart guy,’ Trump said Friday. ‘But he could be a very unpatriotic. I mean, we’re going to find out. I know nothing about it. I just saw it this morning. They did a raid.’ 


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Longtime Republican consultant Roger Stone lambasted Trump adviser-turned-staunch-critic John Bolton following the FBI raid on his Bethesda, Maryland residence on Friday.

‘Good morning. John Bolton. How does it feel to have your home raided at 6 o’clock in the morning?’ Stone riffed on X, six years after the Biden FBI raided his own Fort Lauderdale home in an operation to which CNN was reportedly tipped off to.

‘Wait! Where was CNN?’ added Stone, who has often criticized Republicans who become disloyal to President Donald Trump.

‘What goes around comes around- and Roger Stone still ‘did nothing wrong,’’ he said, quoting the catchphrase and shirts that were circulated after his 2019 raid.

Stone, who began his political career volunteering for 1964 presidential nominee Sen. Barry Goldwater, R-Ariz., before moving on to advising President Richard Nixon, also posted a photo of himself from his arrest wearing a ‘Roger Stone Did Nothing Wrong’ shirt.

Stone continued his critique of Bolton later Friday morning with another X post that included a split photo of the two men:

‘The man on the left had his home rated at 6 am because he did something wrong. The man on the right had his home raided at 6 am because he didn’t. Karma is b—-.’

Roger Stone speaks exclusively to Hannity following President Trump

He later released a mock statement claiming Bolton admitted his signature mustache was ‘appropriated from a member of the Village People.’

Bolton, who held diplomatic posts under Presidents George H. W. and George W. Bush before joining President Donald Trump’s first administration, later broke with Trump over his handling of COVID-19, his approach to diplomacy, and the impeachment saga.

Trump often returned fire at Bolton after their messy breakup, and Stone occasionally chimed in to defend his longtime friend from New York.

After Bolton attacked Trump’s choice of Tulsi Gabbard for director of national intelligence, calling her a ‘serious threat to national security’ – Stone returned fire.

John Bolton

‘Watching war pig John Bolton attack the appointment of Tulsi Gabbard as DNI makes me all the more certain that she is precisely the right person for the job,’ Stone said in November.

After the raid on Bolton’s home, FBI agents were also seen in DuPont Circle, D.C., removing boxes from the Baltimore native’s personal office.


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Justice Kentanji Brown Jackson criticized on Thursday what she said were the ‘recent tendencies’ of the Supreme Court to side with the Trump administration, providing her remarks in a bitter dissent in a case related to National Institutes of Health grants.

Jackson, a Biden appointee, rebuked her colleagues for ‘lawmaking’ on the shadow docket, where an unusual volume of fast, preliminary decisionmaking has taken place related to the hundreds of lawsuits President Donald Trump’s administration has faced.

‘This is Calvinball jurisprudence with a twist. Calvinball has only one rule: There are no fixed rules. We seem to have two: that one, and this Administration always wins,’ Jackson wrote.

The liberal justice pointed to the Oxford English Dictionary’s definition of Calvinball, which describes it as the practice of applying rules inconsistently for self-serving purposes.

Jackson, the high court’s most junior justice, said the majority ‘[bent] over backwards to accommodate’ the Trump administration by allowing the NIH to cancel about $783 million in grants that did not align with the administration’s priorities.

Some of the grants were geared toward research on diversity, equity and inclusion; COVID-19; and gender identity. Jackson argued the grants went far beyond that and that ‘life-saving biomedical research’ was at stake.

‘So, unfortunately, this newest entry in the Court’s quest to make way for the Executive Branch has real consequences, for the law and for the public,’ Jackson wrote.

The Supreme Court’s decision was fractured and only a partial victory for the Trump administration.

In a 5-4 decision greenlighting, for now, the NIH’s existing grant cancellations, Chief Justice John Roberts sided with the three liberal justices. In a second 5-4 decision that keeps a lower court’s block on the NIH’s directives about the grants intact, Justice Amy Coney Barrett, a Trump appointee, sided with Roberts and the three liberals. The latter portion of the ruling could hinder the NIH’s ability to cancel future grants.

The varying opinions by the justices came out to 36 pages total, which is lengthy relative to other emergency rulings. Jackson’s dissent made up more than half of that.

George Washington University law professor Jonathan Turley observed in an op-ed last month a rise in ‘rhetoric’ from Jackson, who garnered a reputation as the most vocal justice during oral arguments upon her ascension to the high court.

‘The histrionic and hyperbolic rhetoric has increased in Jackson’s opinions, which at times portray her colleagues as abandoning not just the Constitution but democracy itself,’ Turley said.

Barrett had sharp words for Jackson in a recent highly anticipated decision in which the Supreme Court blocked lower courts from imposing universal injunctions on the government. Barrett accused Jackson of subscribing to an ‘imperial judiciary’ and instructed people not to ‘dwell’ on her colleague’s dissent.

Barrett, the lone justice to issue the split decision in the NIH case, said challenges to the grants should be brought by the grant recipients in the Court of Federal Claims.

But Barrett said ‘both law and logic’ support that the federal court in Massachusetts does have the authority to review challenges to the guidance the NIH issued about grant money. Barrett joined Jackson and the other three in denying that portion of the Trump administration’s request, though she said she would not weigh in at this early stage on the merits of the case as it proceeds through the lower courts.

Jackson was dissatisfied with this partial denial of the Trump administration’s request, saying it was the high court’s way of preserving the ‘mirage of judicial review while eliminating its purpose: to remedy harms.’


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Easement to Facilitate Near-Term Exploration Logistics for New Amalga Gold Project & Secure Road Route Spanning One-Third of Distance from Public Highway to Project Site

Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) (‘Grande Portage’ or the ‘Company’) is pleased to announce that it has applied for a State of Alaska easement related to its New Amalga Gold project in southeast Alaska. This easement application incorporates a proposal for development of approximately 1.3 miles (2 km) of gravel road along with two equipment staging areas.

Extending from Glacier Highway across State of Alaska property, development of this road segment will greatly facilitate the Company’s helicopter-supported exploration efforts by establishing an equipment staging area much closer to the project site. The helicopter shuttle distance for transporting drilling equipment and supplies would be reduced by over 60% for each cycle compared to the previous staging area located in the Juneau Mendenhall Valley suburbs.

Ian Klassen, President and CEO comments: ‘The submission of this easement application is an important step for the project. The proposed road development and equipment staging areas will not only enhance the efficiency of our exploration efforts but will also reduce the impact of helicopter noise on residential areas of the Mendenhall Valley. Furthermore, this road segment will comprise a significant proportion of the overall road development required to ultimately establish surface access to the project site.’

This initial road segment would span approximately one-third of the total distance from Glacier Highway to the project site, ending at the boundary between State of Alaska and US Forest Service land. Further road development will require separate federal environmental review and permitting. Baseline environmental studies are ongoing in order to support future federal submissions.

The future facilities at the project site are envisioned to include a small-footprint underground mining operation without an ore processing plant or tailings disposal landfill. Due to the resource location near tidewater and less than 4 miles (6.5km) from existing paved highway (Fig. 1), the Company considers off-site processing by a third party to be the most favorable configuration for the project.

Kyle Mehalek, P.E.., is the QP within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. Mr. Mehalek is independent of Grande Portage within the meaning of NI 43-101.

About Grande Portage:

Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on advancing the New Amalga Mine project, the outgrowth of the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the New Amalga property. The New Amalga gold system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over eight million ounces of gold.

The Company’s updated NI#43-101 Mineral Resource Estimate (MRE) reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes). The MRE was prepared by Dr. David R. Webb, Ph.D., P.Geol., P.Eng. (DRW Geological Consultants Ltd.) with an effective date of July 17, 2024.

ON BEHALF OF THE BOARD

‘Ian Klassen’
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain ‘forward-looking statements’ under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as ‘believes’, ‘anticipates’, ‘expects’, ‘estimates’, ‘may’, ‘could’, ‘would’, ‘will’, or ‘plan’. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company’s filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Please note that under National Instrument 43-101, the Company is required to disclose that it has not based any production decision on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically production decisions made without such reports have increased uncertainty and higher technical and economic risks of failure. These risks include, among others, areas that are analyzed in more detail in a feasibility study or preliminary economic assessment, such as the application of economic analysis to mineral resources, more detailed metallurgical and other specialized studies in areas such as mining and recovery methods, market analysis, and environmental, social, and community impacts. Any decision to place the New Amalga Mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations would be largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

Source

Click here to connect with Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) to receive an Investor Presentation

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House Oversight Committee Chair James Comer, R-Ky., is lauding FBI Director Kash Patel and other Trump administration officials for their promises to take down the ‘deep state’ as federal agents raided John Bolton’s home and office.

‘I don’t know what John Bolton did. Obviously, he deserves due process,’ Comer told ‘America’s Newsroom’ on Friday.

‘But I do believe that Kash Patel and [Attorney General] Pam Bondi and [CIA Director] John Ratcliffe and [Director of National Intelligence] Tulsi Gabbard are serious about holding the deep state accountable for all the mistakes and all the abuses of power that we’ve witnessed from the deep state over the past decades.’

Comer pointed to Patel’s post on X early on Friday morning that said ‘NO ONE is above the law.’

‘I think today’s a positive day. We’ll see what Bolton had in his possession,’ Comer said.

Meanwhile, the chair of the House Permanent Select Committee on Intelligence, Rep. Rick Crawford, R-Ark., said in a statement that he was ‘monitoring the situation closely.’

‘While all accused are presumed innocent until proven guilty in a court of law, the news of this situation is incredibly troubling. Nobody is above the law,’ Crawford said, adding that he was grateful for Patel and Bondi’s ‘professionalism’ in the matter.

A spokesperson for the committee told Fox News Digital that the FBI gave Crawford, as well as the top Democrat on the committee, Rep. Jim Himes, D-Conn., prior notice before executing the raid. Fox News Digital reached out to Himes’ office for comment.

Federal agents raided Bolton’s Maryland home in the early hours of Friday morning. Agents were also seen going into Bolton’s Washington, D.C., office.

A source told Fox News that the raid was related to potential classified documents in Bolton’s possession.

Bolton served as President Donald Trump’s national security advisor from April 2018 through early September 2019, during the Republican leader’s first term.

He was previously ambassador to the United Nations under former President George W. Bush, from August 2005 through December 2006.

Since leaving the first Trump administration, however, Bolton has not shied away from criticizing the president on matters of national security and other issues.

Bolton, a lifelong Republican, made headlines in late 2024 when he announced he would not be voting for Trump in the November election, but rather writing in former Vice President Dick Cheney’s name.

Fox News Digital reached out to a spokesperson for Rep. Robert Garia, D-Calif., the top Democrat on the House Oversight Committee, for a response to Comer.


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Here’s a quick recap of the crypto landscape for Wednesday (August 22) as of 9:00 a.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at its lowest valuation of the day at US$112,016, a 1 percent decrease in 24 hours. Its highest valuation of the day was US$113,827.

Bitcoin price performance, August 22, 2025.

Bitcoin price performance, August 22, 2025.

Chart via TradingView

Ethereum (ETH) was priced at US$4,228.45, trading flat over the past 24 hours. Its highest valuation of the day was US$4,347.92 and its lowest valuation was US$4,211.66.

Altcoin price update

  • Solana (SOL) was priced at US$178.40, down by 2.9 percent over 24 hours, and its lowest valuation of the day. Its highest was US$185.97.
  • XRP was trading for US$2.80, down by 3.5 percent in the past 24 hours and its lowest valuation of the day. Its highest was US$2.92.
  • Sui (SUI) was trading at US$3.34, down by 3.1 percent over the past 24 hours and tallying its lowest valuation of the day. Its highest valuation of the day was US$3.47.
  • Cardano (ADA) was trading at its lowest valuation today at US$0.8274, down by 4.8 percent over 24 hours. Its highest valuation today was US$0.8766.

Today’s crypto news to know

Coinbase approves Trump-backed stablecoin

Coinbase has listed USD1, a stablecoin issued by World Liberty Financial, the crypto project linked to former President Donald Trump and his sons.

The exchange announced the move on Thursday, while Eric Trump reposted the news on X and hinted that additional updates about the project are coming soon.

With the addition, Coinbase now offers US users a wide range of stablecoins including USDT, USDC, PYUSD, DAI, and others. World Liberty launched USD1 earlier this year as part of its push into decentralized finance, positioning the token for use in a forthcoming platform built on Ethereum with Aave technology.

However, the platform is not yet live, but the company has said it will eventually support lending and borrowing services.

The listing comes as the US stablecoin sector gains momentum following the passage of the GENIUS Act, which set national standards for stablecoin issuance and trading.

Still, World Liberty’s political connections remain controversial, especially after reports linked USD1 to a multibillion-dollar investment in Binance from an Abu Dhabi sovereign fund.

Ripple, SBI to bring RLUSD to Japan

Ripple and SBI Holdings have unveiled plans to bring Ripple USD (RLUSD) to Japan, aiming to launch the stablecoin in early 2026.

The rollout will be handled by SBI VCTrade, a licensed digital payments provider, under Japan’s new regulatory framework for stablecoins.

RLUSD, first introduced in December 2024, is backed by dollar deposits, short-term US Treasuries, and cash equivalents, with monthly attestations from an independent firm.

Ripple says this design ensures regulatory clarity and sets the coin apart as an institutional-grade product. SBI executives described the partnership as a milestone for Japan’s financial system, stressing that the stablecoin will enhance trust and convenience for users.

Ripple officials framed RLUSD as a bridge between traditional finance and decentralized networks, particularly just days after Japan approved its first yen-based stablecoin.

Austrac directs Binance to appoint external auditor

Binance is facing renewed scrutiny in Australia after the country’s financial watchdog directed it to appoint an external auditor.

Austrac said the exchange failed to meet standards for anti-money laundering and counter-terrorism financing controls, citing gaps in oversight and risk management. The agency also pointed to Binance’s high staff turnover and limited senior management presence in Australia as red flags.

Austrac chief Brendan Thomas warned that global crypto exchanges must adapt to local compliance requirements, regardless of their size.

The action adds to a growing list of regulatory challenges for Binance worldwide, including a record US$4.3 billion fine in the United States last year for failing to block illicit users.

Its founder, Changpeng Zhao, is also serving a four-month prison sentence related to those violations. Meanwhile, in Nigeria, Binance is still battling tax evasion and illegal foreign exchange allegations, with a court trial pushed back to October.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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The Department of Justice (DOJ) is set to begin turning over documents related to Jeffrey Epstein to the House Oversight Committee Friday.

Committee Chair James Comer, R-Ky., told reporters Thursday that he had no timeline for when materials would be sent over, but confirmed he still expected files Friday.

Comer suggested that documents would be made public at some point after being assessed by the committee.

‘We’ll work as quickly as we can…this is sensitive information,’ the Kentucky Republican said in response to Fox News Digital asking about a timeline for a wide release. 

‘We want to make sure we don’t do anything to harm or jeopardize any victims that were involved in this. But we’re going to be transparent. We’re doing what we said we would do. We’re getting the documents. And, I believe the White House will work with us.’

Comer was directed to subpoena the DOJ for materials related to Epstein’s case via a bipartisan vote by committee members last month.

The subpoena deadline, originally set for earlier this week, was moved to Friday in an effort to accommodate the Trump administration – which Comer said was complying with his request.

‘There are many records in DOJ’s custody, and it will take the Department time to produce all the records and ensure the identification of victims and any child sexual abuse material are redacted,’ Comer said on Tuesday. ‘I appreciate the Trump administration’s commitment to transparency and efforts to provide the American people with information about this matter.’

He told reporters Thursday that he believed there were ‘hundreds and hundreds of pages’ of documents in existence.

‘It’s just a matter of getting it together and reviewing it, which I’m sure the Department of Justice is doing as we speak,’ Comer said.

Requested materials included all documents and communications in the DOJ’s possession relating to both Epstein and his accomplice Ghislaine Maxwell, as well as files ‘further relating or referring to human trafficking, exploitation of minors, sexual abuse, or related activity,’ according to a subpoena viewed by Fox News Digital.

Documents relating specifically to the DOJ’s prosecutions of Epstein and Maxwell, Epstein’s 2007 non-prosecution agreement with federal prosecutors in Florida, and any materials related to Epstein’s death were requested.

Renewed furor over Epstein’s case engulfed Capitol Hill after intra-GOP fallout over the Trump administration’s handling of the matter.

The DOJ effectively declared the case closed after an ‘exhaustive review,’ revealing Epstein had no ‘client list,’ did not blackmail ‘prominent individuals,’ and confirmed he did die by suicide in a New York City jail while awaiting prosecution.

In response to the backlash by some on the right, President Donald Trump and his DOJ have sought to take steps to make more information public.

Democrats seized on the backlash with newfound calls for transparency in Epstein’s case, prompting some on the right to accuse them of hypocrisy for not pushing the matter earlier.

When asked about that divide, House Oversight Committee member Rep. Jasmine Crockett, D-Texas, told reporters that Epstein’s case was not a priority for Democrats in the same way it was seen by the GOP.

‘I can tell you that Democrats, when they went out there and campaigned, they campaigned on costs, whether it was housing costs, whether it was food costs or whether they were campaigning on children, being able to get the education that they deserve in this country. This wasn’t a promise that we made. So this was not something that was front and center,’ Crockett said. 

‘I don’t see anything wrong with the fact that we were trying to do everything that we could to prevent our economy from being where it is right now. But ultimately, when people voted, they’re telling us that they voted for this particular reason. It’s important that we follow up.’

Fox News Digital reached out to the DOJ for comment but did not hear back by press time.


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The White House made headlines this week by finally joining TikTok. As someone who has been urging Republican leadership to modernize our outreach to young people for years, I believe this is a long-overdue step in the right direction. But joining TikTok isn’t enough on its own. To win over the next generation of voters, this White House must go further — and faster.

President Trump’s political comeback in 2024 wasn’t a fluke. It was built on connecting with youth voters in ways no Republican had ever tried before. When he tapped me to come on as chair of the RNC’s inaugural Youth Advisory Council in 2023, I told party leaders bluntly that the days of relying on a Sunday newspaper ad to deliver the GOP’s message were over. My generation doesn’t read the classifieds — we scroll feeds. We share memes. We stream podcasts. We are digital natives, and any party serious about winning our support has to meet us where we are.

That’s exactly what President Trump did. He embraced new platforms, leaned into long-form podcasts, and even launched a TikTok account that quickly became the fastest-growing account in the platform’s history. The results spoke for themselves. Nationally, 46% of Gen Z backed Trump in 2024, a 10-point surge from 2020. In Wisconsin, Republican support among 18-to-29-year-olds jumped from 36% in 2020 to 48% in 2024. That is a generational shift in motion.

But the work is far from over. The GOP holds the House at 218 seats — a razor-thin margin — and the results showed clear divides among young voters. Young men trended right while young women leaned left, especially on issues like abortion. The takeaway is obvious: Republicans can’t take their foot off the gas when it comes to modern youth outreach. 

Alabama graduates react to Trump

And here’s the truth: if Republicans don’t stay in the game, others will. My peers are not only watching President Trump — they’re also listening to progressive Rep. Alexandria Ocasio-Cortez, D-N.Y. and even far-left figures like democratic socialist Zohran Mamdani, who could soon be mayor of New York City. 

Many in Gen Z are flirting with socialism because those voices are showing up online and on campus in ways conservatives too often don’t. If the White House and the GOP want to cement Gen Z gains, they need to get in the game now — not two years from now.

Here are three ways the White House can seize this moment:

1. Launch a White House Podcast — The Modern Fireside Chat

One of the biggest turning points in 2023 came when Trump started appearing on popular podcasts. These weren’t 7-minute cable news hits clipped for social media. They were long, unfiltered, authentic conversations lasting up to three hours. And they reached tens — sometimes hundreds — of millions of people, many of them first-time voters.

Young Americans are drowning in student debt, struggling to afford eggs, and working two jobs. They’re not paying for cable bundles. They’re streaming on YouTube and Spotify. That’s why podcasts were so effective — because they met people where they already were.

Gen Z Doesn

Now that he’s back in the Oval Office, President Trump should take it further by hosting a monthly White House podcast. Thirty minutes, once a month. It would be the modern equivalent of FDR’s fireside chats: a direct, unfiltered line from the president to the people. That kind of accessibility would deepen his connection with young voters and bypass the hostile filter of legacy media.

2. Take a Campus Speaking Tour

This May, just before he walked on stage to deliver the commencement address at the University of Alabama, I had the opportunity to meet with President Trump one-on-one. I told him directly: my peers don’t just want to see their president online — they want to see him on campus.

The impact of a campus speaking tour would be enormous. Universities are the beating heart of Gen Z political culture. Too often, conservatives have ceded that ground to the Left. But when Trump goes into these spaces — whether it’s a stadium filled with graduates in Alabama or a rally near a college town — students show up. And they listen.

Alabama graduate inspired by Trump’s ‘electric,’ ‘unifying’ commencement address

The Kamala Harris campaign’s approach to keeping their monopoly on Gen Z last November was a political consultant’s fever dream: using trendy phrases like ‘joy’ in messaging, posting TikTok trends, and bringing our A-List celebrities. Up until that point, they executed the perfect made-in-a-lab playbook to win over my peers, but there was just one problem: she screamed at us instead of talking to us. 

There’s a difference between standing on stage next to Beyoncé and thinking that’s all you have to do to win over America’s youngest voters, and actually taking the time to fly to college campuses and throw out hot dogs in the student section like President Trump did in Tuscaloosa last October.

Remember when the world was shocked when Trump descended on the Bronx for a rally in a territory Republicans never talked about much less visited? That same feeling of excitement–of an unseen community being seen–could happen again if the president held a speech on Harvard’s campus. 

Imagine a presidential speaking tour that takes him to major universities across the country, not just red states but swing states where young voters could decide the balance of power in 2026. Hearing directly from the president of the United States, not filtered through CNN or MSNBC, would cut through the noise and give students a chance to engage with conservative ideas firsthand.

3. Keep the TikTok Account Active

Trump’s TikTok account broke records as the fastest-growing in the platform’s history. That momentum cannot go to waste now that the campaign is over. TikTok is where millions of young Americans spend their time, and the White House should treat it as a permanent tool for outreach, not just a campaign gimmick.

Trump extends TikTok ban deadline for third time

Behind-the-scenes videos, short policy explainers, and even lighter content showing the human side of the presidency would reach audiences that traditional news outlets will never touch. TikTok’s algorithm thrives on authenticity, and the White House has the chance to use it as a window into The People’s House — not just a political stage.

President Trump’s youth outreach strategy helped rewrite the rules of American politics. It showed Republicans that Gen Z isn’t a lost cause. In fact, we are trending conservative faster than any recent generation. But winning our support takes effort. It takes consistency. And it takes meeting us where we live — online and on campus.

Joining TikTok is a good move, but it must be the beginning, not the end. A monthly White House podcast, a presidential campus tour and a daily energetic presence on TikTok would send a clear message: this president isn’t just talking at young people — he’s talking with us. That’s how you prevent Gen Z from drifting toward AOC or Zohran Mamdani and instead lock in a generation for the conservative movement.


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Famed investor Ray Dalio makes the case in How Countries Go Broke that the United States government is too heavily indebted and that significant changes to spending, taxes, and interest rates all need to be made, and soon, to save us from looming fiscal catastrophe.

This position is mostly uncontroversial outside of the halls of Congress, and practically the conventional wisdom in most economic policy circles today. Yet Dalio’s approach to making this argument is prefaced by almost 400 pages of intellectual empire-building and chart-making. This approach turns what could have been a tightly argued Substack essay into a quasi-memoir/manifesto.  

Dalio’s business thought-leader status is currently quite secure. He has written multiple books on similar themes over the last several years, including Principles: Life & Work (2017), Principles for Navigating Big Debt Crises (2018), and Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail (2021). He also maintains a website, principles.com, which collects his various writings, a recording of his 2017 TED talk, a series of 30-minute animated videos based on his writings, and the Dalio Market Principles self-study course, among other materials. He clearly considers himself to be a principled guru of sorts, and he has the stats to prove it – his books have been bestsellers, translated into multiple languages, and widely reviewed and discussed. His testimonials page overflows with praise from former cabinet secretaries, CEOs, and fellow celebrity authors.  

His body of work is based on the principles that guide the management and business practices at his investment firm, Bridgewater Associates, as well as his own related theories about world history, culture, and economics. This is an unusual blend in the world of business publishing. Most successful CEOs who write books tend to stick to self-help advice for young professionals and aspiring entrepreneurs rather than branching out into master theories covering thousands of years of world historical dynamics, but Dalio is nothing if not an ambitious thinker.  

His status as the enlightened despot of Bridgewater has generated its own share of myths and legends over the years, with many journalists, investigators, and former employees using terms like “cult,” “cult-like,” and “cult leader” to describe Dalio’s management style. He has extremely specific ideas about how things should be done and has an almost unlimited ability to impose conformity with those ideas within the firm that he founded.  Bridgewater reportedly has highly specific and aggressively enforced standards for workplace conduct and subjects its employees to idiosyncratic surveillance and accountability practices. 

Dalio and Bridgewater have plenty of defenders, of course, and the firm has been extremely successful. Forbes estimates Dalio’s net worth to be over $14 billion. Dalio’s much-remarked-upon internal management theories inform an understanding about his systematic thinking on public affairs in How Countries Go Broke

The tone of his latest book takes some getting used to. It ricochets between the absolute certainty of a messiah figure who has discovered the innermost secrets of the universe to the shrugging dismissal of a guy who is just asking questions. Dalio emphasizes his long study of historical cycles in economic affairs. He claims to have identified certain patterns that can help us understand our current times and even predict the future. His certainty is sufficient for him to refer, several times, to his theories with phrases like “timeless and universal truths” and “timeless and universal mechanics and principles.” Dalio is, in general, very confident that he has identified important patterns in human affairs that have eluded lesser observers and that readers would be foolish to ignore.  

At other times, however, he yields his status as knower of timeless and universal truths, with statements like “…what I don’t know is much greater than what I do know.” He offers a detailed analysis, for example, of the global power dynamics between the United States, the People’s Republic of China, and Taiwan, only to sum it up with the statement “Keep in mind that while that is what I think about the world’s geopolitical order, I’m not sure of anything.” That may be an admission of admirable modesty, but it rather undermines the urgency of some of his claims.  

While Dalio holds forth on a broad range of topics relating to history, government, economics, and culture, How Countries Go Broke is primarily about government debt, and students of monetary policy will no doubt be very interested in the analysis presented. He points out that in many previous cases of rising government debt, central governments and finance ministries around the world have had recourse to the same tools for debt management. Total indebtedness has frequently risen over multiple decades, until a crisis emerges and the existing regime for issuing, valuing, and monetizing debt breaks down. Post-crisis, a new system emerges.  

Governments tend to shortsightedly load up on debt until they eventually default. Dalio presents many data points and charts showing parallel examples through the last few hundred years that suggest a more predictable cycle than most observers might initially imagine. Because the cycle of debt and default (and the attendant financial pain that comes with that process) is reasonably predictable, the book’s warning comes at a particularly timely moment. According to the Dalio timeline, we’re dangerously close to the moment we should be expecting a US debt-overload meltdown. 

As with many public intellectuals outside government, the real purpose of Dalio’s book seems to be to persuade those with power – the Federal Reserve chairman, the president, and members of Congress – to adopt a wise course of policy action before the looming disaster strikes. He advises higher taxes, lower spending, and lower interest rates. There are many books with such a formula. The odd angle with How Countries Go Broke, though, is that Dalio’s own eccentric theory of human civilization might make his entire book moot. 

The reader is repeatedly reminded that cycles of government debt, which Dalio calls the Big Debt Cycle, as well as the grand civilizational cycle by which empires rise and fall, which he terms the Overall Big Cycle, are something akin to iron laws. They are detectable and predictable precisely because they do not vary once they have begun. By the end of the book, Dalio reveals that he actually believes in a highly deterministic universe in which relatively little responds to the will of individual human beings.  

He considers the forces that govern human society to be a kind of “perpetual motion machine” that functions the same across the centuries and around the globe. By the final chapter, he pushes this view even further, saying that “everything (other than the quantum world) is predestined” and that the only thing stopping human beings from essentially knowing the future is an insufficiently detailed model of causes and effects – something he expects to “get much closer to achieving” using the tools of artificial intelligence.    

Dalio believes that economic affairs are basically “mechanical” – moving forward in a fixed way, like a set of interlocking machine parts. But if the Big Debt Cycle is literally inevitable (as discovered by Dalio’s own scholarship), then why write a book about how the US needs to avoid public debt in the first place? When giving his specific policy recommendations about taxes, spending, and interest rates, he seems to suggest, like most policy advocates, that his preferred policies can make the difference between prosperity and disaster. But that seems to be at odds with his fatalistic assumptions about how the boom-and-bust rollercoaster of government debt actually works.    

Presumably, Dalio’s theory of free will extends to his own smart investing choices that have made him, and many of his clients, rich. But a world that actually worked in the way he describes it would seem to leave little room for guiding major world historical events like currency collapses and global recessions. One also wonders how often Dalio’s galaxy-brain theorizing is challenged by those closest to him, since his most frequent collaborators are his own employees, whose professional futures are subject entirely to his managerial discretion as Bridgewater’s founder.  

No commentary on How Countries Go Broke would be complete without mentioning the book’s unusual layout. In a strategy that seems inspired by modern productivity-maximizing tools, the book’s text is sometimes presented as normal, sometimes in blocks of bold, and sometimes (for the most important insights) in passages that are bolded, italicized, and preceded by a red dot. Unlike most authors who restrict their formatting emphasis to a single bolded or italicized phrase, Dalio’s text often runs to entire paragraphs in bold, sometimes with multiple pages almost entirely set off with emphatic formatting. Each chapter also comes with specific advice for engaging with it, with readers alternately advised to skip, browse, or attend closely, depending on their expectations and education levels. While obviously meant to be helpful, this overload of visual and narrative cues is ultimately a distracting gimmick that retards, rather than enhances, the reader’s focus.  

Then again, it’s possible that effect was simply part of the inevitable mechanism of history at work.