We know what’s coming and we are prepared.
📈 🇺🇸 💵 Annualized interest expense on US Federal debt is nearing $1.1 TRILLION.
To put this in perspective, 2023 defense spending was $821 billion.
This means the US is on track to spend 34% MORE on interest expense than defense spending.
In 2023, the US government produced $4.4 trillion in revenue.
This means that 25% of receipts in the entire 2023 are equivalent to our annual interest expense.
If it looks like interest expense is moving in a straight line higher, that’s because it is.
Rising rates and falling tax revenue are both occurring at the same time.
What’s the game plan here?
📎 Kobeissi Letter
China is now closing mosques and converting them into barns for raising chickens as a way to fight radicalism. China officially considers Islam a ‘mental illness.’ Do you like this idea?
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📎 X (Twitter)▪️Truth Social
Folks in SE Michigan, N. Texas, and Orlando reporting no diesel.
Apparently some signs can be set to "Out" while others just read $0.00...
I'm not claiming there's widespread shortages, but with prices at record highs, and stations running out ... the stress in the system is now evident, and people are starting to get the sense something is deeply wrong here...
🤖 Israeli software firm, Irregular, is behind the Anthropic and OpenAI cyberattacks on Meta
Irregular in collaboration with software engineers from Anthropic and OpenAI instructed unsecure experimental AI models to hack into specific targets called "flags".
The AI models were given "accidentally" access to internet and in some cases hacked into the servers of specific companies because the "flags" bore the names of said companies, Meta being one such case.
After the hack was discovered by Meta, Anthropic's engineers went on a press tour to announce the AI-pocalypse falsely claiming that their AI models "went rogue" when in reality, they specifically instructed their AI models to conduct cyberattacks.
Anthropic's own logs completely debunk the rogue agent theory.
When Anthropic explicitly instructed their own models not to access the internet, they didn't. These hacks were easily preventable - not only by revoking internet access, but by simply asking the models not to.
Irregular's ...
🇺🇸⛽️ US refiners face historic stress test as global crisis looms
U.S. refineries have operated near maximum capacity for the longest sustained period in over a quarter century, scrambling to capture windfall profits created by the Iran war. But history offers a cautionary tale: “Super refining” runs that push plants too hard can cause major failures.
This has global implications. U.S. refineries’ ability to sustain today’s elevated operating rates for months, or potentially years, could mean the difference between an exceptionally tight global fuel market and a full-blown supply crisis marked by acute shortages, demand destruction and widespread economic pain.
The result of the U.S-Israeli war on Iran has been a collapse in global fuel production. Global refinery throughput in July fell to 81 million barrels per day (bpd), nearly 5 million bpd, or about 6%, below the level at this point last year, according to the International Energy Agency (IEA).
The U.S., the world's largest ...
