Three Choices, None Good Authored by Charles Hugh Smith via OfTwoMinds blog, The moral rot of unlimited debt looks “free” but it’s unaffordable in the end. We like to think we’re special and this moment in history is special, but alas, we’re still running Wetware 1.0 which was coded between 300,000 and 60,000 years ago, when the last “out of Africa” migration finally got traction. Since then, the code has been tweaked a bit here and there (adults can now digest dairy products, etc.), but we’re running the old code, and so we make the same mistakes and follow the same emotional pathways as individuals and as groups. Which leads us to our current predicament, which is not unique: we’re living on debt, “money” borrowed from the future, a future we’re assuming will be so over-supplied with energy and other goodies that we’ll be able to pay all the interest we’re piling up with ease. All the charts below are shouting “parabolic,” as in crazy-unsustainable increases. There’s the federal debt, $36 trillion, up 4X from the 2008 spot of bother, there’s TCMDO, total public and private debt (McMansions, university degrees and SUVs all paid for with debt), student loans from zero to $1.5 trillion, Medicare and Medicaid, now 1/3 of the federal budget, and so on. How did we get here? Let’s start with what’s not taught in Econ 101: primary surplus. Every economy–from households to empires, meaning this is scale-invariant–generates a surplus from its production of goods and services, or it runs a deficit, meaning it has to get more money from somewhere to support its consumption. The question then becomes, how is the primary surplus being spent? (Or put another way, how is it being distributed across the economy and society?) There are only three options: 1) consume it, 2) invest it and 3) save it / hoard it. Without making a conscious choice, the US has chosen to “invest” most of its primary surplus in moral rot, unproductive frauds, skims, scams, monopolies, cartels, regulatory capture, grift and graft. This is the problem with giving an irresponsible teenager a no-limit Platinum credit card with an easily ignored admonishment to “stick to a tight budget, pay the balance off every month.” Uh, right. Since the US can borrow unlimited trillions on its credit card, we can “afford” to burn our surplus on grift, graft, inefficiency, cronyism, profiteering, etc. Since our surplus was squandered on moral rot, we have to borrow trillions to pay for what the citizenry wants and what politicians must promise to get re-elected. Wetware 1.0: we like windfalls and free stuff, and so every program becomes a “third rail” politically: touch it and you don’t get re-elected. But if you borrow a few “free” trillions a year, you get re-elected. We love windfalls and free stuff and hate hard choices, but that’s all we have now.  We have three choices in how we deal with our dependence on parabolic debt to sustain our profligate lifestyle: 1. Run the debt up to the point that nobody is dumb enough to lend us more, and then default on the debt / go bankrupt. All our creditors are wiped out. The problem here is all debt is an asset to the wealthy entity that owns it as an income stream. Since the wealthy run the status quo in a manner that serves their interests, they’re unlikely to be thrilled with debt jubilees that zero out their assets and income or messy defaults that end up doing the same thing. So nix that option. The wealthy want to keep their wealth and income streams, and since they own US Treasuries, they’re not going to approve defaulting on that debt. 2. Inflate the debt away with sustained high inflation. So we borrowed $1 when $1 bought a lot of stuff, and now we’ve inflated everything so it takes $10 to buy what $1 bought back then. Now we can pay back the $1 with a fraction of the earnings it took back when we borrowed it. We’ve already taken that step–what once cost $1 now costs $10. So the next step is to do another 10X reduction in the debt via inflation. In previous eras, authorities reduced the silver content of coinage to near-zero, effectively devaluing the money, i.e. inflating away the debt. What cost one mostly-silver denarius in the good old days soon cost 100 devalued denarius. This looks like some pretty easy hocus-pocus to pull off, but there’s a catch: Catch-19, which is devaluing the money devalues trust in the leadership, social contract and the future, all of which leaves the economy and society a hollowed-out shell awaiting a stiff breeze to push the whole system off the cliff. The problem here is inflation is distributed asymmetrically, along with the primary surplus. The wealthy, powerful elites skim off the surplus, and they’re equally adept at distributing the “inflation tax” to the middle and working classes, which soon meld into a single class, the impoverished. A funny thing about Wetware 1.0 is we’re hard-wired to take note of rampant unfairness and eventually we respond in a destabilizing fashion, for example, uprisings, revolts, revolutions, etc. 3. The third option is to root out all the moral rot that’s consuming the economy’s surplus and our future, scrap all the programs designed in the bygone eras of 50+ years ago (defense, Social Security, Medicare, Medicaid, higher education, etc.) and start from scratch with new programs whose expenses are limited to what the economy generates as surplus. In other words, go Cold Turkey on our addiction to living on debt. Yes, I know: ain’t gonna happen, because the moral rot is too deep, it’s now normalized to the point that we don’t even recognize the reality that there’s nothing left but a flimsy facade we paint with gaudy colors to hide the rot. Everyone assumes the empire is forever and can endlessly fund any amount of grift and graft with borrowed money. But this is a self-serving fantasy, not reality. Every empire of debt implodes. These charts are merely facts. If we find them depressing, that response says something about our refusal to be accountable and responsible for our choices. Who’s going to cut up the unlimited Platinum card? The federal government’s Platinum card balance: The US economy’s Platinum card balance: Student loans Platinum card balance: Medicare, which has an unlimited Platinum card: Medicaid, which also has an unlimited Platinum card, though this is obscured by phony “reforms”: There are only three options, none easy, and not making a choice is a greased slide to collapse. The moral rot of unlimited debt looks “free” but it’s unaffordable in the end. *  *  * Check out my new book Ultra-Processed Life and my new fiction/novels page. Become a $3/month patron of my work via patreon.com. Subscribe to my Substack for free Tyler Durden Thu, 07/10/2025 – 19:15

Communist Billionaire Accused Of Funding Anti-ICE Riots Mysteriously Vanishes Rep. Anna Paulina Luna (R-Fla.) posted on X Wednesday, exposing how Communist billionaire Neville Roy Singham—who operates a dark-money NGO network allegedly tied to funding anti-ICE riots in Los Angeles and resides in China with close ties to the Chinese Communist Party (CCP)—has suddenly vanished.  “Neville Singham— the billionaire communist with ties to the CCP, who funded the LA riots and used immigration & Mexicans as a Trojan horse for communism— is hiding from our letter requesting testimony,” Rep. Luna wrote on X.  She said, “This poses an issue for delivering subpoena,” adding, “Therefore, if he decides to hide in CHINA,  we will now be asking the State Dept. and Treasury to freeze his assets/visa.”  “Singham is literally hiding,” she emphasized.  Neville Singham— the billionaire communist with ties to the CCP, who funded the LA riots and used immigration & Mexicans as a Trojan horse for communism— is hiding from our letter requesting testimony. This poses an issue for delivering subpoena. Therefore, if he decides to… https://t.co/sZtVzfEA9Q — Rep. Anna Paulina Luna (@RepLuna) July 9, 2025 In June, U.S. Congressional Republicans, led by Oversight Committee Chairman James Comer (R-KY), launched a formal investigation into Singham’s dark money networks and the political affiliations…  Singham is suspected of funding far-left color revolutions in the U.S. with alleged ties to the CCP. The Oversight Committee’s inquiry focuses on Singham’s possible role as a proxy in CCP propaganda operations and his potential legal exposure under the Foreign Agents Registration Act.  Here is a picture of Neville Singham, a Maoist with an office & home in Shanghai attending CCP’s “International Image Renovation Forum.” He has a Chinese name too. He’s dark money is tie to funding Party for Socialism and Liberation which is behind anti-ICE riots. ⁦ pic.twitter.com/zTzt4qGHkI — Lily Tang Williams (@Lily4Liberty) June 12, 2025 “Nonprofits have become the main vehicle for subverting America and destabilizing society. There is seemingly no enforcement in this sector for criminal activity, money laundering, or as seen with the Neville Roy Singham network, acting on behalf of foreign interests. America cannot continue on this path where a tax-exempt nonprofit can promote a protest, have partner nonprofits cosponsor it, yet none of these entities are held responsible for any damages,” stated Jason Curtis Anderson from One City Rising. If we can actually freeze his assets … this will be a massive improvement for our country. We should also look into the Magnitsky Act for Soros. Given the very real deaths and human abuses his NGOs have caused, he may qualify. — DataRepublican (small r) (@DataRepublican) July 9, 2025 Commenting on Luna’s X post, DataRepublican wrote, “If we can actually freeze his assets … this will be a massive improvement for our country. We should also look into the Magnitsky Act for Soros. Given the very real deaths and human abuses his NGOs have caused, he may qualify.”  Tyler Durden Thu, 07/10/2025 – 18:00

Jeffrey Epstein’s Brother Breaks Silence On Bombshell FBI Memo Mark Epstein, brother of the late Jeffrey Epstein, dismissed a bombshell memo from the Department of Justice and Federal Bureau of Investigation that declares the disgraced financier’s 2019 death a suicide, accusing the government of covering up the truth. The joint DOJ-FBI memo claimed an “exhaustive review” of evidence from Epstein’s death at the Metropolitan Correctional Center in New York City definitively ruled out murder. “After a thorough investigation, FBI investigators concluded that Jeffrey Epstein committed suicide in his cell at the Metropolitan Correctional Center in New York City on August 10, 2019,” the memo reads. The agencies also brazenly denied the existence of a “client list” tied to Epstein, directly contradicting earlier remarks by Attorney General Pam Bondi. Bondi had previously suggested on Fox News that such a list was “sitting on my desk” for review, igniting speculation about Epstein’s possible blackmailing of globalist elites. “Every time they say something or try to do something to quash that he most likely was murdered, they put their foot further in their mouth,” Mark Epstein said in an interview with NewsNation host Chris Cuomo. “When Kash Patel came out with that statement, I laughed at how stupid it was.” The memo has sparked outrage among President Donald Trump’s fiercest supporters, with Laura Loomer leading the charge against Bondi, demanding the Trump official resign from the DOJ. “How come Blondi didn’t sign her name to her own memo about the Epstein Files? She needs to resign. This is going to suppress the vote in 2026,” Loomer wrote on X. “The American people and MAGA base will not tolerate being lied to. I hope President Trump fires Pam Blondi if she lacks the SHAME to resign. I called for her resignation the day of Binder Gate.” Tucker Carlson joined the fray, warning Trump that the memo’s release was a “very dangerous” move that could incite a “revolution.” Carlson called the government’s handling of the Epstein case unprecedented. “That is so crazy. This is like-, this is honestly one of the craziest things I’ve ever seen in my entire life. And I just think it’s very dangerous to play around with this stuff,” Carlson said. “Like, very dangerous. I don’t want a revolution, but if you wanted a revolution this is how you would act.” On Tuesday, Trump himself brushed off questions about Epstein during an exchange with reporters. “Are you still talking about Jeffrey Epstein? This guy’s been talked about for years,” Trump said, while taking questions during a Cabinet meeting. “You’re asking – we have Texas, we have this, we have all of the things, and are people still talking about this guy? This creep? That is unbelievable. I mean, I can’t believe you’re asking a question on Epstein at a time like this, where we’re having some of the greatest success and also tragedy with what happened in Texas. It just seems like a desecration.” Tyler Durden Thu, 07/10/2025 – 17:44

FDA Approves Moderna’s COVID-19 Vaccine For Some Children Authored by Zachary Stieber via The Epoch Times, Federal regulators have approved a COVID-19 vaccine made by Moderna for some children aged 6 months through 11 years, according to an approval letter made public on July 10. The Food and Drug Administration approved Spikevax, the vaccine, for children at least 6 months of age who are pegged as being at heightened risk for COVID-19, the FDA’s top vaccine official, Dr. Vinay Prasad, told Moderna in the missive. “COVID-19 continues to pose a significant potential threat to children, especially those with underlying medical conditions,” Moderna CEO Stéphane Bancel said in a statement. “Vaccination can be an important tool for protecting our youngest against severe disease and hospitalization. We appreciate the FDA’s diligent scientific review and approval of Spikevax for pediatric populations at increased risk for COVID-19 disease.” The FDA did not respond to a request for comment. The approval for the vaccine also covers other individuals through 64 years of age who have at least one risk factor that federal officials say places them at higher risk of severe COVID-19 outcomes, as well as all people aged at least 65. The updated vaccine could target L.P.8.1., based on guidance from the FDA. Moderna says it expects to have the updated vaccine ready to distribute in the fall. The FDA in 2024 granted emergency authorization for Spikevax for all children aged 6 months through 11 years. The FDA had also approved Spikevax for individuals aged at least 12 years. Those moves came despite no clinical data being available for the vaccines. FDA officials at the time said that animal data and information from previous versions of the shots were sufficient. Approval has a higher bar of evidence of safety and efficacy than emergency authorization. The new approval was based on three clinical trials, according to Prasad, including one that found the vaccine triggered antibodies and that placebo recipients were more likely to test positive for COVID-19. Results for the other two trials are not yet publicly available, with one still listed as ongoing. Americans have largely stopped receiving COVID-19 vaccines. Just 13 percent of children and 23 percent of adults had received one of the currently available vaccines as of April 26, according to the latest statistics available from the CDC. Prasad and Dr. Marty Makary, the FDA’s new commissioner, announced in May that the agency would no longer clear COVID-19 vaccines for people younger than 65 who lack a risk factor, such as obesity, that officials say places them at higher risk for severe COVID-19 outcomes. The officials also said they would keep clearing shots for some 100 million to 200 million Americans who are either elderly or have a risk factor, based on data showing vaccines trigger antibodies. The CDC later in May stopped recommending COVID-19 vaccines for healthy children and pregnant women, although it said children could receive a shot after consulting with parents and their doctors. The FDA on May 31 approved a different Moderna COVID-19 vaccine, called mNEXSPIKE, for adults aged at least 65 and people aged 12 to 64 who have at least one of the risk factors. Moderna is also working on a combination vaccine against COVID-19 and influenza. The company said in June that results from a study of an updated flu vaccine were favorable and that it planned to ask the FDA for clearance for the combination shot. Tyler Durden Thu, 07/10/2025 – 17:40

‘Hand To God, I Know The Names’: Alan Dershowitz Says He Knows Who’s On The Epstein List Two days after the FBI leaked a memo to Axios revealing that the Epstein case is effectively ‘closed’ (he killed himself and there’s no ‘list’ of clients) – former Epstein attorney and associate Alan Dershowitz says he knows exactly who’s on the ‘Epstein list,’ and why it’s being suppressed from the public.  “I have seen – remember I was accused falsely,” Dershowitz said on the Sean Spicer show. “Let me tell you, I know for a fact documents are being suppressed. And they’re being suppressed to protect the individuals. I know the names of the individuals. I know why they’re being suppressed. I know who’s suppressing them. But I’m bound by confidentiality from a judge and cases, and I can’t disclose what I know. But I – hand to God, I know the names of people whose files are being suppressed in order to protect them, and that’s wrong.” SPICER: Just out of curiosity without names, are these poiticians, business leaders, both?  DERSHOWITZ: They’re everything, and look – let me tell you… a lot of them are – at least one of them is somebody who was accused. Others are accusers, and the judges have said – if somebody calls themselves a victim, we’re not going to give any information about them – but they may not be victims, they may be perpetrators. So we don’t have information about false accusers. We know there have been many false accusers who have accused innocent people for money, and those records are being deliberately, willfully suppressed – and they shouldn’t be suppressed. If the accusation is allowed out, so should the material that diminishes the credibility of the accuser. We want total transparency on this. Every single document. No redactions. That’s what I’ve said from day one… I waive any of my rights to privacy, anything there is about me, I’m happy because it will be exculpatory.”  Watch: On Wednesday, President Trump and AG Pam Bondi completely botched a reporter’s question over Epstein – with Trump lashing out, saying “Are you still talking about Jeffrey Epstein?”  🚨 BREAKING: President Trump GOES OFF on reporter for asking about Jeffrey Epstein, Pam Bondi says the child p*rn Epstein files can NOT be released, ever. TRUMP: “Are you still talking about – Jeffrey EPSTEIN? … We have Texas, this, all of the things…are people still talking… pic.twitter.com/SsNWZHkd4Y — Eric Daugherty (@EricLDaugh) July 8, 2025 Then Bondi jumped in – saying “First, to back up on that. In February, I did an interview on Fox and it’s been getting a lot of attention because I was asked a question about the client list. And my response was ‘it’s sitting on my desk to be reviewed,’ meaning the file – along with the JFK, MLK files as well. That’s what I meant by that. Also to the tens of thousands of video – they turned out to be child porn downloaded by that disgusting Jeffrey Epstein. Child porn is what they were. Never gonna be released. Never gonna see the light of day. To him being an agent; I have no knowledge of that. We can get back to you on that.”     Tyler Durden Thu, 07/10/2025 – 17:20